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Although we faced a challenging second quarter due to the Euro Zone Debt Crisis, business rebounded in the second half of a year and we are profitable on a full-year basis. Our $1.2 billion cost reduction program is progressing on schedule. And in anticipation of tighter regulation, we have reduced risk-weighted assets and strengthened our risk management.As I said on the call last quarter, the effects of the downgrade by Moody's has been limited in terms of posting additional collateral trading revenues and funding costs. Looking ahead, we will maintain our robust financial position and abundant liquidity while focusing on serving our clients as Asia's global investment bank. Now I will hand it over to our CFO, Junko Nakagawa to give you an overview of our result. Junko Nakagawa This is Nakagawa speaking, the CFO. It is very nice to be given this opportunity. I would like to now present you an overview of our results for the fourth quarter and full-year ended March 2012. Please turn to page three of the documents entitled consolidated results of operations. All business divisions were profitable on a pretax basis in the fourth quarter, while worldwide revenues and net income increased both, quarter on quarter and year-on-year basis. Net revenue in the fourth quarter increased 23% from the prior quarter to 499 billion yen. Pretax income increased 76% to 60.8 billion yen and net income rose to 24% to 22.1 billion yen. As shown on the slide, pretax income rebounded in the third and fourth quarters after bottoming out in Q2. Full-year net revenue was 1.5359 trillion yen representing an increase of 36% from the previous year due to the conversion of Nomura Land and Building into the subsidiary of Nomura Holdings. Pretax income declined 9% year on year to 85 billion yen as a result of the difficult second quarter in Wholesale. Net income declined 60% from the previous year to 11.6 billion yen due primarily to a 13.3 billion yen decline in pretax income resulting from a reform of corporate tax system in Japan.
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 th 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. Read the rest of this transcript for free on seekingalpha.com