Q1 2022 Daiwa Securities Group Inc Earnings Call Transcript
This is Sato of Daiwa Securities Group. Thank you very much for joining our telephone conference today despite your busy schedules. Today, we released our financial results of the first quarter of FY '21. I now explain the results by following the earnings announcement material uploaded on our website.
So please turn to Page 4. This is consolidated financial summary. The percentage of change is a comparison to the fourth quarter of FY 2020. Net operating revenues were JPY 126.7 billion, up 1.7%. Retail division revenues decreased. While equity revenues decreased due to the market correction, investment trust and wrap-related revenues increased. Wholesale division saw revenue decline. In Global Markets, lower volatility in bond market caused FICC revenue decline. In Global Investment Banking, equity underwriting and M&A revenues fell, but with the contribution of several large deals, debt underwriting revenue increased. In Investment division, Daiwa Energy
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