Jul. 31--TOKYO -- Daiwa Securities Group Inc. said Friday its group net profit more than tripled from a year earlier during the April to June quarter as market recovery led to an increase in equity underwriting and bond and currency trading.

Japan's second-largest brokerage booked a net profit of 17.87 billion yen compared with a year-earlier profit of 5.89 billion yen, snapping three consecutive quarters of losses triggered by the global financial crisis.

Daiwa attributed the strong performance to an increase in underwriting commissions as Japanese companies carried out public offerings of shares amid a recovery in stock prices during the three-month period.

Its operating profit jumped to 20.81 billion yen from a year-earlier profit of 4.58 billion yen on revenues of 132.12 billion yen, down 20.1 percent.

Daiwa also said net gains on trading surged 63.0 percent to 34.71 billion yen due to a boost in bond and foreign exchange trading.

The brokerage did not release an earnings outlook for the whole of fiscal 2009 through next March, citing the uncertain impact of economic and market conditions on its securities business.

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