NMR 6-K, filed Jul 30, 2021, 0001193125-21-230020

FORM6-K

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

Commission File Number: 1-15270

For the month of July 2021

NOMURA HOLDINGS, INC.

(Translation of registrant’s name into English)

13-1, Nihonbashi 1-chome

Chuo-ku, Tokyo 103-8645

Japan

(Address ofprincipal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F X Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Information furnished on this form:

EXHIBIT

Exhibit Number
1.		Financial Summary – Three months ended June 30, 2021.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	NOMURA HOLDINGS, INC.
Date: July 30, 2021	By:	/s/ Yoshifumi Kishida
		Yoshifumi Kishida
		Senior Managing Director

Financial Summary For the Three Months Ended June 30, 2021(U.S. GAAP)

Date:		July 30, 2021
Company name (code number):		Nomura Holdings, Inc. (8604)
Stock exchange listings:		(In Japan) Tokyo, Nagoya<br> <br>(Overseas) New York,<br>Singapore
Representative:		Kentaro Okuda<br> <br>President and Group CEO, Nomura<br>Holdings, Inc.
For inquiries:		Junko Tago<br> <br>Executive Director, Head of<br>Investor Relations, Nomura Holdings, Inc.<br> <br>Tel: (Country Code 81) 3-5255-1000<br><br><br>URL: https://www.nomura.com

1. Consolidated Operating Results

(1) Operating Results

	(Rounded to nearest million)
	For the three months ended June 30
	2020						2021
	(Millions of yen, except per share data)
				% Change from<br>June 30, 2019						% Change from<br>June 30, 2020
Total revenue		514,049			0.5	%		405,172			(21.2	%)
Net revenue		460,747			38.8	%		353,275			(23.3	%)
Income before income taxes		181,811			143.0	%		78,533			(56.8	%)
Net income attributable to Nomura Holdings, Inc. (“NHI”) shareholders		142,516			155.3	%		48,487			(66.0	%)
Comprehensive income		145,005			488.9	%		51,220			(64.7	%)
Basic-Net income attributable to NHI shareholders per<br>share (Yen)		46.77						16.12
Diluted-Net income attributable to NHI shareholders per<br>share (Yen)		45.65						15.59
Return on shareholders’ equity - annualized		21.0	%					7.1	%

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 June 30
	2021			2021
	(Millions of yen, except per share data)
Total assets		42,516,480			41,830,204
Total equity		2,756,451			2,804,320
Total NHI shareholders’ equity		2,694,938			2,739,227
Total NHI shareholders’ equity as a percentage of total assets		6.3	%		6.6	%
Total NHI shareholders’ equity per share (Yen)		879.79			885.42

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		—		Unconfirmed
At December 31		—		—		—
At March 31		15.00		—		Unconfirmed
For the year		35.00		—		Unconfirmed

Note: Fiscal year 2022 Q2 and Q4 dividends 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 June 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		139,870,716
	For the three months ended June 30
	2020		2021
Average number of shares outstanding (year-to-date)		3,047,302,930		3,007,328,504

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

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) <br>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<br>Comparatives		P.12
(2) Business Segment Information – Quarterly<br>Comparatives		P.13
(3) Other		P.14

– 1 –

1.	Qualitative Information of the Quarterly Consolidated Results
(1)	Consolidated Operating Results
---	---

U.S. GAAP

	Billions of yen						% Change
	For the three months ended						(B-A)/(A)
	June 30,<br>2020 (A)			June 30,<br>2021 (B)
Net revenue		460.7			353.3			(23.3	)
Non-interest expenses		278.9			274.7			(1.5	)

Income (loss) before income taxes		181.8			78.5			(56.8	)
Income tax expense		37.5			28.5			(23.9	)

Net income (loss)		144.3			50.0			(65.4	)

Less: Net income (loss) attributable to noncontrolling interests		1.8			1.5			(15.5	)

Net income (loss) attributable to NHI shareholders		142.5			48.5			(66.0	)

Return on shareholders’ equity - annualized		21.0	%		7.1	%		—

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 353.3 billion yen for the three months ended June 30, 2021, a decrease of 23.3% from the same period in the prior year. Non-interest expenses decreased by 1.5% from the same period in the prior year to 274.7 billion yen. Income before income taxes was 78.5 billion yen and net income attributable to NHI shareholders was 48.5 billion yen for the three months ended June 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 three months ended				(B-A)/(A)
	June 30,<br>2020 (A)		June 30,<br>2021 (B)
Net revenue		458.4		349.9		(23.7	)
Non-interest expenses		278.9		274.7		(1.5	)

Income (loss) before income taxes		179.5		75.2		(58.1	)

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 three months ended June 30, 2021 was 349.9 billion yen, a decrease of 23.7% from the same period in the prior year. Non-interest expenses decreased by 1.5% from the same period in the prior year to 274.7 billion yen. Income before income taxes was 75.2 billion yen for the three months ended June 30, 2021. Please refer to page 10 for further details of the differences between U.S. GAAP and business segment amounts.

– 2 –

<Business Segment Results>

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 three months ended				(B-A)/(A)
	June 30,<br>2020 (A)		June 30,<br>2021 (B)
Net revenue		81.1		85.0		4.8
Non-interest expenses		66.0		66.0		(0.1	)

Income (loss) before income taxes		15.1		19.0		26.2

Net revenue increased by 4.8% from the same period in the prior year to 85.0 billion yen. Non-interest expense decreased by 0.1% to 66.0 billion yen. As a result, income before income taxes increased by 26.2% to 19.0 billion yen.

Operating Results of Investment Management

	Billions of yen				% Change
	For the three months ended				(B-A)/(A)
	June 30,<br>2020 (A)		June 30,<br>2021 (B)
Net revenue		39.7		63.5		60.0
Non-interest expenses		17.5		18.6		6.1

Income (loss) before income taxes		22.2		44.9		102.6

Net revenue increased by 60.0% from the same period in the prior year to 63.5 billion yen. Non-interest expense increased by 6.1% to 18.6 billion yen. As a result, income before income taxes increased by 102.6% to 44.9 billion yen. Assets under management were 65.8 trillion yen as of June 30, 2021.

Operating Results of Wholesale

	Billions of yen					% Change
	For the three months ended					(B-A)/(A)
	June 30,<br>2020 (A)		June 30,<br>2021 (B)
Net revenue		248.7		132.8			(46.6	)
Non-interest expenses		160.8		161.1			0.2

Income (loss) before income taxes		87.9		(28.4	)		—

Net revenue decreased by 46.6% from the same period in the prior year to 132.8 billion yen. Non-interest expense increased by 0.2% to 161.1 billion yen. As a result, loss before income taxes was 28.4 billion yen. Nomura recognized losses arising from transactions with a US client at its subsidiaries.

– 3 –

Other Operating Results

	Billions of yen				% Change
	For the three months ended				(B-A)/(A)
	June 30,<br>2020 (A)		June 30,<br>2021 (B)
Net revenue		89.0		68.7		(22.9	)
Non-interest expenses		34.6		29.1		(16.0	)

Income (loss) before income taxes		54.4		39.6		(27.2	)

Net revenue was 68.7 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. Income before income taxes was 39.6 billion yen.

(2)	Consolidated Financial Position

Total assets as of June 30, 2021 were 41,830.2 billion yen, a decrease of 686.3 billion yen compared to March 31, 2021, mainly due to the decrease in Securities borrowed. Total liabilities as of June 30, 2021 were 39,025.9 billion yen, a decrease of 734.1 billion yen compared to March 31, 2021, mainly due to the decrease in Securities sold under agreements to repurchase. Total equity as of June 30, 2021 was 2,804.3 billion yen, an increase of 47.9 billion yen compared to March 31, 2021.

(3)	Consolidated Earnings 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.

– 4 –

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.

– 5 –

(1) Consolidated Balance Sheets

	Millions of yen
	March 31,<br>2021		June 30,<br>2021		Increase/<br>(Decrease)
ASSETS
Cash and cash deposits:
Cash and cash equivalents	3,509,754		3,230,541		(279,213	)
Time deposits	281,422		345,724		64,302
Deposits with stock exchanges and other segregated cash	373,559		319,258		(54,301	)

Total cash and cash deposits	4,164,735		3,895,523		(269,212	)

Loans and receivables:
Loans receivable	2,943,472		2,867,032		(76,440	)
Receivables from customers	459,090		452,253		(6,837	)
Receivables from other than customers	793,669		1,011,571		217,902
Allowance for credit losses	(53,784	)	(61,419	)	(7,635	)

Total loans and receivables	4,142,447		4,269,437		126,990

Collateralized agreements:
Securities purchased under agreements to resell	10,775,078		11,381,727		606,649
Securities borrowed	5,264,360		4,666,008		(598,352	)

Total collateralized agreements	16,039,438		16,047,735		8,297

Trading assets and private equity and debt investments:
Trading assets*	15,674,354		15,277,367		(396,987	)
Private equity and debt investments*	63,825		74,345		10,520

Total trading assets and private equity and debt investments	15,738,179		15,351,712		(386,467	)

Other assets:
Office buildings, land, equipment and facilities<br>(net of accumulated depreciation and amortization of<br>395,429 million as of March 31, 2021 and<br>399,299 million as of June 30, 2021)	464,449		466,516		2,067
Non-trading debt securities*	426,758		416,990		(9,768	)
Investments in equity securities*	126,649		131,008		4,359
Investments in and advances to affiliated companies*	364,393		356,309		(8,084	)
Other	1,049,432		894,974		(154,458	)

Total other assets	2,431,681		2,265,797		(165,884	)

Total assets	42,516,480		41,830,204		(686,276	)

All values are in Japanese Yen.

*	Including securities pledged as collateral

– 6 –

			Millions of yen
			March 31,<br>2021			June 30,<br>2021			Increase/<br>(Decrease)
LIABILITIES AND EQUITY
Short-term borrowings				1,368,098			1,500,334			132,236
Payables and deposits:
Payables to customers				1,454,755			1,432,935			(21,820	)
Payables to other than customers				1,773,699			1,303,772			(469,927	)
Deposits received at banks				1,342,464			1,400,599			58,135

Total payables and deposits				4,570,918			4,137,306			(433,612	)

Collateralized financing:
Securities sold under agreements to repurchase				13,360,429			12,875,394			(485,035	)
Securities loaned				1,380,629			1,112,934			(267,695	)
Other secured borrowings				392,515			421,679			29,164

Total collateralized financing				15,133,573			14,410,007			(723,566	)

Trading liabilities				9,473,261			9,913,221			439,960
Other liabilities				1,239,167			949,683			(289,484	)
Long-term borrowings				7,975,012			8,115,333			140,321

Total liabilities				39,760,029			39,025,884			(734,145	)

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 June 30, 2021
Outstanding	-	3,063,155,434 shares as of March 31, 2021 and
		3,093,691,885 shares as of June 30, 2021		594,493			594,493			—
Additional paid-in capital				696,122			677,476			(18,646	)
Retained earnings				1,533,713			1,579,330			45,617
Accumulated other comprehensive income (loss)				(38,144	)		(37,176	)		968

Total NHI shareholders’ equity before treasury stock				2,786,184			2,814,123			27,939
Common stock held in treasury, at cost -
<br> 170,407,167 shares as of March 31, 2021 and
<br> 139,870,716 shares as of June 30, 2021				(91,246	)		(74,896	)		16,350

Total NHI shareholders’ equity				2,694,938			2,739,227			44,289

Noncontrolling interests				61,513			65,093			3,580

Total equity				2,756,451			2,804,320			47,869

Total liabilities and equity				42,516,480			41,830,204			(686,276	)

– 7 –

(2) Consolidated Statements of Income

	Millions of yen				% Change
	For the three months ended				(B-A)/(A)
	June 30,<br>2020(A)		June 30,<br>2021(B)
Revenue:
Commissions		85,512		82,886		(3.1	)
Fees from investment banking		10,828		35,703		229.7
Asset management and portfolio service fees		53,656		64,044		19.4
Net gain on trading		139,089		51,994		(62.6	)
Gain on private equity and debt investments		1,070		25,988		—
Interest and dividends		106,543		64,536		(39.4	)
Gain on investments in equity securities		3,473		3,468		(0.1	)
Other		113,878		76,553		(32.8	)

Total revenue		514,049		405,172		(21.2	)
Interest expense		53,302		51,897		(2.6	)

Net revenue		460,747		353,275		(23.3	)

Non-interest expenses:
Compensation and benefits		138,297		135,603		(1.9	)
Commissions and floor brokerage		28,511		26,816		(5.9	)
Information processing and communications		43,238		44,099		2.0
Occupancy and related depreciation		17,058		16,716		(2.0	)
Business development expenses		2,832		3,294		16.3
Other		49,000		48,214		(1.6	)

Total non-interest expenses		278,936		274,742		(1.5	)

Income before income taxes		181,811		78,533		(56.8	)
Income tax expense		37,513		28,540		(23.9	)

Net income		144,298		49,993		(65.4	)

Less: Net income attributable to noncontrolling interests		1,782		1,506		(15.5	)

Net income attributable to NHI shareholders		142,516		48,487		(66.0	)

Per share of common stock:
	Yen				% Change
Basic-
Net income attributable to NHI shareholders per share		46.77		16.12		(65.5	)

Diluted-
Net income attributable to NHI shareholders per share		45.65		15.59		(65.8	)

– 8 –

(3) Consolidated Statements of Comprehensive Income

	Millions of yen						% Change
	For the three months ended						(B-A)/(A)
	June 30,<br>2020(A)			June 30,<br>2021(B)
Net income		144,298			49,993			(65.4	)
Other comprehensive income (loss):
Cumulative translation adjustments:
Cumulative translation adjustments		(95	)		(2,764	)		—
Deferred income taxes		(14	)		(311	)		—

Total		(109	)		(3,075	)		—

Defined benefit pension plans:
Pension liability adjustment		2,807			(130	)		—
Deferred income taxes		(499	)		139			—

Total		2,308			9			(99.6	)

Own Credit Adjustments:
Own Credit Adjustments		603			5,725			849.4
Deferred income taxes		(2,095	)		(1,432	)		—

Total		(1,492	)		4,293			—

Total other comprehensive income		707			1,227			73.6

Comprehensive income		145,005			51,220			(64.7	)
Less: Comprehensive income attributable to noncontrolling interests		2,357			1,765			(25.1	)

Comprehensive income attributable to NHI shareholders		142,648			49,455			(65.3	)

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

Not applicable.

– 9 –

(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 three months ended					(B-A)/(A)
		June 30,<br>2020 (A)		June 30,<br>2021 (B)
Net revenue
Business segment information:
Retail			81,078		84,986			4.8
Investment Management			39,674		63,482			60.0
Wholesale			248,669		132,777			(46.6	)

Subtotal			369,421		281,245			(23.9	)
Other			89,023		68,659			(22.9	)

Net revenue			458,444		349,904			(23.7	)

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes			2,303		3,371			46.4

Net revenue			460,747		353,275			(23.3	)

Non-interest expenses
Business segment information:
Retail			66,009		65,964			(0.1	)
Investment Management			17,503		18,569			6.1
Wholesale			160,800		161,134			0.2

Subtotal			244,312		245,667			0.6
Other			34,624		29,075			(16.0	)

Non-interest expenses			278,936		274,742			(1.5	)

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes			—		—			—

Non-interest expenses			278,936		274,742			(1.5	)

Income (loss) before income taxes
Business segment information:
Retail			15,069		19,022			26.2
Investment Management			22,171		44,913			102.6
Wholesale			87,869		(28,357	)		—

Subtotal			125,109		35,578			(71.6	)
Other*			54,399		39,584			(27.2	)

Income (loss) before income taxes			179,508		75,162			(58.1	)

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes			2,303		3,371			46.4

Income (loss) before income taxes			181,811		78,533			(56.8	)

*	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 three months ended						(B-A)/(A)
	June 30,<br>2020 (A)			June 30,<br>2021 (B)
Net gain (loss) related to economic hedging transactions		5,577			3,444			(38.2	)
Realized gain (loss) on investments in equity securities held for operating purposes		685			173			(74.7	)
Equity in earnings of affiliates		6,609			9,617			45.5
Corporate items		45,090			(9,272	)		—
Other		(3,562	)		35,622			—

Total		54,399			39,584			(27.2	)

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

– 10 –

(6) Significant Changes in Equity

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

	Millions of yen
	For the three months ended<br>June 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		(18,628	)
Changes in an affiliated company’s interests		(18	)

Balance at end of period		677,476

Retained earnings
Balance at beginning of year		1,533,713
Net income attributable to NHI shareholders		48,487
Gain (loss) on sales of treasury stock		(2,870	)

Balance at end of period		1,579,330

Accumulated other comprehensive income (loss)
Cumulative translation adjustments
Balance at beginning of year		18,316
Net change during the period		(3,334	)

Balance at end of period		14,982

Defined benefit pension plans
Balance at beginning of year		(43,477	)
Pension liability adjustment		9

Balance at end of period		(43,468	)

Own credit adjustments
Balance at beginning of year		(12,983	)
Own credit adjustments		4,293

Balance at end of period		(8,690	)

Balance at end of period		(37,176	)

Common stock held in treasury
Balance at beginning of year		(91,246	)
Repurchases of common stock		(3	)
Sale of common stock		0
Common stock issued to employees		16,353

Balance at end of period		(74,896	)

Total NHI shareholders’ equity

Balance at end of period		2,739,227

Noncontrolling interests
Balance at beginning of year		61,513
Net change during the period		3,580

Balance at end of period		65,093

Total equity

Balance at end of period		2,804,320

– 11 –

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<br>March 31,<br>2021
	June 30,<br>2020		September 30,<br>2020		December 31,<br>2020		March 31,<br>2021(A)			June 30,<br>2021(B)		(B-A)/(A)
Revenue:
Commissions		85,512		92,253		96,687		102,445			82,886		(19.1	)		376,897
Fees from investment banking		10,828		27,031		36,138		34,684			35,703		2.9			108,681
Asset management and portfolio service fees		53,656		57,417		58,639		60,335			64,044		6.1			230,047
Net gain (loss) on trading		139,089		131,463		136,402		(96,914	)		51,994		—			310,040
Gain on private equity and debt investments		1,070		1,805		1,362		8,497			25,988		205.8			12,734
Interest and dividends		106,543		82,494		89,602		77,827			64,536		(17.1	)		356,466
Gain on investments in equity securities		3,473		1,940		3,523		5,117			3,468		(32.2	)		14,053
Other		113,878		24,939		33,519		35,981			76,553		112.8			208,317

Total revenue		514,049		419,342		455,872		227,972			405,172		77.7			1,617,235
Interest expense		53,302		50,344		53,780		57,937			51,897		(10.4	)		215,363

Net revenue		460,747		368,998		402,092		170,035			353,275		107.8			1,401,872

Non-interest expenses:
Compensation and benefits		138,297		137,006		136,816		95,787			135,603		41.6			507,906
Commissions and floor brokerage		28,511		27,675		26,326		29,038			26,816		(7.7	)		111,550
Information processing and communications		43,238		42,584		43,484		49,529			44,099		(11.0	)		178,835
Occupancy and related depreciation		17,058		19,056		18,109		18,144			16,716		(7.9	)		72,367
Business development expenses		2,832		3,632		3,388		3,668			3,294		(10.2	)		13,520
Other		49,000		55,418		42,636		139,969			48,214		(65.6	)		287,023

Total non-interest expenses		278,936		285,371		270,759		336,135			274,742		(18.3	)		1,171,201

Income (loss) before income taxes		181,811		83,627		131,333		(166,100	)		78,533		—			230,671
Income tax expense		37,513		14,704		30,910		(12,853	)		28,540		—			70,274

Net income (loss)		144,298		68,923		100,423		(153,247	)		49,993		—			160,397

Less: Net income attributable to noncontrolling interests		1,782		1,281		2,057		2,161			1,506		(30.3	)		7,281

Net income (loss) attributable to NHI shareholders		142,516		67,642		98,366		(155,408	)		48,487		—			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		—			50.11

Diluted-
Net income (loss) attributable to NHI shareholders per share		45.65		21.52		31.16		(50.78	)		15.59		—			48.63

– 12 –

(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,<br>2020		September 30,<br>2020			December 31,<br>2020		March 31,<br>2021(A)			June 30,<br>2021(B)			(B-A)/(A)			March 31,<br>2021
Net revenue
Business segment information:
Retail		81,078		92,795			98,155		96,781			84,986			(12.2	)		368,809
Investment Management		39,674		30,068			39,380		54,028			63,482			17.5			163,150
Wholesale		248,669		220,305			223,139		(757	)		132,777			—			691,356

Subtotal		369,421		343,168			360,674		150,052			281,245			87.4			1,223,315
Other		89,023		23,876			38,774		15,339			68,659			347.6			167,012

Net revenue		458,444		367,044			399,448		165,391			349,904			111.6			1,390,327

Reconciliation items:
Unrealized gain (loss) on investments in equity<br><br><br>securities held for operating purposes		2,303		1,954			2,644		4,644			3,371			(27.4	)		11,545

Net revenue		460,747		368,998			402,092		170,035			353,275			107.8			1,401,872

Non-interest expenses
Business segment information:
Retail		66,009		69,970			69,840		70,661			65,964			(6.6	)		276,480
Investment Management		17,503		18,018			17,836		18,785			18,569			(1.1	)		72,142
Wholesale		160,800		154,828			146,268		165,155			161,134			(2.4	)		627,051

Subtotal		244,312		242,816			233,944		254,601			245,667			(3.5	)		975,673
Other		34,624		42,555			36,815		81,534			29,075			(64.3	)		195,528

Non-interest expenses		278,936		285,371			270,759		336,135			274,742			(18.3	)		1,171,201

Reconciliation items:
Unrealized gain (loss) on investments in equity<br><br><br>securities held for operating purposes		—		—			—		—			—			—			—

Non-interest expenses		278,936		285,371			270,759		336,135			274,742			(18.3	)		1,171,201

Income (loss) before income taxes
Business segment information:
Retail		15,069		22,825			28,315		26,120			19,022			(27.2	)		92,329
Investment Management		22,171		12,050			21,544		35,243			44,913			27.4			91,008
Wholesale		87,869		65,477			76,871		(165,912	)		(28,357	)		—			64,305

Subtotal		125,109		100,352			126,730		(104,549	)		35,578			—			247,642
Other*		54,399		(18,679	)		1,959		(66,195	)		39,584			—			(28,516	)

Income (loss) before income taxes		179,508		81,673			128,689		(170,744	)		75,162			—			219,126

Reconciliation items:
Unrealized gain (loss) on investments in equity<br><br><br>securities held for operating purposes		2,303		1,954			2,644		4,644			3,371			(27.4	)		11,545

Income (loss) before income taxes		181,811		83,627			131,333		(166,100	)		78,533			—			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<br>March 31,<br>2021
	June 30,<br>2020			September 30,<br>2020			December 31,<br>2020			March 31,<br>2021(A)			June 30,<br>2021(B)			(B-A)/(A)
Net gain (loss) related to economic hedging transactions		5,577			(4,965	)		1,402			(13,464	)		3,444			—			(11,450	)
Realized gain (loss) on investments in equity securities held for operating purposes		685			124			744			178			173			(2.8	)		1,731
Equity in earnings of affiliates		6,609			5,251			10,398			(38,668	)		9,617			—			(16,410	)
Corporate items		45,090			(16,005	)		(15,050	)		(9,079	)		(9,272	)		—			4,956
Other		(3,562	)		(3,084	)		4,465			(5,162	)		35,622			—			(7,343	)

Total		54,399			(18,679	)		1,959			(66,195	)		39,584			—			(28,516	)

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

– 13 –

(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_1q.pdf

– 14 –

Nomura Holdings Inc 6-K, filed Jul 30, 2021

About this 6-K

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