Japanese financial major Nomura has reported a net profit of JPY46.8bn for the first quarter of fiscal year 2017, a slump of 32% compared with JPY69.6bn in the year ago quarter. 

The brokerage said its April-June net revenue stood at JPY338.5bn, a decline of 20.2% compare to JPY424bn in the year ago period.

Nomura’ operations outside Japan reported a profit of JPY16.9 billion in the latest quarter, the biggest in seven years. It registered profits in the US and Asia, but registered losses in Europe.

Pretax profit in retail operations was JPY8.7bn, a fall of 83% as against JPY50.9bn a year earlier. Net revenue decreased by 35.9% from the same period in the prior year to JPY83.8bn, primarily due to decreasing commissions from distribution of investment trusts and brokerage.

Income before income taxes in the asset management division increased rose by 4.2% to JPY12.2bn. Net revenue decreased by 3.7% from the same period in the prior y ear to JPY25.9bn. Assets under management were JPY37.3 trillion yen as of 30 June 20 16. 

The group’s total assets as of 30 June 2016 were JPY42.92 trillion, an increase of JPY1.83 trillion compared to 31 March 2016, mainly due to the increase in securities purchased under agreements to resell and trading assets .

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Total liabilities as of 30 June 2016 were JPY40.23trillion, an increase of JPY1.87 trillion compared to 31 March 2016 , mainly due to the increase in Securities sold under agreements to repurchase . Total equity as of 30 June 2016 was JPY2.69 trillion, a decrease of JPY43.7bn compared to 31 March 2016.