TOKYO (Reuters) -Japan’s largest brokerage and investment bank Nomura Holdings reported on Tuesday a 6% drop in net profit over the July-September quarter.
Nomura made a net profit of 92.1 billion yen ($610.82 million) over the period, compared with a gain of 98.4 billion yen over the same period a year prior.
The results were lifted by a strong performance in Nomura’s wholesale business, where record equity trading revenue coincided with an uptick in dealmaking and equity raising activity as the fallout from U.S. President Donald Trump’s tariff announcements in April settled.
However, net profit fell year on year as income before taxes in the investment management division fell 4% compared to the previous year despite reaching record assets under management of 101.2 trillion yen at the end of September.
Sales in Nomura’s wealth management division also declined compared to the April-June quarter as investors took to the sidelines while Japanese equity indexes notched record highs.
The results underline the recovery of Nomura’s wholesale business, where earnings had for many years been subject to market swings, but in recent quarters has recorded more consistent profits.
Investment banking advisory fees grew as dealmaking picked up following a “wait and see” period ushered in by U.S. President Donald Trump’s tariff announcements that had dampened dealmaking in the previous quarter.
Nomura retained its top spot in the Japan-related M&A league table for 2025, with major deals over the quarter including private equity fund Blackstone’s $3.5 billion take private of engineering staffing firm TechnoPro Holdings.
($1 = 150.7800 yen)
(Reporting by Anton Bridge; Editing by Jacqueline Wong and Mrigank Dhaniwala)
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