Nomura more than doubles profit in scandal-marred quarter By Reuters

Victor Boolen

Nomura more than doubles profit in scandal-marred quarter By Reuters

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TOKYO (Reuters) – Japan Nomura Holdings (NYSE: ) more than doubled its quarterly profit on Friday, marking its sixth straight quarter of growth, boosted by strong performance in its wholesale business, even as the bank has been dogged by a trading scandal.

Japan’s top brokerage and investment bank reported net profit of 98.4 billion yen ($645 million) in July-September, compared with 35.2 billion yen in the same period last year.

Net profit was the highest in four years, it said. The results reflect solid performance in the wholesale business, including global markets and investment banking.

The results mark a bright spot for Nomura, which has been hit by the fallout from a bond-trading scandal. Japan’s banking regulator on Thursday fined it 21.8 million yen ($143,000) after an investigation found a trader manipulated the price of March 2021 government futures contracts.

Nomura pledged to strengthen its compliance and internal controls and said “stern disciplinary action” had been taken against the trader and relevant managers.

A number of senior executives will take voluntary pay cuts of 20% for two months, the announcement said.

© Reuters. A Nomura logo is pictured at their office in the Manhattan borough of New York, New York, U.S., June 23, 2017. REUTERS/Carlo Allegri/ File Photo

Japan’s finance ministry last month said it would suspend Nomura’s primary dealer status for government bonds for one month in response to the incident.

($1 = ¥152.5300)



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