One-Off Provision Aside, Higher Capital Markets Revenue Lifts Nomura's 4Q Result
Excluding a one-off JPY 30 billion provision for a legacy transaction in the U.S., Nomura Holdings posted a good fourth quarter result. Similar to its U.S. and European peers, equity and trading income at Nomura's wholesale division, or investment banking, benefited from higher capital market volatility in early 2018. We estimate full-year return on equity, excluding one-off in the third and fourth quarter, dipped to 7.3% from 8.7% last year and remains below our cost of equity assumption of 10%...
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