NMR 6-K, filed Oct 28, 2020, 0001193125-20-279061

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 2020

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, 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: October 28, 2020	By:	/s/ Go Sugiyama
		Go Sugiyama
		Senior Managing Director

Financial Summary For the Six Months EndedSeptember 30, 2020 (U.S. GAAP)

Date:		October 28, 2020
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 six months ended September 30
	2019					2020
	% Change from<br>September 30,2018					% Change from<br>September 30,2019
Total revenue		1,085,283		23.4	%		933,391		(14.0	%)
Net revenue		715,381		28.9	%		829,745		16.0	%
Income before income taxes		203,292		—	%		265,438		30.6	%
Net income attributable to Nomura Holdings, Inc. (“NHI”) shareholders		194,407		—	%		210,158		8.1	%
Comprehensive income		158,417		146.0	%		150,930		(4.7	%)
Basic-Net income attributable to NHI shareholders per share (Yen)		58.89					68.87
Diluted-Net income attributable to NHI shareholders per share (Yen)		57.66					67.10
Return on shareholders’ equity-annualized		14.6	%				15.6	%

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 September 30
	2020			2020
Total assets		43,999,815			42,684,437
Total equity		2,731,264			2,786,054
Total NHI shareholders’ equity		2,653,467			2,731,396
Total NHI shareholders’ equity as a percentage of total assets		6.0	%		6.4	%
Total NHI shareholders’ equity per share (Yen)		873.26			893.25

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 amount are 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 September 30
	2020		2020
Number of shares outstanding (including treasury stock)		3,493,562,601		3,493,562,601
Number of treasury stock		454,975,108		435,758,440
	For the six months ended September 30
	2019		2020
Average number of shares outstanding<br>(year-to-date)		3,301,269,085		3,051,543,718

*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
(7) Subsequent Event			P.12
4. Supplementary Information			P.13
(1) Consolidated Statements of Income – Quarterly Comparatives			P.13
(2) Business Segment Information – Quarterly Comparatives			P.14
(3) Other			P.15

– 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>2019(A)			September 30,<br>2020(B)
Net revenue		715.4			829.7			16.0
Non-interest expenses		512.1			564.3			10.2

Income (loss) before income taxes		203.3			265.4			30.6
Income tax expense		6.0			52.2			764.2

Net income (loss)		197.3			213.2			8.1

Less: Net income (loss) attributable to noncontrolling interests		2.8			3.1			7.7

Net income (loss) attributable to NHI shareholders		194.4			210.2			8.1

Return on shareholders’ equity-annualized		14.6	%		15.6	%		—

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 829.7 billion yen for the six months ended September 30, 2020, an increase of 16.0% from the same period in the prior year. Non-interest expenses increased by 10.2% from the same period in the prior year to 564.3 billion yen. Income before income taxes was 265.4 billion yen and net income attributable to NHI shareholders was 210.2 billion yen for the six months ended September 30, 2020.

Segment Information

	Billions of yen				% Change
	For the six months ended				(B-A)/(A)
	September 30,<br>2019(A)		September 30,<br>2020(B)
Net revenue		717.5		825.5		15.1
Non-interest expenses		512.1		564.3		10.2

Income (loss) before income taxes		205.4		261.2		27.2

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, 2020 was 825.5 billion yen, an increase of 15.1% from the same period in the prior year. Non-interest expenses increased by 10.2% from the same period in the prior year to 564.3 billion yen. Income before income taxes was 261.2 billion yen for the six months ended September 30, 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 six months ended				(B-A)/(A)
	September 30,<br>2019(A)		September 30,<br>2020(B)
Net revenue		157.5		173.9		10.4
Non-interest expenses		144.1		136.0		(5.7	)

Income (loss) before income taxes		13.4		37.9		183.2

Net revenue increased by 10.4% from the same period in the prior year to 173.9 billion yen, primarily due to increasing commissions from brokerage and distribution of investment trusts. Non-interest expense decreased by 5.7% to 136.0 billion yen. As a result, income before income taxes increased by 183.2% to 37.9 billion yen.

Operating Results of Asset Management

	Billions of yen				% Change
	For the six months ended				(B-A)/(A)
	September 30,<br>2019(A)		September 30,<br>2020(B)
Net revenue		60.2		60.9		1.1
Non-interest expenses		32.0		30.3		(5.2	)

Income (loss) before income taxes		28.2		30.6		8.4

Net revenue increased by 1.1% from the same period in the prior year to 60.9 billion yen. Non-interest expense decreased by 5.2% to 30.3 billion yen. As a result, income before income taxes increased by 8.4% to 30.6 billion yen. Assets under management were 55.7 trillion yen as of September 30, 2020.

Operating Results of Wholesale

	Billions of yen				% Change
	For the six months ended				(B-A)/(A)
	September 30,<br>2019(A)		September 30,<br>2020(B)
Net revenue		316.2		469.0		48.3
Non-interest expenses		277.3		315.6		13.8

Income (loss) before income taxes		38.9		153.3		293.9

Net revenue increased by 48.3% from the same period in the prior year to 469.0 billion yen. Non-interest expense increased by 13.8% to 315.6 billion yen. As a result, income before income taxes was 153.3 billion yen.

– 3 –

Other Operating Results

	Billions of yen				% Change
	For the six months ended				(B-A)/(A)
	September 30,<br>2019(A)		September 30,<br>2020(B)
Net revenue		183.6		121.8		(33.7	)
Non-interest expenses		58.7		82.4		40.3

Income (loss) before income taxes		124.9		39.4		(68.5	)

Net revenue was 121.8 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 39.4 billion yen.

(2)	Consolidated Financial Position

Total assets as of September 30, 2020 were 42,684.4 billion yen, a decrease of 1,315.4 billion yen compared to March 31, 2020, mainly due to the decrease in Receivables from otherthan customers. Total liabilities as of September 30, 2020 were 39,898.4 billion yen, a decrease of 1,370.2 billion yen compared to March 31, 2020, mainly due to the decrease in Securities sold under agreements torepurchase. Total equity as of September 30, 2020 was 2,786.1 billion yen, an increase of 54.8 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 six months ended September 30, 2020.

– 5 –

(1)	Consolidated Balance Sheets
		Millions of yen
---	---	---	---	---	---	---	---	---	---	---	---	---
		March 31,<br>2020				September 30,<br>2020				Increase/<br>(Decrease)
ASSETS
Cash and cash deposits:
Cash and cash equivalents			3,191,889				3,941,802				749,913
Time deposits			309,373				191,277				(118,096	)
Deposits with stock exchanges and other segregated cash			373,686				391,594				17,908

Total cash and cash deposits			3,874,948				4,524,673				649,725

Loans and receivables:
Loans receivable			2,857,405				2,344,080				(513,325	)
Receivables from customers			541,284				514,711				(26,573	)
Receivables from other than customers			1,731,236				877,751				(853,485	)
Allowance for doubtful accounts			(13,012	)			(11,356	)			1,656

Total loans and receivables			5,116,913				3,725,186				(1,391,727	)

Collateralized agreements:
Securities purchased under agreements to resell			12,377,315				12,063,662				(313,653	)
Securities borrowed			3,529,797				3,502,286				(27,511	)

Total collateralized agreements			15,907,112				15,565,948				(341,164	)

Trading assets and private equity and debt investments:
Trading assets*			16,853,822				16,515,538				(338,284	)
Private equity and debt investments*			44,278				55,432				11,154

Total trading assets and private equity and debt investments			16,898,100				16,570,970				(327,130	)

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>¥384,060 million as of September 30, 2020)			440,512				466,373				25,861
Non-trading debt securities*			455,392				411,980				(43,412	)
Investments in equity securities*			112,175				112,880				705
Investments in and advances to affiliated companies*			367,641				391,286				23,645
Other			827,022				915,141				88,119

Total other assets			2,202,742				2,297,660				94,918

Total assets			43,999,815				42,684,437				(1,315,378	)

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

– 6 –

			Millions of yen
			March 31,<br>2020			September 30,<br>2020			Increase/<br>(Decrease)
LIABILITIES AND EQUITY
Short-term borrowings				1,486,733			1,346,414			(140,319	)
Payables and deposits:
Payables to customers				1,467,434			1,286,985			(180,449	)
Payables to other than customers				1,653,495			1,281,977			(371,518	)
Deposits received at banks				1,276,153			1,181,169			(94,984	)

Total payables and deposits				4,397,082			3,750,131			(646,951	)

Collateralized financing:
Securities sold under agreements to repurchase				16,349,182			15,427,476			(921,706	)
Securities loaned				961,446			1,119,095			157,649
Other secured borrowings				717,711			348,484			(369,227	)

Total collateralized financing				18,028,339			16,895,055			(1,133,284	)

Trading liabilities				8,546,284			8,789,496			243,212
Other liabilities				1,034,448			1,049,465			15,017
Long-term borrowings				7,775,665			8,067,822			292,157

Total liabilities				41,268,551			39,898,383			(1,370,168	)

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>3,493,562,601 shares as of September 30, 2020
Outstanding	-	3,038,587,493 shares as of March 31, 2020 and<br> <br>3,057,804,161 shares as of September 30, 2020		594,493			594,493			—
Additional paid-in capital				683,232			683,233			1
Retained earnings				1,645,451			1,775,691			130,240
Accumulated other comprehensive income (loss)				(26,105	)		(88,706	)		(62,601	)

Total NHI shareholders’ equity before treasury stock				2,897,071			2,964,711			67,640
Common stock held in treasury, at cost -
454,975,108 shares as of March 31, 2020 and
435,758,440 shares as of September 30, 2020				(243,604	)		(233,315	)		10,289

Total NHI shareholders’ equity				2,653,467			2,731,396			77,929

Noncontrolling interests				77,797			54,658			(23,139	)

Total equity				2,731,264			2,786,054			54,790

Total liabilities and equity				43,999,815			42,684,437			(1,315,378	)

– 7 –

(2)	Consolidated Statements of Income
		Millions of yen								% Change
---	---	---	---	---	---	---	---	---	---	---	---	---
		For the six months ended
		September 30,<br>2019(A)				September 30,<br>2020(B)				(B-A)/(A)
Revenue:
Commissions			133,454				177,765				33.2
Fees from investment banking			49,576				37,859				(23.6	)
Asset management and portfolio service fees			119,889				111,073				(7.4	)
Net gain on trading			218,434				270,552				23.9
Gain on private equity and debt investments			1,772				2,875				62.2
Interest and dividends			415,354				189,037				(54.5	)
Gain (loss) on investments in equity securities			(755	)			5,413				—
Other			147,559				138,817				(5.9	)

Total revenue			1,085,283				933,391				(14.0	)
Interest expense			369,902				103,646				(72.0	)

Net revenue			715,381				829,745				16.0

Non-interest expenses:
Compensation and benefits			245,527				275,303				12.1
Commissions and floor brokerage			49,997				56,186				12.4
Information processing and communications			84,118				85,822				2.0
Occupancy and related depreciation			37,480				36,114				(3.6	)
Business development expenses			15,734				6,464				(58.9	)
Other			79,233				104,418				31.8

Total non-interest expenses			512,089				564,307				10.2

Income before income taxes			203,292				265,438				30.6
Income tax expense			6,042				52,217				764.2

Net income			197,250				213,221				8.1

Less: Net income attributable to noncontrolling interests			2,843				3,063				7.7

Net income attributable to NHI shareholders			194,407				210,158				8.1

Per share of common stock:
		Yen								% Change
Basic-
Net income attributable to NHI shareholders per share			58.89				68.87				16.9

Diluted-
Net income attributable to NHI shareholders per share			57.66				67.10				16.4

– 8 –

(3)	Consolidated Statements of Comprehensive Income
		Millions of yen								% Change
---	---	---	---	---	---	---	---	---	---	---	---	---
		For the six months ended								(B-A)/(A)
		September 30,<br>2019(A)				September 30,<br>2020(B)
Net income			197,250				213,221				8.1
Other comprehensive income (loss):
Cumulative translation adjustments:
Cumulative translation adjustments			(39,320	)			(19,837	)			—
Deferred income taxes			245				(60	)			—

Total			(39,075	)			(19,897	)			—

Defined benefit pension plans:
Pension liability adjustment			3,005				4,017				33.7
Deferred income taxes			912				(627	)			—

Total			3,917				3,390				(13.5	)

Own Credit Adjustments:
Own Credit Adjustments			(3,156	)			(53,351	)			—
Deferred income taxes			(519	)			7,567				—

Total			(3,675	)			(45,784	)			—

Total other comprehensive income (loss)			(38,833	)			(62,291	)			—

Comprehensive income			158,417				150,930				(4.7	)
Less: Comprehensive income attributable to noncontrolling interests			2,403				3,373				40.4

Comprehensive income attributable to NHI shareholders			156,014				147,557				(5.4	)

(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>2019(A)			September 30,<br>2020(B)
Net revenue
Business segment information:
Retail			157,522			173,873		10.4
Asset Management			60,176			60,866		1.1
Wholesale			316,184			468,974		48.3

Subtotal			533,882			703,713		31.8
Other			183,584			121,775		(33.7	)

Net revenue			717,466			825,488		15.1

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes			(2,085	)		4,257		—

Net revenue			715,381			829,745		16.0

Non-interest expenses
Business segment information:
Retail			144,143			135,979		(5.7	)
Asset Management			31,988			30,312		(5.2	)
Wholesale			277,256			315,628		13.8

Subtotal			453,387			481,919		6.3
Other			58,702			82,388		40.3

Non-interest expenses			512,089			564,307		10.2

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

Non-interest expenses			512,089			564,307		10.2

Income (loss) before income taxes
Business segment information:
Retail			13,379			37,894		183.2
Asset Management			28,188			30,554		8.4
Wholesale			38,928			153,346		293.9

Subtotal			80,495			221,794		175.5
Other*			124,882			39,387		(68.5	)

Income (loss) before income taxes			205,377			261,181		27.2

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes			(2,085	)		4,257		—

Income (loss) before income taxes			203,292			265,438		30.6

*	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>2019(A)			September 30,<br>2020(B)
Net gain (loss) related to economic hedging transactions		19,837			612			(96.9	)
Realized gain (loss) on investments in equity securities held for operating purposes		1,330			809			(39.2	)
Equity in earnings of affiliates		16,274			11,860			(27.1	)
Corporate items		(3,244	)		29,085			—
Other		90,685			(2,979	)		—

Total		124,882			39,387			(68.5	)

– 10 –

(6)	Significant Changes in Equity

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

		Millions of yen
		For the six monthsended<br>September 30, 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			(1,117	)
Changes in an affiliated company’s interests in its subsidiary			1,118

Balance at end of period			683,233

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			210,158
Cash dividends			(61,156	)
Gain (loss) on sales of treasury stock			(562	)

Balance at end of period			1,775,691

Accumulated other comprehensive income (loss)
Cumulative translation adjustments
Balance at beginning of year			(26,274	)
Net change during the period			(20,207	)

Balance at end of period			(46,481	)

Defined benefit pension plans
Balance at beginning of year			(62,571	)
Pension liability adjustment			3,390

Balance at end of period			(59,181	)

Own credit adjustments
Balance at beginning of year			62,740
Own credit adjustments			(45,784	)

Balance at end of period			16,956

Balance at end of period			(88,706	)

Common stock held in treasury
Balance at beginning of year			(243,604	)
Repurchases of common stock			(3	)
Sale of common stock			0
Common stock issued to employees			10,292

Balance at end of period			(233,315	)

Total NHI shareholders’ equity

Balance at end of period			2,731,396

Noncontrolling interests
Balance at beginning of year			77,797
Net change during the period			(23,139	)

Balance at end of period			54,658

Total equity

Balance at end of period			2,786,054

(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 –

(7)	Subsequent Event

On October 27, 2020, the Company has resolved to cancel a part of its own shares in accordance with Article 178 of the Companies Act of Japan.

Outline of Cancellation

1. Type of shares to be cancelled		Nomura Holdings common shares
2. Number of shares to be cancelled		260,000,000 shares<br><br><br>(7.4 percent of outstanding shares)
3. Scheduled cancellation date		December 1, 2020

– 12 –

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(A)				September 30,<br>2020(B)
Revenue:
Commissions			68,200				65,254				79,289				96,062				85,512				92,253				7.9				308,805
Fees from investment banking			27,311				22,265				26,803				26,843				10,828				27,031				149.6				103,222
Asset management and portfolio service fees			59,963				59,926				61,020				57,293				53,656				57,417				7.0				238,202
Net gain on trading			112,825				105,609				109,266				28,909				139,089				131,463				(5.5	)			356,609
Gain (loss) on private equity and debt investments			791				981				1,503				(3,368	)			1,070				1,805				68.7				(93	)
Interest and dividends			199,473				215,881				203,050				176,068				106,543				82,494				(22.6	)			794,472
Gain (loss) on investments in equity securities			(2,838	)			2,083				2,243				(16,214	)			3,473				1,940				(44.1	)			(14,726	)
Other			45,654				101,905				14,276				4,156				113,878				24,939				(78.1	)			165,991

Total revenue			511,379				573,904				497,450				369,749				514,049				419,342				(18.4	)			1,952,482
Interest expense			179,378				190,524				162,472				132,279				53,302				50,344				(5.5	)			664,653

Net revenue			332,001				383,380				334,978				237,470				460,747				368,998				(19.9	)			1,287,829

Non-interest expenses:
Compensation and benefits			125,102				120,425				128,987				104,906				138,297				137,006				(0.9	)			479,420
Commissions and floor brokerage			24,551				25,446				24,568				31,558				28,511				27,675				(2.9	)			106,123
Information processing and communications			41,757				42,361				42,821				43,378				43,238				42,584				(1.5	)			170,317
Occupancy and related depreciation			19,120				18,360				16,276				19,230				17,058				19,056				11.7				72,986
Business development expenses			7,828				7,906				8,509				7,642				2,832				3,632				28.2				31,885
Other			38,837				40,396				44,130				55,474				49,000				55,418				13.1				178,837

Total non-interest expenses			257,195				254,894				265,291				262,188				278,936				285,371				2.3				1,039,568

Income (loss) before income taxes			74,806				128,486				69,687				(24,718	)			181,811				83,627				(54.0	)			248,261
Income tax expense			17,917				(11,875	)			10,337				12,515				37,513				14,704				(60.8	)			28,894

Net income (loss)			56,889				140,361				59,350				(37,233	)			144,298				68,923				(52.2	)			219,367

Less: Net income (loss) attributable to noncontrolling interests			1,056				1,787				2,284				(2,758	)			1,782				1,281				(28.1	)			2,369

Net income (loss) attributable to NHI shareholders			55,833				138,574				57,066				(34,475	)			142,516				67,642				(52.5	)			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				(52.7	)			67.76

Diluted-
Net income (loss) attributable to NHI shareholders per share			16.48				41.23				17.63				(11.31	)			45.65				21.52				(52.9	)			66.20

– 13 –

(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(A)		September 30,<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			14.5			336,359
Asset Management			34,500			25,676		25,405			7,024			34,024		26,842			(21.1	)		92,605
Wholesale			159,486			156,698		186,527			145,908			248,669		220,305			(11.4	)		648,619

Subtotal			274,626			259,256		301,975			241,726			363,771		339,942			(6.6	)		1,077,583
Other			60,289			123,295		35,695			12,294			94,673		27,102			(71.4	)		231,573

Net revenue			334,915			382,551		337,670			254,020			458,444		367,044			(19.9	)		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			(15.2	)		(21,327	)

Net revenue			332,001			383,380		334,978			237,470			460,747		368,998			(19.9	)		1,287,829

Non-interest expenses
Business segment information:
Retail			72,522			71,621		72,403			70,380			66,009		69,970			6.0			286,926
Asset Management			16,358			15,630		16,085			15,760			14,870		15,442			3.8			63,833
Wholesale			139,479			137,777		143,324			135,819			160,800		154,828			(3.7	)		556,399

Subtotal			228,359			225,028		231,812			221,959			241,679		240,240			(0.6	)		907,158
Other			28,836			29,866		33,479			40,229			37,257		45,131			21.1			132,410

Non-interest expenses			257,195			254,894		265,291			262,188			278,936		285,371			2.3			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			2.3			1,039,568

Income (loss) before income taxes
Business segment information:
Retail			8,118			5,261		17,640			18,414			15,069		22,825			51.5			49,433
Asset Management			18,142			10,046		9,320			(8,736	)		19,154		11,400			(40.5	)		28,772
Wholesale			20,007			18,921		43,203			10,089			87,869		65,477			(25.5	)		92,220

Subtotal			46,267			34,228		70,163			19,767			122,092		99,702			(18.3	)		170,425
Other*			31,453			93,429		2,216			(27,935	)		57,416		(18,029	)		—			99,163

Income (loss) before income taxes			77,720			127,657		72,379			(8,168	)		179,508		81,673			(54.5	)		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			(15.2	)		(21,327	)

Income (loss) before income taxes			74,806			128,486		69,687			(24,718	)		181,811		83,627			(54.0	)		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																				For the year ended
	June 30,<br>2019		September 30,<br>2019			December 31,<br>2019			March 31,<br>2020			June 30,<br>2020(A)			September 30,<br>2020(B)			(B-A)/(A)			March 31,<br>2020
Net gain (loss) related to economic hedging transactions		12,794		7,043			2,333			(4,622	)		5,577			(4,965	)		—			17,548
Realized gain (loss) on investments in equity securities held for operating purposes		76		1,254			4,935			336			685			124			(81.9	)		6,601
Equity in earnings of affiliates		8,265		8,009			4,798			13,918			6,609			5,251			(20.5	)		34,990
Corporate items		1,391		(4,635	)		(9,095	)		(9,901	)		45,090			(16,005	)		—			(22,240	)
Other		8,927		81,758			(755	)		(27,666	)		(545	)		(2,434	)		—			62,264

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

– 14 –

(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_2q.pdf

– 15 –

Nomura Holdings Inc 6-K, filed Oct 28, 2020

About this 6-K

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