Pages four and five give the overview of results and breakdown by business segment.
Please turn to page six for an outline of results in the retail segments.
Pages six and seven are on retail. Fourth-quarter net revenue in retail was 92.4 billion yen, an increase of 16% over the previous quarter. Income before income tax jumped 101% to 20.3 billion yen. Our product offerings was further enhanced during the quarter and we also continued to offer our consulting-based services as a respond to the diverse needs of our clients. As a result, retail client assets increased by 191 billion yen representing the 8
straight quarter of net inflows.
The full-year net revenue declined 11% to 350.3 billion yen due to a slowdown in the second and third quarter which were affected by market conditions. Although pretax income declined 38% from the prior year to 63.1 billion yen in retail continued to make significant contributions to worldwide earnings.
Asset management results are shown on pages eight and nine. Fourth-quarter net revenue was 15.7 billion yen, up 3% quarter on quarter. Pretax income was down 3% at 4.1 billion yen but the decline was very small. Increases in revenues was driven by a 2 trillion yen rise in assets under management from the end of December to 24.6 trillion yen at the end of March.
We continue to diversify distribution channel. Assets under management distributed through the bank channels are showing steady growth and the number of financial institutions in our distribution networks increased. Despite the challenging market conditions, full-year net revenue was down only 1% to 65.8 billion yen. Pretax income increased 2% year on year to 20.5 billion yen on stronger inflows and drive to contain costs.
Page 10 is of Wholesale results. Net revenue in Wholesale declined 10% sequentially to 159.2 billion yen. Pretax income declined 67% to 12.5 billion yen.
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