On Wednesday, Nomura Holdings (NYSE:NMR) Inc, Japan’s top brokerage and investment bank, reported a modest profit level for Q2 as worries of a worldwide recession weighed on its asset management and investment banking divisions.

The second quarter profit stood at 16.8 billion yen (USD 113.9 million), much stronger than the 3.2 billion yen profit for the July- September quarter a year ago. However, Chief Financial Officer Takumi Kitamura said the latest results could be more satisfactory.

Headwinds, including the war in Ukraine and sharply increasing global interest rates, have led to stock market downturns, hitting Nomura’s mainstay businesses.

Founded in 1925, Nomura Holdings Inc is a Japanese financial holding company. Headquartered in Tokyo, the company provides investment, financing and other related services to individual, institutional, and government customers worldwide.