Japan brokerage Daiwa's Q4 profit more than doubles as markets recover (updated)

Daiwa Securities

25/04/2024 08:30

(Adds details from earnings release)
       TOKYO, April 25 (Reuters) - Daiwa Securities Group
 8601.T , Japan's second largest brokerage and investment bank,
reported on Thursday a 131% year-on-year jump in quarterly net
profit, helped by a record strong results in its asset
management, wholesale and retail divisions.
    Daiwa has sought to shift its focus away from generating
commissions in its traditional brokerage business to focus
instead on its wealth management services. This quarter saw the
highest profit in Daiwa's retail division in eight years.
    Its wholesale business saw increased customer flows from
overseas and domestic equity while the global investment banking
M&A business, which falls under the wholesale division,
generated record revenue of 43.5 billion yen.
    Daiwa has been beefing up its M&A business by increasing its
hiring of investment bankers and has said it aims to grow the
segment by 50% over around 8 year.
    In the year to March 2024 Daiwa ranked fifth among Japanese
firms in terms of the number of M&A deals.    
    January-March consolidated net profit was 39.5 billion yen
($253.76 million). 
        
  
        
  
 ($1=155.6600 yen)

 (Reporting by Anton Bridge; editing by Miral Fahmy)
 ((Anton.Bridge@thomsonreuters.com;))