Nomura Holdings’ net income up 11% to $508m in Q3

Net revenue was up 24% compared to the year ago. 

Nomura has reported a net income of $508m (JPY66.9b) for the third quarter of the fiscal year ending 31 March 2023, 11% higher than a year ago, according to the financial holding company’s latest financial statement.

Net revenue for the third quarter was $3b (JPY393.7b), up 24% compared to the previous quarter and 12% from a year ago. Income before income taxes increased 165% from Q2.

“Retail reported a strong rebound in flow revenue as we provided clients with detailed consulting  services to adapt to the changing market environment. Although recurring revenue was largely  unchanged from last quarter, our recurring revenue cost coverage ratio remained at the 50% level reflecting our continued focus on disciplined cost control,” said Kentaro Okuda, Nomura President and Group CEO.  

For the first nine months of the fiscal year up to December, Nomura reported a net revenue of $7.7b (JPY1.01b), 1% lower from the same period last year.

ALSO READ: Nomura eyes $1b potential revenue boost from equities, wealth: report

Over the same period, income before income taxes decreased 28% to $962m (JPY126.8b), and net income attributable to Nomura Holdings shareholders was $648m (JPY85.4b), down 24% compared to the first nine months of FY2021-22.

“Investment Management booked continued inflows into core investment trusts and alternative  assets. Pretax income was at its highest level in six quarters as business revenue remained solid  and investment gain/loss improved,” said Okuda.

“Wholesale performance slowed compared to last quarter. Investment Banking revenues grew  quarter on quarter as cross-border and sustainability related deals helped drive higher Advisory  revenues, while the ECM business showed gradual improvement. In Global Markets, Equities net revenue was stronger but Fixed Income net revenue declined,” he added.