Nomura Holdings, Inc. (NYSE:NMR) is one of the best low-priced stocks to buy right now. On July 29, the company delivered solid first-quarter results that affirmed underlying growth. Net income in the quarter was up 52% year over year to ¥104.6 billion or $706 million. It marked the sixth straight quarter of growth that exceeded the ¥76.4 billion average of three analyst estimates.
The significant earnings growth comes from the Japanese firm capitalizing on the equity trading boom. Revenue from stock trading was up 20% year over year, marking the ninth consecutive quarter of growth. Revenue from investment banking increased 2%, led by fees from bond underwriting.
Nevertheless, fees on mergers and acquisitions dropped even as Nomura took the top spot among financial advisers. Likewise, the company incurred a loss in its European operations due to a higher-than-expected effective tax rate of 33%. On the other hand, the wealth management division reported a quarterly profit increase of ¥2.8 billion, attributed to an increase in trading in bonds and equities.
Nomura Holdings, Inc. is a global financial services group that offers a wide range of services through its four business divisions: Wealth Management, Investment Management, Wholesale (comprising Global Markets and Investment Banking), and Banking. It provides services to individuals, institutions, corporations, and governments.
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This article is originally published at Insider Monkey.
