FORM 6-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 2019

NOMURA HOLDINGS, INC.

(Translation of registrant’s name into English)

9-1, Nihonbashi 1-chome

Chuo-ku, Tokyo 103-8645

Japan

(Address of principal 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, 2019.

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, 2019	By:	/s/ Go Sugiyama
		Go Sugiyama
		Senior Managing Director

Financial Summary For the Six Months Ended September 30, 2019 (U.S. GAAP)

Date:	October 29, 2019
Company name (code number):	Nomura Holdings, Inc. (8604)
Stock exchange listings:	(In Japan) Tokyo, Nagoya (Overseas) New York, Singapore
Representative:	Koji Nagai President and Group CEO, Nomura Holdings, Inc.
For inquiries:	Junko Tago Executive Director, Head of Investor Relations, Nomura Holdings, Inc. Tel: (Country Code 81) 3-5255-1000 URL: https://www.nomura.com

1. Consolidated Operating Results

(1) Operating Results

	(Rounded to nearest million)
	(Millions of yen, except per share data)
	For the six months ended September 30
	2018					2019
	% Change from September 30, 2017					% Change from September 30, 2018
Total revenue		879,366		(5.5	%)		1,085,283		23.4	%
Net revenue		554,919		(22.1	%)		715,381		28.9	%
Income before income taxes		14,110		(91.2	%)		203,292		—	%
Net income (loss) attributable to Nomura Holdings, Inc. (“NHI”) shareholders		(6,010	)	—	%		194,407		—	%
Comprehensive income		64,405		(43.4	%)		158,417		146.0	%
Basic-Net income (loss) attributable to NHI shareholders per share (Yen)		(1.77	)				58.89
Diluted-Net income (loss) attributable to NHI shareholders per share (Yen)		(1.78	)				57.66
Return on shareholders’ equity-annualized		(0.4	%)				14.6	%

Note: Return on shareholders’ equity is a ratio of Net income (loss) 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
	2019			2019
Total assets		40,969,439			45,677,106
Total equity		2,680,793			2,788,175
Total NHI shareholders’ equity		2,631,061			2,707,878
Total NHI shareholders’ equity as a percentage of total assets		6.4	%		5.9	%
Total NHI shareholders’ equity per share (Yen)		794.69			837.87

2. Cash Dividends

	(Yen amounts)
	For the year ended March 31
	2019		2020		2020 (Plan)
Dividends per share
Dividends record dates
At June 30		—		—		—
At September 30		3.00		15.00		—
At December 31		—		—		—
At March 31		3.00		—		Unconfirmed
For the year		6.00		—		Unconfirmed

Note: Fiscal year 2020 Q4 dividend amount are not presented per reasons stated in “3. Earnings Forecasts for the year ending March 31, 2020”.

3. Earnings Forecasts for the year ending March 31, 2020

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
	2019		2019
Number of shares outstanding (including treasury stock)		3,493,562,601		3,493,562,601
Number of treasury stock		182,761,802		261,717,950
	For the six months ended September 30
	2018		2019
Average number of shares outstanding (year-to-date)		3,394,856,369		3,301,269,085

*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
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 six months ended						(B-A)/(A)
	September 30, 2018 (A)			September 30, 2019 (B)
Net revenue		554.9			715.4			28.9
Non-interest expenses		540.8			512.1			(5.3	)
Income before income taxes		14.1			203.3			—
Income tax expense		16.6			6.0			(63.7	)
Net income (loss)		(2.5	)		197.3			—
Less: Net income (loss) attributable to noncontrolling interests		3.5			2.8			(18.5	)
Net income (loss) attributable to NHI shareholders		(6.0	)		194.4			—
Return on shareholders’ equity-annualized		(0.4	%)		14.6	%		—

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 715.4 billion yen for the six months ended September 30, 2019, an increase of 28.9% from the same period in the prior year. Non-interest expenses decreased by 5.3% from the same period in the prior year to 512.1 billion yen. Income before income taxes was 203.3 billion yen and net income attributable to NHI shareholders was 194.4 billion yen for the six months ended September 30, 2019.

Segment Information

	Billions of yen				% Change
	For the six months ended				(B-A)/(A)
	September 30, 2018 (A)		September 30, 2019 (B)
Net revenue		554.0		717.5		29.5
Non-interest expenses		540.8		512.1		(5.3	)
Income (loss) before income taxes		13.2		205.4		—

In the above segment information totals, which exclude unrealized gain (loss) on investments in equity securities held for operating purposes, net revenue for the six months ended September 30, 2019 was 717.5 billion yen, an increase of 29.5% from the same period in the prior year. Non-interest expenses decreased by 5.3% from the same period in the prior year to 512.1 billion yen. Income before income taxes was 205.4 billion yen for the six months ended September 30, 2019. 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, 2018 (A)		September 30, 2019 (B)
Net revenue		178.5		157.5		(11.8	)
Non-interest expenses		146.4		144.1		(1.5	)
Income (loss) before income taxes		32.1		13.4		(58.4	)

Net revenue decreased by 11.8% from the same period in the prior year to 157.5 billion yen, primarily due to decreasing commissions from brokerage and distribution of investment trusts. Non-interest expense decreased by 1.5% to 144.1 billion yen. As a result, income before income taxes decreased by 58.4% to 13.4 billion yen.

Operating Results of Asset Management

	Billions of yen				% Change
	For the six months ended				(B-A)/(A)
	September 30, 2018 (A)		September 30, 2019 (B)
Net revenue		50.8		60.2		18.5
Non-interest expenses		31.6		32.0		1.3
Income (loss) before income taxes		19.2		28.2		46.8

Net revenue increased by 18.5% from the same period in the prior year to 60.2 billion yen. Non-interest expense increased by 1.3% to 32.0 billion yen. As a result, income before income taxes increased by 46.8% to 28.2 billion yen. Assets under management were 52.4 trillion yen as of September 30, 2019.

Operating Results of Wholesale

	Billions of yen					% Change
	For the six months ended					(B-A)/(A)
	September 30, 2018 (A)			September 30, 2019 (B)
Net revenue		284.9			316.2		11.0
Non-interest expenses		287.5			277.3		(3.5	)
Income (loss) before income taxes		(2.5	)		38.9		—

Net revenue increased by 11.0% from the same period in the prior year to 316.2 billion yen. Non-interest expense decreased by 3.5% to 277.3 billion yen. As a result, income before income taxes was 38.9 billion yen.

– 3 –

Other Operating Results

	Billions of yen					% Change
	For the six months ended					(B-A)/(A)
	September 30, 2018 (A)			September 30, 2019 (B)
Net revenue		39.7			183.6		362.2
Non-interest expenses		75.4			58.7		(22.1	)
Income (loss) before income taxes		(35.7	)		124.9		—

Net revenue was 183.6 billion yen including income of 73.3 billion yen from the sale of a part of our shares held in Nomura Research Institute, Ltd. Income before income taxes was 124.9 billion yen.

(2) Consolidated Financial Position

Total assets as of September 30, 2019 were 45,677.1 billion yen, an increase of 4,707.7 billion yen compared to March 31, 2019, mainly due to the increase in Trading assets. Total liabilities as of September 30, 2019 were 42,888.9 billion yen, an increase of 4,600.3 billion yen compared to March 31, 2019, mainly due to the increase in Securities sold under agreements to repurchase. Total equity as of September 30, 2019 was 2,788.2 billion yen, an increase of 107.4 billion yen compared to March 31, 2019.

(3) Consolidated Earnings Forecasts

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

– 4 –

2. Notes to the Summary Information

(1) Changes in Accounting Policies

Leases

On April 1, 2019, Nomura adopted Accounting Standards Update 2016-02 “Leases” using a modified retrospective transition method. As a result of recognizing operating leases on the consolidated balance sheet, Other Asset – Office buildings, land, equipment, and facilities increased by 169,277 million yen and Other liabilities increased by 163,685 million yen on April 1, 2019. Also, Retained earnings increased by 5,592 million yen on April 1, 2019 mainly due to changes in certain lease classifications.

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 25, 2019) and Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 25, 2019) for the year ended March 31, 2019.

– 5 –

(1) Consolidated Balance Sheets

	Millions of yen
	March 31, 2019			September 30, 2019			Increase/ (Decrease)
ASSETS
Cash and cash deposits:
Cash and cash equivalents		2,686,659			2,824,181			137,522
Time deposits		289,753			281,822			(7,931	)
Deposits with stock exchanges and other segregated cash		285,457			274,314			(11,143	)
Total cash and cash deposits		3,261,869			3,380,317			118,448
Loans and receivables:
Loans receivable		2,544,218			2,721,107			176,889
Receivables from customers		449,706			550,482			100,776
Receivables from other than customers		892,283			889,672			(2,611	)
Allowance for doubtful accounts		(4,169	)		(5,999	)		(1,830	)
Total loans and receivables		3,882,038			4,155,262			273,224
Collateralized agreements:
Securities purchased under agreements to resell		13,194,543			14,135,234			940,691
Securities borrowed		4,112,416			4,102,426			(9,990	)
Total collateralized agreements		17,306,959			18,237,660			930,701
Trading assets and private equity investments:
Trading assets*		14,355,712			17,576,368			3,220,656
Private equity investments*		30,077			31,363			1,286
Total trading assets and private equity investments		14,385,789			17,607,731			3,221,942
Other assets:
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥416,052 million as of March 31, 2019 and ¥422,850 million as of September 30, 2019)		349,365			459,166			109,801
Non-trading debt securities*		460,661			467,795			7,134
Investments in equity securities*		138,447			134,215			(4,232	)
Investments in and advances to affiliated companies*		436,220			359,399			(76,821	)
Other		748,091			875,561			127,470
Total other assets		2,132,784			2,296,136			163,352
Total assets		40,969,439			45,677,106			4,707,667

* Including securities pledged as collateral

– 6 –

			Millions of yen
			March 31, 2019			September 30, 2019			Increase/ (Decrease)
LIABILITIES AND EQUITY
Short-term borrowings				841,758			950,061			108,303
Payables and deposits:
Payables to customers				1,229,083			1,258,574			29,491
Payables to other than customers				1,146,336			1,246,412			100,076
Deposits received at banks				1,392,619			1,252,142			(140,477	)
Total payables and deposits				3,768,038			3,757,128			(10,910	)
Collateralized financing:
Securities sold under agreements to repurchase				15,036,503			19,068,816			4,032,313
Securities loaned				1,229,595			1,092,389			(137,206	)
Other secured borrowings				418,305			322,002			(96,303	)
Total collateralized financing				16,684,403			20,483,207			3,798,804
Trading liabilities				8,219,811			8,767,596			547,785
Other liabilities				858,867			1,016,302			157,435
Long-term borrowings				7,915,769			7,914,637			(1,132	)
Total liabilities				38,288,646			42,888,931			4,600,285
Equity
NHI shareholders’ equity:
Common stock
Authorized	-	6,000,000,000 shares
Issued	-	3,493,562,601 shares as of March 31, 2019 and  3,493,562,601 shares as of September 30, 2019
Outstanding	-	3,310,800,799 shares as of March 31, 2019 and  3,231,844,651 shares as of  September 30, 2019		594,493			594,493			—
Additional paid-in capital				687,761			682,851			(4,910	)
Retained earnings				1,486,825			1,638,347			151,522
Accumulated other comprehensive income (loss)				(29,050	)		(67,443	)		(38,393	)
Total NHI shareholders’ equity before treasury stock				2,740,029			2,848,248			108,219
Common stock held in treasury, at cost -
182,761,802 shares as of March 31, 2019 and
261,717,950 shares as of September 30, 2019				(108,968	)		(140,370	)		(31,402	)
Total NHI shareholders’ equity				2,631,061			2,707,878			76,817
Noncontrolling interests				49,732			80,297			30,565
Total equity				2,680,793			2,788,175			107,382
Total liabilities and equity				40,969,439			45,677,106			4,707,667

– 7 –

(2) Consolidated Statements of Income

	Millions of yen						% Change
	For the six months ended
	September  30, 2018(A)			September  30, 2019(B)			(B-A)/(A)
Revenue:
Commissions		154,239			133,454			(13.5	)
Fees from investment banking		43,078			49,576			15.1
Asset management and portfolio service fees		125,721			119,889			(4.6	)
Net gain on trading		147,639			218,434			48.0
Gain on private equity investments		874			1,772			102.7
Interest and dividends		358,293			415,354			15.9
Gain (loss) on investments in equity securities		988			(755	)		—
Other		48,534			147,559			204.0
Total revenue		879,366			1,085,283			23.4
Interest expense		324,447			369,902			14.0
Net revenue		554,919			715,381			28.9
Non-interest expenses:
Compensation and benefits		253,500			245,527			(3.1	)
Commissions and floor brokerage		40,514			49,997			23.4
Information processing and communications		81,476			84,118			3.2
Occupancy and related depreciation		32,840			37,480			14.1
Business development expenses		18,233			15,734			(13.7	)
Other		114,246			79,233			(30.6	)
Total non-interest expenses		540,809			512,089			(5.3	)
Income before income taxes		14,110			203,292			—
Income tax expense		16,633			6,042			(63.7	)
Net income (loss)		(2,523	)		197,250			—
Less: Net income attributable to noncontrolling interests		3,487			2,843			(18.5	)
Net income (loss) attributable to NHI shareholders		(6,010	)		194,407			—
Per share of common stock:
	Yen						% Change
Basic-
Net income (loss) attributable to NHI shareholders per share		(1.77	)		58.89			—
Diluted-
Net income (loss) attributable to NHI shareholders per share		(1.78	)		57.66			—

– 8 –

(3) Consolidated Statements of Comprehensive Income

	Millions of yen						% Change
	For the six months ended						(B-A)/(A)
	September  30, 2018(A)			September  30, 2019(B)
Net income (loss)		(2,523	)		197,250			—
Other comprehensive income (loss):
Cumulative translation adjustments:
Cumulative translation adjustments		64,297			(39,320	)		—
Deferred income taxes		(1,966	)		245			—
Total		62,331			(39,075	)		—
Defined benefit pension plans:
Pension liability adjustment		2,064			3,005			45.6
Deferred income taxes		(807	)		912			—
Total		1,257			3,917			211.6
Own Credit Adjustments:
Own Credit Adjustments		4,720			(3,156	)		—
Deferred income taxes		(1,380	)		(519	)		—
Total		3,340			(3,675	)		—
Total other comprehensive income (loss)		66,928			(38,833	)		—
Comprehensive income		64,405			158,417			146.0
Less: Comprehensive income attributable to noncontrolling interests		4,686			2,403			(48.7	)
Comprehensive income attributable to NHI shareholders		59,719			156,014			161.2

(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, 2018 (A)			September 30, 2019 (B)
Net revenue
Business segment information:
Retail		178,543			157,522			(11.8	)
Asset Management		50,770			60,176			18.5
Wholesale		284,950			316,184			11.0
Subtotal		514,263			533,882			3.8
Other		39,720			183,584			362.2
Net revenue		553,983			717,466			29.5
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		936			(2,085	)		—
Net revenue		554,919			715,381			28.9
Non-interest expenses
Business segment information:
Retail		146,403			144,143			(1.5	)
Asset Management		31,574			31,988			1.3
Wholesale		287,459			277,256			(3.5	)
Subtotal		465,436			453,387			(2.6	)
Other		75,373			58,702			(22.1	)
Non-interest expenses		540,809			512,089			(5.3	)
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		—			—			—
Non-interest expenses		540,809			512,089			(5.3	)
Income (loss) before income taxes
Business segment information:
Retail		32,140			13,379			(58.4	)
Asset Management		19,196			28,188			46.8
Wholesale		(2,509	)		38,928			—
Subtotal		48,827			80,495			64.9
Other*		(35,653	)		124,882			—
Income (loss) before income taxes		13,174			205,377			—
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		936			(2,085	)		—
Income (loss) before income taxes		14,110			203,292			—

* 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, 2018 (A)			September 30, 2019 (B)
Net gain (loss) related to economic hedging transactions		(29,825	)		19,837			—
Realized gain (loss) on investments in equity securities held for operating purposes		52			1,330			—
Equity in earnings of affiliates		15,155			16,274			7.4
Corporate items		(26,201	)		(3,244	)		—
Other		5,166			90,685			—
Total		(35,653	)		124,882			—

– 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 September 30, 2019
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		687,761
Gain on sales of treasury stock		12
Stock-based compensation awards		(4,922	)
Balance at end of period		682,851
Retained earnings
Balance at beginning of year		1,486,825
Cumulative effect of change in accounting principle (1)		5,592
Net income attributable to NHI shareholders		194,407
Cash dividends		(48,477	)
Balance at end of period		1,638,347
Accumulated other comprehensive income (loss)
Cumulative translation adjustments
Balance at beginning of year		17,833
Net change during the period		(38,635	)
Balance at end of period		(20,802	)
Defined benefit pension plans
Balance at beginning of year		(71,107	)
Pension liability adjustment		3,917
Balance at end of period		(67,190	)
Own credit adjustments
Balance at beginning of year		24,224
Own credit adjustments		(3,675	)
Balance at end of period		20,549
Balance at end of period		(67,443	)
Common stock held in treasury
Balance at beginning of year		(108,968	)
Repurchases of common stock		(41,328	)
Sale of common stock		0
Common stock issued to employees		9,926
Balance at end of period		(140,370	)
Total NHI shareholders’ equity
Balance at end of period		2,707,878
Noncontrolling interests
Balance at beginning of year		49,732
Net change during the period		30,565
Balance at end of period		80,297
Total equity
Balance at end of period		2,788,175

(1) Represents the adjustment to initially apply Accounting Standards Update 2016-02 “Leases”, 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 March 31, 2019
	June  30, 2018		September  30, 2018			December  31, 2018			March  31, 2019			June  30, 2019(A)			September  30, 2019(B)
Revenue:
Commissions		79,456		74,783			72,715			66,115			68,200			65,254			(4.3	)		293,069
Fees from investment banking		23,959		19,119			33,129			25,314			27,311			22,265			(18.5	)		101,521
Asset management and portfolio service fees		62,981		62,740			60,591			59,207			59,963			59,926			(0.1	)		245,519
Net gain on trading		71,887		75,752			96,947			98,378			112,825			105,609			(6.4	)		342,964
Gain (loss) on private equity investments		553		321			461			(328	)		791			981			24.0			1,007
Interest and dividends		169,590		188,703			214,542			204,129			199,473			215,881			8.2			776,964
Gain (loss) on investments in equity securities		2,092		(1,104	)		(9,852	)		1,881			(2,838	)		2,083			—			(6,983	)
Other		20,467		28,067			(11,133	)		43,656			45,654			101,905			123.2			81,057
Total revenue		430,985		448,381			457,400			498,352			511,379			573,904			12.2			1,835,118
Interest expense		158,988		165,459			196,803			197,098			179,378			190,524			6.2			718,348
Net revenue		271,997		282,922			260,597			301,254			332,001			383,380			15.5			1,116,770
Non-interest expenses:
Compensation and benefits		127,700		125,800			118,928			124,637			125,102			120,425			(3.7	)		497,065
Commissions and floor brokerage		20,935		19,579			23,821			18,302			24,551			25,446			3.6			82,637
Information processing and communications		40,961		40,515			41,756			43,633			41,757			42,361			1.4			166,865
Occupancy and related depreciation		16,376		16,464			15,852			16,248			19,120			18,360			(4.0	)		64,940
Business development expenses		8,896		9,337			9,121			9,561			7,828			7,906			1.0			36,915
Other		43,486		70,760			127,283			64,520			38,837			40,396			4.0			306,049
Total non-interest expenses		258,354		282,455			336,761			276,901			257,195			254,894			(0.9	)		1,154,471
Income (loss) before income taxes		13,643		467			(76,164	)		24,353			74,806			128,486			71.8			(37,701	)
Income tax expense		6,930		9,703			19,698			20,679			17,917			(11,875	)		—			57,010
Net income (loss)		6,713		(9,236	)		(95,862	)		3,674			56,889			140,361			146.7			(94,711	)
Less: Net income (loss) attributable to noncontrolling interests		1,490		1,997			(586	)		2,830			1,056			1,787			69.2			5,731
Net income (loss) attributable to NHI shareholders		5,223		(11,233	)		(95,276	)		844			55,833			138,574			148.2			(100,442	)
	Yen																	% Change			Yen
Per share of common stock:
Basic-
Net income (loss) attributable to NHI shareholders per share		1.54		(3.31	)		(28.52	)		0.25			16.83			42.11			150.2			(29.90	)
Diluted-
Net income (loss) attributable to NHI shareholders per share		1.50		(3.32	)		(28.52	)		0.23			16.48			41.23			150.2			(29.92	)

– 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, 2018			September  30, 2018			December  31, 2018			March  31, 2019			June  30, 2019(A)			September  30, 2019(B)		(B-A)/(A)			March 31, 2019
Net revenue
Business segment information:
Retail		92,833			85,710			86,782			74,155			80,640			76,882		(4.7	)		339,480
Asset Management		26,089			24,681			16,178			30,897			34,500			25,676		(25.6	)		97,845
Wholesale		137,290			147,660			128,198			142,240			159,486			156,698		(1.7	)		555,388
Subtotal		256,212			258,051			231,158			247,292			274,626			259,256		(5.6	)		992,713
Other		13,738			25,982			39,397			52,144			60,289			123,295		104.5			131,261
Net revenue		269,950			284,033			270,555			299,436			334,915			382,551		14.2			1,123,974
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		2,047			(1,111	)		(9,958	)		1,818			(2,914	)		829		—			(7,204	)
Net revenue		271,997			282,922			260,597			301,254			332,001			383,380		15.5			1,116,770
Non-interest expenses
Business segment information:
Retail		72,909			73,494			72,733			70,854			72,522			71,621		(1.2	)		289,990
Asset Management		15,806			15,768			15,617			16,469			16,358			15,630		(4.5	)		63,660
Wholesale		144,714			142,745			224,073			155,255			139,479			137,777		(1.2	)		666,787
Subtotal		233,429			232,007			312,423			242,578			228,359			225,028		(1.5	)		1,020,437
Other		24,925			50,448			24,338			34,323			28,836			29,866		3.6			134,034
Non-interest expenses		258,354			282,455			336,761			276,901			257,195			254,894		(0.9	)		1,154,471
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		—			—			—			—			—			—		—			—
Non-interest expenses		258,354			282,455			336,761			276,901			257,195			254,894		(0.9	)		1,154,471
Income (loss) before income taxes
Business segment information:
Retail		19,924			12,216			14,049			3,301			8,118			5,261		(35.2	)		49,490
Asset Management		10,283			8,913			561			14,428			18,142			10,046		(44.6	)		34,185
Wholesale		(7,424	)		4,915			(95,875	)		(13,015	)		20,007			18,921		(5.4	)		(111,399	)
Subtotal		22,783			26,044			(81,265	)		4,714			46,267			34,228		(26.0	)		(27,724	)
Other*		(11,187	)		(24,466	)		15,059			17,821			31,453			93,429		197.0			(2,773	)
Income (loss) before income taxes		11,596			1,578			(66,206	)		22,535			77,720			127,657		64.3			(30,497	)
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		2,047			(1,111	)		(9,958	)		1,818			(2,914	)		829		—			(7,204	)
Income (loss) before income taxes		13,643			467			(76,164	)		24,353			74,806			128,486		71.8			(37,701	)

* 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 March 31, 2019
	June  30, 2018			September  30, 2018			December  31, 2018			March  31, 2019			June  30, 2019(A)		September  30, 2019(B)
Net gain (loss) related to economic hedging transactions		(13,807	)		(16,018	)		25,071			6,554			12,794		7,043			(45.0	)		1,800
Realized gain (loss) on investments in equity securities held for operating purposes		45			7			106			63			76		1,254			—			221
Equity in earnings of affiliates		6,619			8,536			1,444			15,933			8,265		8,009			(3.1	)		32,532
Corporate items		(2,482	)		(23,719	)		631			(10,426	)		1,391		(4,635	)		—			(35,996	)
Other		(1,562	)		6,728			(12,193	)		5,697			8,927		81,758			815.9			(1,330	)
Total		(11,187	)		(24,466	)		15,059			17,821			31,453		93,429			197.0			(2,773	)

– 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/2020_2q.pdf

– 14 –