Nomura Holdings Inc. said Monday it turned a second-quarter profit as a jump in trading income outweighed declining brokerage commissions.
Net income was ¥2.8 billion for the three months that ended Sept. 30, compared with a loss of ¥46.1 billion a year earlier, the company said. That missed the average estimate for ¥5 billion in profit based on a Bloomberg survey of nine analysts.
Earnings rebounded even after an insider-trading scandal cost the company business, including a lead role managing Japan Airlines Co.’s $8.3 billion initial public offering. Chief Executive Officer Koji Nagai, who took the role on Aug. 1 after information leaks by employees prompted his predecessor to resign, has pledged to cut $1 billion in costs to sustain profit as the global economy slows.
Revenue rose to ¥461.2 billion for the three months from ¥377.8 billion a year earlier, Tokyo-based Nomura said. Trading profit climbed to ¥88.9 billion from ¥26 billion, led by fixed income.
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