TOKYO -- Total net profits at five major Japanese brokerages jumped 74% on the year in the first three quarters of fiscal 2024, underscoring the success of a pivot toward retail and high-net-worth customers that has created more consistent income streams, along with an M&A boom.
Recent earnings releases by Nomura Holdings, Daiwa Securities Group, Mizuho Securities, SMBC Nikko Securities and Mitsubishi UFJ Securities Holdings show net profits totaling 644 billion yen ($4.15 billion) for the nine months through December. Their combined net revenue grew 22%.
