Financial Summary For the Six Months Ended September 30, 2021 (U.S. GAAP)

Date: October 29, 2021
Company name (code number): Nomura Holdings, Inc. (8604)
Stock exchange listings:

(In Japan) Tokyo, Nagoya

(Overseas) New York, Singapore

Representative:

Kentaro Okuda

President and Group CEO, Nomura Holdings, Inc.

For inquiries:

Junko Tago

Executive Director, Head of Investor Relations, Nomura Holdings, Inc.

Tel: (Country Code 81) 3-5255-1000

URL: https://www.nomura.com

1. Consolidated Operating Results

(1) Operating Results

(Rounded to nearest million)
For the six months ended September 30
2020 2021
(Millions of yen, except per share data)
% Change from
September 30, 2019
% Change from
September 30, 2020

Total revenue

933,391 (14.0 %) 784,381 (16.0 %)

Net revenue

829,745 16.0 % 672,141 (19.0 %)

Income before income taxes

265,438 30.6 % 97,000 (63.5 %)

Net income attributable to Nomura Holdings, Inc. ("NHI") shareholders

210,158 8.1 % 51,700 (75.4 %)

Comprehensive income

150,930 (4.7 %) 65,953 (56.3 %)

Basic-Net income attributable to NHI shareholders per share (Yen)

68.87 16.76

Diluted-Net income attributable to NHI shareholders per share (Yen)

67.10 16.25

Return on shareholders' equity - annualized

15.6 % 3.8 %

Note: Return on shareholders' equity is a ratio of Net income attributable to NHI shareholders to Total NHI shareholders' equity.

(2) Financial Position

At March 31 At September 30
2021 2021
(Millions of yen, except per share data)

Total assets

42,516,480 43,346,552

Total equity

2,756,451 2,801,632

Total NHI shareholders' equity

2,694,938 2,734,086

Total NHI shareholders' equity as a percentage of total assets

6.3 % 6.3 %

Total NHI shareholders' equity per share (Yen)

879.79 883.46
Table of Contents

2. Cash Dividends

For the year ended March 31
2021 2022 2022 (Plan)
(Yen amounts)

Dividends per share

Dividends record dates

At June 30

- - -

At September 30

20.00 8.00 -

At December 31

- - -

At March 31

15.00 - Unconfirmed

For the year

35.00 - Unconfirmed

Note: Fiscal year 2022 Q4 dividend amount are not presented per reasons stated in "3. Earnings Forecasts for the year ending March 31, 2022".

3. Earnings Forecasts for the year ending March 31, 2022

Nomura provides investment, financing and related services in the capital markets on a global basis. In the global capital markets there exist uncertainties due to, but not limited to, economic and market conditions. Nomura, therefore, does not present earnings forecasts.

Notes

(1) Changes in significant subsidiaries during the period: None

(Changes in Specified Subsidiaries accompanying changes in scope of consolidation.)

(2) Adoption of the simplified and particular accounting treatments: None

(3) Changes in accounting policies

a) Changes in accounting policies due to amendments to the accounting standards: None

b) Changes in accounting policies due to other than a): None

(4) Number of shares issued (common stock)

At March 31 At September 30
2021 2021

Number of shares outstanding (including treasury stock)

3,233,562,601 3,233,562,601

Number of treasury stock

170,407,167 138,805,921
For the six months ended September 30
2020 2021

Average number of shares outstanding (year-to-date)

3,051,543,718 3,085,218,332

*This financial summary is not subject to certified public accountant's or audit firm's quarterly review.

Table of Contents

Table of Contents for the Accompanying Materials

1. Qualitative Information of the Quarterly Consolidated Results

P. 2

(1) Consolidated Operating Results

P. 2

(2) Consolidated Financial Position

P. 4

(3) Consolidated Earnings Forecasts

P. 4

(4) Risks related to the COVID-19 pandemic

P. 4

2. Quarterly Consolidated Financial Statements

P. 5

(1) Consolidated Balance Sheets

P. 6

(2) Consolidated Statements of Income

P. 8

(3) Consolidated Statements of Comprehensive Income

P. 9

(4) Note with respect to the Assumption as a Going Concern

P. 9

(5) Segment Information - Operating Segment

P.10

(6) Significant Changes in Equity

P.11

3. Supplementary Information

P.12

(1) Consolidated Statements of Income - Quarterly Comparatives

P.12

(2) Business Segment Information - Quarterly Comparatives

P.13

(3) Other

P.14

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Table of Contents
1.

Qualitative Information of the Quarterly Consolidated Results

(1)

Consolidated Operating Results

U.S. GAAP

Billions of yen % Change
For the six months ended (B-A)/(A)
September 30,
2020 (A)
September 30,
2021 (B)

Net revenue

829.7 672.1 (19.0 )

Non-interest expenses

564.3 575.1 1.9

Income (loss) before income taxes

265.4 97.0 (63.5 )

Income tax expense

52.2 41.5 (20.5 )

Net income (loss)

213.2 55.5 (74.0 )

Less: Net income (loss) attributable to noncontrolling interests

3.1 3.8 23.3

Net income (loss) attributable to NHI shareholders

210.2 51.7 (75.4 )

Return on shareholders' equity - annualized

15.6 % 3.8 % -

Note: Return on shareholders' equity is a ratio of Net income (loss) attributable to NHI shareholders to Total NHI shareholders' equity.

Nomura Holdings, Inc. and its consolidated entities (collectively, "Nomura") reported net revenue of 672.1 billion yen for the six months ended September 30, 2021, a decrease of 19.0% from the same period in the prior year. Non-interest expenses increased by 1.9% from the same period in the prior year to 575.1 billion yen. Income before income taxes was 97.0 billion yen and net income attributable to NHI shareholders was 51.7 billion yen for the six months ended September 30, 2021. Nomura recognized losses of 65.4 billion yen arising from transactions with a US client at its subsidiaries.

Segment Information

Billions of yen % Change
For the six months ended (B-A)/(A)
September 30,
2020 (A)
September 30,
2021 (B)

Net revenue

825.5 666.9 (19.2 )

Non-interest expenses

564.3 575.1 1.9

Income (loss) before income taxes

261.2 91.8 (64.9 )

In the above segment information totals, which exclude a part of unrealized gain (loss) on investments in equity securities held for operating purposes, net revenue for the six months ended September 30, 2021 was 666.9 billion yen, a decrease of 19.2% from the same period in the prior year. Non-interest expenses increased by 1.9% from the same period in the prior year to 575.1 billion yen. Income before income taxes was 91.8 billion yen for the six months ended September 30, 2021. Please refer to page 10 for further details of the differences between U.S. GAAP and business segment amounts.

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On April 1, 2021, the Investment Management Division was newly established by replacing the Asset Management Division and the Merchant Banking Division. As a result, the prior period amounts have been reclassified to conform to the current year presentation.

Operating Results of Retail

Billions of yen % Change
For the six months ended (B-A)/(A)
September 30,
2020 (A)
September 30,
2021 (B)

Net revenue

173.9 170.2 (2.1 )

Non-interest expenses

136.0 134.2 (1.3 )

Income (loss) before income taxes

37.9 36.0 (5.0 )

Net revenue decreased by 2.1% from the same period in the prior year to 170.2 billion yen. Non-interest expense decreased by 1.3% to 134.2 billion yen. As a result, income before income taxes decreased by 5.0% to 36.0 billion yen.

Operating Results of Investment Management

Billions of yen % Change
For the six months ended (B-A)/(A)
September 30,
2020 (A)
September 30,
2021 (B)

Net revenue

69.7 97.8 40.2

Non-interest expenses

35.5 37.9 6.6

Income (loss) before income taxes

34.2 59.9 75.2

Net revenue increased by 40.2% from the same period in the prior year to 97.8 billion yen. Non-interest expense increased by 6.6% to 37.9 billion yen. As a result, income before income taxes increased by 75.2% to 59.9 billion yen. Assets under management were 67.8 trillion yen as of September 30, 2021.

Operating Results of Wholesale

Billions of yen % Change
For the six months ended (B-A)/(A)
September 30,
2020 (A)
September 30,
2021 (B)

Net revenue

469.0 305.4 (34.9 )

Non-interest expenses

315.6 308.8 (2.2 )

Income (loss) before income taxes

153.3 (3.4 ) -

Net revenue decreased by 34.9% from the same period in the prior year to 305.4 billion yen. Non-interest expense decreased by 2.2% to 308.8 billion yen. As a result, loss before income taxes was 3.4 billion yen. Nomura recognized losses arising from transactions with a US client at its subsidiaries.

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Other Operating Results

Billions of yen % Change
For the six months ended (B-A)/(A)
September 30,
2020 (A)
September 30,
2021 (B)

Net revenue

112.9 93.5 (17.2 )

Non-interest expenses

77.2 94.3 22.1

Income (loss) before income taxes

35.7 (0.8 ) -

Net revenue was 93.5 billion yen including income of 36.2 billion yen recognized in June 2021 from the sale of a part of our shares held in Nomura Research Institute, Ltd. Loss before income taxes was 0.8 billion yen, as a result of recognizing expenses of about 40 billion yen related to legacy transactions.

(2)

Consolidated Financial Position

Total assets as of September 30, 2021 were 43,346.6 billion yen, an increase of 830.1 billion yen compared to March 31, 2021, mainly due to the increase in Trading assets. Total liabilities as of September 30, 2021 were 40,544.9 billion yen, an increase of 784.9 billion yen compared to March 31, 2021, mainly due to the increase in Long-term borrowings. Total equity as of September 30, 2021 was 2,801.6 billion yen, an increase of 45.2 billion yen compared to March 31, 2021.

(3)

Consolidated Earnings Forecasts

Nomura provides investment, financing and related services in the capital markets on a global basis. In the global capital markets there exist uncertainties due to, but not limited to, economic and market conditions. Nomura, therefore, does not present earnings and dividend forecasts.

(4)

Risks related to the COVID-19 pandemic

The COVID-19 pandemic has affected Nomura's business, and this may continue in the future.

Various risks recognized related to the COVID-19 pandemic is disclosed in Risk Factors in Nomura Holdings, Inc.'s Annual Securities Report (the annual report filed in Japan on June 25, 2021) and Item 3. D. Risk Factors. in Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 25, 2021) for the year ended March 31, 2021.

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Table of Contents
2.

Quarterly Consolidated Financial Statements

The quarterly consolidated financial information herein has been prepared in accordance with Nomura's accounting policies which are disclosed in the notes to the consolidated financial statements of Nomura Holdings, Inc.'s Annual Securities Report (the annual report filed in Japan on June 25, 2021) and Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 25, 2021) for the year ended March 31, 2021.

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(1) Consolidated Balance Sheets

Millions of yen
March 31,
2021
September 30,
2021
Increase/
(Decrease)
ASSETS

Cash and cash deposits:

Cash and cash equivalents

3,509,754 3,836,088 326,334

Time deposits

281,422 342,778 61,356

Deposits with stock exchanges and other segregated cash

373,559 312,579 (60,980 )

Total cash and cash deposits

4,164,735 4,491,445 326,710

Loans and receivables:

Loans receivable

2,943,472 3,143,347 199,875

Receivables from customers

459,090 486,602 27,512

Receivables from other than customers

793,669 761,127 (32,542 )

Allowance for credit losses

(53,784 ) (61,711 ) (7,927 )

Total loans and receivables

4,142,447 4,329,365 186,918

Collateralized agreements:

Securities purchased under agreements to resell

10,775,078 11,272,573 497,495

Securities borrowed

5,264,360 4,658,853 (605,507 )

Total collateralized agreements

16,039,438 15,931,426 (108,012 )

Trading assets and private equity and debt investments:

Trading assets*

15,674,354 16,333,623 659,269

Private equity and debt investments*

63,825 77,820 13,995

Total trading assets and private equity and debt investments

15,738,179 16,411,443 673,264

Other assets:

Office buildings, land, equipment and facilities

(net of accumulated depreciation and amortization of

¥395,429 million as of March 31, 2021 and

¥410,139 million as of September 30, 2021)

464,449 460,051 (4,398 )

Non-trading debt securities*

426,758 444,123 17,365

Investments in equity securities*

126,649 135,959 9,310

Investments in and advances to affiliated companies*

364,393 358,878 (5,515 )

Other

1,049,432 783,862 (265,570 )

Total other assets

2,431,681 2,182,873 (248,808 )

Total assets

42,516,480 43,346,552 830,072
*

Including securities pledged as collateral

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Table of Contents
Millions of yen
March 31,
2021
September 30,
2021
Increase/
(Decrease)
LIABILITIES AND EQUITY

Short-term borrowings

1,368,098 1,188,794 (179,304 )

Payables and deposits:

Payables to customers

1,454,755 1,469,026 14,271

Payables to other than customers

1,773,699 1,793,857 20,158

Deposits received at banks

1,342,464 1,463,647 121,183

Total payables and deposits

4,570,918 4,726,530 155,612

Collateralized financing:

Securities sold under agreements to repurchase

13,360,429 13,463,322 102,893

Securities loaned

1,380,629 1,515,820 135,191

Other secured borrowings

392,515 380,785 (11,730 )

Total collateralized financing

15,133,573 15,359,927 226,354

Trading liabilities

9,473,261 9,645,764 172,503

Other liabilities

1,239,167 927,954 (311,213 )

Long-term borrowings

7,975,012 8,695,951 720,939

Total liabilities

39,760,029 40,544,920 784,891

Equity

NHI shareholders' equity:

Common stock

Authorized

- 6,000,000,000 shares

Issued

- 3,233,562,601 shares as of March 31, 2021 and
3,233,562,601 shares as of September 30, 2021

Outstanding

- 3,063,155,434 shares as of March 31, 2021 and
3,094,756,680 shares as of September 30, 2021 594,493 594,493 -

Additional paid-in capital

696,122 684,723 (11,399 )

Retained earnings

1,533,713 1,557,697 23,984

Accumulated other comprehensive income (loss)

(38,144 ) (28,506 ) 9,638

Total NHI shareholders' equity before treasury stock

2,786,184 2,808,407 22,223

Common stock held in treasury, at cost -

170,407,167 shares as of March 31, 2021 and

138,805,921 shares as of September 30, 2021

(91,246 ) (74,321 ) 16,925

Total NHI shareholders' equity

2,694,938 2,734,086 39,148

Noncontrolling interests

61,513 67,546 6,033

Total equity

2,756,451 2,801,632 45,181

Total liabilities and equity

42,516,480 43,346,552 830,072

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(2) Consolidated Statements of Income

Millions of yen % Change
For the six months ended (B-A)/(A)
September 30,
2020(A)
September 30,
2021(B)

Revenue:

Commissions

177,765 174,522 (1.8 )

Fees from investment banking

37,859 69,604 83.9

Asset management and portfolio service fees

111,073 131,237 18.2

Net gain on trading

270,552 143,136 (47.1 )

Gain on private equity and debt investments

2,875 26,463 820.5

Interest and dividends

189,037 134,461 (28.9 )

Gain on investments in equity securities

5,413 5,550 2.5

Other

138,817 99,408 (28.4 )

Total revenue

933,391 784,381 (16.0 )

Interest expense

103,646 112,240 8.3

Net revenue

829,745 672,141 (19.0 )

Non-interest expenses:

Compensation and benefits

275,303 264,848 (3.8 )

Commissions and floor brokerage

56,186 54,213 (3.5 )

Information processing and communications

85,822 89,235 4.0

Occupancy and related depreciation

36,114 34,562 (4.3 )

Business development expenses

6,464 7,196 11.3

Other

104,418 125,087 19.8

Total non-interest expenses

564,307 575,141 1.9

Income before income taxes

265,438 97,000 (63.5 )

Income tax expense

52,217 41,524 (20.5 )

Net income

213,221 55,476 (74.0 )

Less: Net income attributable to noncontrolling interests

3,063 3,776 23.3

Net income attributable to NHI shareholders

210,158 51,700 (75.4 )

Per share of common stock:

Yen % Change

Basic-

Net income attributable to NHI shareholders per share

68.87 16.76 (75.7 )

Diluted-

Net income attributable to NHI shareholders per share

67.10 16.25 (75.8 )

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(3) Consolidated Statements of Comprehensive Income

Millions of yen % Change
For the six months ended (B-A)/(A)
September 30,
2020(A)
September 30,
2021(B)

Net income

213,221 55,476 (74.0 )

Other comprehensive income (loss):

Cumulative translation adjustments:

Cumulative translation adjustments

(19,837 ) 6,370 -

Deferred income taxes

(60 ) (202 ) -

Total

(19,897 ) 6,168 -

Defined benefit pension plans:

Pension liability adjustment

4,017 680 (83.1 )

Deferred income taxes

(627 ) (196 ) -

Total

3,390 484 (85.7 )

Own Credit Adjustments:

Own Credit Adjustments

(53,351 ) 5,956 -

Deferred income taxes

7,567 (2,131 ) -

Total

(45,784 ) 3,825 -

Total other comprehensive income (loss)

(62,291 ) 10,477 -

Comprehensive income

150,930 65,953 (56.3 )

Less: Comprehensive income attributable to noncontrolling interests

3,373 4,615 36.8

Comprehensive income attributable to NHI shareholders

147,557 61,338 (58.4 )

(4) Note with respect to the Assumption as a Going Concern

Not applicable.

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(5) Segment Information - Operating Segment

The following table shows business segment information and reconciliation items to the consolidated statements of income.

Millions of yen % Change
For the six months ended (B-A)/(A)
September 30,
2020 (A)
September 30,
2021 (B)

Net revenue

Business segment information:

Retail

173,873 170,177 (2.1 )

Investment Management

69,742 97,811 40.2

Wholesale

468,974 305,446 (34.9 )

Subtotal

712,589 573,434 (19.5 )

Other

112,899 93,468 (17.2 )

Net revenue

825,488 666,902 (19.2 )

Reconciliation items:

Unrealized gain (loss) on investments in equity securities held for operating purposes

4,257 5,239 23.1

Net revenue

829,745 672,141 (19.0 )

Non-interest expenses

Business segment information:

Retail

135,979 134,171 (1.3 )

Investment Management

35,521 37,869 6.6

Wholesale

315,628 308,834 (2.2 )

Subtotal

487,128 480,874 (1.3 )

Other

77,179 94,267 22.1

Non-interest expenses

564,307 575,141 1.9

Reconciliation items:

Unrealized gain (loss) on investments in equity securities held for operating purposes

- - -

Non-interest expenses

564,307 575,141 1.9

Income (loss) before income taxes

Business segment information:

Retail

37,894 36,006 (5.0 )

Investment Management

34,221 59,942 75.2

Wholesale

153,346 (3,388 ) -

Subtotal

225,461 92,560 (58.9 )

Other*

35,720 (799 ) -

Income (loss) before income taxes

261,181 91,761 (64.9 )

Reconciliation items:

Unrealized gain (loss) on investments in equity securities held for operating purposes

4,257 5,239 23.1

Income (loss) before income taxes

265,438 97,000 (63.5 )
*

Major components

Transactions between operating segments are recorded within segment results on commercial terms and conditions, and are eliminated in "Other."

The following table presents the major components of income (loss) before income taxes in "Other."

Millions of yen % Change
For the six months ended (B-A)/(A)
September 30,
2020 (A)
September 30,
2021 (B)

Net gain (loss) related to economic hedging transactions

612 (381 ) -

Realized gain (loss) on investments in equity securities held for operating purposes

809 196 (75.8 )

Equity in earnings of affiliates

11,860 15,188 28.1

Corporate items

29,085 (54,838 ) -

Other

(6,646 ) 39,036 -

Total

35,720 (799 ) -

Note: Prior period amounts have been reclassified to conform to the current year presentation.

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Table of Contents

(6) Significant Changes in Equity

Not applicable. For further details of the changes, please refer below.

Millions of yen
For the six months ended
September 30, 2021

Common stock

Balance at beginning of year

594,493

Balance at end of period

594,493

Additional paid-in capital

Balance at beginning of year

696,122

Stock-based compensation awards

(11,381 )

Changes in an affiliated company's interests

(18 )

Balance at end of period

684,723

Retained earnings

Balance at beginning of year

1,533,713

Net income attributable to NHI shareholders

51,700

Cash dividends

(24,758 )

Gain (loss) on sales of treasury stock

(2,958 )

Balance at end of period

1,557,697

Accumulated other comprehensive income (loss)

Cumulative translation adjustments

Balance at beginning of year

18,316

Net change during the period

5,329

Balance at end of period

23,645

Defined benefit pension plans

Balance at beginning of year

(43,477 )

Pension liability adjustment

484

Balance at end of period

(42,993 )

Own credit adjustments

Balance at beginning of year

(12,983 )

Own credit adjustments

3,825

Balance at end of period

(9,158 )

Balance at end of period

(28,506 )

Common stock held in treasury

Balance at beginning of year

(91,246 )

Repurchases of common stock

(6 )

Sale of common stock

0

Common stock issued to employees

16,931

Balance at end of period

(74,321 )

Total NHI shareholders' equity

Balance at end of period

2,734,086

Noncontrolling interests

Balance at beginning of year

61,513

Net change during the period

6,033

Balance at end of period

67,546

Total equity

Balance at end of period

2,801,632

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3. Supplementary Information

(1) Consolidated Statements of Income - Quarterly Comparatives

Millions of yen % Change Millions of yen
For the three months ended For the year ended
March 31,
2021
June 30,
2020
September 30,
2020
December 31,
2020
March 31,
2021
June 30,
2021(A)
September 30,
2021(B)
(B-A)/(A)

Revenue:

Commissions

85,512 92,253 96,687 102,445 82,886 91,636 10.6 376,897

Fees from investment banking

10,828 27,031 36,138 34,684 35,703 33,901 (5.0 ) 108,681

Asset management and portfolio service fees

53,656 57,417 58,639 60,335 64,044 67,193 4.9 230,047

Net gain (loss) on trading

139,089 131,463 136,402 (96,914 ) 51,994 91,142 75.3 310,040

Gain on private equity and debt investments

1,070 1,805 1,362 8,497 25,988 475 (98.2 ) 12,734

Interest and dividends

106,543 82,494 89,602 77,827 64,536 69,925 8.4 356,466

Gain on investments in equity securities

3,473 1,940 3,523 5,117 3,468 2,082 (40.0 ) 14,053

Other

113,878 24,939 33,519 35,981 76,553 22,855 (70.1 ) 208,317

Total revenue

514,049 419,342 455,872 227,972 405,172 379,209 (6.4 ) 1,617,235

Interest expense

53,302 50,344 53,780 57,937 51,897 60,343 16.3 215,363

Net revenue

460,747 368,998 402,092 170,035 353,275 318,866 (9.7 ) 1,401,872

Non-interest expenses:

Compensation and benefits

138,297 137,006 136,816 95,787 135,603 129,245 (4.7 ) 507,906

Commissions and floor brokerage

28,511 27,675 26,326 29,038 26,816 27,397 2.2 111,550

Information processing and communications

43,238 42,584 43,484 49,529 44,099 45,136 2.4 178,835

Occupancy and related depreciation

17,058 19,056 18,109 18,144 16,716 17,846 6.8 72,367

Business development expenses

2,832 3,632 3,388 3,668 3,294 3,902 18.5 13,520

Other

49,000 55,418 42,636 139,969 48,214 76,873 59.4 287,023

Total non-interest expenses

278,936 285,371 270,759 336,135 274,742 300,399 9.3 1,171,201

Income (loss) before income taxes

181,811 83,627 131,333 (166,100 ) 78,533 18,467 (76.5 ) 230,671

Income tax expense

37,513 14,704 30,910 (12,853 ) 28,540 12,984 (54.5 ) 70,274

Net income (loss)

144,298 68,923 100,423 (153,247 ) 49,993 5,483 (89.0 ) 160,397
Less: Net income attributable to noncontrolling interests 1,782 1,281 2,057 2,161 1,506 2,270 50.7 7,281
Net income (loss) attributable to NHI shareholders 142,516 67,642 98,366 (155,408 ) 48,487 3,213 (93.4 ) 153,116
Yen % Change Yen
Per share of common stock:
Basic-
Net income (loss) attributable to NHI shareholders per share 46.77 22.13 32.16 (50.77 ) 16.12 1.04 (93.5 ) 50.11
Diluted-
Net income (loss) attributable to NHI shareholders per share 45.65 21.52 31.16 (50.78 ) 15.59 1.01 (93.5 ) 48.63

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(2) Business Segment Information - Quarterly Comparatives

The following table shows quarterly business segment information and reconciliation items to the consolidated statements of income.

Millions of yen % Change Millions of yen
For the three months ended For the year ended
June 30,
2020
September 30,
2020
December 31,
2020
March 31,
2021
June 30,
2021(A)
September 30,
2021(B)
(B-A)/(A) March 31,
2021

Net revenue

Business segment information:

Retail

81,078 92,795 98,155 96,781 84,986 85,191 0.2 368,809

Investment Management

39,674 30,068 39,380 54,028 63,482 34,329 (45.9 ) 163,150

Wholesale

248,669 220,305 223,139 (757 ) 132,777 172,669 30.0 691,356

Subtotal

369,421 343,168 360,674 150,052 281,245 292,189 3.9 1,223,315

Other

89,023 23,876 38,774 15,339 68,659 24,809 (63.9 ) 167,012

Net revenue

458,444 367,044 399,448 165,391 349,904 316,998 (9.4 ) 1,390,327

Reconciliation items:

Unrealized gain (loss) on investments in equity securities held for operating purposes

2,303 1,954 2,644 4,644 3,371 1,868 (44.6 ) 11,545

Net revenue

460,747 368,998 402,092 170,035 353,275 318,866 (9.7 ) 1,401,872

Non-interest expenses

Business segment information:

Retail

66,009 69,970 69,840 70,661 65,964 68,207 3.4 276,480

Investment Management

17,503 18,018 17,836 18,785 18,569 19,300 3.9 72,142

Wholesale

160,800 154,828 146,268 165,155 161,134 147,700 (8.3 ) 627,051

Subtotal

244,312 242,816 233,944 254,601 245,667 235,207 (4.3 ) 975,673

Other

34,624 42,555 36,815 81,534 29,075 65,192 124.2 195,528

Non-interest expenses

278,936 285,371 270,759 336,135 274,742 300,399 9.3 1,171,201

Reconciliation items:

Unrealized gain (loss) on investments in equity securities held for operating purposes

- - - - - - - -

Non-interest expenses

278,936 285,371 270,759 336,135 274,742 300,399 9.3 1,171,201

Income (loss) before income taxes

Business segment information:

Retail

15,069 22,825 28,315 26,120 19,022 16,984 (10.7 ) 92,329

Investment Management

22,171 12,050 21,544 35,243 44,913 15,029 (66.5 ) 91,008

Wholesale

87,869 65,477 76,871 (165,912 ) (28,357 ) 24,969 - 64,305

Subtotal

125,109 100,352 126,730 (104,549 ) 35,578 56,982 60.2 247,642

Other*

54,399 (18,679 ) 1,959 (66,195 ) 39,584 (40,383 ) - (28,516 )

Income (loss) before income taxes

179,508 81,673 128,689 (170,744 ) 75,162 16,599 (77.9 ) 219,126

Reconciliation items:

Unrealized gain (loss) on investments in equity securities held for operating purposes

2,303 1,954 2,644 4,644 3,371 1,868 (44.6 ) 11,545

Income (loss) before income taxes

181,811 83,627 131,333 (166,100 ) 78,533 18,467 (76.5 ) 230,671
*

Major components

Transactions between operating segments are recorded within segment results on commercial terms and conditions, and are eliminated in "Other."

The following table presents the major components of income (loss) before income taxes in "Other."

Millions of yen % Change Millions of yen
For the three months ended For the year ended
March 31,
2021
June 30,
2020
September 30,
2020
December 31,
2020
March 31,
2021
June 30,
2021(A)
September 30,
2021(B)
(B-A)/(A)
Net gain (loss) related to economic hedging transactions 5,577 (4,965 ) 1,402 (13,464 ) 3,444 (3,825 ) - (11,450 )
Realized gain (loss) on investments in equity securities held for operating purposes 685 124 744 178 173 23 (86.7 ) 1,731

Equity in earnings of affiliates

6,609 5,251 10,398 (38,668 ) 9,617 5,571 (42.1 ) (16,410 )

Corporate items

45,090 (16,005 ) (15,050 ) (9,079 ) (9,272 ) (45,566 ) - 4,956

Other

(3,562 ) (3,084 ) 4,465 (5,162 ) 35,622 3,414 (90.4 ) (7,343 )

Total

54,399 (18,679 ) 1,959 (66,195 ) 39,584 (40,383 ) - (28,516 )

Note: Prior period amounts have been reclassified to conform to the current year presentation.

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Table of Contents
(3)

Other

Quarterly financial information for Nomura Securities Co., Ltd. can be found at the following URL.

https://www.nomuraholdings.com/company/group/nsc/pdf/2022_2q.pdf

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Nomura Holdings Inc. published this content on 29 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 October 2021 10:19:17 UTC.