Daiwa quarterly net profit dips 78.5%

Daiwa Securities ,Japan’s second-largest brokerage, said quarterly net profit fell 78.5% as fewer equity transactions cut fees and a slow market weighed on trading commissions.

Jul 31, 2008, 12.48 AM IST

TOKYO: Daiwa Securities ,Japan��s second-largest brokerage, said quarterly net profit fell 78.5% as fewer equity transactions cut fees and a slow market weighed on trading commissions.

Daiwa reported a group net profit of 5.89 bn yen for the three months to June 30. Quarterly revenue dropped 34.9% to 165.4 bn yen. On Tuesday Nomura Holdings, Daiwa��s bigger rival, posted an unexpected quarterly net loss of 76.6 bn yen, hit by provisions against bond insurers.

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