Daiwa posts 13-year high quarterly profit as equity trading revenue hits record ¥28.7 billion
Daiwa Securities Group said fiscal first-quarter net income rose 81% year on year to ¥56.4 billion for the period ended June 30, the highest level in 13 years. The result beat the average estimate of five analysts and was driven by a surge in equity trading. Equity trading revenue jumped 84% to a record ¥28.7 billion, while fixed-income and investment banking revenue rose 51% and 31%. The stock is up 29% so far this year.