The second-quarter profit of Daiwa Securities Group Inc. plunged 35% as a rout in the stock market triggered a decline in trading earnings.
Daiwa’s net income fell to 24.3 billion yen ($202 million) in the 3 months ended Sept. 30 from 37.1 billion yen last year, the brokerage company said.
Daiwa said its revenue jumped 1.5% from a year earlier to 158.1 billion yen. Trading income fell 39% to 23.7 billion yen. Underwriting fees dropped 5.9% to 9.6 billion yen, while brokerage commissions gained 11% to 18.4 billion yen.
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