NMR 6-K, filed Oct 29, 2021, 0001193125-21-312225

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 October 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 – Six months ended September 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: October 29, 2021	By:	/s/ Yoshifumi Kishida
		Yoshifumi Kishida
		Senior Managing Director

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<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 six months ended September 30
	2020						2021

	(Millions of yen, except per share data)
				% Change from<br>September 30, 2019						% Change from<br>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<br>share (Yen)		68.87						16.76
Diluted-Net income attributable to NHI shareholders per<br>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

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 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<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 six months ended						(B-A)/(A)
	September 30,<br>2020 (A)			September 30,<br>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,<br>2020 (A)		September 30,<br>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.

– 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 six months ended				(B-A)/(A)
	September 30,<br>2020 (A)		September 30,<br>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,<br>2020 (A)		September 30,<br>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,<br>2020 (A)		September 30,<br>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.

– 3 –

Other Operating Results

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

(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		September 30,<br>2021		Increase/<br>(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<br>(net of accumulated depreciation and amortization of<br>395,429 million as of March 31, 2021 and<br>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

All values are in Japanese Yen.

*	Including securities pledged as collateral

– 6 –

			Millions of yen
			March 31,<br>2021			September 30,<br>2021			Increase/<br>(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 -
<br> 170,407,167 shares as of March 31, 2021 and
<br> 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

– 7 –

(2) Consolidated Statements of Income

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

– 8 –

(3) Consolidated Statements of Comprehensive Income

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

– 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 six months ended					(B-A)/(A)
		September 30,<br>2020 (A)		September 30,<br>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,<br>2020 (A)			September 30,<br>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.

– 10 –

(6) Significant Changes in Equity

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

	Millions of yen
	For the six months ended<br>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

– 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			June 30,<br>2021(A)		September 30,<br>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

– 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			June 30,<br>2021(A)			September 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			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<br>March 31,<br>2021
	June 30,<br>2020			September 30,<br>2020			December 31,<br>2020			March 31,<br>2021			June 30,<br>2021(A)			September 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			(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.

– 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_2q.pdf

– 14 –

Nomura Holdings Inc 6-K, filed Oct 29, 2021

About this 6-K

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