Nomura Surprises With Buyback as Okuda Gets Tougher on Costs [BNN Bloomberg (Canada)]
NOMURA RSRCH UNSP/ADR (NRILY)
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Source: BNN Bloomberg
A strong showing in fixed income trading helped lift revenues in global markets, while an uptick in dealmaking and in its mainstay retail business in Japan also helped to support earnings, Japan's biggest brokerage said in a statement Wednesday. Net income of around 50 billion yen in the three months ended Dec. 31 came in just above the average estimate of three analysts. Earnings a year earlier were boosted by a one-off gain as the brokerage sold part of its stake in consulting firm Nomura Research Institute. The result is a much needed boost for Chief Executive Officer Kentaro Okuda's turnaround effort after earnings declined in his first three years in office. In recent months, he has turned to job cuts in trading and investment banking to trim costs after a slump in international activity. Elsewhere, Okuda has unveiled steps to build out profits in investment management and grow in private markets. The latest results put Nomura on course to post an annual profit growth for
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