Nomura : Financial Summary - Six months ended September 30, 2017(PDF 300KB)

News Release

October 30, 2017

NOMURA HOLDINGS, INC.

Financial Summary - Six months ended September 30, 2017

We are pleased to report the following consolidated financial summary based on the consolidated financial information under U.S. GAAP for the six months ended September 30, 2017.

Date: October 30, 2017

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: Michio Okazaki

Managing Director, Head of Management Accounting and Investor Relations, Nomura Holdings, Inc.

Tel: (Country Code 81) 3-5255-1000 URL: http://www.nomura.com

1. Consolidated Operating Results

2. Operating Results

   (Rounded to nearest million) (Millions of yen, except per share data)

   For the six months ended September 30 2016 2017

   % Change from September 30, 2015

   % Change from September 30, 2016

   Total revenue 844,521 (8.8%) 930,315 10.2%

   Net revenue 685,475 (9.9%) 712,316 3.9%

   Income before income taxes 144,539 14.8% 160,482 11.0% Net income attributable to

   Nomura Holdings, Inc. ("NHI") shareholders

   108,005 (6.3%) 108,706 0.6%

   Comprehensive income (3,529) －% 113,821 －%

   Basic-Net income attributable to NHI shareholders per share (Yen) 30.10 30.79

   Diluted-Net income attributable to NHI shareholders per share (Yen) 29.39 30.20

   Return on shareholders' equity - annualized 8.1% 7.7%

   Note: Return on shareholders' equity is a ratio of Net income attributable to NHI shareholders to Total NHI shareholders' equity.

3. ) Financial Position

4. (Millions of yen, except per share data)

   At March 31 At September 30

   2017 2017

   Total assets 42,852,078 44,105,700

   Total equity 2,843,791 2,892,407

   Total NHI shareholders' equity 2,789,916 2,836,212 Total NHI shareholders' equity as a percentage of total assets 6.5% 6.4%

   Total NHI shareholders' equity per share (Yen) 790.70 813.57

5. Cash Dividends

   For the year ended March 31

   (Yen amounts)

   At June 30	－	－	－
   At September 30	9.00	9.00	－
   At December 31	－	－	－
   At March 31	11.00	－	Unconfirmed
   For the year	20.00	－	Unconfirmed

   Dividends per share Dividends record dates

   2017 2018 2018 (Plan)

   Note: Nomura plans to forgo dividend distribution for Q3 of fiscal year 2018. Fiscal year 2018 Q4 dividend amount are not presented per reasons stated in "3. Earnings forecasts for the year ending March 31, 2018".

6. Earnings Forecasts for the year ending March 31, 2018

7. 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

8. Changes in significant subsidiaries during the period: None

   (Changes in Specified Subsidiaries accompanying changes in scope of consolidation.)

9. Adoption of the simplified and particular accounting treatments: None

10. Changes in accounting policies

11. Changes in accounting policies due to amendments to the accounting standards : None

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

13. (4) Number of shares issued (common stock)	At March 31	At September 30
    2017	2017
    Number of shares outstanding (including treasury stock)	3,822,562,601	3,822,562,601
    Number of treasury stock	294,133,150	336,420,504
    For the six months ended September 30
    2016	2017
    Average number of shares outstanding (year-to-date)	3,588,288,755	3,530,324,525
    *This quarterly report is not subject to 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. 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

    3. 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
14. Qualitative Information of the Quarterly Consolidated Results
15. Consolidated Operating Results U.S. GAAP

    Billions of yen % Change For the six months ended

    September 30,

    2016 (A)

    September 30,

    2017 (B)

    (B-A)/(A)

    Net revenue	685.5	712.3	3.9
    Non-interest expenses	540.9	551.8	2.0
    Income (loss) before income taxes	144.5	160.5	11.0
    Income tax expense	35.5	48.8	37.5
    Net income (loss)	109.0	111.7	2.4

    Less: Net income (loss) attributable to noncontrolling interests	1.0	2.9	188.5
    Net income (loss) attributable to NHI shareholders	108.0	108.7	0.6
    Return on shareholders' equity - annualized	8.1%	7.7%	－

    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 712.3 billion yen for the six months ended September 30, 2017, an increase of 3.9% from the same period in the prior year. Non-interest expenses increased by 2.0% from the same period in the prior year to 551.8 billion yen. Income before income taxes was 160.5 billion yen and net income attributable to NHI shareholders was 108.7 billion yen for the six months ended September 30, 2017.

    Segment Information

    Billions of yen % Change For the six months ended

    September 30,

    2016 (A)

    September 30,

    2017 (B)

    (B-A)/(A)

    Net revenue 688.4 709.6 3.1

    Non-interest expenses 540.9 551.8 2.0

    Income (loss) before income taxes 147.5 157.7 6.9

    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, 2017 was 709.6 billion yen, an increase of 3.1% from the same period in the prior year. Non-interest expenses increased by 2.0% from the same period in the prior year to 551.8 billion yen. Income before income taxes was 157.7 billion yen for the six months ended September 30, 2017. Please refer to page 10 for further details of the differences between U.S. GAAP and business segment amounts.

    Operating Results of Retail

    Billions of yen % Change For the six months ended

    September 30,

    2016 (A)

    September 30,

    2017 (B)

    (B-A)/(A)

    Net revenue 169.9 203.5 19.7

    Non-interest expenses 146.8 153.0 4.2

    Income (loss) before income taxes 23.1 50.4 118.6

    Net revenue increased by 19.7% from the same period in the prior year to 203.5 billion yen, primarily due to increasing commissions from distribution of brokerage and investment trusts. Non-interest expense increased by 4.2% to 153.0 billion yen. As a result, income before income taxes increased by 118.6% to 50.4 billion yen.

    Operating Results of Asset Management

    Billions of yen % Change For the six months ended

    September 30,

    2016 (A)

    September 30,

    2017 (B)

    (B-A)/(A)

    Net revenue 47.2 63.5 34.5

    Non-interest expenses 27.5 29.5 7.0

    Income (loss) before income taxes 19.7 34.0 73.0

    Net revenue increased by 34.5% from the same period in the prior year to 63.5 billion yen. Non-interest expense increased by 7.0% to 29.5 billion yen. As a result, income before income taxes increased by 73.0% to

    34.0 billion yen. Assets under management were 48.0 trillion yen as of September 30, 2017.

    Operating Results of Wholesale

    Billions of yen % Change For the six months ended

    September 30,

    2016 (A)

    September 30,

    2017 (B)

    (B-A)/(A)

    Net revenue 370.8 338.3 (8.8)

    Non-interest expenses 284.9 295.9 3.9

    Income (loss) before income taxes 85.9 42.3 (50.7)

    Net revenue decreased by 8.8% from the same period in the prior year to 338.3 billion yen. Non-interest expense increased by 3.9% to 295.9 billion yen. As a result, income before income taxes decreased by 50.7% from the same period in the prior year to 42.3 billion yen.

    Other Operating Results

    Billions of yen % Change For the six months ended

    September 30,

    2016 (A)

    September 30,

    2017 (B)

    (B-A)/(A)

    Net revenue 100.5 104.3 3.8

    Non-interest expenses 81.7 73.4 (10.1)

    Income (loss) before income taxes 18.9 30.9 64.1

    Net revenue was 104.3 billion yen. Income before income taxes was 30.9 billion yen.

16. Consolidated Financial Position

    Total assets as of September 30, 2017 were 44,105.7 billion yen, an increase of 1,253.6 billion yen compared to March 31, 2017, mainly due to the increase in Trading assets. Total liabilities as of September 30, 2017 were 41,213.3 billion yen, an increase of 1,205.0 billion yen compared to March 31, 2017, mainly due to the increase in Trading liabilities and Long-term borrowings. Total equity as of September 30, 2017 was 2,892.4 billion yen, an increase of 48.6 billion yen compared to March 31, 2017.

17. Consolidated Earnings Forecasts

18. 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.

19. 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 26, 2017) and Form 20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 26, 2017) for the year ended March 31, 2017.

20. Consolidated Balance Sheets

    ASSETS

    March 31,

    2017

    Millions of yen September 30,

    2017

    Increase/ (Decrease)

    Cash and cash deposits:

    Cash and cash equivalents	2,536,840	2,667,593	130,753
    Time deposits	207,792	222,998	15,206
    Deposits with stock exchanges and other segregated cash	227,456	250,597	23,141
    Total cash and cash deposits	2,972,088	3,141,188	169,100
    Loans and receivables: Loans receivable	1,875,828	1,971,887	96,059
    Receivables from customers	148,378	210,637	62,259
    Receivables from other than customers	1,076,773	996,012	(80,761)
    Allowance for doubtful accounts	(3,551)	(3,786)	(235)
    Total loans and receivables	3,097,428	3,174,750	77,322

    Collateralized agreements:

    Securities purchased under agreements to resell	11,456,591	12,751,325	1,294,734
    Securities borrowed	7,273,234	5,827,070	(1,446,164)
    Total collateralized agreements	18,729,825	18,578,395	(151,430)

    Trading assets and private equity investments:

    Trading assets*	15,165,310	16,354,297	1,188,987
    Private equity investments	27,054	19,085	(7,969)
    Total trading assets and private equity investments	15,192,364	16,373,382	1,181,018

    Other assets:

    Office buildings, land, equipment and facilities

    (net of accumulated depreciation and amortization of

    ¥ 445,000 million as of March 31, 2017 and ¥ 472,229 million as of September 30, 2017)	349,696	335,189	(14,507)
    Non-trading debt securities*	775,025	726,993	(48,032)
    Investments in equity securities*	146,730	151,589	4,859
    Investments in and advances to affiliated companies*	420,116	397,872	(22,244)
    Other	1,168,806	1,226,342	57,536
    Total other assets	2,860,373	2,837,985	(22,388)

    Total assets 42,852,078 44,105,700 1,253,622

    *Including securities pledged as collateral

    LIABILITIES AND EQUITY

    March 31,

    2017

    Millions of yen September 30,

    2017

    Increase/ (Decrease)

    Short-term borrowings Payables and deposits: Payables to customers			543,049 1,005,670	632,137 1,144,583	89,088 138,913
    Payables to other than customers			1,569,922	1,571,234	1,312
    Deposits received at banks			1,132,843	1,210,816	77,973
    Total payables and deposits			3,708,435	3,926,633	218,198
    Collateralized financing:
    Securities sold under agreements to repurchase			17,095,898	17,236,437	140,539
    Securities loaned			1,627,124	1,584,949	(42,175)
    Other secured borrowings			338,069	378,474	40,405
    Total collateralized financing			19,061,091	19,199,860	138,769
    Trading liabilities			8,191,794	8,543,122	351,328
    Other liabilities			1,308,510	1,255,774	(52,736)
    Long-term borrowings			7,195,408	7,655,767	460,359
    Total liabilities			40,008,287	41,213,293	1,205,006
    Equity
    NHI shareholders' equity: Common stock
    Authorized -	6,000,000,000	shares
    Issued -	3,822,562,601	shares as of March 31, 2017 and
    3,822,562,601	shares as of September 30, 2017
    Outstanding -	3,528,429,451	shares as of March 31, 2017 and
    3,486,142,097	shares as of September 30, 2017	594,493	594,493	－
    Additional paid-in capital			681,329	677,446	(3,883)
    Retained earnings			1,663,234	1,736,867	73,633
    Accumulated other comprehensive income			33,652	35,585	1,933
    Total NHI shareholders' equity before treasury stock			2,972,708	3,044,391	71,683

    Common stock held in treasury, at cost -

    294,133,150	shares as of March 31, 2017 and
    336,420,504	shares as of September 30, 2017	(182,792)	(208,179)	(25,387)
    Total NHI shareholders' equity	2,789,916	2,836,212	46,296
    Noncontrolling interests	53,875	56,195	2,320
    Total equity	2,843,791	2,892,407	48,616
    Total liabilities and equity	42,852,078	44,105,700	1,253,622

21. Consolidated Statements of Income

    Millions of yen % Change For the six months ended

    Revenue:

    September 30, 2016(A)

    September 30, 2017(B)

    (B-A)/(A)

    Commissions	150,895	176,292	16.8
    Fees from investment banking	40,666	49,790	22.4
    Asset management and portfolio service fees	104,752	119,555	14.1
    Net gain on trading	258,901	208,858	(19.3)
    Gain (loss) on private equity investments	(433)	29	－
    Interest and dividends	215,414	276,004	28.1
    Gain (loss) on investments in equity securities	(2,312)	3,122	－
    Other	76,638	96,665	26.1
    Total revenue	844,521	930,315	10.2
    Interest expense	159,046	217,999	37.1
    Net revenue	685,475	712,316	3.9
    Non-interest expenses:
    Compensation and benefits	253,918	258,284	1.7
    Commissions and floor brokerage	47,039	49,017	4.2
    Information processing and communications	85,850	91,832	7.0
    Occupancy and related depreciation	35,031	34,265	(2.2)
    Business development expenses	15,177	16,232	7.0
    Other	103,921	102,204	(1.7)
    Total non-interest expenses	540,936	551,834	2.0
    Income before income taxes	144,539	160,482	11.0
    Income tax expense	35,512	48,828	37.5
    Net income	109,027	111,654	2.4
    Less: Net income attributable to noncontrolling interests	1,022	2,948	188.5
    Net income attributable to NHI shareholders	108,005	108,706	0.6
    Per share of common stock:
    Yen	% Change
    Basic-
    Net income attributable to NHI shareholders per share	30.10	30.79	2.3
    Diluted-
    Net income attributable to NHI shareholders per share	29.39	30.20	2.8

22. Consolidated Statements of Comprehensive Income

23. Millions of yen % Change For the six months ended

    September 30, 2016(A)

    September 30, 2017(B)

    (B-A)/(A)

    Net income 109,027 111,654 2.4

    Other comprehensive income (loss):

    Cumulative translation adjustments: Cumulative translation adjustments	(95,129)	10,636	－
    Deferred income taxes	5,882	(801)	－
    Total	(89,247)	9,835	－
    Defined benefit pension plans:
    Pension liability adjustment	92	381	314.1
    Deferred income taxes	(81)	(18)	－
    Total	11	363	－
    Non-trading securities:
    Net unrealized gain (loss) on non-trading securities	(8,492)	1,487	－
    Deferred income taxes	1,345	(179)	－
    Total	(7,147)	1,308	－
    Own Credit Adjustments:
    Own Credit Adjustments	(19,093)	(10,670)	－
    Deferred income taxes	2,920	1,331	(54.4)
    Total	(16,173)	(9,339)	－
    Total other comprehensive income (loss)	(112,556)	2,167	－
    Comprehensive income	(3,529)	113,821	－
    Less: Comprehensive income attributable to noncontrolling interests	(877)	3,182	－
    Comprehensive income attributable to NHI shareholders	(2,652)	110,639	－
    (4) Note with respect to the Assumption as a Going Concern

    Not applicable.
24. 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

    Net revenue

    Business segment information:

    September 30,

    2016 (A)

    September 30,

    2017 (B)

    (B-A)/(A)

    Retail	169,915	203,470	19.7
    Asset Management	47,211	63,515	34.5
    Wholesale	370,795	338,279	(8.8)
    Subtotal	587,921	605,264	2.9
    Other	100,522	104,317	3.8
    Net revenue	688,443	709,581	3.1

    Reconciliation items:

    (2,968)	2,735	－
    685,475	712,316	3.9

    Unrealized gain (loss) on investments in equity securities held for operating purposes

    Net revenue

    Non-interest expenses

    Business segment information:

    Retail	146,840	153,031	4.2
    Asset Management	27,539	29,477	7.0
    Wholesale	284,886	295,943	3.9
    Subtotal	459,265	478,451	4.2
    Other	81,671	73,383	(10.1)
    Non-interest expenses	540,936	551,834	2.0

    Reconciliation items:

    Unrealized gain (loss) on investments in equity securities held for operating purposes

    － － －

    Non-interest expenses 540,936 551,834 2.0

    Income (loss) before income taxes

    Business segment information:

    Retail	23,075	50,439	118.6
    Asset Management	19,672	34,038	73.0
    Wholesale	85,909	42,336	(50.7)
    Subtotal	128,656	126,813	(1.4)
    Other *	18,851	30,934	64.1
    Income (loss) before income taxes	147,507	157,747	6.9

    Reconciliation items:

    Unrealized gain (loss) on investments in equity securities held for operating purposes

    (2,968) 2,735 －

    Income (loss) before income taxes 144,539 160,482 11.0

    *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

    September 30,

    2016 (A)

    September 30,

    2017 (B)

    (B-A)/(A)

    Net gain (loss) related to economic hedging transactions	7,855	(96)	－
    Realized gain (loss) on investments in equity securities held for operating purposes	656	387	(41.0)
    Equity in earnings of affiliates	12,003	15,430	28.6
    Corporate items	(9,572)	1,751	－
    Other	7,909	13,462	70.2
    Total	18,851	30,934	64.1

25. Significant Changes in Equity

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

Common stock

Millions of yen

For the six months ended September 30, 2017

Balance at beginning of year 594,493

Balance at end of period 594,493

Additional paid-in capital Balance at beginning of year	681,329
Issuance and exercise of common stock options	(3,883)
Balance at end of period	677,446
Retained earnings Balance at beginning of year	1,663,234
Net income attributable to NHI shareholders	108,706
Cash dividends	(31,375)
Gain (loss) on sales of treasury stock	(3,698)
Balance at end of period	1,736,867

Accumulated other comprehensive income Cumulative translation adjustments

Balance at beginning of year	47,767
Net change during the period	9,834
Balance at end of period	57,601
Defined benefit pension plans Balance at beginning of year	(41,020)
Pension liability adjustment	363
Balance at end of period	(40,657)
Non-trading securities Balance at beginning of year	20,344
Net unrealized gain on non-trading securities	1,075
Balance at end of period	21,419
Own credit adjustments Balance at beginning of year	6,561
Own credit adjustments	(9,339)
Balance at end of period	(2,778)
Balance at end of period	35,585
Common stock held in treasury Balance at beginning of year	(182,792)
Repurchases of common stock	(39,305)
Sale of common stock	0
Common stock issued to employees	13,356
Other net change in treasury stock	562
Balance at end of period	(208,179)
Total NHI shareholders' equity
Balance at end of period	2,836,212
Noncontrolling interests Balance at beginning of year	53,875
Net change during the period	2,320
Balance at end of period	56,195

Total equity

Balance at end of period 2,892,407

26. Supplementary Information
28. Consolidated Statements of Income - Quarterly Comparatives

    Millions of yen % Change Millions of yen

    For the three months ended

    For the year ended

    Revenue:

    June 30,

    2016

    September 30,

    2016

    December 31,

    2016

    March 31,

    2017

    June 30, 2017(A)

    September 30, 2017(B)

    (B-A)/(A)

    March 31,

    2017

    Commissions 76,255 74,640 86,257 89,977 90,968 85,324 (6.2) 327,129

    Fees from investment banking 17,313 23,353 23,743 28,171 22,707 27,083 19.3 92,580

    Asset management and portfolio service fees 52,612 52,140 55,106 56,621 58,343 61,212 4.9 216,479

    Net gain on trading 140,143 118,758 108,385 108,301 120,467 88,391 (26.6) 475,587

    Gain (loss) on private equity investments (13) (420) 596 1,208 359 (330) － 1,371

    Interest and dividends 106,551 108,863 117,383 108,239 134,392 141,612 5.4 441,036

    Gain (loss) on investments in equity

    securities (9,966) 7,654 12,865 (2,845) 62 3,060 － 7,708

    Other 35,517 41,121 39,549 37,439 40,628 56,037 37.9 153,626

    Total revenue 418,412 426,109 443,884 427,111 467,926 462,389 (1.2) 1,715,516

    Interest expense 79,932 79,114 75,239 78,034 107,103 110,896 3.5 312,319

    Net revenue 338,480 346,995 368,645 349,077 360,823 351,493 (2.6) 1,403,197

    Non-interest expenses:

    Compensation and benefits	125,949	127,969	127,592	114,875	136,249	122,035	(10.4)	496,385
    Commissions and floor brokerage	24,172	22,867	22,977	24,479	23,775	25,242	6.2	94,495
    Information processing and communications	44,249	41,601	42,152	47,278	44,569	47,263	6.0	175,280
    Occupancy and related depreciation	18,228	16,803	16,879	17,926	17,056	17,209	0.9	69,836
    Business development expenses	8,296	6,881	8,848	11,086	8,409	7,823	(7.0)	35,111
    Other	54,821	49,100	54,249	51,125	53,322	48,882	(8.3)	209,295
    Total non-interest expenses	275,715	265,221	272,697	266,769	283,380	268,454	(5.3)	1,080,402
    Income before income taxes	62,765	81,774	95,948	82,308	77,443	83,039	7.2	322,795
    Income tax expense	15,791	19,721	25,218	19,499	19,405	29,423	51.6	80,229
    Net income	46,974	62,053	70,730	62,809	58,038	53,616	(7.6)	242,566

    Less: Net income attributable to noncontrolling interests

    149 873 384 1,543 1,182 1,766 49.4 2,949

    Net income attributable to NHI shareholders 46,825 61,180 70,346 61,266 56,856 51,850 (8.8) 239,617

    Per share of common stock: Yen % Change Yen Basic-

    Net income attributable to NHI shareholders per share

    Diluted-

    Net income attributable to NHI shareholders per share

    13.00 17.10 19.89 17.38 16.07 14.70 (8.5) 67.29

    12.71 16.68 19.44 17.00 15.77 14.45 (8.4) 65.65

29. 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,	September 30,	December 31, March 31,	June 30,	September 30,	(B-A)/(A)	March 31,
    2016	2016	2016 2017	2017(A)	2017(B)	2017

    Net revenue

    Business segment information:

    Retail	83,751	86,164	101,342	103,177	101,684	101,786	0.1	374,434
    Asset Management	25,934	21,277	28,907	23,309	28,097	35,418	26.1	99,427
    Wholesale	190,932	179,863	197,285	171,176	179,316	158,963	(11.4)	739,256
    Subtotal	300,617	287,304	327,534	297,662	309,097	296,167	(4.2)	1,213,117
    Other	48,411	52,111	28,691	54,251	51,707	52,610	1.7	183,464
    Net revenue	349,028	339,415	356,225	351,913	360,804	348,777	(3.3)	1,396,581

    Reconciliation items:

    securities held for operating purposes	(10,548)	7,580	12,420	(2,836)	19	2,716	－	6,616
    Net revenue	338,480	346,995	368,645	349,077	360,823	351,493	(2.6)	1,403,197

    Unrealized gain (loss) on investments in equity

    Non-interest expenses

    Business segment information:

    Retail	75,086	71,754	75,393	77,409	76,792	76,239	(0.7)	299,642
    Asset Management	13,695	13,844	14,919	14,636	14,527	14,950	2.9	57,094
    Wholesale	144,290	140,596	149,871	143,052	153,963	141,980	(7.8)	577,809
    Subtotal	233,071	226,194	240,183	235,097	245,282	233,169	(4.9)	934,545
    Other	42,644	39,027	32,514	31,672	38,098	35,285	(7.4)	145,857
    Non-interest expenses	275,715	265,221	272,697	266,769	283,380	268,454	(5.3)	1,080,402

    Reconciliation items:

    securities held for operating purposes	－	－	－	－	－	－	－	－
    Non-interest expenses	275,715	265,221	272,697	266,769	283,380	268,454	(5.3)	1,080,402

    Unrealized gain (loss) on investments in equity

    Income (loss) before income taxes

    Business segment information:

    Retail	8,665	14,410	25,949	25,768	24,892	25,547	2.6	74,792
    Asset Management	12,239	7,433	13,988	8,673	13,570	20,468	50.8	42,333
    Wholesale	46,642	39,267	47,414	28,124	25,353	16,983	(33.0)	161,447
    Subtotal	67,546	61,110	87,351	62,565	63,815	62,998	(1.3)	278,572
    Other *	5,767	13,084	(3,823)	22,579	13,609	17,325	27.3	37,607
    Income (loss) before income taxes	73,313	74,194	83,528	85,144	77,424	80,323	3.7	316,179

    Reconciliation items:

    securities held for operating purposes	(10,548)	7,580	12,420	(2,836)	19	2,716	－	6,616
    Income (loss) before income taxes	62,765	81,774	95,948	82,308	77,443	83,039	7.2	322,795

    Unrealized gain (loss) on investments in equity

    * 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,	September 30,	December 31, March 31,		June 30,	September 30,	(B-A)/(A)	March 31,
    2016	2016	2016 2017		2017(A)	2017(B)	2017
    Net gain (loss) related to economic
    11,974	(4,119)	(15,948)	814	(654)	558	－	(7,279)
    hedging transactions
    Realized gain (loss) on investments in equity
    582	74	445	(9)	43	344	700.0	1,092
    securities held for operating purposes
    Equity in earnings of affiliates	1,058	10,945	10,960	9,379	7,022	8,408	19.7	32,342
    Corporate items	(4,306)	(5,266)	(769)	3,902	154	1,597	937.0	(6,439)
    Other	(3,541)	11,450	1,489	8,493	7,044	6,418	(8.9)	17,891
    Total	5,767	13,084	(3,823)	22,579	13,609	17,325	27.3	37,607

30. Other

Quarterly financial information for Nomura Securities Co., Ltd. can be found at the following URL. http://www.nomuraholdings.com/company/group/nsc/pdf/2018_2q.pdf