Nomura Holdings cemented a second straight year of record profit, fueled by Japan¡¯s financial-market recovery, even after fourth-quarter results missed analysts¡¯ expectations.
Net income rose 2.7% from a year earlier to ?73.9 billion ($463 million) in the three months ended March 31, the Tokyo-based company said Friday. That missed the ?98.9 billion average of four analyst estimates compiled by Bloomberg News. Full-year profit hit an all-time high of ?362.1 billion.
Japan¡¯s biggest brokerage has been benefiting from volatile global markets and a boom in investing and dealmaking at home. The coming quarters may provide a test for Chief Executive Officer Kentaro Okuda as the Middle East conflict puts a strain on the global economy, while signs of stress in the $1.8 trillion private credit market cloud his push into alternative assets.
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