Q2 2020 Daiwa Securities Group Inc Earnings Call Transcript
I'm Sato of Daiwa Securities Group. Thank you very much for joining our telephone conference despite your busy schedules. I'd like to explain our fiscal '19 Q2 results, which were just released today, using the material uploaded on our website.
First, please turn to Page 4 for consolidated summary. Each percentage of change is based on the comparison to Q1 of fiscal '19. Net operating revenues were 10.1%, down to JPY 96.3 billion. Retail Division revenues were down due to foreign stock trading value decrease since the market correction phase in August and the fall of stock investment trust sales in value.
Wholesale Division revenues increased. Global market had equity revenues declined but overseas FICC revenue grows. So in total, the revenues grew. Global Investment Banking had revenue growth in equity and debt underwriting, while M&A revenues dropped.
The loss from provision due to revaluation of the existing investment was
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