July 31, 2019 / 6:41 AM / 3 months ago

Nomura's Q1 profit soars more than 10-times after restructuring

TOKYO, July 31 (Reuters) - Nomura Holdings Inc, Japan’s biggest brokerage and investment bank, said on Wednesday its first-quarter net profit soared more than 10 times after restructuring its business portfolio.

April-June profit came in at 55.8 billion yen ($514.24 million) versus 5.2 billion yen a year earlier. The result compared with the 14.9 billion yen average of two analyst estimates compiled by Refinitiv.

In the last financial year, the brokerage reported an annual loss for the first time in a decade due primarily to weakness in its wholesale business. ($1 = 108.5100 yen) (Reporting by Takashi Umekawa; Editing by Christopher Cushing)

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