Nomura Holdings closed its fiscal year to 31 March 2026 with higher profit, stronger trading income and a larger balance sheet, even as operating cash outflows and expenses rose.

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Net income attributable to shareholders increased 6.3% year-on-year to ¥362.1 billion, up from ¥340.7 billion, while income before income taxes rose 14.4% to ¥539.8 billion.

Net revenue climbed 14.5% to ¥2,167.7 billion, compared with ¥1,892.5 billion a year earlier, helped by a 20.1% jump in net gain on trading to ¥696.9 billion and a 23.9% rise in asset management and portfolio service fees to ¥468.6 billion.

Profitability Inches up as FX Boosts Income

Profitability improved modestly. Basic earnings per share advanced to ¥123.08 from ¥115.30, and return on shareholders’ equity edged up to 10.1% from 10.0%. Comprehensive income surged 43.8% to ¥480.0 billion, driven by currency translation gains that lifted other comprehensive income.

The profit gains came despite a broad-based increase in expenses. Non-interest expenses rose 14.6% to ¥1,627.9 billion, almost in line with the growth in net revenue.

Compensation and benefits climbed 13.3% to ¥829.5 billion, while commissions and floor brokerage costs jumped 25.0% to ¥221.9 billion. Information processing and communications expenses also moved higher to ¥248.4 billion as Nomura invested in systems and business support.

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By segment, wealth management net revenue increased 12.5% to ¥487.9 billion and pre-tax income rose 22.8% to ¥204.0 billion, showing better operating leverage than the group average. Wholesale activity remained a core earnings driver, with net revenue up 9.9% to ¥1,162.2 billion and pre-tax income up 20.6% to ¥200.6 billion.

Nomura invests in growth and Macquarie integration

Investment management saw net revenue jump 34.3% to ¥258.5 billion, but income before income taxes slipped 1.4% to ¥88.3 billion as non-interest expenses surged 65.5% to ¥170.2 billion.

A key factor behind the investment management expansion was the December 2025 acquisition of three Macquarie Group asset management entities for about 1.8 billion US dollars, or roughly ¥281.4 billion. Nomura said it allocated a substantial portion of the purchase price to intangible assets and goodwill, and that the deal helped lift assets under management to ¥136.9 trillion at year-end.

The balance sheet expanded alongside this growth push. Total assets rose to ¥62,645.9 billion from ¥56,802.2 billion, driven by a ¥3,755.7 billion increase in trading assets and a ¥2,094.0 billion rise in loans and receivables.

Long-term borrowings grew by ¥2,171.3 billion to ¥15,545.0 billion, supporting a year in which operating and investing activities used a combined ¥2,341.9 billion of cash. Nomura’s annual dividend per share fell to ¥51.00 from ¥57.00, and the payout ratio dropped to 41.4% from 49.4% as the group retained more earnings to fund expansion.

This article was written by Jared Kirui at www.financemagnates.com.Institutional FXRead More

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