Japan's Nomura triples profit in first quarter as end of deflation spurs wealth management

Nomura Holdings, the largest brokerage and investment bank in Japan, announced a strong first-quarter profit increase of 195%. The surge in global markets and the return of domestic inflation contributed to the rise in demand for Nomura’s wealth management services. Net profit for the April-June period reached 68.9 billion yen, up from 23.3 billion yen in the previous year. The company’s shift toward a fees-based profit model has proven successful in generating more consistent revenue. Nomura’s wealth management segment saw an 84% growth in pre-tax income and its investment management business achieved record assets under management. Additionally, cost-cutting measures implemented in the past year boosted profitability with a significant increase in return on equity.