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Nomura nearly doubles fiscal Q3 profit YOY

Nomura Holdings Inc. nearly doubled its net profit in the quarter ended Dec. 31, 2016, on the back of lower expenses, higher interest and dividends income, and gain on investments in equity securities.

Net income attributable to the company's shareholders in the fiscal third quarter jumped to ¥70.35 billion from ¥35.40 billion in the year-ago quarter. EPS rose to ¥19.44 from ¥9.61.

In a statement, Nomura CEO Koji Nagai said the company's international business capitalized on revenue opportunities and saw the benefits of cost reductions. "Our Retail business continued to transform its business model," he said. "We reported a jump in sales of stocks, bonds, and investment trusts as the market recovery led to improved investor sentiment."

Net revenues for the quarter increased to ¥368.65 billion from ¥354.90 billion, while noninterest expense fell to ¥272.70 billion from ¥303.29 billion in the prior-year period. Interest and dividends income rose to ¥117.38 billion from ¥107.93 billion, as the company reported a year-over-year jump in gain on investments in equity securities to ¥12.87 billion from ¥4.69 billion.

For the nine months ended Dec. 31, 2016, net income attributable to the company's shareholders rose 18.3% to ¥178.35 billion from ¥150.70 billion in the year-ago period. EPS rose to ¥48.76 from ¥40.85.

Net revenues for the period fell year over year to ¥1.054 trillion from ¥1.116 trillion.

As of Jan. 30, US$1 was equivalent to ¥113.84.