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Nomura Holdings, Japan's largest brokerage, posted its first profit in six quarters thanks to a surge in stock underwriting fees and trading income.
Nomura [NMR
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] reported an 11.4 billion yen ($121 million) net profit in the April-June quarter, compared with a 76.6 billion yen loss a year earlier. The result compares with a consensus estimate for a 25.5 billion yen loss in a survey of three analysts polled by Thomson Reuters.
Nomura joined Goldman Sachs [GS
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] and other U.S. banks in posting profits, benefitting from Japanese companies which dashed to sell shares to strengthen capital eroded during the financial crisis, and fixed-income trading where traders enjoyed swings in bond prices and yields.
Japanese companies sold $13.8 billion worth of shares in the April-June period, six times more than a year earlier, Thomson Reuters data shows.
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Nomura was ranked as No.1 equity underwriter in Japan, controlling 42.5 percent of the market, ] according to Thomson Reuters. Daiwa Securities SMBC, the investment banking unit of Daiwa Securities, was a distant second with an 18.3 percent share.
Data is a real-time snapshot *Data is delayed at least 15 minutes