Nomura's profit rose more than analysts estimated last quarter as Japan’s record-breaking stock market rally spurred wealth management while income from trading and investment banking jumped.
Net income tripled from a year earlier to ¥68.9 billion ($446 million) in the three months ended June 30, the company said in a statement Tuesday. That beat the ¥56.6 billion average of three analyst estimates compiled by Bloomberg.
The results continue recent momentum for Chief Executive Officer Kentaro Okuda, whose firm is enjoying a revival in Japanese bond and stock markets as the country exits years of deflation. He recently introduced a goal to double pretax earnings by March 2031, along with measures to control spending.