Daiwa Securities Group Inc. said Friday it posted a second straight quarterly profit, exceeding analysts' estimates as the brokerage cut costs and trimmed staff.

Net income was ¥2.7 billion for the three months that ended June 30, compared with a loss of ¥9.4 billion a year earlier, Japan's second-largest brokerage said. The result beat the median estimate of seven analysts for a ¥1.4 billion profit.

Daiwa Chief Executive Officer Takashi Hibino is trimming costs to cope with losses abroad, eliminating at least 500 positions in Europe and Asia since October. Daiwa's earnings recovery may get a boost after it landed deals including Japan Airlines Co.'s initial public offering, while bigger rival Nomura Holdings Inc. was penalized as part of an insider-trading investigation.