Finance

Nomura lifts first-half profit as stable revenue expands

The Tip Desk · November 3, 2026 · 3 min read

Net revenue reached 1.2942 trillion yen in the six months to September 2026, up 25% from a year earlier, as asset-management-based earnings and Banking lifted the group.

Nomura Holdings (NMR) reported first-half net revenue of 1.2942 trillion yen for the six months to September 2026, up 25% from 1.0388 trillion yen a year earlier, with income before income taxes of 359.5 billion yen and net income of 249.3 billion yen.

The Japanese securities group said stable revenues grew about 60% year over year, reflecting an expanded asset-management-based business, and that all four reportable segments contributed to profit growth, with four-segment aggregate income before income taxes up about 50%. Return on equity was 13.3% on an annualized basis.

Wealth Management net revenue was 286.9 billion yen, up 29% from 222.3 billion yen, and income before income taxes rose 62% to 136.7 billion yen from 84.3 billion yen. Recurring revenue reached an all-time high on a large net increase in recurring-revenue assets and half-yearly investment advisory fees; the recurring-revenue cost coverage ratio rose to 79%. Net inflows of recurring-revenue assets hit a record high of about 750.0 billion yen.

Investment Management net revenue was 183.1 billion yen, up 64% from 111.4 billion yen, and income before income taxes rose 39% to 72.4 billion yen from 52.2 billion yen. Business revenue was 82.3 billion yen, up 87% year over year, as assets under management stayed at a high level and fund inflows continued mainly into newly established funds and balanced funds.

Wholesale net revenue was 678.0 billion yen, up 26% from 540.3 billion yen, and income before income taxes rose 47% to 139.4 billion yen from 95.0 billion yen. Global Markets net revenue was 254.2 billion yen in the second quarter, up 8% year over year, with Equities at 135.0 billion yen. Investment Banking net revenue was 54.7 billion yen, up 26% year over year, on Advisory, Financing and Solutions; Nomura topped Japan-related ECM and DCM league tables for April to September 2026.

Banking net revenue rose 23% year over year to 31.6 billion yen in the first half from 25.7 billion yen, with income before income taxes up 18% to 8.0 billion yen from 6.8 billion yen, as lending, trust and agent services and higher interest rates lifted the division. Banking revenue and others, mainly The Nomura Trust and Banking Co. net interest margin, increased 31% year over year to 4.5 billion yen in the second quarter from 3.5 billion yen a year earlier. Trust and Agent Service revenue rose 26% year over year to 11.9 billion yen from 9.4 billion yen.

NTB deposit balances excluding negotiable certificates of deposit increased 173.5 billion yen to 1.8377 trillion yen at end-September 2026 from 1.6642 trillion yen at end-June 2026. Total loans and receivables rose 1.459 trillion yen to 11.002 trillion yen at end-September 2026 from 9.543 trillion yen at end-March 2026, and total payables and deposits rose 1.053 trillion yen to 9.751 trillion yen.

The CET1 capital ratio was 12.6% at end-September 2026 versus 12.8% at end-March 2026, with risk-weighted assets at 25.499 trillion yen and Tier 1 capital at 3.701 trillion yen. The consolidated leverage ratio was 4.68%. The half-year dividend was 35 yen a share.

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