Nomura's second-quarter profit rises 13%

Nomura Holdings, Japan's largest brokerage and investment bank, reported a 13% increase in its second-quarter net profit to 103.7 billion yen ($656.7 million) in October. The growth was primarily driven by steady increases in wealth management and a 47% rise in income from the wholesale division, which benefited from strong performance in equity trading and investment banking.

Nomura also secured top positions in Japan's equity capital markets and debt capital markets league tables for the six months ending September, thanks to the take-private of Dentsu Research Institute and SoftBank Group's record 1 trillion yen retail bond issuance. Despite favorable market conditions boosting profits over the past year, Nomura's wealth management division continues to expand as Japanese households shift away from cash and deposits towards higher-yielding investments.

Brief written by urgent.news from Channel News Asia's own syndicated text. Machine-written — may contain errors; check the original before relying on it.