The Japanese firm has posted a soaring profit in Q4 FY20 while its asset management arm posted a 33.3% decrease in sales volume despite a stable issuance.
Daiwa Securities increased its net profit by 102.5% to JPY50.6 billion (US$4.6 billion) in Q4 FY20 ended in March 2021 quarter-on-quarter (QoQ), or up 3.5x year-on-year (YoY) as retail sales and distribution of products ‘recovered significantly from a bottom in the first quarter’. The firm’s structured products brought a full-year profit of JPY108.3 billion, an increase of 79.6% YoY. Wholesale ordinary income dropped 3.9% to JPY20.6 billion in Q4 QoQ, but up 6.3x YoY, mainly due to a reco
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