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Japan's Nomura posts second-quarter net profit of $1.3 billion, third straight quarterly profit

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Japan's Nomura posts second-quarter net profit of $1.3 billion, third straight quarterly profit
FILE PHOTO: Pedestrians walk past a signboard of Nomura Securities outside its branch in Tokyo, Japan, February 2, 2016. REUTERS/Yuya Shino/File Photo   -   Copyright  Yuya Shino(Reuters)
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TOKYO (Reuters) – Nomura Holdings <8604.T> posted on Tuesday a second-quarter net profit of 138.6 billion yen ($1.27 billion), compared with a net loss in the same period a year ago.

It marks a third straight quarter of profit.

Japan’s biggest brokerage and investment bank announced a plan in April to cut more than $1 billion in costs from its wholesale business and shut some of its domestic retail branches.

($1 = 108.9700 yen)

(Reporting by Takashi Umekawa; Editing by Edwina Gibbs)

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