August 1, 2014 / 7:12 AM / 3 years ago

Nomura doubles profit target, aims to grow client assets by 2020

TOKYO, Aug 1 (Reuters) - Nomura Holdings Inc, Japan’s biggest investment banking and brokerage group, said it would aim for earnings per share of 100 yen (97 US cents) by the business year ending March 2020, compared with a previously set goal of 50 yen by March 2016.

The higher target demonstrates Nomura’s resolve to keep growing after enjoying a spike in stock-trading commission last year during a market rally sparked by economic growth pledges from Prime Minister Shinzo Abe.

Nomura is under pressure from shareholders to make the most of “Abenomics” and increase the amount of client assets it manages, even as its traditional customer base shrinks while Japan’s population ages.

Nomura said it will aim to grow its retail client assets to 150 trillion yen by the 2019/20 business year from 95 trillion yen at end-June.

Shares of Nomura closed 0.12 percent higher ahead of the outlook announcement, compared with a 0.63 percent decline in the Nikkei benchmark index. ($1 = 102.9800 Japanese Yen) (Reporting by Ritsuko Ando; Editing by Christopher Cushing)

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