Business / Corporate

Brokerage house Nomura posts first full-year net loss in a decade

JIJI

Nomura Holdings Inc. posted its first full-year net loss in a decade for the year to March, reflecting losses linked to overseas operations and restructuring.

The brokerage house said Thursday that it had swung to a consolidated net loss of ¥100.4 billion from the year-before profit of ¥219.3 billion.

The company and its core unit Nomura Securities Co. will skip executive bonuses due to the firm’s poor financial performance.

Nomura Holdings “will step up reforms to put it back on a growth path as early as possible,” said Chief Financial Officer Takumi Kitamura.

Rivals Daiwa Securities Group Inc. and SMBC Nikko Securities Inc. saw their net profits nearly halve due to stock market weakness late last year.

Daiwa’s profit dropped 42.3 percent to ¥63.8 billion, while SMBC Nikko, a unit of Sumitomo Mitsui Financial Group Inc., saw its profit fall 45.5 percent to ¥34.7 billion.

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