Daiwa Securities¡¯ profit slumped while SMBC Nikko Securities fell into the red as stock and bond trading revenue at the two Japanese brokerages dropped even before this month¡¯s market turmoil.
Net income at Daiwa tumbled 24% year-on-year to ?30 billion ($208 million) in the three months ended March 31, according to a statement Monday. That marked the first decline in eight quarters, and was in line with analysts¡¯ estimates.
SMBC Nikko, the brokerage arm of Sumitomo Mitsui Financial Group, posted a net loss of ?2.6 billion for the quarter, compared with a profit of ?24.2 billion a year earlier. This is a setback for the firm that has been regaining its footing after a market rigging scandal more than two years ago.
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