Japanese financial group Nomura has reported attributable net income of JPY22.7bn ($207.6m) for the fourth quarter of fiscal year 2018, a slump of 63% compared to JPY61.3bn ($560.8m) in the previous year.

The brokerage’s net revenue for the quarter ended 31 March 2018 stood at JPY378bn, a rise of 8% from the same period last year.

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Income before income taxes in retail operations was JPY21.4bn, down 17% from a year ago. The unit’s net revenue dropped 5% year-on-year to JPY98.2bn.

Income before income taxes in the asset management division was JPY11.3bn in the fourth quarter of 2018, a 30% surge from the corresponding quarter of 2017.

The asset management unit’s net revenue was JPY27.3bn, an increase of 17% from the previous year.

Nomura group CEO Koji Nagai said: “Our net revenue and pretax income increased compared to last year, driven by contributions from our Retail and Asset Management businesses. However, net income declined year on year due to a rise in the effective tax rate as the Americas booked provisions for legacy transactions.

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“Retail reported stronger sales of stocks and investment trusts due to an upturn in investor sentiment as the market environment improved. We successfully grew client assets with inflows into investment trusts and discretionary investments. Annualised recurring revenue reached 90 billion yen. Assets under management in Asset Management climbed to a new record high on the back of ongoing inflows, and asset management fees increased. Gains from American Century Investments contributed to the strongest net revenue and pretax income since the year ended March 2002.”