Nomura Profit Gets Lift From Lehman

TOKYO (TheStreet) -- Nomura(NMR Quote), Japan's biggest brokerage, swung to a profit in its fiscal second quarter as it saw solid performances in its retail and asset management businesses

The company also said it benefited from acquisitions, particularly the purchase of Asian and European parts of Lehman Brothers it made last year.

"The acquisitions have been a resounding success," said Nomura President and CEO Kenichi Watanabe, in a statement Wednesday. He added, "The results are another solid step in our drive to become a truly global investment bank."

Second-quarter earnings were 27.72 billion yen, a swing from a year-earlier loss of 72.87 billion yen. It was Nomura's second-straight quarter of profit. Sales rose nearly 38% to 355.47 billion yen.

The brokerage said it generated more revenue from overseas than inside Japan for the first time during the latest quarter. Nomura said it was able to create stable income from its strong client base in Japan as well as new businesses acquired abroad.

Nomura also said it would resume paying a dividend, announcing a dividend of 4 yen per share payable in December.

-- Reported by Joseph Woelfel in New York .

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