UPDATE 1-Japan's Nomura hoists core FY22/23 profit target 14%, cites wholesale arm growth
Adds details of earnings targets
TOKYO, May 12 (Reuters) - Nomura Holdings Inc 8604.T, Japan's biggest brokerage, on Wednesday raised its pretax income target for the period from April 2022 to March 2023 by 14%, citing strength in wholesale arm, comprising global markets and investment banking.
Nomura said it now estimates 320 billion yen ($2.94 billion) in pretax income for its three core divisions in the year through March 2023.
The new target raises the bar from the 280 billion yen profit targeted in an estimate issued a year ago, and represents a 29% jump from the 247.6 billion yen it posted for the year ended in March 2021.
The revision is driven by a higher profit forecast for the wholesale division, Nomura said.
That arm, which is taking a $2.9 billion hit from the collapse of U.S. investment fund Archegos, is expected to post a profit of 150 billion yen for April 2022-March 2023, more than double the 64.3 billion yen posted for the year just ended. nL1N2MK0BQ
Nomura said it has exited over 99% of its Archegos-related positions and reiterated that it has no plans to shy away from the prime brokerage business.
($1 = 108.7400 yen)
(Reporting by Makiko Yamazaki and Takashi Umekawa; Editing by Christopher Cushing and Kenneth Maxwell)
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