Nomura reaping benefits of taking Lehman plunge

Nomura Holdings moved a step closer to fulfilling its ambition of becoming a global investment bank, as it reported strong returns from the assets it acquired last year from the collapsed Lehman Brothers.

Profit for the quarter between July and September was 28.3 billion yen (£188 million), compared with a loss of 72.9 billion yen for the same period a year earlier.

Total revenue at Japan's largest brokerage came in at 355.5 billion yen, compared with 257.7 billion yen a year ago. It attributed the gains to the recovery in financial markets and the addition of the Lehman businesses it bought late last year to its stable of operations.

Nomura chief financial officer Masafumi Nakada said: "We want to establish ourselves as a global investment bank and move to the next stage."

Nomura bought the European and Asian operations of failed Lehman Brothers last year in the wake of the financial crisis. For the first time its international revenue, which had posted "solid" growth, exceeded its domestic revenue, it said.