Japan's Nomura posts second straight profit

TOKYO: Japan's top securities firm Nomura declared its purchase of large parts of failed US bank Lehman Brothers "a resounding success" Wednesday as it posted a second straight quarterly profit.

Nomura Holdings posted net earnings of 27.7 billion yen (300 million dollars) for the fiscal second quarter through September, against a year-earlier loss of 72.9 billion yen.

Aiming to be a world-class investment bank, Nomura last year snapped up the Asian, European and the Middle Eastern operations of Lehman the most high-profile corporate casualty of the global financial crisis.

"After one year of combined operations, the acquisitions have been a resounding success," said Nomura chief executive Kenichi Watanabe.

The results "demonstrate the solid performance of our retail and asset management businesses and the expansion of our international revenue base," he said in a statement.

The Lehman deal transformed Nomura into a top global player and marked a sea change for Japan's once risk-averse banks, which were at the time only just emerging from their own long malaise.

Nomura plunged to a record net loss of 709.4 billion yen in the year to March 2009, battered by the global economic crisis. It returned to profit in April-June of this year for the first time in six quarters.

As usual, Nomura gave no financial forecasts.