Japan’s Nomura posts Q3 profit on underwriting fees

TOKYO, Feb 2 (BestGrowthStock) – Nomura Holdings Inc (8604.T: ),
Japan’s largest brokerage, reported its third straight quarterly
profit, boosted by fees to manage a rush of public share
offerings.

Nomura, which is seeking to expand globally using operations
bought from the bankrupt Lehman Brothers, posted a 10.24 billion
yen ($113 million) net profit for October-December, compared with
a 342.9 billion yen loss a year ago.

Three analysts surveyed by Thomson Reuters I/B/E/S had
forecast an average profit of 26.06 billion yen.

Nomura cashed in a surge in public offerings by Japanese
firms aiming to replenish their capital. Japanese firms raised
$33.5 billion by selling equities in the quarter, five times more
than the same period a year before.

Nomura controlled two-fifths of the equity underwriting
market in the quarter. Morgan Stanley (MS.N: ) (Read more about the money market today. ) ranked as a distant
second with a 7.2 percent share and Daiwa Securities (8601.T: ) was
third at 6.7 percent, according to Thomson Reuters data.

Last week Daiwa, Japan’s second-largest broker, also posted
its third straight quarterly profit, helped by stock offering
fees and the sale of its stake in Sanyo Electric. [ID:nTOE60S070]

Nomura shares closed up 3.8 percent on Tuesday before the
announcement, compared with the 2.9 percent gain for Tokyo’s
brokerage sector subindex (.ISECU.T: ).

Growth Stocks

(Reporting by Junko Fujita; Editing by Jean Yoon)

Japan’s Nomura posts Q3 profit on underwriting fees