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Nomura Q2 net profit plunges on one-off loss for years-old transaction -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A Nomura Holdings logo is shown in Tokyo, Japan on December 1, 2015. REUTERS/Toru Hannai

TOKYO (Reuters), Japan’s leading brokerage and investment bank Nomura Holdings Inc said that Japan’s second quarter net profit fell due to a unique loss from a transaction made more than a century ago.

August-September profit reached 3.2 trillion yen ($28.3million). Compare this to the 67.6 Billion yen earned a year prior and an average of 64.9 Billion yen calculated by Refinitiv from two analysts.

Nomura claimed that the quarter was a result of “legacy transactions” in the Americas, which occurred between 2007 and 2008 before the global financial crises in 2007.

Nomura’s wholesale, which is home to its investment and trading banking divisions, saw pretax income drop from 65.5 billion yen during the same time last year to 25 billion.

After a strong year in 2020, which was fueled by high market volatility and the COVID-19 epidemic, the company also saw lower performance from its global markets trading division.

($1 = 113.6400 yen)

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