Form 6-K

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 January 2020

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 – Nine months ended December 31, 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: January 30, 2020	By:	/s/ Go Sugiyama
		Go Sugiyama
		Senior Managing Director

Financial Summary For the Nine Months Ended December 31, 2019 (U.S. GAAP)


Date:		January 30, 2020
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 nine months ended December 31
	2018						2019
				% Change from December 31, 2017						% Change from December 31, 2018
Total revenue		1,336,766			(8.5	%)		1,582,733			18.4	%
Net revenue		815,516			(27.1	%)		1,050,359			28.8	%
Income (loss) before income taxes		(62,054	)		—	%		272,979			—	%
Net income (loss) attributable to Nomura Holdings, Inc. (“NHI”) shareholders		(101,286	)		—	%		251,473			—	%
Comprehensive income (loss)		(38,635	)		—	%		227,238			—	%
Basic-Net income (loss) attributable to NHI shareholders per share (Yen)		(30.01	)					77.36
Diluted-Net income (loss) attributable to NHI shareholders per share (Yen)		(30.03	)					75.65
Return on shareholders’ equity-annualized		(5.0	%)					12.6	%

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 December 31
	2019			2019
Total assets		40,969,439			46,242,334
Total equity		2,680,793			2,789,623
Total NHI shareholders’ equity		2,631,061			2,701,167
Total NHI shareholders’ equity as a percentage of total assets		6.4	%		5.8	%
Total NHI shareholders’ equity per share (Yen)		794.69			873.68

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 forecast is 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

Changes in accounting policies due to amendments to the accounting standards: Yes

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

(4) Number of shares issued (common stock)


	At March 31		At December 31
	2019		2019
Number of shares outstanding (including treasury stock)		3,493,562,601		3,493,562,601
Number of treasury stock		182,761,802		401,863,402

	For the nine months ended December 31
	2018		2019
Average number of shares outstanding (year-to-date)		3,374,581,279		3,250,819,816

*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 nine months ended						(B-A)/(A)
	December 31, 2018 (A)			December 31, 2019 (B)			(B-A)/(A)
Net revenue		815.5			1,050.4			28.8
Non-interest expenses		877.6			777.4			(11.4	)

Income (loss) before income taxes		(62.1	)		273.0			—
Income tax expense		36.3			16.4			(54.9	)

Net income (loss)		(98.4	)		256.6			—

Less: Net income (loss) attributable to noncontrolling interests		2.9			5.1			76.7

Net income (loss) attributable to NHI shareholders		(101.3	)		251.5			—

Return on shareholders’ equity – annualized		(5.0	%)		12.6	%		—

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 1,050.4 billion yen for the nine months ended December 31, 2019, an increase of 28.8% from the same period in the prior year. Non-interest expenses decreased by 11.4% from the same period in the prior year to 777.4 billion yen. Income before income taxes was 273.0 billion yen and net income attributable to NHI shareholders was 251.5 billion yen for the nine months ended December 31, 2019.

Segment Information


	Billions of yen					% Change
	For the nine months ended					(B-A)/(A)
	December 31, 2018 (A)			December 31, 2019 (B)		(B-A)/(A)
Net revenue		824.5			1,055.1		28.0
Non-interest expenses		877.6			777.4		(11.4	)

Income (loss) before income taxes		(53.0	)		277.8		—

In the above segment information totals, which exclude unrealized gain (loss) on investments in equity securities held for operating purposes, net revenue for the nine months ended December 31, 2019 was 1,055.1 billion yen, an increase of 28.0% from the same period in the prior year. Non-interest expenses decreased by 11.4% from the same period in the prior year to 777.4 billion yen. Income before income taxes was 277.8 billion yen for the nine months ended December 31, 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 nine months ended				(B-A)/(A)
	December 31, 2018 (A)		December 31, 2019 (B)		(B-A)/(A)
Net revenue		265.3		247.6		(6.7	)
Non-interest expenses		219.1		216.5		(1.2	)

Income (loss) before income taxes		46.2		31.0		(32.8	)

Net revenue decreased by 6.7% from the same period in the prior year to 247.6 billion yen, primarily due to decreasing commissions from brokerage and distribution of investment trusts. Non-interest expense decreased by 1.2% to 216.5 billion yen. As a result, income before income taxes decreased by 32.8% to 31.0 billion yen.

Operating Results of Asset Management


	Billions of yen				% Change
	For the nine months ended				(B-A)/(A)
	December 31, 2018 (A)		December 31, 2019 (B)		(B-A)/(A)
Net revenue		66.9		85.6		27.8
Non-interest expenses		47.2		48.1		1.9

Income (loss) before income taxes		19.8		37.5		89.8

Net revenue increased by 27.8% from the same period in the prior year to 85.6 billion yen. Non-interest expense increased by 1.9% to 48.1 billion yen. As a result, income before income taxes increased by 89.8% to 37.5 billion yen. Assets under management were 55.6 trillion yen as of December 31, 2019.

Operating Results of Wholesale


	Billions of yen					% Change
	For the nine months ended					(B-A)/(A)
	December 31, 2018 (A)			December 31, 2019 (B)		(B-A)/(A)
Net revenue		413.1			502.7		21.7
Non-interest expenses		511.5			420.6		(17.8	)

Income (loss) before income taxes		(98.4	)		82.1		—

Net revenue increased by 21.7% from the same period in the prior year to 502.7 billion yen. Non-interest expense decreased by 17.8% to 420.6 billion yen. As a result, income before income taxes was 82.1 billion yen.

– 3 –

Other Operating Results


	Billions of yen					% Change
	For the nine months ended					(B-A)/(A)
	December 31, 2018 (A)			December 31, 2019 (B)		(B-A)/(A)
Net revenue		79.1			219.3		177.2
Non-interest expenses		99.7			92.2		(7.6	)

Income (loss) before income taxes		(20.6	)		127.1		—

Net revenue was 219.3 billion yen including income of 73.3 billion yen recognized in July 2019 from the sale of a part of our shares held in Nomura Research Institute, Ltd. Income before income taxes was 127.1 billion yen.

(2)

Consolidated Financial Position

Total assets as of December 31, 2019 were 46,242.3 billion yen, an increase of 5,272.9 billion yen compared to March 31, 2019, mainly due to the increase in Trading assets and Securities purchased under agreements to resell. Total liabilities as of December 31, 2019 were 43,452.7 billion yen, an increase of 5,164.1 billion yen compared to March 31, 2019, mainly due to the increase in Securities sold under agreements to repurchase. Total equity as of December 31, 2019 was 2,789.6 billion yen, an increase of 108.8 billion yen compared to March 31, 2019.

(3)

Consolidated Earnings 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			December 31, 2019			Increase/ (Decrease)
ASSETS
Cash and cash deposits:
Cash and cash equivalents		2,686,659			3,152,017			465,358
Time deposits		289,753			266,708			(23,045	)
Deposits with stock exchanges and other segregated cash		285,457			316,822			31,365

Total cash and cash deposits		3,261,869			3,735,547			473,678

Loans and receivables:
Loans receivable		2,544,218			2,943,499			399,281
Receivables from customers		449,706			406,029			(43,677	)
Receivables from other than customers		892,283			513,962			(378,321	)
Allowance for doubtful accounts		(4,169	)		(6,069	)		(1,900	)

Total loans and receivables		3,882,038			3,857,421			(24,617	)

Collateralized agreements:
Securities purchased under agreements to resell		13,194,543			15,632,816			2,438,273
Securities borrowed		4,112,416			3,922,106			(190,310	)

Total collateralized agreements		17,306,959			19,554,922			2,247,963

Trading assets and private equity investments:
Trading assets*		14,355,712			16,672,458			2,316,746
Private equity investments*		30,077			39,112			9,035

Total trading assets and private equity investments		14,385,789			16,711,570			2,325,781

Other assets:
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥ 416,052 million as of March 31, 2019 and ¥ 417,071 million as of December 31, 2019)		349,365			460,101			110,736
Non-trading debt securities*		460,661			465,999			5,338
Investments in equity securities*		138,447			129,940			(8,507	)
Investments in and advances to affiliated companies*		436,220			362,406			(73,814	)
Other		748,091			964,428			216,337

Total other assets		2,132,784			2,382,874			250,090

Total assets		40,969,439			46,242,334			5,272,895

*	Including securities pledged as collateral

– 6 –


			Millions of yen
			March 31, 2019			December 31, 2019			Increase/ (Decrease)
LIABILITIES AND EQUITY
Short-term borrowings				841,758			1,067,890			226,132
Payables and deposits:
Payables to customers				1,229,083			1,174,953			(54,130	)
Payables to other than customers				1,146,336			1,292,192			145,856
Deposits received at banks				1,392,619			1,237,028			(155,591	)

Total payables and deposits				3,768,038			3,704,173			(63,865	)

Collateralized financing:
Securities sold under agreements to repurchase				15,036,503			19,387,218			4,350,715
Securities loaned				1,229,595			1,266,228			36,633
Other secured borrowings				418,305			317,138			(101,167	)

Total collateralized financing				16,684,403			20,970,584			4,286,181

Trading liabilities				8,219,811			8,626,238			406,427
Other liabilities				858,867			1,172,645			313,778
Long-term borrowings				7,915,769			7,911,181			(4,588	)

Total liabilities				38,288,646			43,452,711			5,164,065


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 December 31, 2019
Outstanding	-	3,310,800,799 shares as of March 31, 2019 and 3,091,699,199 shares as of December 31, 2019		594,493			594,493			—
Additional paid-in capital				687,761			683,304			(4,457	)
Retained earnings				1,486,825			1,695,182			208,357
Accumulated other comprehensive income (loss)				(29,050	)		(58,404	)		(29,354	)

Total NHI shareholders’ equity before treasury stock				2,740,029			2,914,575			174,546
Common stock held in treasury, at cost -
182,761,802 shares as of March 31, 2019 and 401,863,402 shares as of December 31, 2019				(108,968	)		(213,408	)		(104,440	)

Total NHI shareholders’ equity				2,631,061			2,701,167			70,106

Noncontrolling interests				49,732			88,456			38,724

Total equity				2,680,793			2,789,623			108,830

Total liabilities and equity				40,969,439			46,242,334			5,272,895

– 7 –

(2)

Consolidated Statements of Income


	Millions of yen					% Change
	For the nine months ended
	December 31, 2018(A)			December 31, 2019(B)		(B-A)/(A)
Revenue:
Commissions		226,954			212,743		(6.3	)
Fees from investment banking		76,207			76,379		0.2
Asset management and portfolio service fees		186,312			180,909		(2.9	)
Net gain on trading		244,586			327,700		34.0
Gain on private equity investments		1,335			3,275		145.3
Interest and dividends		572,835			618,404		8.0
Gain (loss) on investments in equity securities		(8,864	)		1,488		—
Other		37,401			161,835		332.7

Total revenue		1,336,766			1,582,733		18.4
Interest expense		521,250			532,374		2.1

Net revenue		815,516			1,050,359		28.8

Non-interest expenses:
Compensation and benefits		372,428			374,514		0.6
Commissions and floor brokerage		64,335			74,565		15.9
Information processing and communications		123,232			126,939		3.0
Occupancy and related depreciation		48,692			53,756		10.4
Business development expenses		27,354			24,243		(11.4	)
Other		241,529			123,363		(48.9	)

Total non-interest expenses		877,570			777,380		(11.4	)

Income (loss) before income taxes		(62,054	)		272,979		—
Income tax expense		36,331			16,379		(54.9	)

Net income (loss)		(98,385	)		256,600		—

Less: Net income attributable to noncontrolling interests		2,901			5,127		76.7

Net income (loss) attributable to NHI shareholders		(101,286	)		251,473		—

Per share of common stock:

	Yen					% Change
Basic-
Net income (loss) attributable to NHI shareholders per share		(30.01	)		77.36		—

Diluted-
Net income (loss) attributable to NHI shareholders per share		(30.03	)		75.65		—

– 8 –

(3)

Consolidated Statements of Comprehensive Income


	Millions of yen						% Change
	For the nine months ended						(B-A)/(A)
	December 31, 2018(A)			December 31, 2019(B)			(B-A)/(A)
Net income (loss)		(98,385	)		256,600			—
Other comprehensive income (loss):
Cumulative translation adjustments:
Cumulative translation adjustments		35,040			(16,837	)		—
Deferred income taxes		(1,702	)		67			—

Total		33,338			(16,770	)		—

Defined benefit pension plans:
Pension liability adjustment		2,039			4,167			104.4
Deferred income taxes		(995	)		625			—

Total		1,044			4,792			359.0

Own Credit Adjustments:
Own Credit Adjustments		31,350			(19,640	)		—
Deferred income taxes		(5,982	)		2,256			—

Total		25,368			(17,384	)		—

Total other comprehensive income (loss)		59,750			(29,362	)		—

Comprehensive income (loss)		(38,635	)		227,238			—
Less: Comprehensive income attributable to noncontrolling interests		3,645			5,119			40.4

Comprehensive income (loss) attributable to NHI shareholders		(42,280	)		222,119			—

(4)

Note with respect to the Assumption as a Going Concern

Not applicable.

– 9 –

(5)

Segment Information – Operating Segment

The following table shows business segment information and reconciliation items to the consolidated statements of income.


	Millions of yen						% Change
	For the nine months ended						(B-A)/(A)
	December 31, 2018 (A)			December 31, 2019 (B)			(B-A)/(A)
Net revenue

Business segment information:
Retail		265,325			247,565			(6.7	)
Asset Management		66,948			85,581			27.8
Wholesale		413,148			502,711			21.7

Subtotal		745,421			835,857			12.1
Other		79,117			219,279			177.2

Net revenue		824,538			1,055,136			28.0

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		(9,022	)		(4,777	)		—

Net revenue		815,516			1,050,359			28.8


Non-interest expenses

Business segment information:
Retail		219,136			216,546			(1.2	)
Asset Management		47,191			48,073			1.9
Wholesale		511,532			420,580			(17.8	)

Subtotal		777,859			685,199			(11.9	)
Other		99,711			92,181			(7.6	)

Non-interest expenses		877,570			777,380			(11.4	)

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

Non-interest expenses		877,570			777,380			(11.4	)


Income (loss) before income taxes

Business segment information:
Retail		46,189			31,019			(32.8	)
Asset Management		19,757			37,508			89.8
Wholesale		(98,384	)		82,131			—

Subtotal		(32,438	)		150,658			—
Other*		(20,594	)		127,098			—

Income (loss) before income taxes		(53,032	)		277,756			—

Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		(9,022	)		(4,777	)		—

Income (loss) before income taxes		(62,054	)		272,979			—

*	Major components

Transactions between operating segments are recorded within segment results on commercial terms and conditions, and are eliminated in “Other.”

The following table presents the major components of income (loss) before income taxes in “Other.”


	Millions of yen						% Change
	For the nine months ended
	December 31, 2018 (A)			December 31, 2019 (B)			(B-A)/(A)
Net gain (loss) related to economic hedging transactions		(4,754	)		22,170			—
Realized gain (loss) on investments in equity securities held for operating purposes		158			6,265			—
Equity in earnings of affiliates		16,599			21,072			26.9
Corporate items		(25,570	)		(12,339	)		—
Other		(7,027	)		89,930			—

Total		(20,594	)		127,098			—

– 10 –

(6)

Significant Changes in Equity

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


	Millions of yen
	For the nine months ended December 31, 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
Stock-based compensation awards		(4,457	)

Balance at end of period		683,304

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		251,473
Cash dividends		(48,477	)
Gain (loss) on sales of treasury stock		(231	)

Balance at end of period		1,695,182

Accumulated other comprehensive income (loss)
Cumulative translation adjustments
Balance at beginning of year		17,833
Net change during the period		(16,762	)

Balance at end of period		1,071

Defined benefit pension plans
Balance at beginning of year		(71,107	)
Pension liability adjustment		4,792

Balance at end of period		(66,315	)

Own credit adjustments
Balance at beginning of year		24,224
Own credit adjustments		(17,384	)

Balance at end of period		6,840

Balance at end of period		(58,404	)

Common stock held in treasury
Balance at beginning of year		(108,968	)
Repurchases of common stock		(117,720	)
Sale of common stock		0
Common stock issued to employees		13,280

Balance at end of period		(213,408	)

Total NHI shareholders’ equity

Balance at end of period		2,701,167

Noncontrolling interests
Balance at beginning of year		49,732
Net change during the period		38,724

Balance at end of period		88,456

Total equity

Balance at end of period		2,789,623

(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			September 30, 2019(A)			December 31, 2019(B)		(B-A)/(A)			For the year ended March 31, 2019
Revenue:
Commissions		79,456		74,783			72,715			66,115			68,200			65,254			79,289		21.5			293,069
Fees from investment banking		23,959		19,119			33,129			25,314			27,311			22,265			26,803		20.4			101,521
Asset management and portfolio service fees		62,981		62,740			60,591			59,207			59,963			59,926			61,020		1.8			245,519
Net gain on trading		71,887		75,752			96,947			98,378			112,825			105,609			109,266		3.5			342,964
Gain (loss) on private equity investments		553		321			461			(328	)		791			981			1,503		53.2			1,007
Interest and dividends		169,590		188,703			214,542			204,129			199,473			215,881			203,050		(5.9	)		776,964
Gain (loss) on investments in equity securities		2,092		(1,104	)		(9,852	)		1,881			(2,838	)		2,083			2,243		7.7			(6,983	)
Other		20,467		28,067			(11,133	)		43,656			45,654			101,905			14,276		(86.0	)		81,057

Total revenue		430,985		448,381			457,400			498,352			511,379			573,904			497,450		(13.3	)		1,835,118
Interest expense		158,988		165,459			196,803			197,098			179,378			190,524			162,472		(14.7	)		718,348

Net revenue		271,997		282,922			260,597			301,254			332,001			383,380			334,978		(12.6	)		1,116,770

Non-interest expenses:
Compensation and benefits		127,700		125,800			118,928			124,637			125,102			120,425			128,987		7.1			497,065
Commissions and floor brokerage		20,935		19,579			23,821			18,302			24,551			25,446			24,568		(3.5	)		82,637
Information processing and communications		40,961		40,515			41,756			43,633			41,757			42,361			42,821		1.1			166,865
Occupancy and related depreciation		16,376		16,464			15,852			16,248			19,120			18,360			16,276		(11.4	)		64,940
Business development expenses		8,896		9,337			9,121			9,561			7,828			7,906			8,509		7.6			36,915
Other		43,486		70,760			127,283			64,520			38,837			40,396			44,130		9.2			306,049

Total non-interest expenses		258,354		282,455			336,761			276,901			257,195			254,894			265,291		4.1			1,154,471

Income (loss) before income taxes		13,643		467			(76,164	)		24,353			74,806			128,486			69,687		(45.8	)		(37,701	)
Income tax expense		6,930		9,703			19,698			20,679			17,917			(11,875	)		10,337		—			57,010

Net income (loss)		6,713		(9,236	)		(95,862	)		3,674			56,889			140,361			59,350		(57.7	)		(94,711	)

Less: Net income (loss) attributable to noncontrolling interests		1,490		1,997			(586	)		2,830			1,056			1,787			2,284		27.8			5,731

Net income (loss) attributable to NHI shareholders		5,223		(11,233	)		(95,276	)		844			55,833			138,574			57,066		(58.8	)		(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			18.07		(57.1	)		(29.90	)

Diluted-
Net income (loss) attributable to NHI shareholders per share		1.50		(3.32	)		(28.52	)		0.23			16.48			41.23			17.63		(57.2	)		(29.92	)

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(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																				(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			September 30, 2019(A)		December 31, 2019(B)			(B-A)/(A)			For the year ended March 31, 2019

Net revenue

Business segment information:
Retail		92,833			85,710			86,782			74,155			80,640			76,882		90,043			17.1			339,480
Asset Management		26,089			24,681			16,178			30,897			34,500			25,676		25,405			(1.1	)		97,845
Wholesale		137,290			147,660			128,198			142,240			159,486			156,698		186,527			19.0			555,388

Subtotal		256,212			258,051			231,158			247,292			274,626			259,256		301,975			16.5			992,713
Other		13,738			25,982			39,397			52,144			60,289			123,295		35,695			(71.0	)		131,261

Net revenue		269,950			284,033			270,555			299,436			334,915			382,551		337,670			(11.7	)		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		(2,692	)		—			(7,204	)

Net revenue		271,997			282,922			260,597			301,254			332,001			383,380		334,978			(12.6	)		1,116,770


Non-interest expenses

Business segment information:
Retail		72,909			73,494			72,733			70,854			72,522			71,621		72,403			1.1			289,990
Asset Management		15,806			15,768			15,617			16,469			16,358			15,630		16,085			2.9			63,660
Wholesale		144,714			142,745			224,073			155,255			139,479			137,777		143,324			4.0			666,787

Subtotal		233,429			232,007			312,423			242,578			228,359			225,028		231,812			3.0			1,020,437
Other		24,925			50,448			24,338			34,323			28,836			29,866		33,479			12.1			134,034

Non-interest expenses		258,354			282,455			336,761			276,901			257,195			254,894		265,291			4.1			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		265,291			4.1			1,154,471


Income (loss) before income taxes

Business segment information:
Retail		19,924			12,216			14,049			3,301			8,118			5,261		17,640			235.3			49,490
Asset Management		10,283			8,913			561			14,428			18,142			10,046		9,320			(7.2	)		34,185
Wholesale		(7,424	)		4,915			(95,875	)		(13,015	)		20,007			18,921		43,203			128.3			(111,399	)

Subtotal		22,783			26,044			(81,265	)		4,714			46,267			34,228		70,163			105.0			(27,724	)
Other*		(11,187	)		(24,466	)		15,059			17,821			31,453			93,429		2,216			(97.6	)		(2,773	)

Income (loss) before income taxes		11,596			1,578			(66,206	)		22,535			77,720			127,657		72,379			(43.3	)		(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		(2,692	)		—			(7,204	)

Income (loss) before income taxes		13,643			467			(76,164	)		24,353			74,806			128,486		69,687			(45.8	)		(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		September 30, 2019(A)			December 31, 2019(B)			(B-A)/(A)			For the year ended March 31, 2019
Net gain (loss) related to economic hedging transactions		(13,807	)		(16,018	)		25,071			6,554			12,794		7,043			2,333			(66.9	)		1,800
Realized gain (loss) on investments in equity securities held for operating purposes		45			7			106			63			76		1,254			4,935			293.5			221
Equity in earnings of affiliates		6,619			8,536			1,444			15,933			8,265		8,009			4,798			(40.1	)		32,532
Corporate items		(2,482	)		(23,719	)		631			(10,426	)		1,391		(4,635	)		(9,095	)		—			(35,996	)
Other		(1,562	)		6,728			(12,193	)		5,697			8,927		81,758			(755	)		—			(1,330	)

Total		(11,187	)		(24,466	)		15,059			17,821			31,453		93,429			2,216			(97.6	)		(2,773	)

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(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_3q.pdf

– 14 –