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January-March profit came in at 7.4 billion yen ($55.37 million), down from 30.96 billion yen a year earlier.
Nomura’s wholesale division, which houses its investment banking and trading businesses, reported a pre-tax loss of 14.2 billion yen compared with a 37.0 billion yen profit a year earlier. It is the second consecutive quarterly loss.
Investment banking saw a slump in dealmaking fees, while inflation in the United States and a weaker yen pushed up costs at the division.
Global mergers and acquisitions activity shrank to the lowest level in more than a decade in the last quarter as a banking crisis that started with the collapse of Silicon Valley Bank spread to Europe with the sale of Credit Suisse Group AG to UBS Group AG (SIX:UBSG).
Net profit for the year ended March came in at 92.8 billion yen, compared with an average estimate of 136.26 billion yen from seven analysts polled by Refinitiv.
($1 = 133.6400 yen)
(Created by Murali Anantharaman)
