NMR 6-K, filed Feb 3, 2021, 0001193125-21-026335

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 February 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 – Nine months ended December 31, 2020.

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: February 3, 2021	By:	/s/ Yoshifumi Kishida
		Yoshifumi Kishida
		Senior Managing Director

Financial Summary For the Nine Months EndedDecember 31, 2020 (U.S. GAAP)

Date:		February 3, 2021
Company name (code number):		Nomura Holdings, Inc. (8604)
Stock exchange listings:		(In Japan) Tokyo, Nagoya<br><br><br>(Overseas) New York, Singapore
Representative:		Kentaro Okuda<br> <br>President and<br>Group CEO, Nomura Holdings, Inc.
For inquiries:		Junko Tago<br> <br>Executive Director,<br>Head of 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)
	(Millions of yen, except per share data)
	For the nine months ended December 31
	2019					2020
	% Change from<br>December 31,2018					% Change from<br>December 31,2019
Total revenue		1,582,733		18.4	%		1,389,263		(12.2	%)
Net revenue		1,050,359		28.8	%		1,231,837		17.3	%
Income before income taxes		272,979		—	%		396,771		45.3	%
Net income attributable to Nomura Holdings, Inc. (“NHI”) shareholders		251,473		—	%		308,524		22.7	%
Comprehensive income		227,238		—	%		206,893		(9.0	%)
Basic-Net income attributable to NHI shareholders per share (Yen)		77.36					101.03
Diluted-Net income attributable to NHI shareholders per share (Yen)		75.65					98.30
Return on shareholders’ equity-annualized		12.6	%				15.1	%

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

(2) Financial Position

	(Millions of yen, except per share data)
	At March 31			At December 31
	2020			2020
Total assets		43,999,815			44,592,245
Total equity		2,731,264			2,853,392
Total NHI shareholders’ equity		2,653,467			2,793,623
Total NHI shareholders’ equity as a percentage of total assets		6.0	%		6.3	%
Total NHI shareholders’ equity per share (Yen)		873.26			913.16

2. Cash Dividends


	(Yen amounts)
	For the year ended March 31
	2020		2021		2021 (Plan)
Dividends per share
Dividends record dates
At June 30		—		—		—
At September 30		15.00		20.00		—
At December 31		—		—		—
At March 31		5.00		—		Unconfirmed
For the year		20.00		—		Unconfirmed

Note: Fiscal year 2021 Q4 dividend forecast is not presented per reasons stated in “3. Earnings Forecasts for the year ending March 31, 2021.”

3. Earnings Forecasts for the year ending March 31, 2021

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

(4) Number of shares issued (common stock)

	At March 31		At December 31
	2020		2020
Number of shares outstanding (including treasury stock)		3,493,562,601		3,233,562,601
Number of treasury stock		454,975,108		174,269,424
	For the nine months ended December 31
	2019		2020
Average number of shares outstanding<br>(year-to-date)		3,250,819,816		3,053,730,446

*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 ConsolidatedResults			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. Notes to the Summary Information			P. 5
(1) Changes in Accounting Policies			P. 5
3. 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
4. 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

– 1 –

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

U.S. GAAP

	Billions of yen						% Change
	For the nine months ended						(B-A)/(A)
	December 31,<br>2019(A)			December 31,<br>2020(B)
Net revenue		1,050.4			1,231.8			17.3
Non-interest expenses		777.4			835.1			7.4

Income (loss) before income taxes		273.0			396.8			45.3
Income tax expense		16.4			83.1			407.5

Net income (loss)		256.6			313.6			22.2

Less: Net income (loss) attributable to noncontrolling interests		5.1			5.1			(0.1	)

Net income (loss) attributable to NHI shareholders		251.5			308.5			22.7

Return on shareholders’ equity-annualized		12.6	%		15.1	%		—

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 1,231.8 billion yen for the nine months ended December 31, 2020, an increase of 17.3% from the same period in the prior year. Non-interest expenses increased by 7.4% from the same period in the prior year to 835.1 billion yen. Income before income taxes was 396.8 billion yen and net income attributable to NHI shareholders was 308.5 billion yen for the nine months ended December 31, 2020.

SegmentInformation

	Billions of yen				% Change
	For the nine months ended				(B-A)/(A)
	December 31,<br>2019(A)		December 31,<br>2020(B)
Net revenue		1,055.1		1,224.9		16.1
Non-interest expenses		777.4		835.1		7.4

Income (loss) before income taxes		277.8		389.9		40.4

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 nine months ended December 31, 2020 was 1,224.9 billion yen, an increase of 16.1% from the same period in the prior year. Non-interest expenses increased by 7.4% from the same period in the prior year to 835.1 billion yen. Income before income taxes was 389.9 billion yen for the nine months ended December 31, 2020. Please refer to page 10 for further details of the differences between U.S. GAAP and business segment amounts.

– 2 –

<Business Segment Results>

Operating Results of Retail

	Billions of yen				% Change
	For the nine months ended				(B-A)/(A)
	December 31,<br>2019(A)		December 31,<br>2020(B)
Net revenue		247.6		272.0		9.9
Non-interest expenses		216.5		205.8		(5.0	)

Income (loss) before income taxes		31.0		66.2		113.4

Net revenue increased by 9.9% from the same period in the prior year to 272.0 billion yen, primarily due to increasing commissions from brokerage and distribution of investment trusts. Non-interest expense decreased by 5.0% to 205.8 billion yen. As a result, income before income taxes increased by 113.4% to 66.2 billion yen.

Operating Results of Asset Management

	Billions of yen				% Change
	For the nine months ended				(B-A)/(A)
	December 31,<br>2019(A)		December 31,<br>2020(B)
Net revenue		85.6		98.2		14.7
Non-interest expenses		48.1		45.3		(5.8	)

Income (loss) before income taxes		37.5		52.9		41.0

Net revenue increased by 14.7% from the same period in the prior year to 98.2 billion yen. Non-interest expense decreased by 5.8% to 45.3 billion yen. As a result, income before income taxes increased by 41.0% to 52.9 billion yen. Assets under management were 61.2 trillion yen as of December 31, 2020.

Operating Results of Wholesale

	Billions of yen				% Change
	For the nine months ended				(B-A)/(A)
	December 31,<br>2019(A)		December 31,<br>2020(B)
Net revenue		502.7		692.1		37.7
Non-interest expenses		420.6		461.9		9.8

Income (loss) before income taxes		82.1		230.2		180.3

Net revenue increased by 37.7% from the same period in the prior year to 692.1 billion yen. Non-interest expense increased by 9.8% to 461.9 billion yen. As a result, income before income taxes was 230.2 billion yen.

– 3 –

Other Operating Results

	Billions of yen				% Change
	For the nine months ended				(B-A)/(A)
	December 31,<br>2019(A)		December 31,<br>2020(B)
Net revenue		219.3		162.6		(25.8	)
Non-interest expenses		92.2		122.1		32.4

Income (loss) before income taxes		127.1		40.6		(68.1	)

Net revenue was 162.6 billion yen including income of 71.1 billion yen profit resulting from the rights conversion related to the Tokyo Nihonbashi district redevelopment project. Income before income taxes was 40.6 billion yen.

(2)	Consolidated Financial Position

Total assets as of December 31, 2020 were 44,592.2 billion yen, an increase of 592.4 billion yen compared to March 31, 2020, mainly due to the increase in Securities borrowed and Trading assets. Total liabilities as of December 31, 2020 were 41,738.9 billion yen, an increase of 470.3 billion yen compared to March 31, 2020, mainly due to the increase in Trading liabilities. Total equity as of December 31, 2020 was 2,853.4 billion yen, an increase of 122.1 billion yen compared to March 31, 2020.

(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 30, 2020) and Item 3. D. Risk Factors. in Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 30, 2020) for the year ended March 31, 2020.

– 4 –

2.	Notes to the Summary Information
(1)	Changes in Accounting Policies
---	---

Measurement of Credit Losses on Financial Instruments

On April 1, 2020, Nomura adopted Accounting Standards Update 2016-13 “Measurement of Credit Losses on Financial Instruments” using a modified retrospective transition method. The impact of this adoption was, for financial instruments subject to current expected credit losses, ¥1,972 million increase in Allowance for doubtful accounts, ¥638 million increase in Other liabilities, ¥72 million increase of Deferred tax assets and cumulative effect adjustment to decrease Retained earnings, net of tax, of ¥2,538 million as of April 1, 2020.

For financial instruments elected for the fair value option, the impact was ¥9,774 million decrease in Loans receivable, ¥5,888 million increase in Other liabilities and cumulative effect adjustment to decrease Retained earnings, net of tax, of ¥15,662 million as of April 1, 2020.

3.	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 30, 2020) and Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 30, 2020) for the year ended March 31, 2020.

While the COVID-19 pandemic impacted some of the critical accounting estimates and underlying assumptions used in the consolidated financial statements during the year ended March 31, 2020, no significant further adverse changes in such estimates as a result of the COVID-19 pandemic occurred during the nine months ended December 31, 2020.

– 5 –

(1)	Consolidated Balance Sheets
		Millions of yen
---	---	---	---	---	---	---	---	---	---	---	---	---
		March 31,<br>2020				December 31,<br>2020				Increase/<br>(Decrease)
ASSETS
Cash and cash deposits:
Cash and cash equivalents			3,191,889				3,367,528				175,639
Time deposits			309,373				269,681				(39,692	)
Deposits with stock exchanges and other segregated cash			373,686				289,866				(83,820	)

Total cash and cash deposits			3,874,948				3,927,075				52,127

Loans and receivables:
Loans receivable			2,857,405				2,559,519				(297,886	)
Receivables from customers			541,284				442,696				(98,588	)
Receivables from other than customers			1,731,236				733,653				(997,583	)
Allowance for doubtful accounts			(13,012	)			(9,816	)			3,196

Total loans and receivables			5,116,913				3,726,052				(1,390,861	)

Collateralized agreements:
Securities purchased under agreements to resell			12,377,315				12,522,320				145,005
Securities borrowed			3,529,797				4,430,006				900,209

Total collateralized agreements			15,907,112				16,952,326				1,045,214

Trading assets and private equity and debt investments:
Trading assets*			16,853,822				17,553,773				699,951
Private equity and debt investments*			44,278				56,518				12,240

Total trading assets and private equity and debt investments			16,898,100				17,610,291				712,191

Other assets:
Office buildings, land, equipment and facilities<br><br><br>(net of accumulated depreciation and amortization of<br>¥397,114 million as of March 31, 2020<br>and<br>¥372,912 million as of December 31, 2020)			440,512				458,602				18,090
Non-trading debt securities*			455,392				415,082				(40,310	)
Investments in equity securities*			112,175				115,714				3,539
Investments in and advances to affiliated companies*			367,641				398,075				30,434
Other			827,022				989,028				162,006

Total other assets			2,202,742				2,376,501				173,759

Total assets			43,999,815				44,592,245				592,430

*	Including securities pledged as collateral
---	---

– 6 –

			Millions of yen
			March 31,<br>2020			December 31,<br>2020			Increase/<br>(Decrease)
LIABILITIES AND EQUITY
Short-term borrowings				1,486,733			1,335,006			(151,727	)
Payables and deposits:
Payables to customers				1,467,434			1,349,856			(117,578	)
Payables to other than customers				1,653,495			1,811,503			158,008
Deposits received at banks				1,276,153			1,200,047			(76,106	)

Total payables and deposits				4,397,082			4,361,406			(35,676	)

Collateralized financing:
Securities sold under agreements to repurchase				16,349,182			15,361,464			(987,718	)
Securities loaned				961,446			1,472,905			511,459
Other secured borrowings				717,711			394,182			(323,529	)

Total collateralized financing				18,028,339			17,228,551			(799,788	)

Trading liabilities				8,546,284			9,767,775			1,221,491
Other liabilities				1,034,448			1,181,101			146,653
Long-term borrowings				7,775,665			7,865,014			89,349

Total liabilities				41,268,551			41,738,853			470,302

Equity
NHI shareholders’ equity:
Common stock
Authorized	-	6,000,000,000 shares
Issued	-	3,493,562,601 shares as of March 31, 2020 and<br> <br>3,233,562,601 shares as of December 31, 2020
Outstanding	-	3,038,587,493 shares as of March 31, 2020 and<br> <br>3,059,293,177 shares as of December 31, 2020		594,493			594,493			—
Additional paid-in capital				683,232			690,208			6,976
Retained earnings				1,645,451			1,734,915			89,464
Accumulated other comprehensive income (loss)				(26,105	)		(132,680	)		(106,575	)

Total NHI shareholders’ equity before treasury stock				2,897,071			2,886,936			(10,135	)
Common stock held in treasury, at cost -
454,975,108 shares as of March 31, 2020 and
174,269,424 shares as of December 31, 2020				(243,604	)		(93,313	)		150,291

Total NHI shareholders’ equity				2,653,467			2,793,623			140,156

Noncontrolling interests				77,797			59,769			(18,028	)

Total equity				2,731,264			2,853,392			122,128

Total liabilities and equity				43,999,815			44,592,245			592,430

– 7 –

(2)	Consolidated Statements of Income
		Millions of yen								% Change
---	---	---	---	---	---	---	---	---	---	---	---	---
		For the nine months ended
		December 31,<br>2019(A)				December 31,<br>2020(B)				(B-A)/(A)
Revenue:
Commissions			212,743				274,452				29.0
Fees from investment banking			76,379				73,997				(3.1	)
Asset management and portfolio service fees			180,909				169,712				(6.2	)
Net gain on trading			327,700				406,954				24.2
Gain on private equity and debt investments			3,275				4,237				29.4
Interest and dividends			618,404				278,639				(54.9	)
Gain on investments in equity securities			1,488				8,936				500.5
Other			161,835				172,336				6.5

Total revenue			1,582,733				1,389,263				(12.2	)
Interest expense			532,374				157,426				(70.4	)

Net revenue			1,050,359				1,231,837				17.3

Non-interest expenses:
Compensation and benefits			374,514				412,119				10.0
Commissions and floor brokerage			74,565				82,512				10.7
Information processing and communications			126,939				129,306				1.9
Occupancy and related depreciation			53,756				54,223				0.9
Business development expenses			24,243				9,852				(59.4	)
Other			123,363				147,054				19.2

Total non-interest expenses			777,380				835,066				7.4

Income before income taxes			272,979				396,771				45.3
Income tax expense			16,379				83,127				407.5

Net income			256,600				313,644				22.2

Less: Net income attributable to noncontrolling interests			5,127				5,120				(0.1	)

Net income attributable to NHI shareholders			251,473				308,524				22.7

Per share of common stock:
		Yen								% Change
Basic-
Net income attributable to NHI shareholders per share			77.36				101.03				30.6

Diluted-
Net income attributable to NHI shareholders per share			75.65				98.30				29.9

– 8 –

(3)	Consolidated Statements of Comprehensive Income
		Millions of yen								% Change
---	---	---	---	---	---	---	---	---	---	---	---	---
		For the nine months ended								(B-A)/(A)
		December 31,<br>2019(A)				December 31,<br>2020(B)
Net income			256,600				313,644				22.2
Other comprehensive income (loss):
Cumulative translation adjustments:
Cumulative translation adjustments			(16,837	)			(33,700	)			—
Deferred income taxes			67				76				13.4

Total			(16,770	)			(33,624	)			—

Defined benefit pension plans:
Pension liability adjustment			4,167				4,911				17.9
Deferred income taxes			625				(658	)			—

Total			4,792				4,253				(11.2	)

Own Credit Adjustments:
Own Credit Adjustments			(19,640	)			(92,912	)			—
Deferred income taxes			2,256				15,532				588.5

Total			(17,384	)			(77,380	)			—

Total other comprehensive income (loss)			(29,362	)			(106,751	)			—

Comprehensive income			227,238				206,893				(9.0	)
Less: Comprehensive income attributable to noncontrolling interests			5,119				4,944				(3.4	)

Comprehensive income attributable to NHI shareholders			222,119				201,949				(9.1	)

(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 nine months ended					(B-A)/(A)
		December 31,<br>2019(A)			December 31,<br>2020(B)
Net revenue
Business segment information:
Retail			247,565			272,028		9.9
Asset Management			85,581			98,181		14.7
Wholesale			502,711			692,113		37.7

Subtotal			835,857			1,062,322		27.1
Other			219,279			162,614		(25.8	)

Net revenue			1,055,136			1,224,936		16.1

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes			(4,777	)		6,901		—

Net revenue			1,050,359			1,231,837		17.3

Non-interest expenses
Business segment information:
Retail			216,546			205,819		(5.0	)
Asset Management			48,073			45,300		(5.8	)
Wholesale			420,580			461,896		9.8

Subtotal			685,199			713,015		4.1
Other			92,181			122,051		32.4

Non-interest expenses			777,380			835,066		7.4

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

Non-interest expenses			777,380			835,066		7.4

Income (loss) before income taxes
Business segment information:
Retail			31,019			66,209		113.4
Asset Management			37,508			52,881		41.0
Wholesale			82,131			230,217		180.3

Subtotal			150,658			349,307		131.9
Other*			127,098			40,563		(68.1	)

Income (loss) before income taxes			277,756			389,870		40.4

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes			(4,777	)		6,901		—

Income (loss) before income taxes			272,979			396,771		45.3

*	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 nine months ended					(B-A)/(A)
	December 31,<br>2019(A)			December 31,<br>2020(B)
Net gain (loss) related to economic hedging transactions		22,170			2,014		(90.9	)
Realized gain (loss) on investments in equity securities held for operating purposes		6,265			1,553		(75.2	)
Equity in earnings of affiliates		21,072			22,258		5.6
Corporate items		(12,339	)		14,035		—
Other		89,930			703		(99.2	)

Total		127,098			40,563		(68.1	)

– 10 –

(6)	Significant Changes in Equity

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

		Millions of yen
		For the nine months ended<br>December 31, 2020
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			683,232
Stock-based compensation awards			5,860
Changes in an affiliated company’s interests in its subsidiary			1,116

Balance at end of period			690,208

Retained earnings
Balance at beginning of year			1,645,451
Cumulative effect of change in accounting principle (1)			(18,200	)
Net income attributable to NHI shareholders			308,524
Cash dividends			(61,156	)
Gain (loss) on sales of treasury stock			(500	)
Cancellation of treasury stock			(139,204	)

Balance at end of period			1,734,915

Accumulated other comprehensive income (loss)
Cumulative translation adjustments
Balance at beginning of year			(26,274	)
Net change during the period			(33,448	)

Balance at end of period			(59,722	)

Defined benefit pension plans
Balance at beginning of year			(62,571	)
Pension liability adjustment			4,253

Balance at end of period			(58,318	)

Own credit adjustments
Balance at beginning of year			62,740
Own credit adjustments			(77,380	)

Balance at end of period			(14,640	)

Balance at end of period			(132,680	)

Common stock held in treasury
Balance at beginning of year			(243,604	)
Repurchases of common stock			(7	)
Sale of common stock			0
Common stock issued to employees			11,094
Cancellation of common stock			139,204

Balance at end of period			(93,313	)

Total NHI shareholders’ equity

Balance at end of period			2,793,623

Noncontrolling interests
Balance at beginning of year			77,797
Net change during the period			(18,028	)

Balance at end of period			59,769

Total equity

Balance at end of period			2,853,392

(1)	Represents the adjustment to initially apply Accounting Standards Update 2016-13 “Measurement of<br>Credit Losses on Financial Instruments”, please refer to section “2. Notes to the Summary Information (1) Changes in Accounting Policies.”
---	---

– 11 –

4.	Supplementary Information
(1)	Consolidated Statements of Income – Quarterly Comparatives
---	---
		Millions of yen																												% Change				Millions of yen
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
		For the three months ended																												(B-A)/(A)				For the year ended<br>March 31,<br>2020
		June 30,<br>2019				September 30,<br>2019				December 31,<br>2019				March 31,<br>2020				June 30,<br>2020				September 30,<br>2020(A)				December 31,<br>2020(B)
Revenue:
Commissions			68,200				65,254				79,289				96,062				85,512				92,253				96,687				4.8				308,805
Fees from investment banking			27,311				22,265				26,803				26,843				10,828				27,031				36,138				33.7				103,222
Asset management and portfolio service fees			59,963				59,926				61,020				57,293				53,656				57,417				58,639				2.1				238,202
Net gain on trading			112,825				105,609				109,266				28,909				139,089				131,463				136,402				3.8				356,609
Gain (loss) on private equity and debt investments			791				981				1,503				(3,368	)			1,070				1,805				1,362				(24.5	)			(93	)
Interest and dividends			199,473				215,881				203,050				176,068				106,543				82,494				89,602				8.6				794,472
Gain (loss) on investments in equity securities			(2,838	)			2,083				2,243				(16,214	)			3,473				1,940				3,523				81.6				(14,726	)
Other			45,654				101,905				14,276				4,156				113,878				24,939				33,519				34.4				165,991

Total revenue			511,379				573,904				497,450				369,749				514,049				419,342				455,872				8.7				1,952,482
Interest expense			179,378				190,524				162,472				132,279				53,302				50,344				53,780				6.8				664,653

Net revenue			332,001				383,380				334,978				237,470				460,747				368,998				402,092				9.0				1,287,829

Non-interest expenses:
Compensation and benefits			125,102				120,425				128,987				104,906				138,297				137,006				136,816				(0.1	)			479,420
Commissions and floor brokerage			24,551				25,446				24,568				31,558				28,511				27,675				26,326				(4.9	)			106,123
Information processing and communications			41,757				42,361				42,821				43,378				43,238				42,584				43,484				2.1				170,317
Occupancy and related depreciation			19,120				18,360				16,276				19,230				17,058				19,056				18,109				(5.0	)			72,986
Business development expenses			7,828				7,906				8,509				7,642				2,832				3,632				3,388				(6.7	)			31,885
Other			38,837				40,396				44,130				55,474				49,000				55,418				42,636				(23.1	)			178,837

Total non-interest expenses			257,195				254,894				265,291				262,188				278,936				285,371				270,759				(5.1	)			1,039,568

Income (loss) before income taxes			74,806				128,486				69,687				(24,718	)			181,811				83,627				131,333				57.0				248,261
Income tax expense			17,917				(11,875	)			10,337				12,515				37,513				14,704				30,910				110.2				28,894

Net income (loss)			56,889				140,361				59,350				(37,233	)			144,298				68,923				100,423				45.7				219,367

Less: Net income (loss) attributable to noncontrolling interests			1,056				1,787				2,284				(2,758	)			1,782				1,281				2,057				60.6				2,369

Net income (loss) attributable to NHI shareholders			55,833				138,574				57,066				(34,475	)			142,516				67,642				98,366				45.4				216,998

		Yen																												% Change				Yen
Per share of common stock:
Basic-
Net income (loss) attributable to NHI shareholders per share			16.83				42.11				18.07				(11.29	)			46.77				22.13				32.16				45.3				67.76

Diluted-
Net income (loss) attributable to NHI shareholders per share			16.48				41.23				17.63				(11.31	)			45.65				21.52				31.16				44.8				66.20

– 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>2019			September 30,<br>2019		December 31,<br>2019			March 31,<br>2020			June 30,<br>2020		September 30,<br>2020(A)			December 31,<br>2020(B)		(B-A)/(A)			March 31,<br>2020
Net revenue
Business segment information:
Retail			80,640			76,882		90,043			88,794			81,078		92,795			98,155		5.8			336,359
Asset Management			34,500			25,676		25,405			7,024			34,024		26,842			37,315		39.0			92,605
Wholesale			159,486			156,698		186,527			145,908			248,669		220,305			223,139		1.3			648,619

Subtotal			274,626			259,256		301,975			241,726			363,771		339,942			358,609		5.5			1,077,583
Other			60,289			123,295		35,695			12,294			94,673		27,102			40,839		50.7			231,573

Net revenue			334,915			382,551		337,670			254,020			458,444		367,044			399,448		8.8			1,309,156

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes			(2,914	)		829		(2,692	)		(16,550	)		2,303		1,954			2,644		35.3			(21,327	)

Net revenue			332,001			383,380		334,978			237,470			460,747		368,998			402,092		9.0			1,287,829

Non-interest expenses									****
Business segment information:
Retail			72,522			71,621		72,403			70,380			66,009		69,970			69,840		(0.2	)		286,926
Asset Management			16,358			15,630		16,085			15,760			14,870		15,442			14,988		(2.9	)		63,833
Wholesale			139,479			137,777		143,324			135,819			160,800		154,828			146,268		(5.5	)		556,399

Subtotal			228,359			225,028		231,812			221,959			241,679		240,240			231,096		(3.8	)		907,158
Other			28,836			29,866		33,479			40,229			37,257		45,131			39,663		(12.1	)		132,410

Non-interest expenses			257,195			254,894		265,291			262,188			278,936		285,371			270,759		(5.1	)		1,039,568

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

Non-interest expenses			257,195			254,894		265,291			262,188			278,936		285,371			270,759		(5.1	)		1,039,568

Income (loss) before income taxes									****
Business segment information:
Retail			8,118			5,261		17,640			18,414			15,069		22,825			28,315		24.1			49,433
Asset Management			18,142			10,046		9,320			(8,736	)		19,154		11,400			22,327		95.9			28,772
Wholesale			20,007			18,921		43,203			10,089			87,869		65,477			76,871		17.4			92,220

Subtotal			46,267			34,228		70,163			19,767			122,092		99,702			127,513		27.9			170,425
Other*			31,453			93,429		2,216			(27,935	)		57,416		(18,029	)		1,176		—			99,163

Income (loss) before income taxes			77,720			127,657		72,379			(8,168	)		179,508		81,673			128,689		57.6			269,588

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes			(2,914	)		829		(2,692	)		(16,550	)		2,303		1,954			2,644		35.3			(21,327	)

Income (loss) before income taxes			74,806			128,486		69,687			(24,718	)		181,811		83,627			131,333		57.0			248,261

*	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																				(B-A)/(A)		For the year ended<br>March 31,<br>2020
	June 30,<br>2019		September 30,<br>2019			December 31,<br>2019			March 31,<br>2020			June 30,<br>2020			September 30,<br>2020(A)			December 31,<br>2020(B)
Net gain (loss) related to economic hedging transactions		12,794		7,043			2,333			(4,622	)		5,577			(4,965	)		1,402			—		17,548
Realized gain (loss) on investments in equity securities held for operating purposes		76		1,254			4,935			336			685			124			744			500.0		6,601
Equity in earnings of affiliates		8,265		8,009			4,798			13,918			6,609			5,251			10,398			98.0		34,990
Corporate items		1,391		(4,635	)		(9,095	)		(9,901	)		45,090			(16,005	)		(15,050	)		—		(22,240	)
Other		8,927		81,758			(755	)		(27,666	)		(545	)		(2,434	)		3,682			—		62,264

Total		31,453		93,429			2,216			(27,935	)		57,416			(18,029	)		1,176			—		99,163

– 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/2021_3q.pdf

– 14 –

Nomura Holdings Inc 6-K, filed Feb 3, 2021

About this 6-K

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