☐ | REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☒ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Japan | 13-1, Nihonbashi1-chome Chuo-ku, Tokyo103-8645 Japan | |
(Jurisdiction of incorporation or organization) | (Address of principal executive offices) |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange On Which Registered | ||
American Depositary Shares Common Stock* | NMR | New York Stock Exchange |
* | Not for trading, but only in connection with the registration of the American Depositary Shares, each representing one share of Common Stock. |
Large accelerated filer ☒ | Accelerated filer ☐ | Non-accelerated filer ☐ | Emerging growth company ☐ |
U.S. GAAP ☒ | International Financial Reporting Standards as issued by the International Accounting Standards Board ☐ | Other ☐ |
Page | ||||
PART I | ||||
Item 1. | 2 | |||
Item 2. | 2 | |||
Item 3. | 2 | |||
Item 4. | ||||
Item 4A. | ||||
Item 5. | ||||
Item 6. | 88 | |||
Item 7. | ||||
Item 8. | ||||
Item 9. | ||||
Item 10. | ||||
Item 11. | ||||
Item 12. | ||||
PART II | ||||
Item 13. | ||||
Item 14. | ||||
Item 15. | ||||
Item 16A. | ||||
Item 16B. | ||||
Item 16C. | ||||
Item 16D. | ||||
Item 16E. | ||||
Item 16F. | ||||
Item 16G. | ||||
Item 16H. | ||||
Item 16I. | 150 | |||
PART III | ||||
Item 17. | ||||
Item 18. | ||||
Item 19. | ||||
F-1 |
Millions of yen, except per share data and percentages | ||||||||||||||||||||
Year ended March 31 | ||||||||||||||||||||
2017 | 2018 | 2019 | 2020 | 2021 | ||||||||||||||||
Statement of income data: | ||||||||||||||||||||
Revenue | ¥ | 1,715,516 | ¥ | 1,972,158 | ¥ | 1,835,118 | ¥ | 1,952,482 | ¥ | 1,617,235 | ||||||||||
Interest expense | 312,319 | 475,189 | 718,348 | 664,653 | 215,363 | |||||||||||||||
Net revenue | 1,403,197 | 1,496,969 | 1,116,770 | 1,287,829 | 1,401,872 | |||||||||||||||
Non-interest expenses | 1,080,402 | 1,168,811 | 1,154,471 | 1,039,568 | 1,171,201 | |||||||||||||||
Income (loss) before income taxes | 322,795 | 328,158 | (37,701 | ) | 248,261 | 230,671 | ||||||||||||||
Income tax expense | 80,229 | 103,866 | 57,010 | 28,894 | 70,274 | |||||||||||||||
Net income (loss) | ¥ | 242,566 | ¥ | 224,292 | ¥ | (94,711 | ) | ¥ | 219,367 | ¥ | 160,397 | |||||||||
Less: Net income attributable to noncontrolling interests | 2,949 | 4,949 | 5,731 | 2,369 | 7,281 | |||||||||||||||
Net income (loss) attributable to Nomura Holdings, Inc. (“NHI”) shareholders | ¥ | 239,617 | ¥ | 219,343 | ¥ | (100,442 | ) | ¥ | 216,998 | ¥ | 153,116 | |||||||||
Balance sheet data (period end): | ||||||||||||||||||||
Total assets (1) | ¥ | 42,531,972 | ¥ | 40,343,947 | ¥ | 40,969,439 | ¥ | 43,999,815 | ¥ | 42,516,480 | ||||||||||
Total NHI shareholders’ equity | 2,789,916 | 2,749,320 | 2,631,061 | 2,653,467 | 2,694,938 | |||||||||||||||
Total equity | 2,843,791 | 2,799,824 | 2,680,793 | 2,731,264 | 2,756,451 | |||||||||||||||
Common stock | 594,493 | 594,493 | 594,493 | 594,493 | 594,493 | |||||||||||||||
Per share data: | ||||||||||||||||||||
Net income (loss) attributable to NHI shareholders—basic | ¥ | 67.29 | ¥ | 63.13 | ¥ | (29.90 | ) | ¥ | 67.76 | ¥ | 50.11 | |||||||||
Net income (loss) attributable to NHI shareholders — | 65.65 | 61.88 | (29.92 | ) | 66.20 | 48.63 | ||||||||||||||
Total NHI shareholders’ equity (2) | 790.70 | 810.31 | 794.69 | 873.26 | 879.79 | |||||||||||||||
Cash dividends (2) | 20.00 | 20.00 | 6.00 | 20.00 | 35.00 | |||||||||||||||
Cash dividends in USD (3) | $ | 0.18 | $ | 0.19 | $ | 0.05 | $ | 0.19 | $ | 0.32 | ||||||||||
Weighted average number of shares outstanding (in thousands) (4) | 3,560,776 | 3,474,593 | 3,359,565 | 3,202,370 | 3,055,526 | |||||||||||||||
Return on equity (5) : | 8.7 | % | 7.9 | % | (3.7 | %) | 8.2 | % | 5.7 | % |
· | Risks Relating to the Business Environment |
1 | Our business may be materially affected by financial markets, economic conditions and market fluctuations in Japan and elsewhere around the world |
(1) | The COVID-19 pandemic has affected our business, clients and employees and this may continue in the future |
(2) | Natural disaster, terrorism, military dispute and infectious disease other than COVID-19 could adversely affect our business |
(3) | Governmental fiscal and monetary policy changes in Japan, or in any other country or region where we conduct business may affect our business, financial condition and results of operations |
(4) |
Transition from U.S. Dollar LIBOR to alternative rate indices |
Extended market declines and decreases in market participants can reduce liquidity and lead to material losses |
(6) | The consequences of Brexit may adversely affect our business on various fronts |
2 | The financial services industry faces intense competition |
(1) | Competition with other financial firms and financial services by non-financial companies is increasing |
(2) | Increased consolidation, business alliance and cooperation in the financial services industry mean increased competition for us |
(3) | Our global business continues to face |
3 | Event risk may cause losses in our trading and investment assets as well as market and liquidity risk |
4 | Environmental, Social and Governance (“ESG”) factors including climate change and broader associated policy changes in each jurisdiction could adversely affect our business |
· | Risks Relating to Our Businesses |
5 | Our business may incur losses due to various factors in the conduct of its operations |
(1) | We may incur significant losses from our trading and investment activities |
(2) | Holding large and concentrated positions of securities and other assets may expose us to large losses |
(3) | Our hedging strategies may not prevent losses |
(4) | Our risk management policies and procedures may not be fully effective in managing risk |
(5) | Market risk may increase other risks that we face |
(6) | Our brokerage and asset management revenues may decline |
(7) | Our investment banking revenues may decline |
(8) | Our electronic trading business revenues may decline |
6 | We may be exposed to losses when third parties do not perform their obligations to us |
(1) | Defaults by a large financial institution could adversely affect the financial markets generally and us specifically |
(2) | There can be no assurance as to the accuracy of the information about our credit risk, or the sufficiency of the collateral we use in managing |
(3) | Our clients and counterparties may be unable to perform their obligations to us as a result of political or economic conditions |
7 | We are a holding company and depend on payments from our subsidiaries |
8 | We may not be able to realize gains we expect, and may even suffer losses, on our investments in equity securities and non-trading debt securities |
9 | We may face an outflow of clients’ assets due to losses of cash reserve funds or debt securities we offer |
· | Risks Relating to Our Financial Position |
10 | We may have to recognize impairment losses with regard to the amount of goodwill, tangible and intangible assets recognized on our consolidated balance sheets |
11 | Liquidity risk could impair our ability to fund operations and jeopardize our financial condition |
(1) | We may be unable to access unsecured or secured funding |
(2) | We may be unable to sell assets |
(3) | Lowering of our credit ratings could impact our funding |
12 | Equity investments in affiliates and other investees accounted for under the equity method in our consolidated financial statements may decline significantly over a period of time and result in us incurring impairment losses |
· | Risks Relating to Legal, Compliance and Other Operational Issues |
13 | Misconduct or fraud by an employee, director or officer, or any third party, could occur, and our reputation in the market and our relationships with clients could be harmed |
14 | A failure to identify and appropriately address conflicts of interest could adversely affect our business |
15 | Our business is subject to substantial legal, regulatory and reputational risks |
(1) | Legal liability may occur due to events such as market downturn and could adversely affect our business, financial condition and results of operations |
(2) | Extensive regulation of our businesses limits our activities and may subject us to significant penalties and losses |
(3) | Tightening of regulations applicable to the financial system and financial industry could adversely affect our business, financial condition and results of operations |
(4) | Deferred tax assets may be impacted due to a change in business condition or in laws and regulations, resulting in an adverse effect on our operating results and financial condition |
(5) | Defects in our anti-money laundering and counter-terrorism financing measures could have serious consequences such as, administrative penalties or punitive fines. |
16 | Unauthorized disclosure or misuse of personal information held by us may adversely affect our business |
17 | System failure, information leakage and the cost of maintaining sufficient cybersecurity could adversely affect our business |
18 | Our business may be adversely affected if we are unable to hire, retain and develop qualified personnel |
· | Risks Related to Holding or Trading of our Shares and |
Because of daily price range limitations under Japanese stock exchange rules, you may not be able to sell your shares of the Company’s common stock at a particular price on any particular trading day, or at all |
Under Japan’s unit share system, holders of the Company’s shares constituting less than one unit are subject to transfer, voting and other restrictions |
As a holder of |
Rights of shareholders under Japanese law may be more limited than under the laws of other jurisdictions |
The Company’s shareholders of record on a record date may not receive the dividend they anticipate |
It may not be possible for investors to secure personal jurisdiction within the U.S. over the Company or the Company’s directors or executive officers, or to enforce against the Company or those persons judgments obtained in U.S. courts predicated upon the civil liability provisions of the federal securities laws of the U.S. |
· | Special Note Regarding Forward-looking Statements |
· | Risks Relating to the Business Environment |
1. | Our business may be materially affected by financial markets, economic conditions and market fluctuations in Japan and elsewhere around the world |
2. | The financial services industry faces intense competition |
3. | Event risk may cause losses in our trading and investment assets as well as market and liquidity risk |
4. | Environmental, Social and Governance (“ESG”) factors including climate change and broader associated policy changes in each jurisdiction could adversely affect our business |
· |
5. | Our business may incur losses due to various factors in the conduct of its operations. |
6. | We may be exposed to losses when third parties do not perform their obligations to us |
7. | We are a holding company and depend on payments from our subsidiaries |
8. | We may not be able to realize gains we expect, and may even suffer losses, on our investments in equity securities and non-trading debt securities |
9. | We may face an outflow of clients’ assets due to losses of cash reserve funds or debt securities we offer |
· | Risks Relating to Our Financial Position |
10. | We may have to recognize impairment losses with regard to the amount of goodwill, tangible and intangible assets recognized on our consolidated balance sheets |
11. | Liquidity risk could impair our ability to fund operations and jeopardize our financial condition |
12. | Equity investments in affiliates and other investees accounted for under the equity method in our consolidated financial statements may decline significantly over a period of time and result in us incurring impairment losses |
· | Risks Relating to Legal, Compliance and Other Operational Issues |
13. | Misconduct or fraud by an employee, director or officer, or any third party, could occur, and our reputation in the market and our relationships with clients could be harmed |
14. | A failure to identify and appropriately address conflicts of interest could adversely affect our business |
15. | Our business is subject to substantial legal, regulatory and reputational risks |
16. | Unauthorized disclosure or misuse of personal information held by us may adversely affect our business |
17. | System failure, the information leakage and the cost of maintaining sufficient cybersecurity could adversely affect our business |
18. | Our business may be adversely affected if we are unable to hire, retain and develop qualified personnel |
· | Risks Related to Holding or Trading of our Shares and ADSs |
19. | Because of daily price range limitations under Japanese stock exchange rules, you may not be able to sell your shares of the Company’s common stock at a particular price on any particular trading day, or at all |
20. | Under Japan’s unit share system, holders of the Company’s shares constituting less than one unit are subject to transfer, voting and other restrictions |
21. | As a holder of ADSs, you will have fewer rights than a shareholder has and you will have to act through the depositary to exercise these rights |
22. | Rights of shareholders under Japanese law may be more limited than under the laws of other jurisdictions |
23. | The Company’s shareholders of record on a record date may not receive the dividend they anticipate |
24. | It may not be possible for investors to secure personal jurisdiction within the U.S. over the Company or the Company’s directors or executive officers, or to enforce against the Company or these persons judgments obtained in U.S. courts predicated upon the civil liability provisions of the federal securities laws of the U.S. |
· | Special Note Regarding Forward-looking Statements |
Main Objective | Examples of Initiatives | |
Securing diverse human resources | • Internship and Nomura passport We offer internship programs in Nomura Securities which offer students the opportunity to experience working in various areas of our business, and to deepen their knowledge of the financial services industry. In addition to this, students also learn about the roles and purpose of the securities industry. This helps students broaden their knowledge and experience and gives them the opportunity to think about their future careers. We have also introduced an employment program called “Nomura Passport” for students pursuing doctoral degrees in the fields of science and technology in order to identify talent with expertise in such areas as AI development, data science and digitalization which will be increasingly critical to our business going forward. | |
Providing and supporting growth opportunities and developing professional human resources | • Training In addition to training programs for new hires, training programs in Japan mainly consist of group training and on-the-job |
Main Objective | Examples of Initiatives | |
in our Tokyo headquarters for managers of our overseas entities. In addition, we have established a self-improvement support system, consisting of a large number of external training and correspondence courses as well as voluntary group training on weekends at our company training facilities, in order to support the development of our employees on a voluntary basis. • Study-abroad program Over the past 60 years, more than 600 Nomura Securities employees have studied at business and law schools in more than 20 countries and regions, mainly in the United Kingdom and the United States. • Global Mobility (International Transfer) In addition to transferring from Japan to overseas, we actively provide opportunities for employees of our overseas entities to transfer to Japan to develop employees with experience of working in different countries and cultures. • Digital IQ program As we enter an era in which digital-related knowledge determines the competitiveness of global financial institutions, we have introduced the “Digital IQ” Program. This program is an online program for all of our global employees to improve their knowledge and skills. | ||
Proper evaluation and treatment | • Compensation system based on the pay-for-performance Based on our principle that employees are paid based on their performance, we ensure our compensation policies and practices are sound and competitive from a market perspective. This helps us realize our business strategy and generate long-term profits, with the aim of achieving sustainable growth and improving enterprise value over the medium to long term. • 360-degree evaluationWe conduct a “360 degree evaluation” in which relevant managers are evaluated by colleagues other than their immediate superiors. This leads to further skill development and behavioral change for managers. • ERCC goal We have introduced a standard ERCC goal, which set goal from the perspectives of ethics, risk management, compliance, and conduct. We aim to raise the awareness of the Code for each employee and to instill the concept of the Code throughout our business, thereby creating an environment in which employees can speak out. | |
Employee engagement | • Employee engagement survey We conduct the “Nomura Group Employee Survey” to monitor, maintain and improve the status of communication across our |
Main Objective | Examples of Initiatives | |
business and to understand the level of our employee satisfaction. As part of the most recent survey conducted during the year ended March 31, 2022, many employees responded positively to the question, “I am proud to work for the firm.” | ||
Fostering a risk culture | • Fostering a risk culture We have made it an objective for all of our global employees to foster a risk culture within our business by encouraging respectful relationships (Respect), reporting to their manager (Escalate), and performing constructive checks (Challenge). | |
DE & I, Health &Productivity Management, and provision of equal opportunities and prohibition of discrimination | • DE&I As we have employees from about 90 different nationalities across our business, the development of human resources that respect diversity is one of our most important issues. These diverse human resources are our greatest asset. We believe that through mutual recognition and cooperation with others who have different backgrounds and values, we can meet the diverse needs of our clients and provide higher value-added services. Based on this philosophy, our Sustainability Committee, chaired by the Group CEO, discuss and promote global strategies about DE&I. In addition, voluntary employee networks are promoting diversity issues in our offices globally. We are working on these issues from both a top-down andbottom-up approach. In accordance with the enactment of the “The Act on Promotion of Women’s Participation and Advancement in the Workplace” in Japan, we have formulated an action plan focused on the promotion of women’s participation and advancement and we are implementing various programs to achieve this.• Health & Productivity Management In July 2016, we adopted the Nomura Health & Productivity Declaration Statement as part of our efforts led by the Group Chief Health Officer (CHO) to maintain and improve the health of our employees. Starting in the year ended March 31, 2021, in order to work toward our management vision of “Achieve sustainable growth by helping resolve social issues,” we are communicating to all employees our goal that “All people who work at Nomura will not simply be healthy, but also physically, mentally and socially sound (overall well-being).” • Provision of equal opportunities and prohibition of discrimination For each and every employee to be active and successful in utilizing their capabilities and personal strengths, we provide equal opportunities in recruitment, development, evaluation, promotion and assignment. As part of the “Respect diversity and human rights” Section of the Nomura Group Code of Conduct, we state that “We promote equal opportunity and do not discriminate on grounds such as nationality, race, sex, gender identity, sexual orientation, creed, social status, or existence of or nonexistence of disability.” |
Name | Country/Region | Ownership Interest | ||||
(%) | ||||||
Nomura Holdings, Inc. | Japan | — | ||||
Nomura Securities Co., Ltd. | Japan | 100 | ||||
Nomura Asset Management Co., Ltd. | Japan | 100 | ||||
The Nomura Trust & Banking Co., Ltd. | Japan | 100 | ||||
Nomura Babcock & Brown Co., Ltd. | Japan | 100 | ||||
Nomura Capital Investment Co., Ltd. | Japan | 100 | ||||
Nomura Investor Relations Co., Ltd. | Japan | 100 | ||||
Nomura Fiduciary Research & Consulting Co., Ltd. | Japan | 100 | ||||
Nomura Research & Advisory Co., Ltd. | Japan | 100 | ||||
Nomura Business Services Co., Ltd. | Japan | 100 | ||||
Nomura Properties, Inc. | Japan | 100 | ||||
Nomura Institute of Capital Markets Research | Japan | 100 | ||||
Nomura Healthcare Co., Ltd. | Japan | 100 | ||||
Nomura Agri Planning & Advisory Co., Ltd. | Japan | 100 | ||||
Nomura Financial Products & Services, Inc. | Japan | 100 | ||||
Nomura Institute of Estate Planning | Japan | 100 | ||||
N-Village Co., Ltd. | Japan | 100 | ||||
Nomura Capital Partners Co., Ltd. | Japan | 100 | ||||
Nomura Mezzanine Partners Co., Ltd. | Japan | 100 | ||||
Corporate Design Partners Co., Ltd. | Japan | 100 | ||||
Nomura Kagayaki Co., Ltd. | Japan | 100 | ||||
Nomura Asia Pacific Holdings Co., Ltd. | Japan | 100 | ||||
Nomura International (Hong Kong) Limited | Hong Kong | 100 | ||||
Nomura Singapore Limited | Singapore | 100 | ||||
Nomura Securities Singapore Pte. Ltd. | Singapore | 100 | ||||
Nomura Australia Limited | Australia | 100 | ||||
PT Nomura Sekuritas Indonesia | Indonesia | 96 | ||||
Nomura Asia Investment (Fixed Income) Pte. Ltd. | Singapore | 100 | ||||
Nomura Asia Investment (Singapore) Pte. Ltd. | Singapore | 100 | ||||
Capital Nomura Securities Public Co., Ltd. | Thailand | 99 | ||||
Nomura Financial Advisory and Securities (India) Private Limited | India | 100 | ||||
Nomura Holding America Inc. (1) | U.S. | 100 | ||||
Nomura Securities International, Inc. | U.S. | 100 | ||||
Nomura Corporate Research and Asset Management Inc. | U.S. | 100 | ||||
Nomura Derivative Products Inc. | U.S. | 100 | ||||
Nomura America Mortgage Finance, LLC | U.S. | 100 | ||||
Nomura Global Financial Products, Inc. | U.S. | 100 | ||||
NHI Acquisition Holding, Inc. | U.S. | 100 | ||||
Instinet Incorporated (1) | U.S. | 100 | ||||
Nomura Europe Holdings plc | U.K. | 100 | ||||
Nomura International plc | U.K. | 100 | ||||
Nomura Bank International plc | U.K. | 100 | ||||
Nomura Financial Products Europe GmbH | Germany | 100 | ||||
Banque Nomura France | France | 100 | ||||
Nomura Bank (Luxembourg) S.A. | Luxemburg | 100 | ||||
Nomura Bank (Switzerland) Ltd. | Switzerland | 100 | ||||
Nomura Europe Finance N.V. | The Netherlands | 100 | ||||
Nomura European Investment Limited | U.K. | 100 | ||||
Nomura Asia Investment (India Powai) Pte. Ltd. | Singapore | 100 | ||||
Nomura Services India Private Limited | India | 100 | ||||
Nomura International Funding Pte. Ltd. | Singapore | 100 | ||||
Nomura Orient International Securities Co., Ltd. | China | 51 |
(1) | Following an internal reorganization effective April 1, 2022, Instinet Incorporated and its group entities are now subsidiaries of Nomura Holding America Inc. |
Name | Location | Segment | Nature of the plan | Estimate of the amount of expenditures (million yen) | Amount of expenditures already paid (million yen) | Method of financing | Date of start of the activity | Estimated date of completion of the activity | ||||||||||||
NHI | Tokyo | Other | Nihonbashi 1-Chome Naka Area Type 1 Urban Area Redevelopment Project | 120,000 | 8,267 | Own funds | December 2021 | March 2026 |
Main Objective | Examples of Initiatives | |
Securing diverse human resources | • Internship and Nomura passport We offer internship programs in Nomura Securities which offer students the opportunity to experience working in various areas of our business, and to deepen their knowledge of the financial services industry. In addition to this, students also learn about the roles and purpose of the securities industry. This helps students broaden their knowledge and experience and gives them the opportunity to think about their future careers. We have also introduced an employment program called “Nomura Passport” for students pursuing doctoral degrees in the fields of science and technology in order to identify talent with expertise in such areas as AI development, data science and digitalization which will be increasingly critical to our business going forward. | |
Providing and supporting growth opportunities and developing professional human resources | • Training In addition to training programs for new hires, training programs in Japan mainly consist of group training and on-the-job |
Main Objective | Examples of Initiatives | |
in our Tokyo headquarters for managers of our overseas entities. In addition, we have established a self-improvement support system, consisting of a large number of external training and correspondence courses as well as voluntary group training on weekends at our company training facilities, in order to support the development of our employees on a voluntary basis. • Study-abroad program Over the past 60 years, more than 600 Nomura Securities employees have studied at business and law schools in more than 20 countries and regions, mainly in the United Kingdom and the United States. • Global Mobility (International Transfer) In addition to transferring from Japan to overseas, we actively provide opportunities for employees of our overseas entities to transfer to Japan to develop employees with experience of working in different countries and cultures. • Digital IQ program As we enter an era in which digital-related knowledge determines the competitiveness of global financial institutions, we have introduced the “Digital IQ” Program. This program is an online program for all of our global employees to improve their knowledge and skills. | ||
Proper evaluation and treatment | • Compensation system based on the pay-for-performance Based on our principle that employees are paid based on their performance, we ensure our compensation policies and practices are sound and competitive from a market perspective. This helps us realize our business strategy and generate long-term profits, with the aim of achieving sustainable growth and improving enterprise value over the medium to long term. • 360-degree evaluationWe conduct a “360 degree evaluation” in which relevant managers are evaluated by colleagues other than their immediate superiors. This leads to further skill development and behavioral change for managers. • ERCC goal We have introduced a standard ERCC goal, which set goal from the perspectives of ethics, risk management, compliance, and conduct. We aim to raise the awareness of the Code for each employee and to instill the concept of the Code throughout our business, thereby creating an environment in which employees can speak out. | |
Employee engagement | • Employee engagement survey We conduct the “Nomura Group Employee Survey” to monitor, maintain and improve the status of communication across our |
Main Objective | Examples of Initiatives | |
business and to understand the level of our employee satisfaction. As part of the most recent survey conducted during the year ended March 31, 2022, many employees responded positively to the question, “I am proud to work for the firm.” | ||
Fostering a risk culture | • Fostering a risk culture We have made it an objective for all of our global employees to foster a risk culture within our business by encouraging respectful relationships (Respect), reporting to their manager (Escalate), and performing constructive checks (Challenge). | |
DE & I, Health &Productivity Management, and provision of equal opportunities and prohibition of discrimination | • DE&I As we have employees from about 90 different nationalities across our business, the development of human resources that respect diversity is one of our most important issues. These diverse human resources are our greatest asset. We believe that through mutual recognition and cooperation with others who have different backgrounds and values, we can meet the diverse needs of our clients and provide higher value-added services. Based on this philosophy, our Sustainability Committee, chaired by the Group CEO, discuss and promote global strategies about DE&I. In addition, voluntary employee networks are promoting diversity issues in our offices globally. We are working on these issues from both a top-down andbottom-up approach. In accordance with the enactment of the “The Act on Promotion of Women’s Participation and Advancement in the Workplace” in Japan, we have formulated an action plan focused on the promotion of women’s participation and advancement and we are implementing various programs to achieve this.• Health & Productivity Management In July 2016, we adopted the Nomura Health & Productivity Declaration Statement as part of our efforts led by the Group Chief Health Officer (CHO) to maintain and improve the health of our employees. Starting in the year ended March 31, 2021, in order to work toward our management vision of “Achieve sustainable growth by helping resolve social issues,” we are communicating to all employees our goal that “All people who work at Nomura will not simply be healthy, but also physically, mentally and socially sound (overall well-being).” • Provision of equal opportunities and prohibition of discrimination For each and every employee to be active and successful in utilizing their capabilities and personal strengths, we provide equal opportunities in recruitment, development, evaluation, promotion and assignment. As part of the “Respect diversity and human rights” Section of the Nomura Group Code of Conduct, we state that “We promote equal opportunity and do not discriminate on grounds such as nationality, race, sex, gender identity, sexual orientation, creed, social status, or existence of or nonexistence of disability.” |
Country/Region | Ownership Interest | |||||
(%) | ||||||
Nomura Holdings, Inc. | Japan | — | ||||
Nomura Securities Co., Ltd. | Japan | 100 | ||||
Nomura Asset Management Co., Ltd. | Japan | 100 | ||||
The Nomura Trust & Banking Co., Ltd. | Japan | 100 | ||||
Nomura Babcock & Brown Co., Ltd. | Japan | 100 | ||||
Nomura Capital Investment Co., Ltd. | Japan | 100 | ||||
Nomura Investor Relations Co., Ltd. | Japan | 100 | ||||
Nomura Fiduciary Research & Consulting Co., Ltd. | Japan | 100 | ||||
Nomura Research & Advisory Co., Ltd. | Japan | 100 | ||||
Nomura Business Services Co., Ltd. | Japan | 100 | ||||
Nomura Properties, Inc. | Japan | 100 | ||||
Nomura Institute of Capital Markets Research | Japan | 100 | ||||
Nomura Healthcare Co., Ltd. | Japan | 100 | ||||
Nomura Agri Planning & Advisory Co., Ltd. | Japan | 100 | ||||
Nomura Financial Products & Services, Inc. | Japan | 100 | ||||
Nomura Institute of Estate Planning | Japan | 100 | ||||
N-Village Co., Ltd. | Japan | 100 | ||||
Nomura Capital Partners Co., Ltd. | Japan | 100 | ||||
Nomura Mezzanine Partners Co., Ltd. | Japan | 100 | ||||
Corporate Design Partners Co., Ltd. | Japan | 100 | ||||
Nomura Kagayaki Co., Ltd. | Japan | 100 | ||||
Nomura Asia Pacific Holdings Co., Ltd. | Japan | 100 | ||||
Nomura International (Hong Kong) Limited | Hong Kong | 100 | ||||
Nomura Singapore Limited | Singapore | 100 | ||||
Nomura Securities Singapore Pte. Ltd. | Singapore | 100 | ||||
Nomura Australia Limited | Australia | 100 | ||||
PT Nomura Sekuritas Indonesia | Indonesia | 96 | ||||
Nomura Asia Investment (Fixed Income) Pte. Ltd. | Singapore | 100 | ||||
Nomura Asia Investment (Singapore) Pte. Ltd. | Singapore | 100 | ||||
Capital Nomura Securities Public Co., Ltd. | Thailand | 99 | ||||
Nomura Financial Advisory and Securities (India) Private Limited | India | 100 | ||||
Nomura Holding (1) | U.S. | 100 | ||||
Nomura Securities International, Inc. | U.S. | 100 | ||||
Nomura Corporate Research and | U.S. | 100 | ||||
Nomura Derivative Products Inc. | U.S. | 100 | ||||
Nomura America Mortgage Finance, LLC | U.S. | 100 | ||||
Nomura Global Financial Products, Inc. | U.S. | 100 | ||||
NHI Acquisition Holding, Inc. | U.S. | 100 | ||||
Instinet Incorporated (1) | U.S. | 100 | ||||
Nomura Europe Holdings plc | U.K. | 100 | ||||
Nomura International plc | U.K. | 100 | ||||
Nomura Bank International plc | U.K. | 100 | ||||
Nomura Financial Products Europe GmbH | Germany | 100 | ||||
Banque Nomura France | France | 100 | ||||
Nomura Bank (Luxembourg) S.A. | Luxemburg | 100 | ||||
Nomura Bank (Switzerland) Ltd. | Switzerland | 100 | ||||
Nomura Europe Finance N.V. | The Netherlands | 100 | ||||
Nomura European Investment Limited | U.K. | 100 | ||||
Nomura Asia Investment (India Powai) Pte. Ltd. | Singapore | 100 | ||||
Nomura Services India Private Limited | India | 100 | ||||
Nomura International Funding Pte. Ltd. | Singapore | 100 | ||||
Nomura Orient International Securities Co., Ltd. | China | 51 |
Name | Location | Segment | Nature of the plan | Estimate of the amount of expenditures (million yen) | Amount of expenditures already paid (million yen) | Method of financing | Date of start of the activity | Estimated date of completion of the activity | ||||||||||||
NHI | Tokyo | Other | Nihonbashi 1-Chome Naka Area Type 1 Urban Area Redevelopment Project | 120,000 | 8,267 | Own funds | December 2021 | March 2026 |
Main Objective | Examples of Initiatives | |
Securing diverse human resources | • Internship and Nomura passport We offer internship programs in Nomura Securities which offer students the opportunity to experience working in various areas of our business, and to deepen their knowledge of the financial services industry. In addition to this, students also learn about the roles and purpose of the securities industry. This helps students broaden their knowledge and experience and gives them the opportunity to think about their future careers. We have also introduced an employment program called “Nomura Passport” for students pursuing doctoral degrees in the fields of science and technology in order to identify talent with expertise in such areas as AI development, data science and digitalization which will be increasingly critical to our business going forward. | |
Providing and supporting growth opportunities and developing professional human resources | • Training In addition to training programs for new hires, training programs in Japan mainly consist of group training and on-the-job |
Main Objective | Examples of Initiatives | |
in our Tokyo headquarters for managers of our overseas entities. In addition, we have established a self-improvement support system, consisting of a large number of external training and correspondence courses as well as voluntary group training on weekends at our company training facilities, in order to support the development of our employees on a voluntary basis. • Study-abroad program Over the past 60 years, more than 600 Nomura Securities employees have studied at business and law schools in more than 20 countries and regions, mainly in the United Kingdom and the United States. • Global Mobility (International Transfer) In addition to transferring from Japan to overseas, we actively provide opportunities for employees of our overseas entities to transfer to Japan to develop employees with experience of working in different countries and cultures. • Digital IQ program As we enter an era in which digital-related knowledge determines the competitiveness of global financial institutions, we have introduced the “Digital IQ” Program. This program is an online program for all of our global employees to improve their knowledge and skills. | ||
Proper evaluation and treatment | • Compensation system based on the pay-for-performance Based on our principle that employees are paid based on their performance, we ensure our compensation policies and practices are sound and competitive from a market perspective. This helps us realize our business strategy and generate long-term profits, with the aim of achieving sustainable growth and improving enterprise value over the medium to long term. • 360-degree evaluationWe conduct a “360 degree evaluation” in which relevant managers are evaluated by colleagues other than their immediate superiors. This leads to further skill development and behavioral change for managers. • ERCC goal We have introduced a standard ERCC goal, which set goal from the perspectives of ethics, risk management, compliance, and conduct. We aim to raise the awareness of the Code for each employee and to instill the concept of the Code throughout our business, thereby creating an environment in which employees can speak out. | |
Employee engagement | • Employee engagement survey We conduct the “Nomura Group Employee Survey” to monitor, maintain and improve the status of communication across our |
Main Objective | Examples of Initiatives | |
business and to understand the level of our employee satisfaction. As part of the most recent survey conducted during the year ended March 31, 2022, many employees responded positively to the question, “I am proud to work for the firm.” | ||
Fostering a risk culture | • Fostering a risk culture We have made it an objective for all of our global employees to foster a risk culture within our business by encouraging respectful relationships (Respect), reporting to their manager (Escalate), and performing constructive checks (Challenge). | |
DE & I, Health &Productivity Management, and provision of equal opportunities and prohibition of discrimination | • DE&I As we have employees from about 90 different nationalities across our business, the development of human resources that respect diversity is one of our most important issues. These diverse human resources are our greatest asset. We believe that through mutual recognition and cooperation with others who have different backgrounds and values, we can meet the diverse needs of our clients and provide higher value-added services. Based on this philosophy, our Sustainability Committee, chaired by the Group CEO, discuss and promote global strategies about DE&I. In addition, voluntary employee networks are promoting diversity issues in our offices globally. We are working on these issues from both a top-down andbottom-up approach. In accordance with the enactment of the “The Act on Promotion of Women’s Participation and Advancement in the Workplace” in Japan, we have formulated an action plan focused on the promotion of women’s participation and advancement and we are implementing various programs to achieve this.• Health & Productivity Management In July 2016, we adopted the Nomura Health & Productivity Declaration Statement as part of our efforts led by the Group Chief Health Officer (CHO) to maintain and improve the health of our employees. Starting in the year ended March 31, 2021, in order to work toward our management vision of “Achieve sustainable growth by helping resolve social issues,” we are communicating to all employees our goal that “All people who work at Nomura will not simply be healthy, but also physically, mentally and socially sound (overall well-being).” • Provision of equal opportunities and prohibition of discrimination For each and every employee to be active and successful in utilizing their capabilities and personal strengths, we provide equal opportunities in recruitment, development, evaluation, promotion and assignment. As part of the “Respect diversity and human rights” Section of the Nomura Group Code of Conduct, we state that “We promote equal opportunity and do not discriminate on grounds such as nationality, race, sex, gender identity, sexual orientation, creed, social status, or existence of or nonexistence of disability.” |
Name | Country/Region | Ownership Interest | ||||
(%) | ||||||
Nomura Holdings, Inc. | Japan | — | ||||
Nomura Securities Co., Ltd. | Japan | 100 | ||||
Nomura Asset Management Co., Ltd. | Japan | 100 | ||||
The Nomura Trust & Banking Co., Ltd. | Japan | 100 | ||||
Nomura Babcock & Brown Co., Ltd. | Japan | 100 | ||||
Nomura Capital Investment Co., Ltd. | Japan | 100 | ||||
Nomura Investor Relations Co., Ltd. | Japan | 100 | ||||
Nomura | Japan | 100 | ||||
Nomura Research & Advisory Co., Ltd. | Japan | 100 | ||||
Nomura Business Services Co., Ltd. | Japan | 100 | ||||
Nomura | Japan | 100 | ||||
Nomura Institute of Capital Markets Research | Japan | 100 | ||||
Nomura Healthcare Co., Ltd. | Japan | 100 | ||||
Nomura Agri Planning & Advisory Co., Ltd. | ||||||
Japan | 100 | |||||
Nomura Financial Products & Services, Inc. | Japan | 100 | ||||
Nomura Institute of Estate Planning | Japan | 100 | ||||
N-Village Co., Ltd. | Japan | 100 | ||||
Nomura Capital Partners Co., Ltd. | Japan | 100 | ||||
Nomura Mezzanine Partners Co., Ltd. | Japan | 100 | ||||
Corporate Design Partners Co., Ltd. | Japan | 100 | ||||
Nomura Kagayaki Co., Ltd. | Japan | 100 | ||||
Nomura Asia Pacific Holdings Co., Ltd. | Japan | 100 | ||||
Nomura International (Hong Kong) Limited | Hong Kong | 100 | ||||
Nomura Singapore Limited | Singapore | 100 | ||||
Nomura Securities Singapore Pte. Ltd. | Singapore | 100 | ||||
Nomura Australia Limited | Australia | 100 | ||||
PT Nomura Sekuritas Indonesia | Indonesia | 96 | ||||
Nomura Asia Investment (Fixed Income) Pte. Ltd. | Singapore | 100 | ||||
Nomura Asia Investment (Singapore) Pte. Ltd. | Singapore | 100 | ||||
Capital Nomura Securities Public Co., Ltd. | Thailand | 99 | ||||
Nomura Financial Advisory and Securities (India) Private Limited | India | 100 | ||||
Nomura Holding America Inc. (1) | U.S. | 100 | ||||
Nomura Securities International, Inc. | U.S. | 100 | ||||
Nomura Corporate Research and Asset Management Inc. | U.S. | 100 | ||||
Nomura Derivative Products Inc. | U.S. | 100 | ||||
Nomura America Mortgage Finance, LLC | U.S. | 100 | ||||
Nomura Global Financial Products, Inc. | U.S. | 100 | ||||
NHI Acquisition Holding, Inc. | U.S. | 100 | ||||
Instinet Incorporated (1) | U.S. | 100 | ||||
Nomura Europe Holdings plc | U.K. | 100 | ||||
Nomura International plc | U.K. | 100 | ||||
Nomura Bank International plc | U.K. | 100 | ||||
Nomura Financial Products Europe GmbH | Germany | 100 | ||||
Banque Nomura France | France | 100 | ||||
Nomura Bank (Luxembourg) S.A. | Luxemburg | 100 | ||||
Nomura Bank (Switzerland) Ltd. | Switzerland | 100 | ||||
Nomura Europe Finance N.V. | The Netherlands | 100 | ||||
Nomura European Investment Limited | U.K. | 100 | ||||
Nomura Asia Investment (India Powai) Pte. Ltd. | Singapore | 100 | ||||
Nomura Services India Private Limited | India | 100 | ||||
Nomura International Funding Pte. Ltd. | Singapore | 100 | ||||
Nomura Orient International Securities Co., Ltd. | China | 51 |
(1) | Following an internal reorganization effective April 1, 2022, Instinet Incorporated and its group entities are now subsidiaries of Nomura Holding America Inc. |
Name | Location | Segment | Nature of the plan | Estimate of the amount of expenditures (million yen) | Amount of expenditures already paid (million yen) | Method of financing | Date of start of the activity | Estimated date of completion of the activity | ||||||||||||
NHI | Tokyo | Other | Nihonbashi 1-Chome Naka Area Type 1 Urban Area Redevelopment Project | 120,000 | 8,267 | Own funds | December 2021 | March 2026 |
1. | Diluted net income attributable to Nomura Holdings’ shareholders per share. |
Year ended March 31 (Billions of yen) | ||||||||||||||||||||
2019* | 2020 | % Change from previous year | 2021 | % Change from previous year | ||||||||||||||||
Recurring revenue assets | ¥ | — | ¥ | 15,300 | — | % | ¥ | 18,200 | 19.0 | % | ||||||||||
Consulting-related revenue | ¥ | — | ¥ | 14.9 | — | % | ¥ | 13.4 | -10.1 | % | ||||||||||
Net inflows of cash and securities | ¥ | — | ¥ | -429.4 | — | % | ¥ | 887.7 | — | % | ||||||||||
Active clients | — | 1,071,000 | — | % | 1,019,000 | -4.9 | % | |||||||||||||
Year ended March 31 (Billions of Japanese Yen) | ||||||||||||||||||||
2020 | 2021 | % Change from previous year | 2022 | % Change from previous year | ||||||||||||||||
Recurring revenue assets | ¥ | 15,300 | ¥ | 18,200 | 19 | % | ¥ | 19,600 | 7.7 | % | ||||||||||
Consulting-related revenue | ¥ | 14.9 | ¥ | 13.4 | (10.1 | )% | ¥ | 16.7 | 24.6 | % | ||||||||||
Net inflows of cash and securities | ¥ | (429.4 | ) | ¥ | 887.7 | — | % | ¥ | 351.5 | (60.4 | )% | |||||||||
Active clients | 1,071,000 | 1,019,000 | (4.9 | )% | 1,009,000 | (1.0 | )% | |||||||||||||
Year ended March 31 (Trillions of Japanese Yen) | ||||||||||||||||||||
2020* | 2021 | % Change from previous year | 2022 | % Change from previous year | ||||||||||||||||
Assets under management | ¥N/A | ¥ | 64.7 | — | % | ¥ | 67.9 | 4.9 | % | |||||||||||
* | No comparable data available for 2020. |
Year ended March 31 | ||||||||||||||||||||
2020 | 2021 | % Change from previous year | 2022 | % Change from previous year | ||||||||||||||||
Cost-to-income | 86 | % | 91 | % | 5.8 | % | 89 | % | (2.2 | )% | ||||||||||
Revenue/modified RWA | 6.5 | % | 6.4 | % | (1.5 | )% | 7.0 | % | 9.4 | % | ||||||||||
Millions of yen, except percentages | ||||||||||||||||||||
Year ended March 31 | ||||||||||||||||||||
2020 | 2021 | % Change from previous year | 2022 | % Change from previous year | ||||||||||||||||
Non-interest revenues: | ||||||||||||||||||||
Commissions | ¥ | 308,805 | ¥ | 376,897 | 22.1 | % | ¥ | 332,344 | (11.8 | )% | ||||||||||
Fees from investment banking | 103,222 | 108,681 | 5.3 | 149,603 | 37.7 | |||||||||||||||
Asset management and portfolio service fees | 238,202 | 230,047 | (3.4 | ) | 269,985 | 17.4 | ||||||||||||||
Net gain on trading | 356,609 | 310,040 | (13.1 | ) | 368,799 | 19.0 | ||||||||||||||
Gain (loss) on private equity and debt investments | (93 | ) | 12,734 | — | 30,768 | 141.6 | ||||||||||||||
Gain (loss) on investments in equity securities | (14,726 | ) | 14,053 | — | 5,446 | (61.2 | ) | |||||||||||||
Other | 165,991 | 208,317 | 25.5 | 152,832 | (26.6 | ) | ||||||||||||||
Total Non-interest revenues | 1,158,010 | 1,260,769 | 8.9 | 1,309,777 | 3.9 | |||||||||||||||
Net interest revenue | 129,819 | 141,103 | 8.7 | 54,113 | (61.7 | ) | ||||||||||||||
Net revenue | 1,287,829 | 1,401,872 | 8.9 | 1,363,890 | (2.7 | ) | ||||||||||||||
Non-interest expenses | 1,039,568 | 1,171,201 | 12.7 | 1,137,267 | (2.9 | ) | ||||||||||||||
Income before income taxes | 248,261 | 230,671 | (7.1 | ) | 226,623 | (1.8 | ) | |||||||||||||
Income tax expense | 28,894 | 70,274 | 143.2 | 80,090 | 14.0 | |||||||||||||||
Net income | ¥ | 219,367 | ¥ | 160,397 | (26.9 | )% | ¥ | 146,533 | (8.6 | )% | ||||||||||
Less: Net income attributable to noncontrolling interests | 2,369 | 7,281 | 207.3 | 3,537 | (51.4 | ) | ||||||||||||||
Net income attributable to NHI shareholders | ¥ | 216,998 | ¥ | 153,116 | (29.4 | )% | ¥ | 142,996 | (6.6 | )% | ||||||||||
Return on equity | 8.2 | % | 5.7 | % | 5.1 | % |
Year ended March 31 | ||||||||||||||||||||
2019* 1 | 2020 | % Change from previous year | 2021 | % Change from previous year | ||||||||||||||||
Cost-to-income | 105* 1 | % | 86 | % | -18.1 | % | 91 | % | 5.8 | % | ||||||||||
Revenue/modified RWA | 5.0 | % | 6.5 | % | 30.0 | % | 6.4 | % | -1.5 | % | ||||||||||
Millions of yen, except percentages | ||||||||||||||||||||
Year ended March 31 | ||||||||||||||||||||
2020 | 2021 | % Change from previous year | 2022 | % Change from previous year | ||||||||||||||||
Non-interest revenues: | ||||||||||||||||||||
Commissions | ¥ | 308,805 | ¥ | 376,897 | 22.1 | % | ¥ | 332,344 | (11.8 | )% | ||||||||||
Fees from investment banking | 103,222 | 108,681 | 5.3 | 149,603 | 37.7 | |||||||||||||||
Asset management and portfolio service fees | 238,202 | 230,047 | (3.4 | ) | 269,985 | 17.4 | ||||||||||||||
Net gain on trading | 356,609 | 310,040 | (13.1 | ) | 368,799 | 19.0 | ||||||||||||||
Gain (loss) on private equity and debt investments | (93 | ) | 12,734 | — | 30,768 | 141.6 | ||||||||||||||
Gain (loss) on investments in equity securities | (14,726 | ) | 14,053 | — | 5,446 | (61.2 | ) | |||||||||||||
Other | 165,991 | 208,317 | 25.5 | 152,832 | (26.6 | ) | ||||||||||||||
Total Non-interest revenues | 1,158,010 | 1,260,769 | 8.9 | 1,309,777 | 3.9 | |||||||||||||||
Net interest revenue | 129,819 | 141,103 | 8.7 | 54,113 | (61.7 | ) | ||||||||||||||
Net revenue | 1,287,829 | 1,401,872 | 8.9 | 1,363,890 | (2.7 | ) | ||||||||||||||
Non-interest expenses | 1,039,568 | 1,171,201 | 12.7 | 1,137,267 | (2.9 | ) | ||||||||||||||
Income before income taxes | 248,261 | 230,671 | (7.1 | ) | 226,623 | (1.8 | ) | |||||||||||||
Income tax expense | 28,894 | 70,274 | 143.2 | 80,090 | 14.0 | |||||||||||||||
Net income | ¥ | 219,367 | ¥ | 160,397 | (26.9 | )% | ¥ | 146,533 | (8.6 | )% | ||||||||||
Less: Net income attributable to noncontrolling interests | 2,369 | 7,281 | 207.3 | 3,537 | (51.4 | ) | ||||||||||||||
Net income attributable to NHI shareholders | ¥ | 216,998 | ¥ | 153,116 | (29.4 | )% | ¥ | 142,996 | (6.6 | )% | ||||||||||
Return on equity | 8.2 | % | 5.7 | % | 5.1 | % |
Millions of yen, except percentages | Millions of yen, except percentages | |||||||||||||||||||||||||||||||||||||||
Year ended March 31 | Year ended March 31 | |||||||||||||||||||||||||||||||||||||||
2019 | 2020 | % Change from previous year | 2021 | % Change from previous year | 2020 | 2021 | % Change from previous year | 2022 | % Change from previous year | |||||||||||||||||||||||||||||||
Non-interest revenues: | ||||||||||||||||||||||||||||||||||||||||
Commissions | ¥ | 293,069 | ¥ | 308,805 | 5.4 | % | ¥ | 376,897 | 22.1 | % | ¥ | 308,805 | ¥ | 376,897 | 22.1 | % | ¥ | 332,344 | (11.8 | )% | ||||||||||||||||||||
Fees from investment banking | 101,521 | 103,222 | 1.7 | 108,681 | 5.3 | 103,222 | 108,681 | 5.3 | 149,603 | 37.7 | ||||||||||||||||||||||||||||||
Asset management and portfolio service fees | 245,519 | 238,202 | (3.0 | ) | 230,047 | (3.4 | ) | 238,202 | 230,047 | (3.4 | ) | 269,985 | 17.4 | |||||||||||||||||||||||||||
Net gain on trading | 342,964 | 356,609 | 4.0 | 310,040 | (13.1 | ) | 356,609 | 310,040 | (13.1 | ) | 368,799 | 19.0 | ||||||||||||||||||||||||||||
Gain (loss) on private equity and debt investments | 1,007 | (93 | ) | — | 12,734 | — | (93 | ) | 12,734 | — | 30,768 | 141.6 | ||||||||||||||||||||||||||||
Gain (loss) on investments in equity securities | (6,983 | ) | (14,726 | ) | — | 14,053 | — | (14,726 | ) | 14,053 | — | 5,446 | (61.2 | ) | ||||||||||||||||||||||||||
Other | 81,057 | 165,991 | 104.8 | 208,317 | 25.5 | 165,991 | 208,317 | 25.5 | 152,832 | (26.6 | ) | |||||||||||||||||||||||||||||
Total Non-interest revenues | 1,058,154 | 1,158,010 | 9.4 | 1,260,769 | 8.9 | 1,158,010 | 1,260,769 | 8.9 | 1,309,777 | 3.9 | ||||||||||||||||||||||||||||||
Net interest revenue | 58,616 | 129,819 | 121.5 | 141,103 | 8.7 | 129,819 | 141,103 | 8.7 | 54,113 | (61.7 | ) | |||||||||||||||||||||||||||||
Net revenue | 1,116,770 | 1,287,829 | 15.3 | 1,401,872 | 8.9 | 1,287,829 | 1,401,872 | 8.9 | 1,363,890 | (2.7 | ) | |||||||||||||||||||||||||||||
Non-interest expenses | 1,154,471 | 1,039,568 | (10.0 | ) | 1,171,201 | 12.7 | 1,039,568 | 1,171,201 | 12.7 | 1,137,267 | (2.9 | ) | ||||||||||||||||||||||||||||
Income (loss) before income taxes | (37,701 | ) | 248,261 | — | 230,671 | (7.1 | ) | |||||||||||||||||||||||||||||||||
Income before income taxes | 248,261 | 230,671 | (7.1 | ) | 226,623 | (1.8 | ) | |||||||||||||||||||||||||||||||||
Income tax expense | 57,010 | 28,894 | (49.3 | ) | 70,274 | 143.2 | 28,894 | 70,274 | 143.2 | 80,090 | 14.0 | |||||||||||||||||||||||||||||
Net income (loss) | ¥ | (94,711 | ) | ¥ | 219,367 | — | % | ¥ | 160,397 | (26.9 | )% | |||||||||||||||||||||||||||||
Net income | ¥ | 219,367 | ¥ | 160,397 | (26.9 | )% | ¥ | 146,533 | (8.6 | )% | ||||||||||||||||||||||||||||||
Less: Net income attributable to noncontrolling interests | 5,731 | 2,369 | (58.7 | ) | 7,281 | 207.3 | 2,369 | 7,281 | 207.3 | 3,537 | (51.4 | ) | ||||||||||||||||||||||||||||
Net income (loss) attributable to NHI shareholders | ¥ | (100,442 | ) | ¥ | 216,998 | — | % | ¥ | 153,116 | (29.4 | )% | |||||||||||||||||||||||||||||
Net income attributable to NHI shareholders | ¥ | 216,998 | ¥ | 153,116 | (29.4 | )% | ¥ | 142,996 | (6.6 | )% | ||||||||||||||||||||||||||||||
Return on equity | (3.7 | )% | 8.2 | % | 5.7 | % | 8.2 | % | 5.7 | % | 5.1 | % |
Millions of yen | Millions of yen | |||||||||||||||||||||||||||||||||||||||
Year ended March 31 | Year ended March 31 | |||||||||||||||||||||||||||||||||||||||
2019 | 2020 | % Change from previous year | 2021 | % Change from previous year | 2020 | 2021 | % Change from previous year | 2022 | % Change from previous year | |||||||||||||||||||||||||||||||
Non-interest revenue | ¥ | 331,743 | ¥ | 329,983 | (0.5 | )% | ¥ | 366,271 | 11.0 | % | ¥ | 329,983 | ¥ | 366,271 | 11.0 | % | ¥ | 324,642 | (11.4 | )% | ||||||||||||||||||||
Net interest revenue | 7,737 | 6,376 | (17.6 | ) | 2,538 | (60.2 | ) | 6,376 | 2,538 | (60.2 | ) | 3,343 | 31.7 | |||||||||||||||||||||||||||
Net revenue | 339,480 | 336,359 | (0.9 | ) | 368,809 | 9.6 | 336,359 | 368,809 | 9.6 | 327,985 | (11.1 | ) | ||||||||||||||||||||||||||||
Non-interest expenses | 289,990 | 286,926 | (1.1 | ) | 276,480 | (3.6 | ) | 286,926 | 276,480 | (3.6 | ) | 268,745 | (2.8 | ) | ||||||||||||||||||||||||||
Income before income taxes | ¥ | 49,490 | ¥ | 49,433 | (0.1 | )% | ¥ | 92,329 | 86.8 | % | ¥ | 49,433 | ¥ | 92,329 | 86.8 | % | ¥ | 59,240 | (35.8 | )% | ||||||||||||||||||||
Millions of yen | Millions of yen | |||||||||||||||||||||||||||||||
Year ended March 31 | Year ended March 31 | |||||||||||||||||||||||||||||||
2020 | 2021 | % Change from previous year | 2020 | 2021 | % Change from previous year | 2022 | % Change from previous year | |||||||||||||||||||||||||
Commissions | ¥ | 153,170 | ¥ | 187,678 | 22.5 | % | ¥ | 153,170 | ¥ | 187,678 | 22.5 | % | ¥ | 138,525 | (26.2 | )% | ||||||||||||||||
Brokerage commissions | 61,207 | 92,589 | 51.3 | 61,207 | 92,589 | 51.3 | 67,419 | (27.2 | ) | |||||||||||||||||||||||
Commissions for distribution of investment trusts | 66,940 | 68,352 | 2.1 | 66,940 | 68,352 | 2.1 | 43,537 | (36.3 | ) | |||||||||||||||||||||||
Other commissions | 25,023 | 26,737 | 6.9 | 25,023 | 26,737 | 6.9 | 27,569 | 3.1 | ||||||||||||||||||||||||
Net gain on trading | 56,756 | 58,357 | 2.8 | 56,756 | 58,357 | 2.8 | 43,981 | (24.6 | ) | |||||||||||||||||||||||
Fees from investment banking | 23,239 | 20,354 | (12.4 | ) | 23,239 | 20,354 | (12.4 | )�� | 19,003 | (6.6 | ) | |||||||||||||||||||||
Asset management fees | 92,139 | 88,996 | (3.4 | ) | 92,139 | 88,996 | (3.4 | ) | 109,300 | 22.8 | ||||||||||||||||||||||
Others | 4,679 | 10,886 | 132.7 | 4,679 | 10,886 | 132.7 | 13,833 | 27.1 | ||||||||||||||||||||||||
Non-interest revenues | ¥ | 329,983 | ¥ | 366,271 | 11.0 | % | ¥ | 329,983 | ¥ | 366,271 | 11.0 | % | ¥ | 324,642 | (11.4 | )% | ||||||||||||||||
Trillions of yen | Trillions of yen | |||||||||||||||||||||||||||||||||||||||
Year ended March 31, 2020 | Year ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | Gross inflows | Gross outflows | Market appreciation / (depreciation) | Balance at end of year | Balance at beginning of year | Gross inflows | Gross outflows | Market appreciation / (depreciation) | Balance at end of year | |||||||||||||||||||||||||||||||
Equities | ¥ | 71.9 | ¥ | 12.4 | ¥ | (13.4 | ) | ¥ | (8.2 | ) | ¥ | 62.7 | ¥ | 62.7 | ¥ | 24.4 | ¥ | (24.9 | ) | ¥ | 20.1 | ¥ | 82.3 | |||||||||||||||||
Debt securities | 18.8 | 29.3 | (27.3 | ) | (2.4 | ) | 18.4 | 18.4 | 12.3 | (9.9 | ) | (2.7 | ) | 18.1 | ||||||||||||||||||||||||||
Stock investment trusts | 9.0 | 3.1 | (3.2 | ) | (1.3 | ) | 7.6 | 7.6 | 3.1 | (3.0 | ) | 2.5 | 10.2 | |||||||||||||||||||||||||||
Bond investment trusts | 6.8 | 0.9 | (0.5 | ) | 0.1 | 7.3 | 7.3 | 1.4 | (0.6 | ) | (0.1 | ) | 8.0 | |||||||||||||||||||||||||||
Overseas mutual funds | 1.1 | 0.1 | (0.1 | ) | (0.1 | ) | 1.0 | 1.0 | 0.2 | (0.1 | ) | (0.0 | ) | 1.1 | ||||||||||||||||||||||||||
Others | 7.1 | 0.8 | (1.0 | ) | 0.1 | 7.0 | 7.0 | 0.9 | (0.7 | ) | (0.3 | ) | 6.9 | |||||||||||||||||||||||||||
Total | ¥ | 114.7 | ¥ | 46.6 | ¥ | (45.5 | ) | ¥ | (11.8 | ) | ¥ | 104.0 | ¥ | 104.0 | ¥ | 42.3 | ¥ | (39.2 | ) | ¥ | 19.5 | ¥ | 126.6 | |||||||||||||||||
Trillions of yen | ||||||||||||||||||||
Year ended March 31, 2022 | ||||||||||||||||||||
Balance at beginning of year | Gross inflows | Gross outflows | Market appreciation / (depreciation) | Balance at end of year | ||||||||||||||||
Equities | ¥ | 82.3 | ¥ | 19.5 | ¥ | (19.8 | ) | ¥ | (4.5 | ) | ¥ | 77.5 | ||||||||
Debt securities | 18.1 | 15.5 | (13.3 | ) | (2.6 | ) | 17.7 | |||||||||||||
Stock investment trusts | 10.2 | 2.4 | (2.1 | ) | 0.3 | 10.8 | ||||||||||||||
Bond investment trusts | 8.0 | 0.3 | (0.6 | ) | (0.2 | ) | 7.5 | |||||||||||||
Overseas mutual funds | 1.1 | 0.2 | 0.0 | 0.0 | 1.3 | |||||||||||||||
Others | 6.9 | 1.1 | (0.5 | ) | (0.2 | ) | 7.3 | |||||||||||||
Total | ¥ | 126.6 | ¥ | 39.0 | ¥ | (36.3 | ) | ¥ | (7.2 | ) | ¥ | 122.1 | ||||||||
Trillions of yen | ||||||||||||||||||||
Year ended March 31, 2021 | ||||||||||||||||||||
Balance at beginning of year | Gross inflows | Gross outflows | Market appreciation / (depreciation) | Balance at end of year | ||||||||||||||||
Equities | ¥ | 62.7 | ¥ | 24.4 | ¥ | (24.9 | ) | ¥ | 20.1 | ¥ | 82.3 | |||||||||
Debt securities | 18.4 | 12.3 | (9.9 | ) | (2.7 | ) | 18.1 | |||||||||||||
Stock investment trusts | 7.6 | 3.1 | (3.0 | ) | 2.5 | 10.2 | ||||||||||||||
Bond investment trusts | 7.3 | 1.4 | (0.6 | ) | (0.1 | ) | 8.0 | |||||||||||||
Overseas mutual funds | 1.0 | 0.2 | (0.1 | ) | (0.0 | ) | 1.1 | |||||||||||||
Others | 7.0 | 0.9 | (0.7 | ) | (0.3 | ) | 6.9 | |||||||||||||
Total | ¥ | 104.0 | ¥ | 42.3 | ¥ | (39.2 | ) | ¥ | 19.5 | ¥ | 126.6 | |||||||||
Millions of yen | Millions of yen | |||||||||||||||||||||||||||||||||||||||
Year ended March 31 | Year ended March 31 | |||||||||||||||||||||||||||||||||||||||
2019 | 2020 | % Change from previous year | 2021 | % Change from previous year | 2020 | 2021 | % Change from previous year | 2022 | % Change from previous year | |||||||||||||||||||||||||||||||
Non-interest revenue | ¥ | 89,607 | ¥ | 85,190 | (4.9 | )% | ¥ | 126,874 | 48.9 | % | ¥ | 101,130 | ¥ | 153,523 | 51.8 | % | ¥ | 129,848 | (15.4 | )% | ||||||||||||||||||||
Net interest revenue | 8,238 | 7,415 | (10.0 | ) | 7,900 | 6.5 | 6,807 | 9,627 | 41.4 | 18,145 | 88.5 | |||||||||||||||||||||||||||||
Net revenue | 97,845 | 92,605 | (5.4 | ) | 134,774 | 45.5 | 107,937 | 163,150 | 51.2 | 147,993 | (9.3 | ) | ||||||||||||||||||||||||||||
Non-interest expenses | 63,660 | 63,833 | 0.3 | 60,529 | (5.2 | ) | 74,364 | 72,142 | (3.0 | ) | 76,478 | 6.0 | ||||||||||||||||||||||||||||
Income before income taxes | ¥ | 34,185 | ¥ | 28,772 | (15.8 | )% | ¥ | 74,245 | 158.0 | % | ¥ | 33,573 | ¥ | 91,008 | 171.1 | % | ¥ | 71,515 | (21.4 | )% | ||||||||||||||||||||
Millions of yen | ||||||||||||||||||||
Year ended March 31 | ||||||||||||||||||||
2020 | 2021 | % Change from previous year | 2022 | % Change from previous year | ||||||||||||||||
Business revenue (1) | ¥ | 121,495 | ¥ | 111,946 | (7.9 | )% | ¥ | 119,920 | 7.1 | % | ||||||||||
Investment gain/ loss (2) | (13,558 | ) | 51,204 | — | 28,073 | (45.2 | ) | |||||||||||||
Net revenue | ¥ | 107,937 | ¥ | 163,150 | 51.2 | % | ¥ | 147,993 | (9.3 | )% |
(1) | Consists of division revenue, other than investment gain/loss, including revenue generated by our asset management business (excluding gains and losses related to our investment in American Century Investments), revenues generated by Nomura Babcock & Brown Co., Ltd.’s aircraft leasing-related businesses and management fee revenues generated from our private equity and other investment businesses |
(2) | Consists of division revenue attributable to investments (including fair value fluctuations, funding cost and dividends), including gains and losses related to our investment in American Century Investments, our investments held in our private equity and other investment businesses and our investment in Mebuki Financial Group, Inc. |
Billions of yen | Billions of yen | |||||||||||||||||||||||||||||||||||||||
Year ended March 31, 2020 | Year ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | Gross inflows | Gross outflows | Market appreciation / (depreciation) | Balance at end of year | Balance at beginning of year | Gross inflows | Gross outflows | Market appreciation / (depreciation) | Balance at end of year | |||||||||||||||||||||||||||||||
Nomura Asset Management Co., Ltd . | ¥ | 53,371 | ¥ | 26,098 | ¥ | (25,076 | ) | ¥ | (3,745 | ) | ¥ | 50,648 | ¥ | 50,648 | ¥ | 28,675 | ¥ | (27,705 | ) | ¥ | 14,540 | ¥ | 66,158 | |||||||||||||||||
Nomura Corporate Research and Asset Management Inc. | 3,011 | 568 | (739 | ) | (351 | ) | 2,489 | |||||||||||||||||||||||||||||||||
Nomura Corporate Research and Asset Management Inc. etc | 2,543 | 906 | (927 | ) | 778 | 3,300 | ||||||||||||||||||||||||||||||||||
Combined total | 56,382 | 26,666 | (25,815 | ) | (4,096 | ) | 53,137 | 53,191 | 29,581 | (28,632 | ) | 15,318 | 69,458 | |||||||||||||||||||||||||||
Shared across group companies | (5,008 | ) | (882 | ) | 1,501 | 577 | (3,812 | ) | (3,860 | ) | (1,169 | ) | 1,431 | (1,194 | ) | (4,792 | ) | |||||||||||||||||||||||
Total | 51,374 | 25,784 | (24,314 | ) | (3,519 | ) | 49,325 | ¥ | 49,331 | ¥ | 28,412 | ¥ | (27,201 | ) | ¥ | 14,124 | ¥ | 64,666 | ||||||||||||||||||||||
Billions of yen | Billions of yen | |||||||||||||||||||||||||||||||||||||||
Year ended March 31, 2021 | Year ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | Gross inflows | Gross outflows | Market appreciation / (depreciation) | Balance at end of year | Balance at beginning of year | Gross inflows | Gross outflows | Market appreciation / (depreciation) | Balance at end of year | |||||||||||||||||||||||||||||||
Nomura Asset Management Co., Ltd . | ¥ | 50,648 | ¥ | 28,675 | ¥ | (27,705 | ) | ¥ | 14,540 | ¥ | 66,158 | ¥ | 66,158 | ¥ | 26,883 | ¥ | (25,549 | ) | ¥ | 2,100 | ¥ | 69,592 | ||||||||||||||||||
Nomura Corporate Research and Asset Management Inc. | 2,489 | 871 | (910 | ) | 771 | 3,221 | ||||||||||||||||||||||||||||||||||
Nomura Corporate Research and Asset Management Inc. etc | 3,300 | 944 | (690 | ) | 313 | 3,867 | ||||||||||||||||||||||||||||||||||
Combined total | 53,137 | 29,546 | (28,615 | ) | 15,311 | 69,379 | 69,458 | 27,827 | (26,239 | ) | 2,413 | 73,459 | ||||||||||||||||||||||||||||
Shared across group companies | (3,812 | ) | (1,141 | ) | 1,414 | (1,187 | ) | (4,726 | ) | (4,792 | ) | (1,462 | ) | 1,163 | (455 | ) | (5,546 | ) | ||||||||||||||||||||||
Total | 49,325 | 28,405 | (27,201 | ) | 14,124 | 64,653 | ¥ | 64,666 | ¥ | 26,365 | ¥ | (25,076 | ) | ¥ | 1,958 | ¥ | 67,913 | |||||||||||||||||||||||
March 31 | March 31 | |||||||||||||||||||||||
2019 | 2020 | 2021 | 2020 | 2021 | 2022 | |||||||||||||||||||
Total of publicly offered investment trusts | 28 | % | 28 | % | 28 | % | 28 | % | 28 | % | 27 | % | ||||||||||||
Stock investment trusts | 26 | % | 26 | % | 26 | % | 26 | % | 26 | % | 25 | % | ||||||||||||
Bond investment trusts | 45 | % | 44 | % | 44 | % | 44 | % | 44 | % | 44 | % |
Millions of yen | Millions of yen | |||||||||||||||||||||||||||||||||||||||
Year ended March 31 | Year ended March 31 | |||||||||||||||||||||||||||||||||||||||
2019 | 2020 | % Change from previous year | 2021 | % Change from previous year | 2020 | 2021 | % Change from previous year | 2022 | % Change from previous year | |||||||||||||||||||||||||||||||
Non-interest revenue | ¥ | 496,484 | ¥ | 506,203 | 2.0 | % | ¥ | 524,019 | 3.5 | % | ¥ | 506,203 | ¥ | 524,019 | 3.5 | % | ¥ | 617,227 | 17.8 | % | ||||||||||||||||||||
Net interest revenue | 58,904 | 142,416 | 141.8 | 167,337 | 17.5 | 142,416 | 167,337 | 17.5 | 85,828 | (48.7 | ) | |||||||||||||||||||||||||||||
Net revenue | 555,388 | 648,619 | 16.8 | 691,356 | 6.6 | 648,619 | 691,356 | 6.6 | 703,055 | 1.7 | ||||||||||||||||||||||||||||||
Non-interest expenses | 666,787 | 556,399 | (16.6 | ) | 627,051 | 12.7 | 556,399 | 627,051 | 12.7 | 628,563 | 0.2 | |||||||||||||||||||||||||||||
Income (loss) before income taxes | ¥ | (111,399 | ) | ¥ | 92,220 | — | % | ¥ | 64,305 | (30.3 | )% | ¥ | 92,220 | ¥ | 64,305 | (30.3 | )% | ¥ | 74,492 | 15.8 | % | |||||||||||||||||||
Millions of yen | Millions of yen | |||||||||||||||||||||||||||||||||||||||
Year ended March 31 | Year ended March 31 | |||||||||||||||||||||||||||||||||||||||
2019 | 2020 | % Change from previous year | 2021 | % Change from previous year | 2020 | 2021 | % Change from previous year | 2022 | % Change from previous year | |||||||||||||||||||||||||||||||
Wholesale net revenue: | ||||||||||||||||||||||||||||||||||||||||
Global Markets net revenue | ¥ | 453,044 | ¥ | 562,927 | 24.3 | % | ¥ | 575,533 | 2.2 | % | ¥ | 562,927 | ¥ | 575,533 | 2.2 | % | ¥ | 556,417 | (3.3 | )% | ||||||||||||||||||||
Investment Banking net revenue | 102,344 | 85,692 | (16.3 | ) | 115,823 | 35.2 | 85,692 | 115,823 | 35.2 | 146,638 | 26.6 | |||||||||||||||||||||||||||||
Net revenue | ¥ | 555,388 | ¥ | 648,619 | 16.8 | % | ¥ | 691,356 | 6.6 | % | ¥ | 648,619 | ¥ | 691,356 | 6.6 | % | ¥ | 703,055 | 1.7 | % | ||||||||||||||||||||
Millions of yen, except per share data and percentages | ||||||||||||||||||||
Year ended March 31 | ||||||||||||||||||||
2018 | 2019 | 2020 | 2021 | 2022 | ||||||||||||||||
Statement of income data: | ||||||||||||||||||||
Revenue | ¥ | 1,972,158 | ¥ | 1,835,118 | ¥ | 1,952,482 | ¥ | 1,617,235 | ¥ | 1,593,999 | ||||||||||
Interest expense | 475,189 | 718,348 | 664,653 | 215,363 | 230,109 | |||||||||||||||
Net revenue | 1,496,969 | 1,116,770 | 1,287,829 | 1,401,872 | 1,363,890 | |||||||||||||||
Non-interest expenses | 1,168,811 | 1,154,471 | 1,039,568 | 1,171,201 | 1,137,267 | |||||||||||||||
Income (loss) before income taxes | 328,158 | (37,701 | ) | 248,261 | 230,671 | 226,623 | ||||||||||||||
Income tax expense | 103,866 | 57,010 | 28,894 | 70,274 | 80,090 | |||||||||||||||
Net income (loss) | ¥ | 224,292 | ¥ | (94,711 | ) | ¥ | 219,367 | ¥ | 160,397 | ¥ | 146,533 | |||||||||
Less: Net income attributable to noncontrolling interests | 4,949 | 5,731 | 2,369 | 7,281 | 3,537 | |||||||||||||||
Net income (loss) attributable to NHI shareholders | ¥ | 219,343 | ¥ | (100,442 | ) | ¥ | 216,998 | ¥ | 153,116 | ¥ | 142,996 | |||||||||
Balance sheet data (period end): | ||||||||||||||||||||
Total assets | ¥ | 40,343,947 | ¥ | 40,969,439 | ¥ | 43,999,815 | ¥ | 42,516,480 | ¥ | 43,412,156 | ||||||||||
Total NHI shareholders’ equity | 2,749,320 | 2,631,061 | 2,653,467 | 2,694,938 | 2,914,605 | |||||||||||||||
Total equity | 2,799,824 | 2,680,793 | 2,731,264 | 2,756,451 | 2,972,803 | |||||||||||||||
Common stock | 594,493 | 594,493 | 594,493 | 594,493 | 594,493 | |||||||||||||||
Per share data: | ||||||||||||||||||||
Net income (loss) attributable to NHI shareholders—basic | ¥ | 63.13 | ¥ | (29.90 | ) | ¥ | 67.76 | ¥ | 50.11 | ¥ | 46.68 | |||||||||
Net income (loss) attributable to NHI shareholders—diluted | 61.88 | (29.92 | ) | 66.20 | 48.63 | 45.23 | ||||||||||||||
Total NHI shareholders’ equity (1) | 810.31 | 794.69 | 873.26 | 879.79 | 965.80 | |||||||||||||||
Cash dividends (1) | 20.00 | 6.00 | 20.00 | 35.00 | 22.00 | |||||||||||||||
Cash dividends in USD (2) | $ | 0.19 | $ | 0.05 | $ | 0.19 | $ | 0.32 | $ | 0.18 | ||||||||||
Weighted average number of shares outstanding (in thousands) (3) | 3,474,593 | 3,359,565 | 3,202,370 | 3,055,526 | 3,063,524 | |||||||||||||||
Return on equity (4) : | 7.9 | % | (3.7 | %) | 8.2 | % | 5.7 | % | 5.1 | % |
(1) | Calculated using the number of shares outstanding at year end. |
(2) | Calculated using the Japanese Yen—U.S. Dollar exchange rate as of the respective fiscal year end date, the noon buying rate in New York City for cable transfers in foreign currencies as certified for customs purposes by the Federal Reserve Bank of New York. |
(3) | The number shown is used to calculate basic earnings per share. |
(4) | Calculated as net income (loss) attributable to NHI shareholders divided by total NHI shareholders’ equity. |
accounting policy | estimates | assumptions by management | assumptions during year ended March 31, 2021 (including impact of COVID-19) | |||
accounting policy | estimates | assumptions by management | assumptions during year ended March 31, 2021 (including impact of COVID-19) | |||
accounting policy | estimates | assumptions by management | assumptions during year ended March 31, 2021 (including impact of COVID-19) | |||
Billions of yen | ||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Counterparty and Cash Collateral Netting | Total | ||||||||||||||||
Financial assets measured at fair value (Excluding derivative assets) | ¥ | 7,862 | ¥ | 8,446 | ¥ | 673 | ¥ | — | ¥ | 16,981 | ||||||||||
Derivative assets | 43 | 15,801 | 162 | (14,786 | ) | 1,220 | ||||||||||||||
Total | ¥ | 7,905 | ¥ | 24,247 | ¥ | 835 | ¥ | (14,786 | ) | ¥ | 18,201 | |||||||||
Billions of yen | ||||||||
March 31, 2020 | ||||||||
Assets | Liabilities | |||||||
Listed derivatives | ¥ | 559 | ¥ | 716 | ||||
OTC derivatives | 1,383 | 1,093 | ||||||
¥ | 1,942 | ¥ | 1,809 | |||||
Billions of yen | ||||||||
March 31, 2021 | ||||||||
Assets | Liabilities | |||||||
Listed derivatives | ¥ | 179 | ¥ | 543 | ||||
OTC derivatives | 1,041 | 952 | ||||||
¥ | 1,220 | ¥ | 1,495 | |||||
Billions of yen | ||||||||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||||
Years to Maturity | ||||||||||||||||||||||||||||
Less than 1 year | 1 to 3 years | 3 to 5 years | 5 to 7 years | More than 7 years | Cross-maturity netting (1) | Total fair value | ||||||||||||||||||||||
OTC derivative assets | ¥ | 1,572 | ¥ | 1,138 | ¥ | 803 | ¥ | 488 | ¥ | 2,699 | ¥ | (5,659 | ) | ¥ | 1,041 | |||||||||||||
OTC derivative liabilities | 1,769 | 1,095 | 775 | 566 | 2,172 | (5,425 | ) | 952 |
Millions of yen | Millions of yen | |||||||||||||||||||||||
March 31, 2021 | March 31, 2022 | |||||||||||||||||||||||
Funded | Unfunded | Total | Funded | Unfunded | Total | |||||||||||||||||||
Europe | ¥ | 3,454 | ¥ | 80,888 | ¥ | 84,342 | ¥ | 6,361 | ¥ | 69,040 | ¥ | 75,401 | ||||||||||||
Americas | 8,322 | 94,058 | 102,380 | 17,370 | 106,915 | 124,285 | ||||||||||||||||||
Asia and Oceania | 16,171 | 11,388 | 27,559 | 10,448 | 27,289 | 37,737 | ||||||||||||||||||
Total | ¥ | 27,947 | ¥ | 186,334 | ¥ | 214,281 | ¥ | 34,179 | ¥ | 203,244 | ¥ | 237,423 | ||||||||||||
Millions of yen | ||||
March 31, | ||||
Deferred tax assets | ||||
Depreciation, amortization and valuation of fixed assets | ¥ | |||
Investments in subsidiaries and affiliates | ||||
Valuation of financial instruments | ||||
Accrued pension and severance costs | ||||
Other accrued expenses and provisions | ||||
Operating losses | ||||
Lease liabilities | ||||
Other | ||||
Gross deferred tax assets | ||||
Less — | ( | ) | ||
Total deferred tax assets | ||||
Deferred tax liabilities | ||||
Investments in subsidiaries and affiliates | ||||
Valuation of financial instruments | ||||
Undistributed earnings of foreign subsidiaries | ||||
Valuation of fixed assets | ||||
Right-of-use | ||||
Other | ||||
Total deferred tax liabilities | ||||
Net deferred tax assets (liabilities) | ¥ | ( | ) | |
Billions of yen | Billions of yen | |||||||||||||||||||||||||||||||
Average for year ended March 31, 2020 | March 31, 2020 | Average for year ended March 31, 2021 | March 31, 2021 | Average for year ended March 31, 2021 | March 31, 2021 | Average for year ended March 31, 2022 | March 31, 2022 | |||||||||||||||||||||||||
Cash, cash equivalents and time deposits (1) | ¥ | 2,323.6 | ¥ | 2,540.4 | ¥ | 2,775.9 | ¥ | 2,765.0 | ¥ | 2,775.9 | ¥ | 2,765.0 | ¥ | 3,151.6 | ¥ | 2,997.5 | ||||||||||||||||
Government debt securities | 2,371.5 | 2,412.2 | 3,082.8 | 2,641.2 | 3,082.8 | 2,641.2 | 3,629.8 | 3,674.2 | ||||||||||||||||||||||||
Others (2) | 310.6 | 401.8 | 254.0 | 252.1 | 254.0 | 252.1 | 298.3 | 402.5 | ||||||||||||||||||||||||
Total liquidity portfolio | ¥ | 5,005.7 | ¥ | 5,354.4 | ¥ | 6,112.7 | ¥ | 5,658.3 | ¥ | 6,112.7 | ¥ | 5,658.3 | ¥ | 7,079.7 | ¥ | 7,074.2 | ||||||||||||||||
(1) | Cash, cash equivalents, and time deposits include nostro balances and deposits with both central banks and market counterparties that are readily available to support the liquidity position of Nomura. |
(2) | Others include other liquid financial assets such as money market funds and U.S. agency securities. |
Billions of yen | Billions of yen | |||||||||||||||||||||||||||||||
Average for year ended March 31, 2020 | March 31, 2020 | Average for year ended March 31, 2021 | March 31, 2021 | Average for year ended March 31, 2021 | March 31, 2021 | Average for year ended March 31, 2022 | March 31, 2022 | |||||||||||||||||||||||||
Japanese Yen | ¥ | 1,500.6 | ¥ | 1,341.9 | ¥ | 2,298.1 | ¥ | 966.5 | �� | 2,298.1 | ¥ | 966.5 | ¥ | 1,913.7 | ¥ | 1,409.8 | ||||||||||||||||
U.S. Dollar | 2,219.9 | 2,732.5 | 2,441.2 | 3,367.1 | 2,441.2 | 3,367.1 | 3,567.3 | 3,924.1 | ||||||||||||||||||||||||
Euro | 818.4 | 789.5 | 795.1 | 793.5 | 795.1 | 793.5 | 792.3 | 868.5 | ||||||||||||||||||||||||
British Pound | 310.5 | 315.5 | 405.4 | 333.8 | 405.4 | 333.8 | 578.3 | 597.5 | ||||||||||||||||||||||||
Others (1) | 156.3 | 175.0 | 172.9 | 197.5 | 172.9 | 197.5 | 228.1 | 274.3 | ||||||||||||||||||||||||
Total liquidity portfolio | ¥ | 5,005.7 | ¥ | 5,354.4 | ¥ | 6,112.7 | ¥ | 5,658.3 | ¥ | 6,112.7 | ¥ | 5,658.3 | ¥ | 7,079.7 | ¥ | 7,074.2 | ||||||||||||||||
(1) | Includes other currencies such as the Australian dollar, the Canadian dollar and the Swiss franc. |
Billions of yen | Billions of yen | |||||||||||||||
March 31, 2020 | March 31, 2021 | March 31, 2021 | March 31, 2022 | |||||||||||||
NHI and NSC (1) | ¥ | 1,382.9 | ¥ | 981.8 | ¥ | 981.8 | ¥ | 1,395.4 | ||||||||
Major broker-dealer subsidiaries | 2,645.8 | 2,632.6 | 2,632.6 | 3,118.5 | ||||||||||||
Bank subsidiaries (2) | 775.8 | 752.6 | 752.6 | 1,008.5 | ||||||||||||
Other affiliates | 549.9 | 1,291.3 | 1,291.3 | 1,551.8 | ||||||||||||
Total liquidity portfolio | ¥ | 5,354.4 | ¥ | 5,658.3 | ¥ | 5,658.3 | ¥ | 7,074.2 | ||||||||
(1) | NSC, a broker-dealer located in Japan, holds an account with the Bank of Japan (“BOJ”) and has direct access to the BOJ Lombard facility through which same day funding is available for our securities pool. Any liquidity surplus at NHI is lent to NSC via short-term intercompany loans, which can be unwound immediately when needed. |
(2) | Includes Nomura Bank International plc (“NBI”), Nomura Singapore Limited and Nomura Bank Luxembourg S.A. |
Billions of yen | Billions of yen | |||||||||||||||
March 31, 2020 | March 31, 2021 | March 31, 2021 | March 31, 2022 | |||||||||||||
Net liquidity value of other unencumbered assets | ¥ | 2,573.6 | ¥ | 2,771.6 | ¥ | 2,771.6 | ¥ | 2,665.7 | ||||||||
Liquidity portfolio | 5,354.4 | 5,658.3 | 5,658.3 | 7,074.2 | ||||||||||||
Total | ¥ | 7,928.0 | ¥ | 8,429.9 | ¥ | 8,429.9 | ¥ | 9,739.9 | ||||||||
Billions of yen | Billions of yen | |||||||||||||||
March 31, 2020 | March 31, 2021 | March 31, 2021 | March 31, 2022 | |||||||||||||
Short-term bank borrowings | ¥ | 572.1 | ¥ | 265.8 | ¥ | 265.8 | ¥ | 148.0 | ||||||||
Other loans | 154.3 | 138.7 | 138.7 | 228.1 | ||||||||||||
Commercial paper | 525.1 | 460.0 | 460.0 | 131.9 | ||||||||||||
Deposits at banking entities | 1,116.2 | 1,149.9 | 1,149.9 | 1,520.7 | ||||||||||||
Certificates of deposit | 12.1 | 83.6 | 83.6 | 127.8 | ||||||||||||
Debt securities maturing within one year | 692.5 | 831.5 | 831.5 | 775.6 | ||||||||||||
Total short-term unsecured debt | ¥ | 3,072.3 | ¥ | 2,929.5 | ¥ | 2,929.5 | ¥ | 2,932.1 | ||||||||
Billions of yen | Billions of yen | |||||||||||||||
March 31, 2020 | March 31, 2021 | March 31, 2021 | March 31, 2022 | |||||||||||||
Long-term deposits at banking entities | ¥ | 147.9 | ¥ | 109.0 | ¥ | 109.0 | ¥ | 112.3 | ||||||||
Long-term bank borrowings | 2,591.5 | 2,635.2 | 2,635.2 | 2,820.5 | ||||||||||||
Other loans | 82.5 | 74.2 | 74.2 | 219.5 | ||||||||||||
Debt securities (1) | 3,522.1 | 3,877.9 | 3,877.9 | 4,745.8 | ||||||||||||
Total long-term unsecured debt | ¥ | 6,344.0 | ¥ | 6,696.3 | ¥ | 6,696.3 | ¥ | 7,898.1 | ||||||||
(1) | Excludes long-term debt securities issued by consolidated special purpose entities and similar entities that meet the definition of variable interest entities under ASC 810 “ Consolidation Long-term borrowings Transfer and Servicing. |
Billions of yen | Billions of yen | |||||||||||||||
Year Ended March 31 | Year Ended March 31 | |||||||||||||||
2020 | 2021 | 2021 | 2022 | |||||||||||||
Net cash provided by (used in) operating activities | ¥ | (15.9 | ) | ¥ | 665.8 | ¥ | 665.8 | ¥ | (1,368.7 | ) | ||||||
Net income | 219.4 | 160.4 | 160.4 | 146.5 | ||||||||||||
Trading assets and private equity and debt investments | (2,754.7 | ) | 1,468.4 | 1,468.4 | 1,254.3 | |||||||||||
Trading liabilities | 429.0 | 777.7 | 777.7 | (284.7 | ) | |||||||||||
Securities purchased under agreements to resell, net of securities sold under agreements to repurchase | 2,224.4 | (1,453.9 | ) | (1,453.9 | ) | (2,220.5 | ) | |||||||||
Securities borrowed, net of securities loaned | 291.8 | (1,242.5 | ) | (1,242.5 | ) | 595.1 | ||||||||||
Other, net | (425.7 | ) | 955.7 | 955.7 | (859.4 | ) | ||||||||||
Cash flows from investing activities: | 216.3 | (139.0 | ) | (139.0 | ) | (45.3 | ) | |||||||||
Cash flows from financing activities: | 332.1 | (269.9 | ) | (269.9 | ) | 1,070.7 | ||||||||||
Long-term borrowings, net | (38.4 | ) | (1.0 | ) | (1.0 | ) | 1,225.0 | |||||||||
Increase in short-term borrowings, net | 656.2 | (325.2 | ) | |||||||||||||
Increase (decrease) in deposits received at banks, net | (93.3 | ) | 126.2 | |||||||||||||
Decrease in short-term borrowings, net | (325.2 | ) | (475.5 | ) | ||||||||||||
Increase in deposits received at banks, net | 126.2 | 448.1 | ||||||||||||||
Other, net | (192.5 | ) | (69.9 | ) | (69.9 | ) | (126.9 | ) | ||||||||
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents | (27.3 | ) | 60.8 | 60.8 | 149.7 | |||||||||||
Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents | 505.2 | 317.7 | 317.7 | (193.6 | ) | |||||||||||
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of the year | 2,687.1 | 3,192.3 | 3,192.3 | 3,510.0 | ||||||||||||
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year | ¥ | 3,192.3 | ¥ | 3,510.0 | ¥ | 3,510.0 | ¥ | 3,316.4 | ||||||||
Billions of yen, except ratios | Billions of yen, except ratios | |||||||||||||||
March 31 | March 31 | |||||||||||||||
2020 | 2021 | 2021 | 2022 | |||||||||||||
NHI shareholders’ equity | ¥ | 2,653.5 | ¥ | 2,694.9 | ¥ | 2,694.9 | ¥ | 2,914.6 | ||||||||
Total assets | 43,999.8 | 42,516.5 | 42,516.5 | 43,412.2 | ||||||||||||
Adjusted assets (1) | 28,092.7 | 26,477.0 | 26,477.0 | 26,535.8 | ||||||||||||
Leverage ratio (2) | 16.6 x | 15.8 x | 15.8 x | 14.9 x | ||||||||||||
Adjusted leverage ratio (3) | 10.6 x | 9.8 x | 9.8 x | 9.1 x |
(1) | Represents total assets less Securities purchased under agreements to resell Securities borrowed non-GAAP financial measure and is calculated as follows: |
(2) | Equals total assets divided by NHI shareholders’ equity. |
(3) | Equals adjusted assets divided by NHI shareholders’ equity. |
Billions of yen | Billions of yen | |||||||||||||||
March 31 | March 31 | |||||||||||||||
2020 | 2021 | 2021 | 2022 | |||||||||||||
Total assets | ¥ | 43,999.8 | ¥ | 42,516.5 | ¥ | 42,516.5 | ¥ | 43,412.2 | ||||||||
Less: | ||||||||||||||||
Securities purchased under agreements to resell | 12,377.3 | 10,775.1 | 10,775.1 | 11,879.3 | ||||||||||||
Securities borrowed | 3,529.8 | 5,264.4 | 5,264.4 | 4,997.1 | ||||||||||||
Adjusted assets | ¥ | 28,092.7 | ¥ | 26,477.0 | ¥ | 26,477.0 | ¥ | 26,535.8 | ||||||||
Fiscal year ended or ending March 31, | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | ||||||||||||||||||||||||||||||
2016 | ¥ | — | ¥ | 10.00 | ¥ | — | ¥ | 3.00 | ¥ | 13.00 | ||||||||||||||||||||||||||||||
2017 | — | 9.00 | — | 11.00 | 20.00 | ¥ | — | ¥ | 9.00 | ¥ | — | ¥ | 11.00 | ¥ | 20.00 | |||||||||||||||||||||||||
2018 | — | 9.00 | — | 11.00 | 20.00 | — | 9.00 | — | 11.00 | 20.00 | ||||||||||||||||||||||||||||||
2019 | — | 3.00 | — | 3.00 | 6.00 | — | 3.00 | — | 3.00 | 6.00 | ||||||||||||||||||||||||||||||
2020 | — | 15.00 | — | 5.00 | 20.00 | — | 15.00 | — | 5.00 | 20.00 | ||||||||||||||||||||||||||||||
2021 | — | 20.00 | — | 15.00 | 35.00 | — | 20.00 | — | 15.00 | 35.00 | ||||||||||||||||||||||||||||||
2022 | — | 8.00 | — | 14.00 | 22.00 |
Billions of yen, except ratios | Billions of yen, except ratios | |||||||||||||||
March 31 | March 31 | |||||||||||||||
2020 | 2021 | 2021 | 2022 | |||||||||||||
Common equity Tier 1 capital | ¥ | 2,404.6 | ¥ | 2,522.1 | ¥ | 2,522.1 | ¥ | 2,726.4 | ||||||||
Tier 1 capital | 2,571.5 | 2,840.5 | 2,840.5 | 3,103.0 | ||||||||||||
Total capital | 2,602.4 | 2,845.2 | 2,845.2 | 3,103.4 | ||||||||||||
Risk-Weighted Assets | ||||||||||||||||
Credit risk-weighted assets | 7,634.7 | 8,550.9 | 8,550.9 | 8,301.2 | ||||||||||||
Market risk equivalent assets | 5,549.3 | 4,951.6 | 4,951.6 | 4,899.0 | ||||||||||||
Operational risk equivalent assets | 2,490.5 | 2,448.5 | 2,448.5 | 2,629.7 | ||||||||||||
Total risk-weighted assets | ¥ | 15,674.5 | ¥ | 15,951.0 | ¥ | 15,951.0 | ¥ | 15,829.9 | ||||||||
Consolidated Capital Adequacy Ratios | ||||||||||||||||
Common equity Tier 1 capital ratio | 15.34 | % | 15.81 | % | 15.81 | % | 17.22 | % | ||||||||
Tier 1 capital ratio | 16.40 | % | 17.80 | % | 17.80 | % | 19.60 | % | ||||||||
Consolidated capital adequacy ratio | 16.60 | % | 17.83 | % | 17.83 | % | 19.60 | % | ||||||||
External TLAC as a percentage of risk-weighted assets | — | 23.06 | % | 23.06 | % | 30.72 | % |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(1) | Calculated using the number of shares outstanding at year end. |
(2) | Calculated using the Japanese Yen—U.S. Dollar exchange rate as of the respective fiscal year end date, the noon buying rate in New York City for cable transfers in foreign currencies as certified for customs purposes by the Federal Reserve Bank of New York. |
(3) | The number shown is used to calculate basic earnings per share. |
(4) | Calculated as net income (loss) attributable to NHI shareholders divided by total NHI shareholders’ equity. |
Millions of yen | ||||||||||||
March 31, 2022 | ||||||||||||
Funded | Unfunded | Total | ||||||||||
Europe | ¥ | 6,361 | ¥ | 69,040 | ¥ | 75,401 | ||||||
Americas | 17,370 | 106,915 | 124,285 | |||||||||
Asia and Oceania | 10,448 | 27,289 | 37,737 | |||||||||
Total | ¥ | 34,179 | ¥ | 203,244 | ¥ | 237,423 | ||||||
Millions of yen | ||||
March 31, 2022 | ||||
Deferred tax assets | ||||
Depreciation, amortization and valuation of fixed assets | ¥ | 30,441 | ||
Investments in subsidiaries and affiliates | 21,390 | |||
Valuation of financial instruments | 102,021 | |||
Accrued pension and severance costs | 20,492 | |||
Other accrued expenses and provisions | 79,061 | |||
Operating losses | 370,481 | |||
Lease liabilities | 49,060 | |||
Other | 15,425 | |||
Gross deferred tax assets | 688,371 | |||
Less — | (466,145 | ) | ||
Total deferred tax assets | 222,226 | |||
Deferred tax liabilities | ||||
Investments in subsidiaries and affiliates | 91,040 | |||
Valuation of financial instruments | 85,301 | |||
Undistributed earnings of foreign subsidiaries | 2,745 | |||
Valuation of fixed assets | 23,962 | |||
Right-of-use | 48,519 | |||
Other | 7,044 | |||
Total deferred tax liabilities | 258,611 | |||
Net deferred tax assets (liabilities) | ¥ | (36,385 | ) | |
Millions of yen | ||||||||||||||||||||
Total contractual amount | Years to maturity | |||||||||||||||||||
Less than 1 year | 1 to 3 years | 3 to 5 years | More than 5 years | |||||||||||||||||
Standby letters of credit and other guarantees | ¥ | 206,072 | ¥ | 174,864 | ¥ | 11,722 | ¥ | 281 | ¥ | 19,205 | ||||||||||
Long-term borrowings (1) | 7,851,677 | 463,710 | 1,451,430 | 2,375,311 | 3,561,226 | |||||||||||||||
Contractual interest payments (2) | 714,585 | 90,749 | 148,389 | 106,442 | 369,005 | |||||||||||||||
Operating lease commitments (3) | 218,717 | 42,411 | 60,702 | 46,952 | 68,652 | |||||||||||||||
Purchase obligations (4) | 121,604 | 30,120 | 26,367 | 64,649 | 468 | |||||||||||||||
Commitments to extend credit (5) | 2,301,943 | 1,506,760 | 198,334 | 204,430 | 392,419 | |||||||||||||||
Commitments to invest | 136,367 | 111,576 | 2,339 | 4,338 | 18,114 | |||||||||||||||
Total | ¥ | 11,550,965 | ¥ | 2,420,190 | ¥ | 1,899,283 | ¥ | 2,802,403 | ¥ | 4,429,089 | ||||||||||
Billions of yen | ||||||||||||||||
Average for year ended March 31, 2021 | March 31, 2021 | Average for year ended March 31, 2022 | March 31, 2022 | |||||||||||||
Cash, cash equivalents and time deposits (1) | ¥ | 2,775.9 | ¥ | 2,765.0 | ¥ | 3,151.6 | ¥ | 2,997.5 | ||||||||
Government debt securities | 3,082.8 | 2,641.2 | 3,629.8 | 3,674.2 | ||||||||||||
Others (2) | 254.0 | 252.1 | 298.3 | 402.5 | ||||||||||||
Total liquidity portfolio | ¥ | 6,112.7 | ¥ | 5,658.3 | ¥ | 7,079.7 | ¥ | 7,074.2 | ||||||||
(1) | Cash, cash equivalents, and time deposits include nostro balances and deposits with both central banks and market counterparties that are readily available to support the liquidity position of Nomura. |
(2) | Others include other liquid financial assets such as money market funds and U.S. agency securities. |
Billions of yen | ||||||||||||||||
Average for year ended March 31, 2021 | March 31, 2021 | Average for year ended March 31, 2022 | March 31, 2022 | |||||||||||||
Japanese Yen | �� | 2,298.1 | ¥ | 966.5 | ¥ | 1,913.7 | ¥ | 1,409.8 | ||||||||
U.S. Dollar | 2,441.2 | 3,367.1 | 3,567.3 | 3,924.1 | ||||||||||||
Euro | 795.1 | 793.5 | 792.3 | 868.5 | ||||||||||||
British Pound | 405.4 | 333.8 | 578.3 | 597.5 | ||||||||||||
Others (1) | 172.9 | 197.5 | 228.1 | 274.3 | ||||||||||||
Total liquidity portfolio | ¥ | 6,112.7 | ¥ | 5,658.3 | ¥ | 7,079.7 | ¥ | 7,074.2 | ||||||||
(1) |
Billions of yen | ||||||||
March 31, 2021 | March 31, 2022 | |||||||
NHI and NSC (1) | ¥ | 981.8 | ¥ | 1,395.4 | ||||
Major broker-dealer subsidiaries | 2,632.6 | 3,118.5 | ||||||
Bank subsidiaries (2) | 752.6 | 1,008.5 | ||||||
Other affiliates | 1,291.3 | 1,551.8 | ||||||
Total liquidity portfolio | ¥ | 5,658.3 | ¥ | 7,074.2 | ||||
(1) | NSC, a broker-dealer located in Japan, holds an account with the Bank of Japan (“BOJ”) and has direct access to the BOJ Lombard facility through which same day funding is available for our securities pool. Any liquidity surplus at NHI is lent to NSC via short-term intercompany loans, which can be unwound immediately when needed. |
(2) | Includes Nomura Bank International plc (“NBI”), Nomura Singapore Limited and Nomura Bank Luxembourg S.A. |
Billions of yen | ||||||||
March 31, 2021 | March 31, 2022 | |||||||
Net liquidity value of other unencumbered assets | ¥ | 2,771.6 | ¥ | 2,665.7 | ||||
Liquidity portfolio | 5,658.3 | 7,074.2 | ||||||
Total | ¥ | 8,429.9 | ¥ | 9,739.9 | ||||
Billions of yen | ||||||||
March 31, 2021 | March 31, 2022 | |||||||
Short-term bank borrowings | ¥ | 265.8 | ¥ | 148.0 | ||||
Other loans | 138.7 | 228.1 | ||||||
Commercial paper | 460.0 | 131.9 | ||||||
Deposits at banking entities | 1,149.9 | 1,520.7 | ||||||
Certificates of deposit | 83.6 | 127.8 | ||||||
Debt securities maturing within one year | 831.5 | 775.6 | ||||||
Total short-term unsecured debt | ¥ | 2,929.5 | ¥ | 2,932.1 | ||||
Billions of yen | ||||||||
March 31, 2021 | March 31, 2022 | |||||||
Long-term deposits at banking entities | ¥ | 109.0 | ¥ | 112.3 | ||||
Long-term bank borrowings | 2,635.2 | 2,820.5 | ||||||
Other loans | 74.2 | 219.5 | ||||||
Debt securities (1) | 3,877.9 | 4,745.8 | ||||||
Total long-term unsecured debt | ¥ | 6,696.3 | ¥ | 7,898.1 | ||||
(1) | Excludes long-term Consolidation Long-term borrowings Transfer and |
(Millions of yen, except percentages) | ||||||||||||||||||||||||||
Base Salary (Fixed Compensation) | Yearly Bonus (Variable Compensation) | Total Compensation (TC) | ||||||||||||||||||||||||
Base cash salary | Equity-linked compensation | Subtotal | Cash Bonus | Deferred Compensation | Subtotal | |||||||||||||||||||||
102.0 | 17.4 | 119.4 | 100.5 | 100.5 | 201.0 | 320.4 | ||||||||||||||||||||
31.8 | % | 5.4 | % | 37.3 | % | 31.4 | % | 31.4 | % | 62.7 | % | 100.0 | % |
Performance Indicator | Target value | Actual value for the Fiscal Year | ||||||
ROE | 8.0 | % | 5.7 | % |
Billions of yen | ||||||||
Year Ended March 31 | ||||||||
2021 | 2022 | |||||||
Net cash provided by (used in) operating activities | ¥ | 665.8 | ¥ | (1,368.7 | ) | |||
Net income | 160.4 | 146.5 | ||||||
Trading assets and private equity and debt investments | 1,468.4 | 1,254.3 | ||||||
Trading liabilities | 777.7 | (284.7 | ) | |||||
Securities purchased under agreements to resell, net of securities sold under agreements to repurchase | (1,453.9 | ) | (2,220.5 | ) | ||||
Securities borrowed, net of securities loaned | (1,242.5 | ) | 595.1 | |||||
Other, net | 955.7 | (859.4 | ) | |||||
Cash flows from investing activities: | (139.0 | ) | (45.3 | ) | ||||
Cash flows from financing activities: | (269.9 | ) | 1,070.7 | |||||
Long-term borrowings, net | (1.0 | ) | 1,225.0 | |||||
Decrease in short-term borrowings, net | (325.2 | ) | (475.5 | ) | ||||
Increase in deposits received at banks, net | 126.2 | 448.1 | ||||||
Other, net | (69.9 | ) | (126.9 | ) | ||||
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents | 60.8 | 149.7 | ||||||
Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents | 317.7 | (193.6 | ) | |||||
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of the year | 3,192.3 | 3,510.0 | ||||||
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year | ¥ | 3,510.0 | ¥ | 3,316.4 | ||||
Number of People (1) | Millions of yen | |||||||||||||||||||
Year ended March 31, 2021 | ||||||||||||||||||||
Base Salary (2,3) | Performance- linked compensation (4) | Non-monetary compensation (Deferred Compensation) (5) | Total | |||||||||||||||||
Directors | 10 | ¥ | 290 | ¥ | 66 | ¥ | 226 | ¥ | 582 | |||||||||||
(Outside Directors included in above) | (6 | ) | (130 | ) | ( — | ) | ( — | ) | (130 | ) | ||||||||||
Executive Officers | 6 | 420 | 240 | 364 | 1,024 | |||||||||||||||
Total | 16 | ¥ | 710 | ¥ | 306 | ¥ | 590 | ¥ | 1,606 | |||||||||||
Millions of yen | ||||||||||||||||||||||||||||||||
Fixed Remuneration (Basic Compensation) | Variable Compensation (1) | |||||||||||||||||||||||||||||||
Name | Company | Category | Base Salary | Equity Compensation (RSUs) | Total | Cash Bonus | Deferred Compensation (RSUs, etc.) | Total | Total | |||||||||||||||||||||||
Koji Nagai | Nomura | Chairman of the Board of Directors | ¥ | 91.2 | ¥ | 0 | ¥ | 91.2 | ¥ | 50.5 | ¥ | 50.5 | ¥ | 101.0 | ¥ | 192.2 | ||||||||||||||||
Kentaro Okuda (2) | Nomura | Director, Representative Executive Officer (Group CEO) | ¥ | 102.0 | ¥ | 17.4 | ¥ | 119.4 | ¥ | 100.5 | ¥ | 100.5 | ¥ | 201.0 | ¥ | 320.4 | ||||||||||||||||
Toshio Morita | Nomura | Executive Managing Director (Group Co-COO) | ¥ | 84.0 | ¥ | 15.0 | ¥ | 99.0 | ¥ | 54.7 | ¥ | 54.7 | ¥ | 109.3 | ¥ | 208.3 | ||||||||||||||||
Tomoyuki Teraguchi | Nomura | Executive Managing Director | ¥ | 66.0 | ¥ | 13.2 | ¥ | 79.2 | ¥ | 32.9 | ¥ | 32.9 | ¥ | 65.8 | ¥ | 145.0 |
Billions of yen, except ratios | ||||||||
March 31 | ||||||||
2021 | 2022 | |||||||
NHI shareholders’ equity | ¥ | 2,694.9 | ¥ | 2,914.6 | ||||
Total assets | 42,516.5 | 43,412.2 | ||||||
Adjusted assets (1) | 26,477.0 | 26,535.8 | ||||||
Leverage ratio (2) | 15.8 x | 14.9 x | ||||||
Adjusted leverage ratio (3) | 9.8 x | 9.1 x |
(1) | Represents total assets less follows:Securities purchased under agreements to resell Securities borrowed non-GAAP financial measure and is calculated as |
(2) |
(3) | ||||
Billions of yen | ||||||||
March 31 | ||||||||
2021 | 2022 | |||||||
Total assets | ¥ | 42,516.5 | ¥ | 43,412.2 | ||||
Less: | ||||||||
Securities purchased under agreements to resell | 10,775.1 | 11,879.3 | ||||||
Securities borrowed | 5,264.4 | 4,997.1 | ||||||
Adjusted assets | ¥ | 26,477.0 | ¥ | 26,535.8 | ||||
Fiscal year ended or ending March 31, | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||
2017 | ¥ | — | ¥ | 9.00 | ¥ | — | ¥ | 11.00 | ¥ | 20.00 | ||||||||||
2018 | — | 9.00 | — | 11.00 | 20.00 | |||||||||||||||
2019 | — | 3.00 | — | 3.00 | 6.00 | |||||||||||||||
2020 | — | 15.00 | — | 5.00 | 20.00 | |||||||||||||||
2021 | — | 20.00 | — | 15.00 | 35.00 | |||||||||||||||
2022 | — | 8.00 | — | 14.00 | 22.00 |
Billions of yen, except ratios | ||||||||
March 31 | ||||||||
2021 | 2022 | |||||||
Common equity Tier 1 capital | ¥ | 2,522.1 | ¥ | 2,726.4 | ||||
Tier 1 capital | 2,840.5 | 3,103.0 | ||||||
Total capital | 2,845.2 | 3,103.4 | ||||||
Risk-Weighted Assets | ||||||||
Credit risk-weighted assets | 8,550.9 | 8,301.2 | ||||||
Market risk equivalent assets | 4,951.6 | 4,899.0 | ||||||
Operational risk equivalent assets | 2,448.5 | 2,629.7 | ||||||
Total risk-weighted assets | ¥ | 15,951.0 | ¥ | 15,829.9 | ||||
Consolidated Capital Adequacy Ratios | ||||||||
Common equity Tier 1 capital ratio | 15.81 | % | 17.22 | % | ||||
Tier 1 capital ratio | 17.80 | % | 19.60 | % | ||||
Consolidated capital adequacy ratio | 17.83 | % | 19.60 | % | ||||
External TLAC as a percentage of risk-weighted assets | 23.06 | % | 30.72 | % |
Millions of yen, except per share data and percentages | ||||||||||||||||||||
Year ended March 31 | ||||||||||||||||||||
2018 | 2019 | 2020 | 2021 | 2022 | ||||||||||||||||
Statement of income data: | ||||||||||||||||||||
Revenue | ¥ | 1,972,158 | ¥ | 1,835,118 | ¥ | 1,952,482 | ¥ | 1,617,235 | ¥ | 1,593,999 | ||||||||||
Interest expense | 475,189 | 718,348 | 664,653 | 215,363 | 230,109 | |||||||||||||||
Net revenue | 1,496,969 | 1,116,770 | 1,287,829 | 1,401,872 | 1,363,890 | |||||||||||||||
Non-interest expenses | 1,168,811 | 1,154,471 | 1,039,568 | 1,171,201 | 1,137,267 | |||||||||||||||
Income (loss) before income taxes | 328,158 | (37,701 | ) | 248,261 | 230,671 | 226,623 | ||||||||||||||
Income tax expense | 103,866 | 57,010 | 28,894 | 70,274 | 80,090 | |||||||||||||||
Net income (loss) | ¥ | 224,292 | ¥ | (94,711 | ) | ¥ | 219,367 | ¥ | 160,397 | ¥ | 146,533 | |||||||||
Less: Net income attributable to noncontrolling interests | 4,949 | 5,731 | 2,369 | 7,281 | 3,537 | |||||||||||||||
Net income (loss) attributable to NHI shareholders | ¥ | 219,343 | ¥ | (100,442 | ) | ¥ | 216,998 | ¥ | 153,116 | ¥ | 142,996 | |||||||||
Balance sheet data (period end): | ||||||||||||||||||||
Total assets | ¥ | 40,343,947 | ¥ | 40,969,439 | ¥ | 43,999,815 | ¥ | 42,516,480 | ¥ | 43,412,156 | ||||||||||
Total NHI shareholders’ equity | 2,749,320 | 2,631,061 | 2,653,467 | 2,694,938 | 2,914,605 | |||||||||||||||
Total equity | 2,799,824 | 2,680,793 | 2,731,264 | 2,756,451 | 2,972,803 | |||||||||||||||
Common stock | 594,493 | 594,493 | 594,493 | 594,493 | 594,493 | |||||||||||||||
Per share data: | ||||||||||||||||||||
Net income (loss) attributable to NHI shareholders—basic | ¥ | 63.13 | ¥ | (29.90 | ) | ¥ | 67.76 | ¥ | 50.11 | ¥ | 46.68 | |||||||||
Net income (loss) attributable to NHI shareholders—diluted | 61.88 | (29.92 | ) | 66.20 | 48.63 | 45.23 | ||||||||||||||
Total NHI shareholders’ equity (1) | 810.31 | 794.69 | 873.26 | 879.79 | 965.80 | |||||||||||||||
Cash dividends (1) | 20.00 | 6.00 | 20.00 | 35.00 | 22.00 | |||||||||||||||
Cash dividends in USD (2) | $ | 0.19 | $ | 0.05 | $ | 0.19 | $ | 0.32 | $ | 0.18 | ||||||||||
Weighted average number of shares outstanding (in thousands) (3) | 3,474,593 | 3,359,565 | 3,202,370 | 3,055,526 | 3,063,524 | |||||||||||||||
Return on equity (4) : | 7.9 | % | (3.7 | %) | 8.2 | % | 5.7 | % | 5.1 | % |
(1) | Calculated using the number of shares outstanding at year end. |
(2) | Calculated using the Japanese Yen—U.S. Dollar exchange rate as of the respective fiscal year end date, the noon buying rate in New York City for cable transfers in foreign currencies as certified for customs purposes by the Federal Reserve Bank of New York. |
(3) | The number shown is used to calculate basic earnings per share. |
(4) | Calculated as net income (loss) attributable to NHI shareholders divided by total NHI shareholders’ equity. |
Millions of yen | ||||||||||||
March 31, 2022 | ||||||||||||
Funded | Unfunded | Total | ||||||||||
Europe | ¥ | 6,361 | ¥ | 69,040 | ¥ | 75,401 | ||||||
Americas | 17,370 | 106,915 | 124,285 | |||||||||
Asia and Oceania | 10,448 | 27,289 | 37,737 | |||||||||
Total | ¥ | 34,179 | ¥ | 203,244 | ¥ | 237,423 | ||||||
Millions of yen | ||||
March 31, 2022 | ||||
Deferred tax assets | ||||
Depreciation, amortization and valuation of fixed assets | ¥ | 30,441 | ||
Investments in subsidiaries and affiliates | 21,390 | |||
Valuation of financial instruments | 102,021 | |||
Accrued pension and severance costs | 20,492 | |||
Other accrued expenses and provisions | 79,061 | |||
Operating losses | 370,481 | |||
Lease liabilities | 49,060 | |||
Other | 15,425 | |||
Gross deferred tax assets | 688,371 | |||
Less — | (466,145 | ) | ||
Total deferred tax assets | 222,226 | |||
Deferred tax liabilities | ||||
Investments in subsidiaries and affiliates | 91,040 | |||
Valuation of financial instruments | 85,301 | |||
Undistributed earnings of foreign subsidiaries | 2,745 | |||
Valuation of fixed assets | 23,962 | |||
Right-of-use | 48,519 | |||
Other | 7,044 | |||
Total deferred tax liabilities | 258,611 | |||
Net deferred tax assets (liabilities) | ¥ | (36,385 | ) | |
Billions of yen | ||||||||||||||||
Average for year ended March 31, 2021 | March 31, 2021 | Average for year ended March 31, 2022 | March 31, 2022 | |||||||||||||
Cash, cash equivalents and time deposits (1) | ¥ | 2,775.9 | ¥ | 2,765.0 | ¥ | 3,151.6 | ¥ | 2,997.5 | ||||||||
Government debt securities | 3,082.8 | 2,641.2 | 3,629.8 | 3,674.2 | ||||||||||||
Others (2) | 254.0 | 252.1 | 298.3 | 402.5 | ||||||||||||
Total liquidity portfolio | ¥ | 6,112.7 | ¥ | 5,658.3 | ¥ | 7,079.7 | ¥ | 7,074.2 | ||||||||
(1) | Cash, cash equivalents, and time deposits include nostro balances and deposits with both central banks and market counterparties that are readily available to support the liquidity position of Nomura. |
(2) | Others include other liquid financial assets such as money market funds and U.S. agency securities. |
Billions of yen | ||||||||||||||||
Average for year ended March 31, 2021 | March 31, 2021 | Average for year ended March 31, 2022 | March 31, 2022 | |||||||||||||
Japanese Yen | �� | 2,298.1 | ¥ | 966.5 | ¥ | 1,913.7 | ¥ | 1,409.8 | ||||||||
U.S. Dollar | 2,441.2 | 3,367.1 | 3,567.3 | 3,924.1 | ||||||||||||
Euro | 795.1 | 793.5 | 792.3 | 868.5 | ||||||||||||
British Pound | 405.4 | 333.8 | 578.3 | 597.5 | ||||||||||||
Others (1) | 172.9 | 197.5 | 228.1 | 274.3 | ||||||||||||
Total liquidity portfolio | ¥ | 6,112.7 | ¥ | 5,658.3 | ¥ | 7,079.7 | ¥ | 7,074.2 | ||||||||
(1) | Includes other currencies such as the Australian dollar, the Canadian dollar and the Swiss franc. |
Billions of yen | ||||||||
March 31, 2021 | March 31, 2022 | |||||||
NHI and NSC (1) | ¥ | 981.8 | ¥ | 1,395.4 | ||||
Major broker-dealer subsidiaries | 2,632.6 | 3,118.5 | ||||||
Bank subsidiaries (2) | 752.6 | 1,008.5 | ||||||
Other affiliates | 1,291.3 | 1,551.8 | ||||||
Total liquidity portfolio | ¥ | 5,658.3 | ¥ | 7,074.2 | ||||
(1) | NSC, a broker-dealer located in Japan, holds an account with the Bank of Japan (“BOJ”) and has direct access to the BOJ Lombard facility through which same day funding is available for our securities pool. Any liquidity surplus at NHI is lent to NSC via short-term intercompany loans, which can be unwound immediately when needed. |
(2) | Includes Nomura Bank International plc (“NBI”), Nomura Singapore Limited and Nomura Bank Luxembourg S.A. |
Billions of yen | ||||||||
March 31, 2021 | March 31, 2022 | |||||||
Net liquidity value of other unencumbered assets | ¥ | 2,771.6 | ¥ | 2,665.7 | ||||
Liquidity portfolio | 5,658.3 | 7,074.2 | ||||||
Total | ¥ | 8,429.9 | ¥ | 9,739.9 | ||||
Billions of yen | ||||||||
March 31, 2021 | March 31, 2022 | |||||||
Short-term bank borrowings | ¥ | 265.8 | ¥ | 148.0 | ||||
Other loans | 138.7 | 228.1 | ||||||
Commercial paper | 460.0 | 131.9 | ||||||
Deposits at banking entities | 1,149.9 | 1,520.7 | ||||||
Certificates of deposit | 83.6 | 127.8 | ||||||
Debt securities maturing within one year | 831.5 | 775.6 | ||||||
Total short-term unsecured debt | ¥ | 2,929.5 | ¥ | 2,932.1 | ||||
Billions of yen | ||||||||
March 31, 2021 | March 31, 2022 | |||||||
Long-term deposits at banking entities | ¥ | 109.0 | ¥ | 112.3 | ||||
Long-term bank borrowings | 2,635.2 | 2,820.5 | ||||||
Other loans | 74.2 | 219.5 | ||||||
Debt securities (1) | 3,877.9 | 4,745.8 | ||||||
Total long-term unsecured debt | ¥ | 6,696.3 | ¥ | 7,898.1 | ||||
(1) | Excludes long-term debt securities issued by consolidated special purpose entities and similar entities that meet the definition of variable interest entities under ASC 810 “ Consolidation Long-term borrowings Transfer and Servicing. |
Billions of yen | ||||||||
Year Ended March 31 | ||||||||
2021 | 2022 | |||||||
Net cash provided by (used in) operating activities | ¥ | 665.8 | ¥ | (1,368.7 | ) | |||
Net income | 160.4 | 146.5 | ||||||
Trading assets and private equity and debt investments | 1,468.4 | 1,254.3 | ||||||
Trading liabilities | 777.7 | (284.7 | ) | |||||
Securities purchased under agreements to resell, net of securities sold under agreements to repurchase | (1,453.9 | ) | (2,220.5 | ) | ||||
Securities borrowed, net of securities loaned | (1,242.5 | ) | 595.1 | |||||
Other, net | 955.7 | (859.4 | ) | |||||
Cash flows from investing activities: | (139.0 | ) | (45.3 | ) | ||||
Cash flows from financing activities: | (269.9 | ) | 1,070.7 | |||||
Long-term borrowings, net | (1.0 | ) | 1,225.0 | |||||
Decrease in short-term borrowings, net | (325.2 | ) | (475.5 | ) | ||||
Increase in deposits received at banks, net | 126.2 | 448.1 | ||||||
Other, net | (69.9 | ) | (126.9 | ) | ||||
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents | 60.8 | 149.7 | ||||||
Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents | 317.7 | (193.6 | ) | |||||
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of the year | 3,192.3 | 3,510.0 | ||||||
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of the year | ¥ | 3,510.0 | ¥ | 3,316.4 | ||||
Billions of yen, except ratios | ||||||||
March 31 | ||||||||
2021 | 2022 | |||||||
NHI shareholders’ equity | ¥ | 2,694.9 | ¥ | 2,914.6 | ||||
Total assets | 42,516.5 | 43,412.2 | ||||||
Adjusted assets (1) | 26,477.0 | 26,535.8 | ||||||
Leverage ratio (2) | 15.8 x | 14.9 x | ||||||
Adjusted leverage ratio (3) | 9.8 x | 9.1 x |
(1) | Represents total assets less Securities purchased under agreements to resell Securities borrowed non-GAAP financial measure and is calculated as follows: |
(2) | Equals total assets divided by NHI shareholders’ equity. |
(3) | Equals adjusted assets divided by NHI shareholders’ equity. |
Billions of yen | ||||||||
March 31 | ||||||||
2021 | 2022 | |||||||
Total assets | ¥ | 42,516.5 | ¥ | 43,412.2 | ||||
Less: | ||||||||
Securities purchased under agreements to resell | 10,775.1 | 11,879.3 | ||||||
Securities borrowed | 5,264.4 | 4,997.1 | ||||||
Adjusted assets | ¥ | 26,477.0 | ¥ | 26,535.8 | ||||
Fiscal year ended or ending March 31, | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total | |||||||||||||||
2017 | ¥ | — | ¥ | 9.00 | ¥ | — | ¥ | 11.00 | ¥ | 20.00 | ||||||||||
2018 | — | 9.00 | — | 11.00 | 20.00 | |||||||||||||||
2019 | — | 3.00 | — | 3.00 | 6.00 | |||||||||||||||
2020 | — | 15.00 | — | 5.00 | 20.00 | |||||||||||||||
2021 | — | 20.00 | — | 15.00 | 35.00 | |||||||||||||||
2022 | — | 8.00 | — | 14.00 | 22.00 |
Billions of yen, except ratios | ||||||||
March 31 | ||||||||
2021 | 2022 | |||||||
Common equity Tier 1 capital | ¥ | 2,522.1 | ¥ | 2,726.4 | ||||
Tier 1 capital | 2,840.5 | 3,103.0 | ||||||
Total capital | 2,845.2 | 3,103.4 | ||||||
Risk-Weighted Assets | ||||||||
Credit risk-weighted assets | 8,550.9 | 8,301.2 | ||||||
Market risk equivalent assets | 4,951.6 | 4,899.0 | ||||||
Operational risk equivalent assets | 2,448.5 | 2,629.7 | ||||||
Total risk-weighted assets | ¥ | 15,951.0 | ¥ | 15,829.9 | ||||
Consolidated Capital Adequacy Ratios | ||||||||
Common equity Tier 1 capital ratio | 15.81 | % | 17.22 | % | ||||
Tier 1 capital ratio | 17.80 | % | 19.60 | % | ||||
Consolidated capital adequacy ratio | 17.83 | % | 19.60 | % | ||||
External TLAC as a percentage of risk-weighted assets | 23.06 | % | 30.72 | % |
Nomura Holdings, Inc. | Short-term Debt | Long-term Debt | ||
S&P Global Ratings | A-2 | BBB+ (Stable) | ||
Moody’s Investors Service | — | Baa1 (Negative) | ||
Fitch Ratings | F1 | A- (Stable) | ||
Rating and Investment Information, Inc. | a-1 | A (Stable) | ||
Japan Credit Rating Agency, Ltd. | — | AA- (Stable) | ||
Nomura Securities Co., Ltd. | Short-term Debt | Long-term Debt | ||
S&P Global Ratings | A-2 | A- (Stable) | ||
Moody’s Investors Service | P-2 | A3 (Negative) | ||
Fitch Ratings | F1 | A- (Stable) | ||
Rating and Investment Information, Inc. | a-1 | A+ (Stable) | ||
Japan Credit Rating Agency, Ltd. | — | AA- (Stable) |
Millions of yen | ||||||||||||||||||||
Total contractual amount | Years to maturity | |||||||||||||||||||
Less than 1 year | 1 to 3 years | 3 to 5 years | More than 5 years | |||||||||||||||||
Standby letters of credit and other guarantees | ¥ | 1,698,193 | ¥ | 1,684,360 | ¥ | 7,705 | ¥ | 4,519 | ¥ | 1,609 | ||||||||||
Long-term borrowings (1) | 8,988,356 | 456,663 | 2,085,430 | 2,273,072 | 4,173,191 | |||||||||||||||
Contractual interest payments (2) | 1,032,515 | 134,019 | 220,913 | 152,920 | 524,663 | |||||||||||||||
Operating lease commitments (3) | 209,040 | 44,493 | 57,884 | 42,761 | 63,902 | |||||||||||||||
Purchase obligations (4) | 98,214 | 14,012 | 18,652 | 65,397 | 153 | |||||||||||||||
Commitments to extend credit (5) | 2,012,851 | 1,354,834 | 269,828 | 163,515 | 224,674 | |||||||||||||||
Commitments to invest | 32,286 | 149 | 4,102 | 6,175 | 21,860 | |||||||||||||||
Total | ¥ | 14,071,455 | ¥ | 3,688,530 | ¥ | 2,664,514 | ¥ | 2,708,359 | ¥ | 5,010,052 | ||||||||||
(1) | The amounts disclosed within long-term borrowings exclude financial liabilities recognized within long-term borrowings as a result of transfers of financial assets that are accounted for as financings rather than sales in accordance with ASC 860. These are not borrowings issued for our own funding purposes and therefore do not represent actual contractual obligations by us to deliver cash. |
(2) | The amounts represent estimated future interest payments related to long-time borrowings based on the period through to their maturity and applicable interest rates as of March 31, 2022. |
(3) | The amounts of operating lease commitments are undiscounted future minimum lease payments. The amounts of finance lease contracts were immaterial. |
(4) | The minimum contractual obligations under enforceable and legally binding contracts that specify all significant terms. Amounts exclude obligations that are already reflected on our consolidated balance sheets as liabilities or payables. Includes the commitment to purchase parts of the redeveloped real estate in Tokyo Nihonbashi district from the redevelopment association. |
(5) | Contingent liquidity facilities to central clearing counterparties are included. |
Critical accounting policy | Critical accounting estimates | Underlying subjective key assumptions by management | Effect of changes in estimates and assumptions during year ended March 31, 2022 (including impact of the COVID-19 pandemic) | |||
Fair value of financial instruments Note 2 “Fair value | Estimating fair value for financial instruments | A significant portion of our financial instruments is carried at fair value. The fair values of these financial instruments may not only measured at quoted prices but also impacted by other factors including selection of valuation techniques/ models and other assumptions that require judgment. Selection of appropriate valuation techniques • For financial instruments measured at fair value where quoted prices are available in active markets, Nomura generally uses quoted prices as level 1 inputs for determining the fair value of these financial instruments. • For financial instruments where such quoted prices are not available, fair value of the financial instruments are measured by level 2 or level 3 input(s). Significant judgment is involved in selection of appropriate valuation techniques and validation of | See Note 2 “Fair value measurements” Level 3 fair value hierarchy (assets net of derivative liabilities) during the year increased from ¥566 billion as of March 2021 to ¥792 billion as of March 2022. Level 3 financial assets as a proportion of total financial assets carried at fair value on a recurring basis was 6% as of March 31, 2022 (5% as of March 31, 2021.) See Note 2, “Fair Value measurement” |
Critical accounting policy | Critical accounting estimates | Underlying subjective key assumptions by management | Effect of changes in estimates and assumptions during year ended March 31, 2022 (including impact of the COVID-19 pandemic) | |||
assumptions applied in models because the fair value measured could be varied by the selection of those models and assumptions. When selecting valuation techniques, various factors such as the particular circumstances where these financial instruments are traded, availability of reliable inputs, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs are considered. Significance of level 3 inputs • Fair value measurement is more judgmental in respect of level 3 inputs, which are valued based on significant non-market based unobservable inputs. | of the underlying financial instruments to changes in level 3 inputs. | |||||
Litigation provisions Note 20 “Commitments, contingencies and guarantees” | Determination of whether a loss is probable and measurement of provisions and reasonably possible loss | In the normal course of business, Nomura may be involved in investigations, lawsuits and other legal proceedings and, as a result, may suffer losses from any fines, penalties or settlements where Nomura chooses to make to resolve the matters and these could be significant to Nomura’s results of operations. Determination if a loss is probable • Recognition of litigation provisions are only required if a loss is probable and can be reasonably estimated. • Significant judgment required in deciding whether loss from litigation, investigations, claims or other actions is probable or just reasonably possible. • Such judgment usually involves consideration of external legal counsel opinion, our own historical experiences in court and similar matters, the progress of regulatory | See Note 20 “Commitments, contingencies and guarantees” If we concluded as of June 24, 2022 that for cases where an estimate of a range of reasonably possible losses can be made, such loss was actually now probable, we would recognize additional legal provisions through earnings of approximately ¥61 billion. However, this estimate does not include the impact of probable losses where we |
Critical accounting policy | Critical accounting estimates | Underlying subjective key assumptions by management | Effect of changes in estimates and assumptions during year ended March 31, 2022 (including impact of the COVID-19 pandemic) | |||
investigation or litigation proceedings and management or our counterparty’s appetite to settle the matter. • If a loss is only considered to be reasonably possible, no provision is required. Measurement of a probable / reasonably possible loss • Once a loss has been determined as being probable of occurring, a provision is recognized when a loss is probable and the amount of such loss or range of loss can be reasonably estimated. • Where a loss is not probable but still reasonably possible and an estimate of the range of reasonably possible losses can be made based on current information available as of the date of our consolidated financial statements, the reasonably possible maximum loss in excess of amounts recognized as a provision is disclosed. • All of the above determination is often inherently difficult, especially for legal claims or regulatory investigations that are indeterminate or still at an early stage. • For certain exceptional matters, given the inherent complexities where we believe a loss is probable or reasonably possible, we may be unable to reasonably estimate the amount of loss and therefore are unable to recognize a provision or disclose the reasonably possible maximum loss in excess of amounts recognized as a provision for the matter. In these situations, we disclose this fact. | cannot reasonably estimate such loss. See Note.20 “ Commitments, contingencies and guarantees |
Name (Date of Birth) | Responsibilities and Status within Nomura/ Other Principal Business Activities | Business Experience | ||||
Koji Nagai (Jan. 25, 1959) | Director Chairman of the Board Directors Member of the Nomination Committee Member of the Compensation Committee Director and Chairman of Nomura Securities Co., Ltd. | Apr. 1981 | Joined the Company | |||
Apr. 2003 | Director of Nomura Securities Co., Ltd. | |||||
Jun. 2003 | Executive Officer of Nomura Securities Co., Ltd. | |||||
Apr. 2007 | Executive Officer (Executive Managing Director) of Nomura Securities Co., Ltd. | |||||
Oct. 2008 | Senior Corporate Managing Director of Nomura Securities Co., Ltd. | |||||
Apr. 2009 | Executive Officer and Executive Vice President of Nomura Securities Co., Ltd. | |||||
Apr. 2011 | Co-COO and Deputy President of Nomura Securities Co., Ltd. | |||||
Apr. 2012 | Senior Managing Director of the Company Director, Representative Executive Officer and President of Nomura Securities Co., Ltd. | |||||
Aug. 2012 | Representative Executive Officer & Group CEO of the Company Director, Representative Executive Officer and President of Nomura Securities Co., Ltd. | |||||
Jun. 2013 | Director, Representative Executive Officer & Group CEO of the Company Director, Representative Executive Officer and President of Nomura Securities Co., Ltd. | |||||
Apr. 2017 | Director, Representative Executive Officer, President & Group CEO of the Company Director and Chairman of Nomura Securities Co., Ltd. | |||||
Apr. 2020 | Director and Chairman of the Company (Current) Director and Chairman of Nomura Securities Co., Ltd. (Current) |
Name (Date of Birth) | Responsibilities and Status within Nomura/ Other Principal Business Activities | Business Experience | ||||
Kentaro Okuda (Nov. 7, 1963) | Director, Representative Executive Officer, President and Group CEO Representative Director and President of Nomura Securities Co., Ltd. | Apr. 1987 | Joined the Company | |||
Apr. 2010 | Senior Managing Director of Nomura Securities Co., Ltd. | |||||
Apr. 2012 | Senior Corporate Managing Director of Nomura Securities Co., Ltd. | |||||
Aug. 2012 | Senior Corporate Managing Director of the Company Senior Corporate Managing Director of Nomura Securities Co., Ltd. | |||||
Apr. 2013 | Senior Managing Director of the Company Senior Corporate Managing Director of Nomura Securities Co., Ltd. | |||||
Apr. 2015 | Senior Managing Director of the Company Executive Vice President of Nomura Securities Co., Ltd. | |||||
Apr. 2016 | Senior Managing Director of the Company Executive Officer and Executive Vice President of Nomura Securities Co., Ltd. | |||||
Apr. 2017 | Senior Managing Director of the Company Executive Vice President of Nomura Securities Co., Ltd. | |||||
Apr. 2018 | Executive Officer and Group Co-COO of the CompanyDirector, Executive Officer and Deputy President of Nomura Securities Co., Ltd. | |||||
Apr. 2019 | Executive Officer, Deputy President and Group Co-COO of the Company | |||||
Apr. 2020 | Representative Executive Officer, President & Group CEO of the Company Representative Director of Nomura Securities Co., Ltd. | |||||
Jun. 2020 | Director, Representative Executive Officer, President & Group CEO of the Company Representative Director of Nomura Securities Co., Ltd. | |||||
Jun. 2021 | Director, Representative Executive Officer, President & Group CEO of the Company (Current) Representative Director and President of Nomura Securities Co., Ltd. (Current) |
Name (Date of Birth) | Responsibilities and Status within Nomura/ Other Principal Business Activities | Business Experience | ||||
Tomoyuki Teraguchi (Aug. 4, 1962) | Director, Representative Executive Officer and Deputy President Representative Director and Deputy President of Nomura Securities Co., Ltd. | Apr. 1986 | Joined the Company | |||
Apr. 2009 | Senior Managing Director and Global Equity Strategy Office of Nomura Securities Co., Ltd. | |||||
Apr. 2011 | Senior Managing Director and Global Markets Joint COO of Nomura Securities Co., Ltd. | |||||
Feb. 2013 | Senior Managing Director and Global Markets COO of Nomura Securities Co., Ltd. | |||||
Apr. 2013 | Senior Managing Director, Global Markets COO and Global Research of Nomura Securities Co., Ltd. | |||||
Apr. 2016 | Senior Managing Director, Group Compliance Head and Operations of the Company Representative Executive Officer, Compliance Division and Operations of Nomura Securities Co., Ltd., Internal Control Supervisory Manager | |||||
Apr. 2017 | Senior Managing Director, Group Compliance Head and Operations of the Company Representative Executive Officer, Senior Corporate Managing Director, Compliance Division and Operations of Nomura Securities Co., Ltd., Internal Control Supervisory Manager | |||||
May. 2019 | Executive Officer and Chief Compliance Officer of the Company Representative Director, Executive Vice President, Compliance and Legal of Nomura Securities Co., Ltd., Internal Control Supervisory Manager | |||||
Apr. 2020 | Executive Officer, Chief of Staff and Chief Compliance Officer of the Company Representative Director and Deputy President, Compliance and Legal of Nomura Securities Co., Ltd., Internal Control Supervisory Manager |
Name (Date of Birth) | Responsibilities and Status within Nomura/ Other Principal Business Activities | Business Experience | ||||
Apr. 2021 | Representative Executive Officer, Deputy President, Chief of Staff and Chief Compliance Officer of the Company Representative Director and Deputy President and Chief of Staff of Nomura Securities Co., Ltd. | |||||
Jun. 2021 | Director, Representative Executive Officer, Deputy President, Chief of Staff and Chief Compliance Officer of the Company Representative Director, Deputy President and Chief of Staff of Nomura Securities Co., Ltd. | |||||
Apr. 2022 | Director, Representative Executive Officer and Deputy President of the Company (Current) Representative Director and Deputy President of Nomura Securities Co., Ltd. (Current) | |||||
Shoji Ogawa (Aug. 9, 1964) | Director Member of the Audit Committee (full-time) Member of the Board Risk Committee Corporate Auditor of Nomura Asia Pacific Holdings Co., Ltd Non-Executive Director of Nomura Holding America Inc.Non-Executive Director of Instinet Incorporated | Apr. 1987 | Joined the Company | |||
Apr. 2007 | Head of Investment Banking Strategic Planning Dept of Nomura Securities Co., Ltd. | |||||
Oct. 2008 | Head of Capital Markets Dept. and Capital Solutions Dept. of Nomura Securities Co., Ltd. | |||||
Jul. 2009 | Head of Capital Markets Dept. of Nomura Securities Co., Ltd. | |||||
Apr. 2012 | Head of Investment Banking Strategic Planning Dept. of Nomura Securities Co., Ltd. | |||||
Jul. 2013 | Head of Office of Audit Committee of the Company Head of Office of Audit Committee of Nomura Securities Co., Ltd. | |||||
Aug. 2016 | Head of Office of Non-Executive Directors and Audit Committee of theCompany Head of Office of Non-Executive Directors and Audit Committee of Nomura Securities Co., Ltd. |
Name (Date of Birth) | Responsibilities and Status within Nomura/ Other Principal Business Activities | Business Experience | ||||
Apr. 2017 | Senior Managing Director and Group Internal Audit of the Company Senior Managing Director and Internal Audit of Nomura Securities Co., Ltd. | |||||
Apr. 2021 | Advisor of the Company | |||||
Jun. 2021 | Director of the Company (Current) | |||||
Kazuhiko Ishimura (Sep. 18, 1954) | Outside Director Chairman of the Nomination Committee Chairman of the Compensation Committee President of the National Institute of Advanced Industrial Science and Technology Outside Director of Ricoh Company, Ltd. | Apr. 1979 | Joined Asahi Glass Co., Ltd. (currently, AGC Inc.) (“AGC”) | |||
Jan. 2006 | Executive Officer and GM of Kansai Plant of AGC | |||||
Jan. 2007 | Senior Executive Officer and GM of Electronics & Energy General Division of AGC | |||||
Mar. 2008 | Representative Director and President & COO of AGC | |||||
Jan. 2010 | Representative Director and President & CEO of AGC | |||||
Jan. 2015 | Representative Director & Chairman of AGC | |||||
Jan. 2018 | Director & Chairman of AGC | |||||
Jun. 2018 | Outside Director of the Company (Current) | |||||
Mar. 2020 | Director of AGC | |||||
Apr. 2020 | President of the National Institute of Advanced Industrial Science and Technology (Current) | |||||
Takahisa Takahara (Jul. 12, 1961) | Outside Director Member of the Nomination Committee Member of the Compensation Committee Representative Director, President & CEO of Unicharm Corporation Outside Director of Calbee, Inc. | Apr. 1991 | Joined Unicharm Corporation | |||
Jun. 1995 | Director of Unicharm Corporation | |||||
Apr. 1996 | Director, General Manager of Procurement Division and Deputy General Manager of International Division of Unicharm Corporation | |||||
Jun. 1997 | Senior Director of Unicharm Corporation | |||||
Apr. 1998 | Senior Director, General Manager of Feminine Hygiene Business Division of Unicharm Corporation | |||||
Oct. 2000 | Senior Director, Responsible for Management Strategy of Unicharm Corporation |
Name (Date of Birth) | Responsibilities and Status within Nomura/ Other Principal Business Activities | Business Experience | ||||
Jun. 2001 | Representative Director, President of Unicharm Corporation | |||||
Jun. 2004 | Representative Director, President & CEO of Unicharm Corporation (Current) | |||||
Jun. 2021 | Outside Director of the Company (Current) | |||||
Noriaki Shimazaki (Aug. 19, 1946) | Outside Director Chairman of the Audit Committee Member of the Board Risk Committee Director of Nomura Securities Co., Ltd. Outside Director of Loginet Japan Co., Ltd. | Apr. 1969 | Joined Sumitomo Corporation | |||
Jun. 1998 | Director of Sumitomo Corporation | |||||
Apr. 2002 | Representative Director and Managing Director of Sumitomo Corporation | |||||
Jan. 2003 | Member of the Business Accounting Council of the Financial Services Agency | |||||
Apr. 2004 | Representative Director and Senior Managing Executive Officer of Sumitomo Corporation | |||||
Apr. 2005 | Representative Director and Executive Vice President of Sumitomo Corporation | |||||
Jan. 2009 | Trustee of the IASC Foundation (currently, IFRS Foundation) | |||||
Jul. 2009 | Special Advisor of Sumitomo Corporation | |||||
Jun. 2011 | Director of the Financial Accounting Standards Foundation Chairman of Self-regulation Board and Public Governor of the Japan Securities Dealers Association | |||||
Sep. 2013 | Advisor of the IFRS Foundation Asia-Oceania Office Advisor of the Japanese Institute of Certified Public Accountants (Current) | |||||
Jun. 2016 | Outside Director of the Company (Current) Director of Nomura Securities Co., Ltd. (Current) | |||||
Aug.2019 | Senior Advisor of the IFRS Foundation Asia-Oceania Office (Current) |
Name (Date of Birth) | Responsibilities and Status within Nomura/ Other Principal Business Activities | Business Experience | ||||
Mari Sono (Feb. 20, 1952) | Outside Director Member of the Audit Committee Auditor of WASEDA University | Oct. 1976 | Joined NISSHIN Audit Corporation (*) | |||
Mar. 1979 | Registered as Certified Public Accountant | |||||
Nov. 1988 | Partner of CENTURY Audit Corporation (*) | |||||
Nov. 1990 | Member of “Certified Public Accountant Examination System Subcommittee”, Certified Public Accountant Examination and Investigation Board, Ministry of Finance | |||||
Apr. 1992 | Member of “Business Accounting Council”, Ministry of Finance | |||||
Dec. 1994 | Senior Partner, CENTURY Audit Corporation (*) | |||||
Oct. 2002 | Member of Secretariat of the Information Disclosure, Cabinet Office (currently, Secretariat of the Information Disclosure and Personal Information Protection Review Board, Ministry of Internal Affairs and Communications) | |||||
Apr. 2005 | External Comprehensive Auditor, Tokyo | |||||
Jul. 2008 | Senior Partner of Ernst & Young ShinNihon LLC | |||||
Aug. 2012 | Retired from Ernst & Young ShinNihon LLC | |||||
Dec. 2013 | Commissioner of the Securities and Exchange Surveillance Commission | |||||
Jun. 2017 | Outside Director of the Company (Current) *Each of the corporation is currently Ernst & Young ShinNihon LLC |
Name (Date of Birth) | Responsibilities and Status within Nomura/ Other Principal Business Activities | Business Experience | ||||
Laura Simone Unger (Jan. 8, 1961) | Outside Director Chairperson of the Board Risk Committee Independent Director of Navient Corporation Independent Director of Nomura Holding America Inc. Independent Director of Nomura Securities International, Inc. Independent Director of Nomura Global Financial Products Inc. Independent Director of Instinet Holdings Incorporated | Jan. 1988 | Enforcement Attorney of the U.S. Securities and Exchange Commission (SEC) | |||
Oct. 1990 | Counsel of the U.S. Senate Committee on Banking, Housing, and Urban Affairs | |||||
Nov. 1997 | Commissioner of the SEC | |||||
Feb. 2001 | Acting Chairperson of the SEC | |||||
Jul. 2002 | Regulatory Expert of CNBC | |||||
May 2003 | Independent Consultant of JPMorgan Chase & Co. | |||||
Aug. 2004 | Independent Director of CA Inc. | |||||
Jan. 2010 | Special Advisor of Promontory Financial Group | |||||
Dec. 2010 | Independent Director of CIT Group Inc. | |||||
Nov. 2014 | Independent Director of Navient Corporation (Current) | |||||
Jun. 2018 | Outside Director of the Company (Current) | |||||
Victor Chu (Jun. 20, 1957) | Outside Director Member of the Audit Committee Member of the Board Risk Committee Chairman and Chief Executive Officer of First Eastern Investment Group Chair of Council, University College London Co-Chair, International Business Council of the World Economic ForumIndependent Director of Airbus SE | Dec. 1982 | Solicitor of the Supreme Court, Hong Kong | |||
Jan. 1988 | Chairman and Chief Executive Officer of First Eastern Investment Group (Current) | |||||
Oct. 1988 | Director and Council Member of the Hong Kong Stock Exchange | |||||
Jun. 1992 | Advisory Committee Member of the Securities and Futures Commission, Hong Kong | |||||
Aug. 2003 | Foundation Board Member of the World Economic Forum | |||||
Apr 2018 | Independent Director of Airbus SE (Current) | |||||
Jun. 2021 | Outside Director of the Company (Current) |
Name (Date of Birth) | Responsibilities and Status within Nomura/ Other Principal Business Activities | Business Experience | ||||
J.Christopher Giancarlo (May 12, 1959) | Outside Director Member of the Board Risk Committee Senior Counsel of Willkie Farr & Gallagher LLP Independent Director of the American Financial Exchange Principal of Digital Dollar Project Independent Director of Nomura Securities International, Inc. Independent Director of Nomura Global Financial Products Inc. | Sep. 1984 | Associate Attorney of Mudge Rose Guthrie Alexander & Ferdon | |||
Oct. 1985 | Associate Attorney of Curtis, Mallet-Prevost, Colt & Mosle | |||||
Jan. 1992 | Attorney, Founding Partner of Giancarlo & Gleiberman | |||||
Sep. 1997 | Attorney, (Equity) Partner of Thelen Reid Brown Raysman & Steiner | |||||
Apr. 2000 | Vice President and Legal Counsel of Fenics Software | |||||
Apr. 2001 | Executive Vice President of GFI Group Inc. | |||||
Jun. 2014 | Commissioner of the U.S. Commodity Futures Trading Commission | |||||
Jan. 2017 | Chairman of the U.S. Commodity Futures Trading Commission | |||||
Oct. 2019 | Independent Director of the American Financial Exchange (Current) | |||||
Jan. 2020 | Senior Counsel of Willkie Farr & Gallagher LLP (Current) | |||||
Jun. 2021 | Outside Director of the Company (Current) | |||||
Patricia Mosser (Feb. 14, 1956) | Outside Director Member of the Board Risk Committee Senior Research Scholar* Director of the MPA Program in Economic Policy Management* Director of Central Banking and Financial Policy* *Positions at Columbia University, School of International and Public Affairs Independent Director of Nomura Holding America Inc. | Jul. 1986 | Assistant Professor, Economics Department, Columbia University | |||
Jan. 1991 | Economist and Vice President of the Federal Reserve Bank of New York (FRBNY) | |||||
Nov. 2006 | Senior Vice President, FRBNY, Member of the FX Forum, Executive Meeting of East Asia and Pacific (EMEAP) Central Banks, Bank for International Settlements | |||||
Jan. 2007 | Board Member of the American Economic Association’s Committee on the Status of Women in the Economics Profession | |||||
Jun. 2007 | Member of the Markets Committee, Bank for International Settlements |
Name (Date of Birth) | Responsibilities and Status within Nomura/ Other Principal Business Activities | Business Experience | ||||
Jan 2009 | Acting Systemic Open Market Account Manager for the Federal Open Market Committee (FOMC) | |||||
Oct. 2013 | Deputy Director of the Office of Financial Research (OFR), U.S. Treasury Department | |||||
Oct. 2013 | Member of the Deputies Committee of the Financial Stability Oversight Council (FSOC) | |||||
Jun. 2015 | Senior Research Scholar and Director of Central Banking and Financial Policy at Columbia University’s School of International and Public Affairs (Current) | |||||
Jun. 2021 | Outside Director of the Company (Current) |
Name (Date of Birth) | Responsibilities and Status within Nomura/ Other Principal Business Activities | Business Experience | ||||
Kentaro Okuda (Nov. 7, 1963) | See “ Directors | See “ Directors | ||||
Tomoyuki Teraguchi (Aug. 4, 1962) | See “ Directors | See “ Directors | ||||
Toshiyasu Iiyama (Feb. 24, 1965) | Executive Officer Head of China Committee Chief Health Officer Representative Director and Deputy President of Nomura Securities Co., Ltd. | Apr. 1987 | Joined the Company | |||
Apr. 2012 | Senior Managing Director of Nomura Securities Co., Ltd. | |||||
Apr. 2015 | Senior Managing Director of the Company Senior Managing Director of Nomura Securities Co., Ltd. | |||||
Apr. 2016 | Senior Managing Director of the Company Senior Corporate Managing Director of Nomura Securities Co., Ltd. | |||||
Apr. 2018 | Senior Managing Director of the Company Executive Officer and Executive Vice President of Nomura Securities Co., Ltd. | |||||
Apr. 2019 | Senior Managing Director of the Company Executive Vice President of Nomura Securities Co., Ltd. | |||||
Apr. 2020 | Senior Managing Director of the Company Representative Director and Deputy President of Nomura Securities Co., Ltd. | |||||
Apr. 2021 | Executive Officer and Chief Health Officer of the Company (Current) Representative Director and Deputy President of Nomura Securities Co., Ltd. (Current) | |||||
Takumi Kitamura (Nov. 26, 1966) | Executive Officer Chief Financial Officer Director, Executive Vice President of Nomura Securities Co., Ltd. | Apr. 1990 | Joined the Company | |||
Apr. 2016 | Executive Officer and Chief Financial Officer of the Company Executive Officer and Financial Officer of Nomura Securities Co., Ltd. |
Name (Date of Birth) | Responsibilities and Status within Nomura/ Other Principal Business Activities | Business Experience | ||||
Apr. 2019 | Executive Officer and Chief Financial Officer of the Company Director and Senior Corporate Managing Director of Nomura Securities Co., Ltd. | |||||
Apr. 2021 | Executive Officer and Chief Financial Officer of the Company Director, Executive Vice President of Nomura Securities Co., Ltd. | |||||
Oct. 2021 | Executive Officer, Chief Financial Officer and Chief Administrative Officer of the Company Director, Executive Vice President of Nomura Securities Co., Ltd. | |||||
Apr. 2022 | Executive Officer and Chief Financial Officer of the Company (Current) Director, Executive Vice President of Nomura Securities Co., Ltd. (Current) | |||||
Sotaro Kato (Oct. 9, 1969) | Executive Officer Chief Risk Officer Director and Senior Corporate Managing Director of Nomura Securities Co., Ltd. | Sep. 2002 | Joined the Company | |||
Apr. 2020 | Executive Officer and Chief Risk Officer of the Company (based in New York) (Current) Director and Senior Corporate Managing Director of Nomura Securities Co., Ltd. (Current) | |||||
Yosuke Inaida (Oct. 6, 1967) | Executive Officer Chief Compliance Officer | Apr. 1991 | Joined the Company | |||
Apr. 2015 | Senior Managing Director of Nomura Securities Co., Ltd. | |||||
Apr. 2020 | Senior Corporate Managing Director of Nomura Securities Co., Ltd. | |||||
Apr. 2022 | Executive Officer and Chief Compliance Officer of the Company (Current) Senior Corporate Managing Director of Nomura Securities Co., Ltd. (Current) |
Name (Date of Birth) | Responsibilities and Status within Nomura/ Other Principal Business Activities | Business Experience | ||||
Toru Otsuka (Jun. 5, 1967) | Executive Officer Chief Strategy Officer Director and Senior Corporate Managing Director of Nomura Securities Co., Ltd. | Apr. 1991 | Joined the Company | |||
Apr. 2018 | Senior Managing Director of the Company Senior Managing Director of Nomura Securities Co., Ltd. | |||||
May. 2019 | Senior Managing Director and Chief Strategy Officer of the Company Senior Managing Director of Nomura Securities Co., Ltd. | |||||
Apr. 2021 | Executive Officer and Chief Strategy Officer of the Company (Current) Director and Senior Corporate Managing Director of Nomura Securities Co., Ltd. (Current) |
Items | Overview of our Compensation Program of Statutory Officers | |
Key performance indicator (KPI) regarding Performance-Linked Compensation | Return on Equity (ROE) | |
Determination method for amounts of Performance-Linked Compensation | Determined by considering qualitative evaluation etc. by the Compensation Committee, based on the level of achievement in actual value against the target value regarding KPI. | |
Determination method for compensation of each Statutory Officers | Determined by reflecting individual roles and responsibilities, respective jurisdiction’s regulations and compensation level etc. in addition to other qualitative elements. | |
Nominating Committee and Compensation Committee | Chairman: Kazuhiko Ishimura (outside director) Member: Takahisa Takahara (outside director) Member: Koji Nagai (chairman of board of directors, non-executive director) |
(Millions of yen, except percentages) | ||||||||||||||||||||||||||
Base Salary (Fixed Compensation) | Annual Bonus (Variable Compensation) | Total Compensation (TC) | ||||||||||||||||||||||||
Base cash salary | Equity-linked compensation | Subtotal | Cash Bonus | Deferred Compensation | Subtotal | |||||||||||||||||||||
102.0 | 17.4 | 119.4 | 116.5 | 116.5 | 233.0 | 352.4 | ||||||||||||||||||||
28.9 | % | 4.9 | % | 33.9 | % | 33.1 | % | 33.1 | % | 66.1 | % | 100.0 | % |
Performance Indicator | Target value | Actual value for the Fiscal Year | ||||||
ROE | 8.0 | % | 5.1 | % |
3) | Matters relating to Non-Monetary Compensation |
Type of award | Key features | |
RSU awards | • Settled in Nomura’s common stock. • Graded vesting period is set as three years in principle. • It is introduced as the Deferred Compensation since the fiscal year ended March 31, 2018. • In principle, it has been granted in May every year. | |
NSU awards | • Linked to the price of Nomura’s common stock and cash-settled. • Same as RSU awards, graded vesting period is set as three years in principle. • Following the introduction of RSU as a principle vehicle in 2,018 NSU awards are less commonly used in Nomura. • Same as RSU awards, in principle, it has been granted in May every year. |
* | In line with the introduction of RSU, among the equity-linked compensation, as the principal vehicle for Deferred Compensation, in principle, Nomura’s common stock will be paid instead of cash over the three year deferral period from the fiscal year following the fiscal year in which the deferred compensation was granted. Since the number of shares to be paid is determined based on the Nomura’s share price at the time of grant, the increase in Nomura’s share price will increase the economic value of Deferred Compensation at the time of vest. Since the increase in share prices reflects the increase in corporate value, alignment of interest with that of shareholders, in addition to medium-term incentive effects for the Directors and Executive Officers, will be achieved. |
Officer Category | Headcount (Note 1) | Base Salary etc. (Note 2, 3) | Performance- linked Compensation (Note 4) | Non-monetary Compensation (Note 5) | Total | |||||||||||||||
Directors | 13 | ¥ | 323 | ¥ | 70 | ¥ | 63 | ¥ | 456 | |||||||||||
(Outside Directors included in above) | (10 | ) | (166 | ) | ( — | ) | ( — | ) | (166 | ) | ||||||||||
Executive Officers | 7 | ¥ | 430 | ¥ | 301 | ¥ | 258 | ¥ | 989 | |||||||||||
Total | 20 | ¥ | 753 | ¥ | 371 | ¥ | 321 | ¥ | 1,445 |
(1) | The number of people includes 3 Directors and 1 Executive Officer who retired in June 2021. There were 10 Directors and 6 Executive Officers as of March 31, 2022. Compensation to Directors who were concurrently serving as Executive Officers is included in that of Executive Officers. |
(2) | Base Salary of ¥753 million includes other compensation (commuter pass allowance) of ¥60 thousand. |
(3) | In addition to base salary of Executive Officers, ¥16 million of corporate housing costs, such as housing allowance and related tax adjustments, were provided. |
(4) | Out of the Annual Bonus, amounts to be paid in cash after the Fiscal Year close are shown. |
(5) | Deferred compensation (such as RSU and stock options) granted during and prior to the fiscal year ended March 31, 2022 is recognized as expense in the financial statements for the fiscal year ended March 31, 2022. |
(6) | Subsidiaries of the Company paid ¥56 million to Outside Directors as compensation, etc. for their directorship at those subsidiaries for the fiscal year ended March 31, 2022. |
Millions of yen | ||||||||||||||||||||||||||||||||
Fixed Remuneration (Basic Compensation) | Variable Compensation (1) | |||||||||||||||||||||||||||||||
Name | Company | Category | Base Salary | Equity Compensation (RSUs) | Total | Cash Bonus | Deferred Compensation (RSUs, etc.) | Total | Total | |||||||||||||||||||||||
Koji Nagai | Nomura | Chairman of the Board of Directors | ¥ | 91.2 | ¥ | 0 | ¥ | 91.2 | ¥ | 69.9 | ¥ | 69.9 | ¥ | 139.8 | ¥ | 231.0 | ||||||||||||||||
Kentaro Okuda (2) | Nomura | Director, Representative Executive Officer (Group CEO) | ¥ | 102.0 | ¥ | 17.4 | ¥ | 119.4 | ¥ | 116.5 | ¥ | 116.5 | ¥ | 233.0 | ¥ | 352.4 | ||||||||||||||||
Tomoyuki Teraguchi | Nomura | Director, Representative Executive Officer | ¥ | 75.6 | ¥ | 14.4 | ¥ | 90.0 | ¥ | 65.0 | ¥ | 65.0 | ¥ | 130.0 | ¥ | 220.0 | ||||||||||||||||
Toshiyasu Iiyama | Nomura | Executive Officer | ¥ | 66.0 | ¥ | 13.2 | ¥ | 79.2 | ¥ | 45.4 | ¥ | 45.4 | ¥ | 90.8 | ¥ | 170.0 | ||||||||||||||||
Takumi Kitamura | Nomura | Executive Officer | ¥ | 60.0 | ¥ | 13.2 | ¥ | 73.2 | ¥ | 28.4 | ¥ | 28.4 | ¥ | 56.8 | ¥ | 130.0 | ||||||||||||||||
Sotaro Kato | Nomura | Executive Officer | ¥ | 51.3 | ¥ | 9.6 | ¥ | 60.9 | ¥ | 23.3 | ¥ | 23.3 | ¥ | 46.6 | ¥ | 107.5 | ||||||||||||||||
Toru Otsuka | Nomura | Executive Officer | ¥ | 54.0 | ¥ | 9.6 | ¥ | 63.6 | ¥ | 22.7 | ¥ | 22.7 | ¥ | 45.4 | ¥ | 109.0 |
(1) | Variable Compensation indicates the amount determined as remuneration based on the performance during the fiscal year ended March 31, 2022. |
(2) | In addition to basic compensation, ¥16 million of corporate housing costs, such as housing allowance and related tax adjustments, were provided. |
Date | Summary of the discussion and the resolution | Attendance records of the member | ||
April 15, 2021 | Discussion: Annual bonus for the year ended Mar 31, 2021 | All members attended | ||
April 27, 2021 | Resolution: Annual bonus for the year ended Mar 31, 2021 | All members attended | ||
May 14, 2021 | Resolution: Transformation of the determination process of the Directors and Executive Officers compensation (bonus). Discussion: Updating disclosure material to meet a revised Japan Corporate Law requirement. Discussion: Revision of the Compensation Policy for Directors and Executive Officers of NHI. | All members attended | ||
June 20, 2021 | Resolution: Reduction in base salary for certain Executive Officers | All members attended | ||
July 1, 2021 | Resolution: The appointment of the Director with the right to convoke the board of directors meetings and the Director who reports the executions of the committee’s duties to the board of the directors meetings. Resolution: The compensation policies | All members attended |
Date | Summary of the discussion and the resolution | Attendance records of the member | ||
Resolution: Individual base salary of the Directors and Executive Officers Discussion: Transformation of the determination process of the Directors and Executive Officers compensation (bonus). | ||||
August 30, 2021 | Resolution: Granting RSUs to the Directors and Executive Officers. | All members attended | ||
September 24, 2021 | Resolution: Individual base salary of the Directors. Discussion: Revision of the Compensation Policy of Nomura Group Resolution: Revision of the Compensation Policy for Directors and Executive Officers of NHI. Discussion: Establishment of the Nomura Group Compensation Policy for Employees | All members attended | ||
December 6, 2021 | Resolution: Revision of the Compensation Policy of Nomura Group | All members attended | ||
March 24, 2022 | Resolution: Individual base salary of the Directors and Executive Officers. | All members attended |
March 31, 2021 | March 31, 2022 | |||||||||||||||||||||||||||||||
Series of SARs | Allotment Date | Number of Shares under SARs | Exercise Period of SARs | Exercise Price per Share under SARs | Paid-in Amount for SARs | Allotment Date | Number of Shares under SARs | Exercise Period of SARs | Exercise Price per Share under SARs | Paid-in Amount for SARs | ||||||||||||||||||||||
Stock Acquisition Rights No.47 | June 5, 2012 | 29,200 | From April 20, 2016 to April 19, 2021 | ¥ | 1 | ¥ | 0 | |||||||||||||||||||||||||
Stock Acquisition Rights No.48 | June 5, 2012 | 411,900 | From April 20, 2017 to April 19, 2022 | 1 | 0 | June 5, 2012 | 34,300 | From April 20, 2017 to April 19, 2022 | ¥ | 1 | ¥ | 0 | ||||||||||||||||||||
Stock Acquisition Rights No.49 | June 5, 2012 | 36,500 | From October 20, 2015 to April 19, 2021 | 1 | 0 | |||||||||||||||||||||||||||
Stock Acquisition Rights No.50 | June 5, 2012 | 39,700 | From October 20, 2016 to April 19, 2022 | 1 | 0 | June 5, 2012 | 36,400 | From October 20, 2016 to April 19, 2022 | ¥ | 1 | ¥ | 0 | ||||||||||||||||||||
Stock Acquisition Rights No.54 | June 5, 2013 | 79,100 | From April 20, 2016 to April 19, 2021 | 1 | 0 | |||||||||||||||||||||||||||
Stock Acquisition Rights No.58 | June 5, 2014 | 124,800 | From April 20, 2017 to April 19, 2022 | ¥ | 1 | ¥ | 0 | |||||||||||||||||||||||||
Stock Acquisition Rights No.64 | June 5, 2015 | 133,900 | From April 20, 2017 to April 19, 2022 | ¥ | 1 | ¥ | 0 | |||||||||||||||||||||||||
Stock Acquisition Rights No.65 | June 5, 2015 | 799,300 | From April 20, 2018 to April 19, 2023 | ¥ | 1 | ¥ | 0 | |||||||||||||||||||||||||
Stock Acquisition Rights No.68 | November 18, 2015 | 2,565,800 | From November 18, 2017 to November 17, 2022 | ¥ | 801 | ¥ | 0 | |||||||||||||||||||||||||
Stock Acquisition Rights No.69 | June 7, 2016 | 138,200 | From April 20, 2017 to April 19, 2022 | ¥ | 1 | ¥ | 0 | |||||||||||||||||||||||||
Stock Acquisition Rights No.70 | June 7, 2016 | 883,400 | From April 20, 2018 to April 19, 2023 | ¥ | 1 | ¥ | 0 | |||||||||||||||||||||||||
Stock Acquisition Rights No.71 | June 7, 2016 | 1,162,400 | From April 20, 2019 to April 19, 2024 | ¥ | 1 | ¥ | 0 |
March 31, 2021 | ||||||||||||||||
Series of SARs | Allotment Date | Number of Shares under SARs | Exercise Period of SARs | Exercise Price per Share under SARs | Paid-in Amount for SARs | |||||||||||
Stock Acquisition Rights No.57 | June 5, 2014 | 87,200 | From April 20, 2016 to April 19, 2021 | 1 | 0 | |||||||||||
Stock Acquisition Rights No.58 | June 5, 2014 | 720,900 | From April 20, 2017 to April 19, 2022 | 1 | 0 | |||||||||||
Stock Acquisition Rights No.61 | June 5, 2014 | 840,600 | From March 31, 2017 to March 30, 2022 | 1 | 0 | |||||||||||
Stock Acquisition Rights No.62 | November 18, 2014 | 2,670,700 | From November 18, 2016 to November 17, 2021 | 738 | 0 | |||||||||||
Stock Acquisition Rights No.63 | June 5, 2015 | 80,500 | From April 20, 2016 to April 19, 2021 | 1 | 0 | |||||||||||
Stock Acquisition Rights No.64 | June 5, 2015 | 659,500 | From April 20, 2017 to April 19, 2022 | 1 | 0 | |||||||||||
Stock Acquisition Rights No.65 | June 5, 2015 | 1,029,200 | From April 20, 2018 to April 19, 2023 | 1 | 0 | |||||||||||
Stock Acquisition Rights No.68 | November 18, 2015 | 2,565,800 | From November 18, 2017 to November 17, 2022 | 802 | 0 | |||||||||||
Stock Acquisition Rights No.69 | June 7, 2016 | 686,600 | From April 20, 2017 to April 19, 2022 | 1 | 0 | |||||||||||
Stock Acquisition Rights No.70 | June 7, 2016 | 1,100,400 | From April 20, 2018 to April 19, 2023 | 1 | 0 | |||||||||||
Stock Acquisition Rights No.71 | June 7, 2016 | 1,330,000 | From April 20, 2019 to April 19, 2024 | 1 | 0 | |||||||||||
Stock Acquisition Rights No.72 | June 7, 2016 | 203,200 | From October 30, 2016 to October 29, 2021 | 1 | 0 | |||||||||||
Stock Acquisition Rights No.74 | November 11, 2016 | 2,370,400 | From November 11, 2018 to November 10, 2023 | 593 | 0 | |||||||||||
Stock Acquisition Rights No.75 | June 9, 2017 | 852,600 | From April 20, 2018 to April 19, 2023 | 1 | 0 | |||||||||||
Stock Acquisition Rights No.76 | June 9, 2017 | 1,003,900 | From April 20, 2019 to April 19, 2024 | 1 | 0 | |||||||||||
Stock Acquisition Rights No.77 | June 9, 2017 | 1,541,400 | From April 20, 2020 to April 19, 2025 | 1 | 0 | |||||||||||
Stock Acquisition Rights No.78 | June 9, 2017 | 811,800 | From April 20, 2021 to April 19, 2026 | ¥ | 1 | ¥ | 0 | |||||||||
Stock Acquisition Rights No.79 | June 9, 2017 | 809,900 | From April 20, 2022 to April 19, 2027 | 1 | 0 | |||||||||||
Stock Acquisition Rights No.80 | June 9, 2017 | 136,200 | From April 20, 2023 to April 19, 2028 | 1 | 0 | |||||||||||
Stock Acquisition Rights No.81 | June 9, 2017 | 136,200 | From April 20, 2024 to April 19, 2029 | 1 | 0 | |||||||||||
Stock Acquisition Rights No.82 | June 9, 2017 | 276,700 | From October 30, 2017 to October 29, 2022 | 1 | 0 | |||||||||||
Stock Acquisition Rights No.83 | June 9, 2017 | 63,900 | From April 30, 2018 to April 29, 2023 | 1 | 0 | |||||||||||
Stock Acquisition Rights No.84 | November 17, 2017 | 2,475,300 | From November 17, 2019 to November 16, 2024 | 684 | 0 | |||||||||||
Stock Acquisition Rights No.85 | November 20, 2018 | 2,316,300 | From November 20, 2020 to November 19, 2025 | 573 | 0 |
March 31, 2022 | ||||||||||||||||
Series of SARs | Allotment Date | Number of Shares under SARs | Exercise Period of SARs | Exercise Price per Share under SARs | Paid-in Amount for SARs | |||||||||||
Stock Acquisition Rights No.74 | November 11, 2016 | 2,365,400 | From November 11, 2018 to November 10, 2023 | ¥ | 593 | ¥ | 0 | |||||||||
Stock Acquisition Rights No.75 | June 9, 2017 | 729,700 | From April 20, 2018 to April 19, 2023 | ¥ | 1 | ¥ | 0 | |||||||||
Stock Acquisition Rights No.76 | June 9, 2017 | 908,400 | From April 20, 2019 to April 19, 2024 | ¥ | 1 | ¥ | 0 | |||||||||
Stock Acquisition Rights No.77 | June 9, 2017 | 1,280,000 | From April 20, 2020 to April 19, 2025 | ¥ | 1 | ¥ | 0 | |||||||||
Stock Acquisition Rights No.78 | June 9, 2017 | 398,600 | From April 20, 2021 to April 19, 2026 | ¥ | 1 | ¥ | 0 | |||||||||
Stock Acquisition Rights No.79 | June 9, 2017 | 809,900 | From April 20, 2022 to April 19, 2027 | ¥ | 1 | ¥ | 0 | |||||||||
Stock Acquisition Rights No.80 | June 9, 2017 | 136,200 | From April 20, 2023 to April 19, 2028 | ¥ | 1 | ¥ | 0 | |||||||||
Stock Acquisition Rights No.81 | June 9, 2017 | 136,200 | From April 20, 2024 to April 19, 2029 | ¥ | 1 | ¥ | 0 | |||||||||
Stock Acquisition Rights No.82 | June 9, 2017 | 202,100 | From October 30, 2017 to October 29, 2022 | ¥ | 1 | ¥ | 0 | |||||||||
Stock Acquisition Rights No.84 | November 17, 2017 | 2,475,300 | From November 17, 2019 to November 16, 2024 | ¥ | 684 | ¥ | 0 | |||||||||
Stock Acquisition Rights No.85 | November 20, 2018 | 2,310,300 | From November 20, 2020 to November 19, 2025 | ¥ | 573 | ¥ | 0 |
(1) | SARs (including those granted to Directors and Executive Officers of Nomura which are stated in the table below) are issued in conjunction with deferred compensation plan. |
(2) | The number of shares issuable under SARs is subject to adjustments under certain circumstances including stock splits. |
March 31, 2021 | March 31, 2022 | |||||||||||||||
Numbers of Holders | Numbers of Holders | |||||||||||||||
Series of SARs | Number of Shares under SARs | Directors and Executive Officers (excluding Outside Directors) | Number of Shares under SARs | Directors and Executive Officers (excluding Outside Directors) | ||||||||||||
Stock Acquisition Rights No.58 | 91 | 1 | ||||||||||||||
Stock Acquisition Rights No.61 | 126 | 1 | ||||||||||||||
Stock Acquisition Rights No.64 | 69 | 1 | ||||||||||||||
Stock Acquisition Rights No.65 | 438 | 2 | 438 | 2 | ||||||||||||
Stock Acquisition Rights No.69 | 145 | 1 | ||||||||||||||
Stock Acquisition Rights No.70 | 635 | 3 | 635 | 3 | ||||||||||||
Stock Acquisition Rights No.71 | 634 | 3 | 634 | 3 | ||||||||||||
Stock Acquisition Rights No.75 | 687 | 3 | 687 | 3 | ||||||||||||
Stock Acquisition Rights No.76 | 687 | 3 | 687 | 3 | ||||||||||||
Stock Acquisition Rights No.77 | 860 | 4 | 684 | 3 |
March 31, | March 31, | |||||||||||||||||||||||
2019 | 2020 | 2021 | 2020 | 2021 | 2022 | |||||||||||||||||||
Japan | 15,852 | 15,748 | 15,330 | 15,748 | 15,330 | 15,213 | ||||||||||||||||||
Europe | 2,909 | 2,691 | 2,769 | 2,691 | 2,769 | 2,820 | ||||||||||||||||||
Americas | 2,357 | 2,120 | 2,152 | 2,120 | 2,152 | 2,257 | ||||||||||||||||||
Asia and Oceania | 6,746 | 6,070 | 6,151 | 6,070 | 6,151 | 6,295 | ||||||||||||||||||
Total | 27,864 | 26,629 | 26,402 | 26,629 | 26,402 | 26,585 | ||||||||||||||||||
Name | Number of Shareholdings | |||
Koji Nagai | ||||
Kentaro Okuda | ||||
Tomoyuki Teraguchi | ||||
Shoji Ogawa | ||||
Kazuhiko Ishimura | — | |||
Takahisa Takahara | 881 | |||
Noriaki Shimazaki | ||||
Mari Sono | — | |||
Laura Simone Unger | (1,000ADR | ) (1) | ||
Victor Chu | — | |||
J.Christopher Giancarlo | — | |||
Patricia Mosser | — | |||
Total | ||||
(1) |
Name | Number of Shareholdings | |||
Kentaro Okuda | See above | |||
Tomoyuki Teraguchi | See above | |||
Toshiyasu Iiyama | ||||
Takumi Kitamura | ||||
Sotaro Kato | ||||
Yosuke Inaida | 84,293 | |||
Toru Otsuka | ||||
Total | | |||
(1) | Financial instruments business prescribed in the Financial Instruments and Exchange Law; |
(2) | Banking business prescribed in the Banking Law and trust business prescribed in the Trust Business Law; and |
(3) | Any other financial services and any business incidental or related to such financial services. |
(4) | Other than as prescribed in the items above, any other business ancillary or related to survey and research in connection with the economy, financial or capital markets, or infrastructure or undertaking the outsourcing thereof. |
Risk Category | Definition | |
Financial Risk | ||
Market risk | Risk of loss arising from fluctuations in values of financial assets or debts (including off-balance sheet items) due to fluctuations in market risk factors (interest rates, foreign exchange rates, prices of securities and others). | |
Credit risk | Risk of loss arising from an obligor’s default, insolvency or administrative proceeding which results in the obligor’s failure to meet its contractual obligations in accordance with agreed terms. It is also the risk of loss arising through a credit valuation adjustment | |
Model risk | Risk of financial loss, incorrect decision making, or damage to the firm’s credibility arising from model errors or incorrect or inappropriate model application. | |
Liquidity risk | Risk of loss arising from difficulty in securing the necessary funding or from a significantly higher cost of funding than normal levels due to deterioration of the Nomura Group’s creditworthiness or deterioration in market conditions. | |
Non-financial Risk | ||
Operational risk | Risk of financial loss or non-financial impact arising from inadequate or failed internal processes, people and systems, or from external events. Operational risk includes in its definition Compliance, Legal, IT and Cyber Security, Fraud, Third Party and othernon-financial risks. | |
Reputational risk | Possible damage to Nomura’s reputation and associated risk to earnings, capital or liquidity arising from any association, action or inaction which could be perceived by stakeholders to be inappropriate, unethical or inconsistent with Nomura Group’s values and corporate philosophy. |
Risk Category | Definition | |
Other Risks | ||
ESG: Environmental, Social and Governance (*) | ESG is a collective term for Environmental (E), Social (S) and Governance (G) factors. “Environmental” includes issues related to impacts on the natural environment, including climate change. “Social” includes interactions with stakeholders and communities, for example the approach to human rights, workplace related issues and engagement on social issues. Governance includes issues related to corporate governance, corporate behaviour and the approach to transparent reporting. | |
Strategic risk | Risk to current or anticipated earning, capital, liquidity, enterprise value, or the Nomura Group’s reputation arising from adverse business decisions, poor implementation of business decisions, or lack of responsiveness to change in the industry or external environment. |
Billions of yen | ||||
As of | ||||
March 31, 2022 | ||||
Equity | ¥ | 1.4 | ||
Interest rate | 2.3 | |||
Foreign exchange | 0.9 | |||
Subtotal | 4.6 | |||
Less: Diversification Benefit | (1.9 | ) | ||
VaR | ¥ | 2.7 | ||
Billions of yen | ||||
For the fiscal year ended | ||||
March 31, 2022 | ||||
Maximum daily VaR (1) | ¥ | 23.2 | ||
Average daily VaR (1) | 4.5 | |||
Minimum daily VaR (1) | 2.7 |
(1) | Represents the maximum, average and minimum VaR based on all daily calculations for the fiscal year ended March 31, 2022. |
Billions of yen | Billions of yen | |||||||||||||||||||
As of | As of | |||||||||||||||||||
March 31, 2019 | March 31, 2020 | March 31, 2021 | March 31, 2021 | March 31, 2022 | ||||||||||||||||
Equity | ¥ | 1.07 | ¥ | 8.88 | ¥ | 93.43 | ¥ | 93.4 | ¥ | 1.7 | ||||||||||
Interest rate | 2.85 | 22.35 | 8.56 | 8.6 | 3.5 | |||||||||||||||
Foreign exchange | 1.88 | 5.08 | 4.17 | 4.2 | 1.3 | |||||||||||||||
Subtotal | 5.79 | 36.31 | 106.16 | 106.2 | 6.5 | |||||||||||||||
Less: Diversification Benefit | (1.30 | ) | (11.00 | ) | (12.77 | ) | (12.8 | ) | (1.7 | ) | ||||||||||
VaR | ¥ | 4.49 | ¥ | 25.31 | ¥ | 93.39 | ¥ | 93.4 | ¥ | 4.8 | ||||||||||
Billions of yen | ||||||||||||||||||||
For the twelve months ended | ||||||||||||||||||||
March 31, 2019 | March 31, 2020 | March 31, 2021 | ||||||||||||||||||
Maximum daily VaR (1) | ¥ | 10.61 | ¥ | 32.89 | ¥ | 93.39 | ||||||||||||||
Average daily VaR (1) | 4.58 | 6.67 | 13.58 | |||||||||||||||||
Minimum daily VaR (1) | 3.05 | 3.62 | 7.14 |
Billions of yen | ||||||||
For the twelve months ended | ||||||||
March 31, 2021 | March 31, 2022 | |||||||
Maximum daily VaR (1) | ¥ | 93.4 | ¥ | 89.7 | ||||
Average daily VaR (1) | 13.6 | 8.2 | ||||||
Minimum daily VaR (1) | 7.1 | 4.0 |
(1) | Represents the maximum, average and minimum VaR based on all daily calculations for the |
Billions of yen | Billions of yen | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Years to Maturity | Cross- Maturity Netting (1) | Total Fair Value | Collateral obtained | Replacement cost (3) | Years to Maturity | Cross- Maturity Netting (1) | Total Fair Value | Collateral obtained | Replacement cost (3) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Rating | Less than 1 year | 1 to 3 years | 3 to 5 years | 5 to 7 years | More than 7 years | Less than 1 year | 1 to 3 years | 3 to 5 years | 5 to 7 years | More than 7 years | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(a) | (b) | (a)-(b) | (a) | (b) | (a)-(b) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AAA | ¥ | 25 | ¥ | 32 | ¥ | 1 | ¥ | 3 | ¥ | 50 | ¥ | (99 | ) | ¥ | 12 | ¥ | 0 | ¥ | 12 | ¥ | 50 | ¥ | 25 | ¥ | 5 | ¥ | 4 | ¥ | 39 | ¥ | (107 | ) | ¥ | 16 | ¥ | 2 | ¥ | 14 | ||||||||||||||||||||||||||||||||||
AA | 350 | 310 | 126 | 94 | 442 | (1,034 | ) | 288 | 73 | 215 | 571 | 325 | 252 | 74 | 578 | (1,454 | ) | 346 | 75 | 271 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
A | 829 | 465 | 347 | 164 | 948 | (2,433 | ) | 320 | 204 | 116 | 843 | 846 | 324 | 194 | 868 | (2,658 | ) | 417 | 239 | 178 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
BBB | 245 | 197 | 118 | 93 | 608 | (961 | ) | 300 | 106 | 194 | 285 | 239 | 121 | 67 | 518 | (838 | ) | 392 | 91 | 301 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
BB and lower | 73 | 61 | 42 | 44 | 57 | (117 | ) | 160 | 255 | 0 | 166 | 79 | 62 | 20 | 46 | (170 | ) | 203 | 295 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Other (2) | 50 | 73 | 169 | 90 | 594 | (1,015 | ) | (39 | ) | 94 | 0 | 33 | 51 | 90 | 50 | 363 | (648 | ) | (61 | ) | 46 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Sub-total | ¥ | 1,572 | ¥ | 1,138 | ¥ | 803 | ¥ | 488 | ¥ | 2,699 | ¥ | (5,659 | ) | ¥ | 1,041 | ¥ | 732 | ¥ | 537 | ¥ | 1,948 | ¥ | 1,565 | ¥ | 854 | ¥ | 409 | ¥ | 2,412 | ¥ | (5,875 | ) | ¥ | 1,313 | ¥ | 748 | ¥ | 764 | ||||||||||||||||||||||||||||||||||
Listed | 453 | 74 | 7 | — | — | (355 | ) | 179 | 187 | 0 | 352 | 46 | 1 | 0 | 0 | (158 | ) | 241 | 234 | 7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ¥ | 2,025 | ¥ | 1,212 | ¥ | 810 | ¥ | 488 | ¥ | 2,699 | ¥ | (6,014 | ) | ¥ | 1,220 | ¥ | 919 | ¥ | 537 | ¥ | 2,300 | ¥ | 1,611 | ¥ | 855 | ¥ | 409 | ¥ | 2,412 | ¥ | (6,033 | ) | ¥ | 1,554 | ¥ | 982 | ¥ | 771 | ||||||||||||||||||||||||||||||||||
(1) | Represents netting of derivative liabilities against derivatives assets entered into with the same counterparty across different maturity bands. Derivative assets and derivative liabilities with the same counterparty in the same maturity band are net within the relevant maturity band. Cash collateral netting against net derivative assets in accordance with ASC 210-20 “Balance — Offsetting Derivatives and Hedging |
(2) | “Other” comprises unrated counterparties and certain portfolio level valuation adjustments not allocated to specific counterparties. |
(3) | Zero balances represent instances where total collateral received is in excess of the total fair value; therefore, Nomura’s credit exposure is zero. |
Top 10 Country Exposures (1) | Billions of Yen | |||
(As of March 31, | ||||
United States | ||||
Japan | ||||
United Kingdom | ||||
Germany | ||||
Singapore | 231 | |||
India | 186 | |||
China | 171 | |||
France | ||||
(1) | The table represents the Top 10 country exposures as of March 31, |
- | Counterparty exposures include cash and cash equivalents held at banks; the outstanding default fund and initial margin balances posted by Nomura to central clearing counterparties as legally required under its direct and affiliate clearing memberships; the aggregate marked-to-market |
- | Inventory exposures are the market value of debt and equity securities, and equity and credit derivatives, using the net of long versus short positions. |
Business Line | Description | Beta Factor | ||||
Retail Banking | Retail deposit and loan-related services | 12% | ||||
Commercial Banking | Deposit and loan-related services except for Retail Banking business | 15% | ||||
Payment and Settlement | Payment and settlement services for clients’ transactions | 18% | ||||
Retail Brokerage | Securities-related services mainly for individuals | 12% | ||||
Trading and Sales | Market-related business | 18% | ||||
Corporate Finance | M&A, underwriting, secondary and private offerings, and other funding services for clients | 18% | ||||
Agency Services | Agency services for clients such as custody | 15% | ||||
Asset Management | Fund management services for clients | 12% |
Transaction committees are in place to provide formal governance over the review and decision-making process for individual transactions. |
The new product approval process allows business unit sponsors to submit applications for new products and obtain approval from relevant departments prior to execution of the new products. The process is designed to capture and assess risks across various risk classes as a result of the new product or business. |
Type of Services: | Amount of Fee (U.S. Dollars) | |
Taxes and other governmental charges | As applicable. The depositary may offset any taxes or governmental charges it is obligated to withhold, if applicable, against the proceeds from sale of the property received. | |
Transfers of the Company’s shares to or from the name of the depositary (or its nominee) or the Custodian (or its nominee) in connection with deposits or withdrawals | Such registration fees as may be in effect for the registration of transfers of the Company’s shares on the Company’s share register (or any entity that presently carries out the duties of registrar). | |
Cable, telex and facsimile transmission expenses | As applicable. | |
Expenses incurred by the depositary in the conversion of foreign currency | As applicable. | |
Execution and delivery of Receipts in connection with deposits, stock splits or exercise of subscription rights | $5.00 or less per 100 ADSs (or portion thereof). | |
Surrender of Receipts in connection with a withdrawal or termination of the Deposit Agreement | $5.00 or less per 100 ADSs (or portion thereof). | |
Any cash distribution pursuant to the Deposit Agreement, including, but not limited to, cash distribution(s) made in connection with cash dividends; distributions in securities, property or subscription rights; and stock splits. | $.02 or less per ADS (or portion thereof). Only the cash amounts net of this fee, if applicable, are distributed. | |
Distribution by the depositary of securities (other than common shares of the Company) that accrued on the underlying shares to owners of the Receipts | Treating for the purpose of this fee all such securities as if they were common shares of the Company, $5.00 or less per 100 ADSs (or portion thereof). | |
General depositary services | $.02 or less per ADS (or portion thereof), accruing on the last day of each calendar year, except where the fee for cash distribution described above was assessed during that calendar year. | |
Any other charge payable by the depositary, any of the depositary’s agents, including the Custodian, or the agents of the depositary’s agents in connection with the servicing of the Company’s shares or other deposited securities | As applicable. |
Millions of yen | Millions of yen | |||||||||||||||
Year ended March 31 | Year ended March 31 | |||||||||||||||
2020 | 2021 | 2021 | 2022 | |||||||||||||
Audit Fees | ¥ | 3,409 | ¥ | 3,532 | ¥ | 3,532 | ¥ | 3,915 | ||||||||
Audit-Related Fees | 136 | 144 | 144 | 103 | ||||||||||||
Tax Fees | 113 | 137 | 137 | 143 | ||||||||||||
All Other Fees | 7 | 26 | 26 | 106 | ||||||||||||
Total | ¥ | 3,665 | ¥ | 3,839 | ¥ | 3,839 | ¥ | 4,267 | ||||||||
Month | Total Number of Shares Purchased | Average Price Paid per Share (in yen) | Total Number of Shares Purchased as Part of Publicly Announced Program | Maximum Number of Shares that May Yet Be Purchased Under the Program | ||||||||||||
April 1 to 30, 2020 | 746 | ¥ | 424 | — | — | |||||||||||
May 1 to 31, 2020 | 403 | 428 | — | — | ||||||||||||
June 1 to 30, 2020 | 1,292 | 488 | — | — | ||||||||||||
July 1 to 31, 2020 | 1,847 | 488 | — | — | ||||||||||||
August 1 to 31, 2020 | 1,628 | 517 | — | — | ||||||||||||
September 1 to 30, 2020 | 1,147 | 537 | — | — | ||||||||||||
October 1 to 31, 2020 | 2,065 | 487 | — | — | ||||||||||||
November 1 to 30, 2020 | 1,114 | 500 | — | — | ||||||||||||
December 1 to 31, 2020 | 3,644 | 540 | — | — | ||||||||||||
January 1 to 31, 2021 | 2,418 | 566 | — | — | ||||||||||||
February 1 to 28, 2021 | 1,896 | 593 | — | — | ||||||||||||
March 1 to 31, 2021 | 1,929 | 660 | — | — | ||||||||||||
Total | 20,129 | ¥ | 535 | — | — | |||||||||||
Month | Total Number of Shares Purchased | Average Price Paid per Share (in yen) | Total Number of Shares Purchased as Part of Publicly Announced Program | Maximum Number of Shares that May Yet Be Purchased Under the Program | ||||||||||||
April 1 to 30, 2021 | 848 | ¥ | 582 | — | — | |||||||||||
May 1 to 31, 2021 | 1,400 | 585 | — | — | ||||||||||||
June 1 to 30, 2021 | 2,856 | 588 | — | — | ||||||||||||
July 1 to 31, 2021 | 1,801 | 558 | — | — | ||||||||||||
August 1 to 31, 2021 | 1,500 | 538 | — | — | ||||||||||||
September 1 to 30, 2021 | 1,844 | 559 | — | — | ||||||||||||
October 1 to 31, 2021 | 1,794 | 554 | — | — | ||||||||||||
November 1 to 30, 2021 | 27,876,415 | 490 | 27,875,100 | 52,124,900 | ||||||||||||
December 1 to 31, 2021 | 52,127,248 | 498 | 52,124,900 | — | ||||||||||||
January 1 to 31, 2022 | 1,555 | 516 | — | — | ||||||||||||
February 1 to 28, 2022 | 1,655 | 532 | — | — | ||||||||||||
March 1 to 31, 2022 | 1,321 | 513 | — | — | ||||||||||||
Total | 80,020,237 | ¥ | 496 | 80,000,000 | — | |||||||||||
Corporate Governance Practices Followed by NYSE-listed U.S. Companies | Corporate Governance Practices Followed by the Company | |
A NYSE-listed U.S. company must have a majority of Directors meeting the independence requirements under Section 303A of the NYSE Listed Company Manual. | Under the Companies Act, a company which adopts the Company with Three Board Committees structure is not required to have a majority of outside directors, but is required to have a majority of outside directors on each of the audit, nomination and compensation committees. The Company currently has eight outside directors among its twelve Directors. | |
A NYSE-listed U.S. company must have an audit committee that satisfies the requirements under Section 303A of the NYSE Listed Company Manual, including those imposed by Rule 10A-3 under the U.S. Securities Exchange Act of 1934. The audit committee must be composed entirely of independent directors and have at least three members. | The Company has an Audit Committee consisting of 10A-3 under the U.S. Securities Exchange Act of 1934 with one member qualified as audit committee financial expert. | |
A NYSE-listed U.S. company must have a nominating/corporate governance committee with responsibilities described under Section 303A of the NYSE Listed Company Manual. The nominating/corporate governance committee must be composed entirely of independent directors. | The Company has a Nomination Committee consisting of three Directors, two of whom are outside directors and the chairman is an outside director in compliance with the requirements under the Companies Act. | |
A NYSE-listed U.S. company must have a compensation committee composed entirely of independent directors. Compensation committee | The Company has a Compensation Committee consisting of three Directors, two of whom are outside directors and the chairman is an outside |
Corporate Governance Practices Followed by NYSE-listed U.S. Companies | Corporate Governance Practices Followed by the Company | |
members must satisfy the additional independence requirements under Section 303A.02(a)(ii) of the NYSE Listed Company Manual. A compensation committee must also have authority to retain or obtain the advice of compensation and other advisers, subject to prescribed independence criteria that the committee must consider prior to engaging any such adviser. | ||
A NYSE-listed U.S. company must generally obtain shareholder approval with respect to any equity compensation plan. | Under the Companies Act, Restricted Stock Unit (“RSU”) and Stock Acquisition Right (“SAR”) awards are deemed to be compensation for the services performed by the Company’s Directors and Executive Officers and do not require shareholders’ approval. The Compensation Committee establishes the policy with respect to the determination of the individual compensation of each of the Company’s Directors and Executive Officers (including RSU and SAR awards as equity compensation) and makes determinations in accordance with that compensation policy. |
A NYSE-listed U.S. company must adopt and disclose corporate governance guidelines. | Under the Companies Act, the Company is not required to adopt and disclose corporate governance guidelines. However, in response to Japan’s Corporate Governance Code, which was incorporated into the Tokyo Stock Exchange’s Securities Listing Regulations, the Company has established and publicly disclosed the “Nomura Holdings Corporate Governance Guidelines.” | ||
The non-management directors of a NYSE-listed U.S. company must meet at regularly scheduled executive sessions without management. | Under the Companies Act, outside directors of the Company are not required to meet at regularly scheduled executive sessions without management. However, in accordance with the “Nomura Holdings Corporate Governance Guidelines,” outside directors hold meetings consisting solely of outside directors in order to discuss matters such as the business and corporate governance of the Company. | ||
A NYSE-listed U.S. company must adopt and disclose a code of business conduct and ethics for directors, officers and employees, and promptly disclose any waivers of the code for directors or executive officers. | Under the Companies Act, the Company is not required to adopt and disclose a code of business conduct and ethics for directors, officers or employees. However, the Company has adopted the “Nomura Group Code of Conduct”. Please see Item 16B of this annual report for further information regarding the “Nomura Group Code of Conduct.” |
Exhibit Number | Description | |
1.1 | Articles of Incorporation of Nomura Holdings, Inc. (English translation) | |
1.2 | Share Handling Regulations of Nomura Holdings, Inc. (English translation) (filed on June 25, 2015 as an exhibit to the Annual Report on Form 20-F (FileNo. 001-15270) and incorporated herein by reference) | |
1.3 | Regulations of the Board of Directors of Nomura Holdings, Inc. (English translation) | |
1.4 | Regulations of the Nomination Committee of Nomura Holdings, Inc. (English translation) (filed on June 23, 2016 as an exhibit to the Annual Report on Form 20-F (FileNo. 001-15270) and incorporated herein by reference) | |
1.5 | Regulations of the Audit Committee of Nomura Holdings, Inc. (English translation) | |
1.6 | Regulations of the Compensation Committee of Nomura Holdings, Inc. (English translation) (filed on June 27, 2012 as an exhibit to the Annual Report on Form 20-F (FileNo. 001-15270) and incorporated herein by reference) | |
2.1 | Form of Deposit Agreement among Nomura Holdings, Inc., The Bank of New York Mellon as depositary and all owners and holders from time to time of American Depositary Receipts, including the form of American Depositary Receipt (filed on April 28, 2010 as an exhibit to the Registration Statement on Form (File No. 333-166346) and incorporated herein by reference) | |
2.2 | Description of rights of each class of securities registered under Section 12 of the Securities Exchange Act of 1934 | |
4.1 | Form of Limitation of Liability Agreement (1) | |
8.1 | Subsidiaries of Nomura Holdings, Inc.—See Item 4.C. “ Organizational Structure | |
11.1 | Nomura Group Code of Conduct | |
11.2 | Nomura Group Code of Ethics for Financial Professionals (English translation) (filed on June 30, 2020 as an exhibit to the Annual Report on Form 20-F (FileNo. 001-15270) and incorporated herein by reference) | |
12.1 | Certification of the principal executive officer required by 17 C.F.R. 240. 13a-14(a) | |
12.2 | Certification of the principal financial officer required by 17 C.F.R. 240. 13a-14(a) | |
13.1 | Certification of the chief executive officer required by 18 U.S.C. Section 1350 | |
13.2 | Certification of the chief financial officer required by 18 U.S.C. Section 1350 | |
15.1 | Consent of Ernst & Young ShinNihon LLC, | |
17.1 | Subsidiary Issuer of Registered Guaranteed Securities | |
101.INS | Inline XBRL Instance Document—the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
Exhibit Number | Description | |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104 | The cover page for the Company’s Annual Report on Form 20-F for the year ended March 31, |
(1) | The Company has entered into Limitation of Liability Agreements substantially in the form of this exhibit with all of its outside directors and director Shoji Ogawa. |
Page | ||||
Consolidated Financial Statements of Nomura Holdings, Inc.: | ||||
F-2 | ||||
F-6 | ||||
F-9 | ||||
F-10 | ||||
F-11 | ||||
F-13 | ||||
F-15 |
Fair value of less liquid financial instruments | ||
Description of the Matter | The Company holds Auditing the fair value of the Company’s Level 3 financial instruments was complex and highly judgmental due to the subjectivity of the judgments used and estimations made by management in determining the fair value for these financial | |
How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls Our audit procedures to evaluate the valuation year-end valuations. | |
Contingencies for investigations, lawsuits and other legal proceedings | ||
Description of the Matter | The Company is involved in investigations, lawsuits and other legal proceedings. As disclosed in Note 20 to the consolidated financial statements as of March 31, 1 billion. Legal expenses of The Company recognizes a liability for those contingencies for which it is probable that a liability |
of the possible loss or range of loss or a statement that such an estimate cannot be made within the notes to the consolidated financial statements. |
Auditing management’s determination of whether a loss contingency is probable and reasonably estimable, reasonably possible or remote, and the related disclosures, is highly subjective, complex and requires significant judgment. Management judgment is needed to determine whether an obligation exists and a loss contingency should be recorded at March 31, | |||
How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls that address the risks of material misstatement relating to management’s assessment for timely identification of contingencies that may arise out of lawsuits and regulatory investigations including the Company’s assessment of whether they are probable or reasonably possible and the associated measurement of the best estimate. Our audit procedures to test the assessment of the probability of incurrence of a loss and whether the loss was reasonably estimable included, among others, reading the minutes of the meetings of the Board of Directors and Executive Management Board, and reading relevant year-end assessments. |
Millions of yen | ||||||||
March 31 | ||||||||
2020 | 2021 | |||||||
ASSETS | ||||||||
Cash and cash deposits: | ||||||||
Cash and cash equivalents | ¥ | 3,191,889 | ¥ | 3,509,754 | ||||
Time deposits | 309,373 | 281,422 | ||||||
Deposits with stock exchanges and other segregated cash | 373,686 | 373,559 | ||||||
Total cash and cash deposits | 3,874,948 | 4,164,735 | ||||||
Loans and receivables: | ||||||||
Loans receivable (including ¥805,141 million and ¥818,523 million measured at fair value by applying the fair value option as of March 31, 2020 and March 31, 2021, respectively) | 2,857,405 | 2,943,472 | ||||||
Receivables from customers (including ¥11 million and ¥163,388 million measured at fair value by applying the fair value option as of March 31, 2020 and March 31, 2021, respectively) | 541,284 | 459,090 | ||||||
Receivables from other than customers | 1,731,236 | 793,669 | ||||||
Allowance for doubtful accounts | (13,012 | ) | (53,784 | ) | ||||
Total loans and receivables | 5,116,913 | 4,142,447 | ||||||
Collateralized agreements: | ||||||||
Securities purchased under agreements to resell (including ¥548,043 million and ¥366,506 million measured at fair value by applying the fair value option as of March 31, 2020 and March 31, 2021, respectively) | 12,377,315 | 10,775,078 | ||||||
Securities borrowed | 3,529,797 | 5,264,360 | ||||||
Total collateralized agreements | 15,907,112 | 16,039,438 | ||||||
Trading assets and private equity and debt investments: | ||||||||
Trading assets (including securities pledged as collateral of ¥5,332,640 million and ¥5,587,555 million as of March 31, 2020 and March 31, 2021, respectively; including ¥12,407 million and ¥10,122 million measured at fair value by applying the fair value option as of March 31, 2020 and March 31, 2021, respectively) | 16,853,822 | 15,674,354 | ||||||
Private equity and debt investments (including ¥6,395 million and ¥3,599 million measured at fair value by applying the fair value option in March 31, 2020 and March 31, 2021, respectively) | 44,278 | 63,825 | ||||||
Total trading assets and private equity and debt investments | 16,898,100 | 15,738,179 | ||||||
Other assets: | ||||||||
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥397,114 million and ¥395,429 million as of March 31, 2020 and March 31, 2021, respectively) | 440,512 | 464,449 | ||||||
Non-trading debt securities (including securities pledged as collateralof ¥0— million and ¥9,427 million as of March 31, 2020 and March 31, 2021, respectively) | 455,392 | 426,758 | ||||||
Investments in equity securities | 112,175 | 126,649 | ||||||
Investments in and advances to affiliated companies | 367,641 | 364,393 | ||||||
Other (including ¥144,756 million and ¥171,482 million measured at fair value by applying the fair value option as of March 31, 2020 and March 31, 2021, respectively) | 827,022 | 1,049,432 | ||||||
Total other assets | 2,202,742 | 2,431,681 | ||||||
Total assets | ¥ | 43,999,815 | ¥ | 42,516,480 | ||||
Millions of yen | ||||||||
March 31 | ||||||||
2021 | 2022 | |||||||
ASSETS | ||||||||
Cash and cash deposits: | ||||||||
Cash and cash equivalents | ¥ | 3,509,754 | ¥ | 3,316,238 | ||||
Time deposits | 281,422 | 320,754 | ||||||
Deposits with stock exchanges and other segregated cash | 373,559 | 426,519 | ||||||
Total cash and cash deposits | 4,164,735 | 4,063,511 | ||||||
Loans and receivables: | ||||||||
Loans receivable (includ es ¥818,523 and ¥1,210,590 at fair value) | 2,943,472 | 3,579,727 | ||||||
Receivables from customers (includ es ¥163,388 and ¥86,839 at fair value) | 459,090 | 417,661 | ||||||
Receivables from other than customers (includes ¥ 0nil | 793,669 | 1,069,660 | ||||||
Allowance for credit losses | (53,784 | ) | (66,346 | ) | ||||
Total loans and receivables | 4,142,447 | 5,000,702 | ||||||
Collateralized agreements: | ||||||||
Securities purchased under agreements to resell (includ es ¥366,506 and ¥297,653 at fair value) | 10,775,078 | 11,879,312 | ||||||
Securities borrowed | 5,264,360 | 4,997,129 | ||||||
Total collateralized agreements | 16,039,438 | 16,876,441 | ||||||
Trading assets and private equity and debt investments: | ||||||||
Trading assets (includes assets pledged of ¥ 5,587,555 and ¥4,643,412; includes ¥ 10,122 and ¥14,328 at fair value) | 15,674,354 | 15,230,817 | ||||||
Private equity and debt investments (includ es ¥3,599 and ¥10,770 at fair value) | 63,825 | 65,193 | ||||||
Total trading assets and private equity and debt investments | 15,738,179 | 15,296,010 | ||||||
Other assets: | ||||||||
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥395,429 and ¥426,081 ) | 464,449 | 419,047 | ||||||
Non-trading debt securities (includes assets pledged of ¥ ) | 426,758 | 484,681 | ||||||
Investments in equity securities (includes assets pledged of ¥ 0nil and ¥ 606) | 126,649 | 133,897 | ||||||
Investments in and advances to affiliated companies (includes assets pledged of ¥ 0nil and ¥ 5,038) | 364,393 | 364,281 | ||||||
Other (includ es ¥171,482 and ¥169,080 at fair value) | 1,049,432 | 773,586 | ||||||
Total other assets | 2,431,681 | 2,175,492 | ||||||
Total assets | ¥ | 42,516,480 | ¥ | 43,412,156 | ||||
Millions of yen | ||||||||
March 31 | ||||||||
2020 | 2021 | |||||||
LIABILITIES AND EQUITY | ||||||||
Short-term borrowings (including ¥376,910 million and ¥634,714 million measured at fair value by applying the fair value option as of March 31, 2020 and March 31, 2021, respectively) | ¥ | 1,486,733 | ¥ | 1,368,098 | ||||
Payables and deposits: | ||||||||
Payables to customers | 1,467,434 | 1,454,755 | ||||||
Payables to other than customers | 1,653,495 | 1,773,699 | ||||||
Deposits received at banks (including ¥14,392 million and ¥49,874 million measured at fair value by applying the fair value option as of March 31, 2020 and March 31, 2021, respectively) | 1,276,153 | 1,342,464 | ||||||
Total payables and deposits | 4,397,082 | 4,570,918 | ||||||
Collateralized financing: | ||||||||
Securities sold under agreements to repurchase (including ¥111,609 million and ¥224,056 million measured at fair value by applying the fair value option as of March 31, 2020 and March 31, 2021, respectively) | 16,349,182 | 13,360,429 | ||||||
Securities loaned (including ¥105,968 million and ¥128,886 million measured at fair value by applying the fair value option as of March 31, 2020 and March 31, 2021, respectively) | 961,446 | 1,380,629 | ||||||
Other secured borrowings | 717,711 | 392,515 | ||||||
Total collateralized financing | 18,028,339 | 15,133,573 | ||||||
Trading liabilities | 8,546,284 | 9,473,261 | ||||||
Other liabilities (including ¥9,183 million and ¥44,708 million measured at fair value by applying the fair value option as of March 31, 2020 and March 31, 2021, respectively) | 1,034,448 | 1,239,167 | ||||||
Long-term borrowings (including ¥3,707,643 million and ¥4,098,457 million measured at fair value by applying the fair value option as of March 31, 2020 and March 31, 2021, respectively) | 7,775,665 | 7,975,012 | ||||||
Total liabilities | 41,268,551 | 39,760,029 | ||||||
Commitments and contingencies (Note 21) | 0 | 0 | ||||||
Equity: | ||||||||
Nomura Holdings, Inc. (“NHI”) shareholders’ equity: | ||||||||
Common stock | ||||||||
No par value shares; Authorized—6,000,000,000 shares as of March 31, 2020 and March 31, 2021 Issued—3,493,562,601 shares as of March 31, 2020 and 3,233,562,601 shares as of March 31, 2021 Outstanding—3,038,587,493 shares as of March 31, 2020 and 3,063,155,434 shares as of March 31, 2021 | 594,493 | 594,493 | ||||||
Additional paid-in capital | 683,232 | 696,122 | ||||||
Retained earnings | 1,645,451 | 1,533,713 | ||||||
Accumulated other comprehensive income | (26,105 | ) | (38,144 | ) | ||||
Total NHI shareholders’ equity before treasury stock | 2,897,071 | 2,786,184 | ||||||
Common stock held in treasury, at cost—454,975,108 shares as of March 31, 2020 and 170,407,167 shares as of March 31, 2021 | (243,604 | ) | (91,246 | ) | ||||
Total NHI shareholders’ equity | 2,653,467 | 2,694,938 | ||||||
Noncontrolling interests | 77,797 | 61,513 | ||||||
Total equity | 2,731,264 | 2,756,451 | ||||||
Total liabilities and equity | ¥ | 43,999,815 | ¥ | 42,516,480 | ||||
Millions of yen | ||||||||
March 31 | ||||||||
2021 | 2022 | |||||||
LIABILITIES AND EQUITY | ||||||||
Short-term borrowings (includ es ¥634,714 and ¥710,629 at fair value) | ¥ | 1,368,098 | ¥ | 1,050,141 | ||||
Payables and deposits: | ||||||||
Payables to customers | 1,454,755 | 1,522,961 | ||||||
Payables to other than customers | 1,773,699 | 1,636,725 | ||||||
Deposits received at banks (includ es ¥49,874 and ¥71,156 at fair value) | 1,342,464 | 1,760,679 | ||||||
Total payables and deposits | 4,570,918 | 4,920,365 | ||||||
Collateralized financing: | ||||||||
Securities sold under agreements to repurchase (includ es ¥224,056 and ¥411,847 at fair value) | 13,360,429 | 12,574,556 | ||||||
Securities loaned (includ es ¥128,886 and ¥104,606 at fair value) | 1,380,629 | 1,567,351 | ||||||
Other secured borrowings | 392,515 | 396,291 | ||||||
Total collateralized financing | 15,133,573 | 14,538,198 | ||||||
Trading liabilities | 9,473,261 | 9,652,118 | ||||||
Other liabilities (includ es ¥44,708 and ¥52,110 at fair value) | 1,239,167 | 1,020,225 | ||||||
Long-term borrowings (includ es ¥4,098,457 and ¥4,557,326 at fair value) | 7,975,012 | 9,258,306 | ||||||
Total liabilities | 39,760,029 | 40,439,353 | ||||||
Commitments and contingencies (Note 20) | 0 | 0 | ||||||
Equity: | ||||||||
Nomura Holdings, Inc. (“NHI”) shareholders’ equity: | ||||||||
Common stock | ||||||||
No par value shares; Authorized—6,000,000,000 shares Issued—3,233,562,601 shares Outstanding—3,063,155,434 and 3,017,804,012 share s | 594,493 | 594,493 | ||||||
Additional paid-in capital | 696,122 | 697,507 | ||||||
Retained earnings | 1,533,713 | 1,606,987 | ||||||
Accumulated other comprehensive income | (38,144 | ) | 127,973 | |||||
Total NHI shareholders’ equity before treasury stock | 2,786,184 | 3,026,960 | ||||||
Common stock held in treasury, at cost—170,407,167 and 215,758,589 shares | (91,246 | ) | (112,355 | ) | ||||
Total NHI shareholders’ equity | 2,694,938 | 2,914,605 | ||||||
Noncontrolling interests | 61,513 | 58,198 | ||||||
Total equity | 2,756,451 | 2,972,803 | ||||||
Total liabilities and equity | ¥ | 42,516,480 | ¥ | 43,412,156 | ||||
Billions of yen | ||||||||
March 31 | ||||||||
2020 | 2021 | |||||||
Cash and cash deposits | ¥ | 10 | ¥ | 13 | ||||
Trading assets and private equity and debt investments | 1,172 | 984 | ||||||
Other assets | 39 | 77 | ||||||
Total assets | ¥ | 1,221 | ¥ | 1,074 | ||||
Trading liabilities | ¥ | 19 | ¥ | 2 | ||||
Other liabilities | 4 | 2 | ||||||
Borrowings | 947 | 837 | ||||||
Total liabilities | ¥ | 970 | ¥ | 841 | ||||
Billions of yen | ||||||||
March 31 | ||||||||
2021 | 2022 | |||||||
Cash and cash deposits | ¥ | 13 | ¥ | 62 | ||||
Trading assets and private equity and debt investments | 984 | 1,024 | ||||||
Other assets | 77 | 125 | ||||||
Total assets | ¥ | 1,074 | ¥ | 1,211 | ||||
Trading liabilities | ¥ | 2 | ¥ | 0 | ||||
Other liabilities | 2 | 6 | ||||||
Borrowings | 837 | 892 | ||||||
Total liabilities | ¥ | 841 | ¥ | 898 | ||||
Millions of yen | ||||||||||||
Year ended March 31 | ||||||||||||
2019 | 2020 | 2021 | ||||||||||
Revenue: | ||||||||||||
Commissions | ¥ | 293,069 | ¥ | 308,805 | ¥ | 376,897 | ||||||
Fees from investment banking | 101,521 | 103,222 | 108,681 | |||||||||
Asset management and portfolio service fees | 245,519 | 238,202 | 230,047 | |||||||||
Net gain on trading | 342,964 | 356,609 | 310,040 | |||||||||
Gain (loss) on private equity and debt investments | 1,007 | (93 | ) | 12,734 | ||||||||
Interest and dividends | 776,964 | 794,472 | 356,466 | |||||||||
Gain (loss) on investments in equity securities | (6,983 | ) | (14,726 | ) | 14,053 | |||||||
Other | 81,057 | 165,991 | 208,317 | |||||||||
Total revenue | 1,835,118 | 1,952,482 | 1,617,235 | |||||||||
Interest expense | 718,348 | 664,653 | 215,363 | |||||||||
Net revenue | 1,116,770 | 1,287,829 | 1,401,872 | |||||||||
Non-interest expenses: | ||||||||||||
Compensation and benefits | 497,065 | 479,420 | 507,906 | |||||||||
Commissions and floor brokerage | 82,637 | 106,123 | 111,550 | |||||||||
Information processing and communications | 166,865 | 170,317 | 178,835 | |||||||||
Occupancy and related depreciation | 64,940 | 72,986 | 72,367 | |||||||||
Business development expenses | 36,915 | 31,885 | 13,520 | |||||||||
Other | 306,049 | 178,837 | 287,023 | |||||||||
Total non-interest expenses | 1,154,471 | 1,039,568 | 1,171,201 | |||||||||
Income (loss) before income taxes | (37,701 | ) | 248,261 | 230,671 | ||||||||
Income tax expense | 57,010 | 28,894 | 70,274 | |||||||||
Net income (loss) | ¥ | (94,711 | ) | ¥ | 219,367 | ¥ | 160,397 | |||||
Less: Net income attributable to noncontrolling interests | 5,731 | 2,369 | 7,281 | |||||||||
Net income (loss) attributable to NHI shareholders | ¥ | (100,442 | ) | ¥ | 216,998 | ¥ | 153,116 | |||||
Yen | ||||||||||||
Per share of common stock: | ||||||||||||
Basic — | ||||||||||||
Net income (loss) attributable to NHI shareholders per share | ¥ | (29.90 | ) | ¥ | 67.76 | ¥ | 50.11 | |||||
Diluted — | ||||||||||||
Net income (loss) attributable to NHI shareholders per share | ¥ | (29.92 | ) | ¥ | 66.20 | ¥ | 48.63 | |||||
Millions of yen | ||||||||||||
Year ended March 31 | ||||||||||||
2020 | 2021 | 2022 | ||||||||||
Revenue: | ||||||||||||
Commissions | ¥ | 308,805 | ¥ | 376,897 | ¥ | 332,344 | ||||||
Fees from investment banking | 103,222 | 108,681 | 149,603 | |||||||||
Asset management and portfolio service fees | 238,202 | 230,047 | 269,985 | |||||||||
Net gain on trading | 356,609 | 310,040 | 368,799 | |||||||||
Gain (loss) on private equity and debt investments | (93 | ) | 12,734 | 30,768 | ||||||||
Interest and dividends | 794,472 | 356,466 | 284,222 | |||||||||
Gain (loss) on investments in equity securities | (14,726 | ) | 14,053 | 5,446 | ||||||||
Other | 165,991 | 208,317 | 152,832 | |||||||||
Total revenue | 1,952,482 | 1,617,235 | 1,593,999 | |||||||||
Interest expense | 664,653 | 215,363 | 230,109 | |||||||||
Net revenue | 1,287,829 | 1,401,872 | 1,363,890 | |||||||||
Non-interest expenses: | ||||||||||||
Compensation and benefits | 479,420 | 507,906 | 529,506 | |||||||||
Commissions and floor brokerage | 106,123 | 111,550 | 105,204 | |||||||||
Information processing and communications | 170,317 | 178,835 | 184,319 | |||||||||
Occupancy and related depreciation | 72,986 | 72,367 | 69,742 | |||||||||
Business development expenses | 31,885 | 13,520 | 15,641 | |||||||||
Other | 178,837 | 287,023 | 232,855 | |||||||||
Total non-interest expenses | 1,039,568 | 1,171,201 | 1,137,267 | |||||||||
Income before income taxes | 248,261 | 230,671 | 226,623 | |||||||||
Income tax expense | 28,894 | 70,274 | 80,090 | |||||||||
Net income | ¥ | 219,367 | ¥ | 160,397 | ¥ | 146,533 | ||||||
Less: Net income attributable to noncontrolling interests | 2,369 | 7,281 | 3,537 | |||||||||
Net income attributable to NHI shareholders | ¥ | 216,998 | ¥ | 153,116 | ¥ | 142,996 | ||||||
Yen | ||||||||||||
Per share of common stock: | ||||||||||||
Basic— | ||||||||||||
Net income attributable to NHI shareholders per share | ¥ | 67.76 | ¥ | 50.11 | ¥ | 46.68 | ||||||
Diluted— | ||||||||||||
Net income attributable to NHI shareholders per share | ¥ | 66.20 | ¥ | 48.63 | ¥ | 45.23 | ||||||
Millions of yen | ||||||||||||
Year ended March 31 | ||||||||||||
2019 | 2020 | 2021 | ||||||||||
Net income (loss) | ¥ | (94,711 | ) | ¥ | 219,367 | ¥ | 160,397 | |||||
Other comprehensive income (loss): | ||||||||||||
Change in cumulative translation adjustments: | ||||||||||||
Change in cumulative translation adjustments | 36,031 | (45,000 | ) | 46,821 | ||||||||
Deferred income taxes | (1,852 | ) | 591 | (1,287 | ) | |||||||
Total | 34,179 | (44,409 | ) | 45,534 | ||||||||
Defined benefit pension plans: | ||||||||||||
Pension liability adjustment | (23,431 | ) | 7,843 | 20,720 | ||||||||
Deferred income taxes | 161 | 693 | (1,626 | ) | ||||||||
Total | (23,270 | ) | 8,536 | 19,094 | ||||||||
Own credit adjustments: | ||||||||||||
Own credit adjustments | 25,135 | 48,295 | (91,666 | ) | ||||||||
Deferred income taxes | (4,988 | ) | (9,779 | ) | 15,943 | |||||||
Total | 20,147 | 38,516 | (75,723 | ) | ||||||||
Total other comprehensive income (loss) | 31,056 | 2,643 | (11,095 | ) | ||||||||
Comprehensive income (loss) | (63,655 | ) | 222,010 | 149,302 | ||||||||
Less: Comprehensive income attributable to noncontrolling interests | 6,481 | 2,067 | 8,225 | |||||||||
Comprehensive income (loss) attributable to NHI shareholders | ¥ | (70,136 | ) | ¥ | 219,943 | ¥ | 141,077 | |||||
Millions of yen | ||||||||||||
Year ended March 31 | ||||||||||||
2020 | 2021 | 2022 | ||||||||||
Net income | ¥ | 219,367 | ¥ | 160,397 | ¥ | 146,533 | ||||||
Other comprehensive income (loss): | ||||||||||||
Change in cumulative translation adjustments: | ||||||||||||
Change in cumulative translation adjustments | (45,000 | ) | 46,821 | 122,468 | ||||||||
Deferred income taxes | 591 | (1,287 | ) | (946 | ) | |||||||
Total | (44,409 | ) | 45,534 | 121,522 | ||||||||
Defined benefit pension plans: | ||||||||||||
Pension liability adjustment | 7,843 | 20,720 | (404 | ) | ||||||||
Deferred income taxes | 693 | (1,626 | ) | 78 | ||||||||
Total | 8,536 | 19,094 | (326 | ) | ||||||||
Own credit adjustments: | ||||||||||||
Own credit adjustments | 48,295 | (91,666 | ) | 60,777 | ||||||||
Deferred income taxes | (9,779 | ) | 15,943 | (12,930 | ) | |||||||
Total | 38,516 | (75,723 | ) | 47,847 | ||||||||
Total other comprehensive income (loss) | 2,643 | (11,095 | ) | 169,043 | ||||||||
Comprehensive income | 222,010 | 149,302 | 315,576 | |||||||||
Less: Comprehensive income attributable to noncontrolling interests | 2,067 | 8,225 | 6,463 | |||||||||
Comprehensive income attributable to NHI shareholders | ¥ | 219,943 | ¥ | 141,077 | ¥ | 309,113 | ||||||
Millions of yen | ||||||||||||
Year ended March 31 | ||||||||||||
2019 | 2020 | 2021 | ||||||||||
Common stock | ||||||||||||
Balance at beginning of year | ¥ | 594,493 | ¥ | 594,493 | ¥ | 594,493 | ||||||
Balance at end of year | 594,493 | 594,493 | 594,493 | |||||||||
Additional paid-in capital | ||||||||||||
Balance at beginning of year | 675,280 | 687,761 | 683,232 | |||||||||
Stock-based compensation awards | 12,481 | (4,326 | ) | 11,775 | ||||||||
Changes in ownership interests in subsidiaries | 0— | (203 | ) | 0— | ||||||||
Changes in an affiliated company’s interests in its subsidiary | 0— | 0— | 1,115 | |||||||||
Balance at end of year | 687,761 | 683,232 | 696,122 | |||||||||
Retained earnings | ||||||||||||
Balance at beginning of year | 1,696,890 | 1,486,825 | 1,645,451 | |||||||||
Cumulative effect of change in accounting principle (1) | 1,564 | 5,592 | (18,200 | ) | ||||||||
Net income (loss) attributable to NHI shareholders | (100,442 | ) | 216,998 | 153,116 | ||||||||
Cash dividends | (20,080 | ) | (63,670 | ) | (107,104 | ) | ||||||
Gain (loss) on sales of treasury stock | (1,191 | ) | (294 | ) | (346 | ) | ||||||
Cancellation of treasury stock | (89,916 | ) | 0— | (139,204 | ) | |||||||
Balance at end of year | 1,486,825 | 1,645,451 | 1,533,713 | |||||||||
Accumulated other comprehensive income (loss) | ||||||||||||
Cumulative translation adjustments | ||||||||||||
Balance at beginning of year | (15,596 | ) | 17,833 | (26,274 | ) | |||||||
Net change during the year | 33,429 | (44,107 | ) | 44,590 | ||||||||
Balance at end of year | 17,833 | (26,274 | ) | 18,316 | ||||||||
Defined benefit pension plans | ||||||||||||
Balance at beginning of year | (47,837 | ) | (71,107 | ) | (62,571 | ) | ||||||
Pension liability adjustment | (23,270 | ) | 8,536 | 19,094 | ||||||||
Balance at end of year | (71,107 | ) | (62,571 | ) | (43,477 | ) | ||||||
Own credit adjustments | ||||||||||||
Balance at beginning of year | 4,077 | 24,224 | 62,740 | |||||||||
Own credit adjustments | 20,147 | 38,516 | (75,723 | ) | ||||||||
Balance at end of year | 24,224 | 62,740 | (12,983 | ) | ||||||||
Balance at end of year | (29,050 | ) | (26,105 | ) | (38,144 | ) | ||||||
Millions of yen | ||||||||||||
Year ended March 31 | ||||||||||||
2020 | 2021 | 2022 | ||||||||||
Common stock | ||||||||||||
Balance at beginning of year | ¥ | 594,493 | ¥ | 594,493 | ¥ | 594,493 | ||||||
Balance at end of year | 594,493 | 594,493 | 594,493 | |||||||||
Additional paid-in capital | ||||||||||||
Balance at beginning of year | 687,761 | 683,232 | 696,122 | |||||||||
Stock-based compensation awards | (4,326 | ) | 11,775 | 1,421 | ||||||||
Changes in ownership interests in subsidiaries | (203 | ) | 0— | 0— | ||||||||
Changes in an affiliated company’s interests in its subsidiary | 0— | 1,115 | 0— | |||||||||
Changes in an affiliated company’s interests | — | — | (36 | ) | ||||||||
Balance at end of year | 683,232 | 696,122 | 697,507 | |||||||||
Retained earnings | ||||||||||||
Balance at beginning of year | 1,486,825 | 1,645,451 | 1,533,713 | |||||||||
Cumulative effect of change in accounting principle (1) | 5,592 | (18,200 | ) | 0— | ||||||||
Net income attributable to NHI shareholders | 216,998 | 153,116 | 142,996 | |||||||||
Cash dividends | (63,670 | ) | (107,104 | ) | (67,007 | ) | ||||||
Gain (loss) on sales of treasury stock | (294 | ) | (346 | ) | (2,715 | ) | ||||||
Cancellation of treasury stock | 0— | (139,204 | ) | 0— | ||||||||
Balance at end of year | 1,645,451 | 1,533,713 | 1,606,987 | |||||||||
Accumulated other comprehensive income (loss) | ||||||||||||
Cumulative translation adjustments | ||||||||||||
Balance at beginning of year | 17,833 | (26,274 | ) | 18,316 | ||||||||
Net change during the year | (44,107 | ) | 44,590 | 118,596 | ||||||||
Balance at end of year | (26,274 | ) | 18,316 | 136,912 | ||||||||
Defined benefit pension plans | ||||||||||||
Balance at beginning of year | (71,107 | ) | (62,571 | ) | (43,477 | ) | ||||||
Pension liability adjustment | 8,536 | 19,094 | (326 | ) | ||||||||
Balance at end of year | (62,571 | ) | (43,477 | ) | (43,803 | ) | ||||||
Own credit adjustments | ||||||||||||
Balance at beginning of year | 24,224 | 62,740 | (12,983 | ) | ||||||||
Own credit adjustments | 38,516 | (75,723 | ) | 47,847 | ||||||||
Balance at end of year | 62,740 | (12,983 | ) | 34,864 | ||||||||
Balance at end of year | (26,105 | ) | (38,144 | ) | 127,973 | |||||||
(1) | Represents the 2016-02, “Leases 2016-13, “Measurement of Credit Losses on Financial Instruments |
Millions of yen | ||||||||||||
Year ended March 31 | ||||||||||||
2019 | 2020 | 2021 | ||||||||||
Common stock held in treasury | ||||||||||||
Balance at beginning of year | (157,987 | ) | (108,968 | ) | (243,604 | ) | ||||||
Repurchases of common stock | (51,714 | ) | (150,009 | ) | (11 | ) | ||||||
Sales of common stock | 0 | 0 | 0 | |||||||||
Common stock issued to employees | 10,817 | 15,373 | 13,165 | |||||||||
Cancellation of treasury stock | 89,916 | 0— | 139,204 | |||||||||
Balance at end of year | (108,968 | ) | (243,604 | ) | (91,246 | ) | ||||||
Total NHI shareholders’ equity | ||||||||||||
Balance at end of year | 2,631,061 | 2,653,467 | 2,694,938 | |||||||||
Noncontrolling interests | ||||||||||||
Balance at beginning of year | 50,504 | 49,732 | 77,797 | |||||||||
Cash dividends | (2,685 | ) | (1,483 | ) | (1,416 | ) | ||||||
Net income attributable to noncontrolling interests | 5,731 | 2,369 | 7,281 | |||||||||
Accumulated other comprehensive income (loss) attributable to noncontrolling interests | ||||||||||||
Cumulative translation adjustments | 750 | (302 | ) | 944 | ||||||||
Purchase/sale (disposition) of subsidiary shares, etc., net | 1,183 | 18,264 | 673 | |||||||||
Other net change in noncontrolling interests | (5,751 | ) | 9,217 | (23,766 | ) | |||||||
Balance at end of year | 49,732 | 77,797 | 61,513 | |||||||||
Total equity | ||||||||||||
Balance at end of year | ¥ | 2,680,793 | ¥ | 2,731,264 | ¥ | 2,756,451 | ||||||
Millions of yen | ||||||||||||
Year ended March 31 | ||||||||||||
2020 | 2021 | 2022 | ||||||||||
Common stock held in treasury | ||||||||||||
Balance at beginning of year | (108,968 | ) | (243,604 | ) | (91,246 | ) | ||||||
Repurchases of common stock | (150,009 | ) | (11 | ) | (39,650 | ) | ||||||
Sales of common stock | 0 | 0 | 0 | |||||||||
Common stock issued to employees | 15,373 | 13,165 | 18,541 | |||||||||
Cancellation of treasury stock | 0— | 139,204 | 0— | |||||||||
Balance at end of year | (243,604 | ) | (91,246 | ) | (112,355 | ) | ||||||
Total NHI shareholders’ equity | ||||||||||||
Balance at end of year | 2,653,467 | 2,694,938 | 2,914,605 | |||||||||
Noncontrolling interests | ||||||||||||
Balance at beginning of year | 49,732 | 77,797 | 61,513 | |||||||||
Cash dividends | (1,483 | ) | (1,416 | ) | (1,421 | ) | ||||||
Net income attributable to noncontrolling interests | 2,369 | 7,281 | 3,537 | |||||||||
Accumulated other comprehensive income (loss) attributable to noncontrolling interests | ||||||||||||
Cumulative translation adjustments | (302 | ) | 944 | 2,926 | ||||||||
Purchase/sale (disposition) of subsidiary shares, etc., net | 18,264 | 673 | 1,307 | |||||||||
Other net change in noncontrolling interests | 9,217 | (23,766 | ) | (9,664 | ) | |||||||
Balance at end of year | 77,797 | 61,513 | 58,198 | |||||||||
Total equity | ||||||||||||
Balance at end of year | ¥ | 2,731,264 | ¥ | 2,756,451 | ¥ | 2,972,803 | ||||||
Millions of yen | ||||||||||||
Year ended March 31 | ||||||||||||
2019 | 2020 | 2021 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net income (loss) | ¥ | (94,711 | ) | ¥ | 219,367 | ¥ | 160,397 | |||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||
Depreciation and amortization | 57,924 | 63,583 | 63,846 | |||||||||
Impairment of goodwill | 81,372 | 0— | — | |||||||||
Stock-based compensation | 21,814 | 12,694 | 28,251 | |||||||||
(Gain) loss on investments in equity securities | 6,983 | 14,726 | (14,053 | ) | ||||||||
(Gain) loss on investments in subsidiaries and affiliates | 5,719 | (72,841 | ) | 45,086 | ||||||||
Equity in earnings of affiliates, net of dividends received | (19,043 | ) | (20,342 | ) | (15,716 | ) | ||||||
( Loss on disposal of office buildings, land, equipment and facilitiesGain) | 2,455 | (3,957 | ) | (64,730 | ) | |||||||
Deferred income taxes | 21,565 | (23,911 | ) | (21,113 | ) | |||||||
Changes in operating assets and liabilities: | ||||||||||||
Time deposits | 21,832 | (33,029 | ) | 43,560 | ||||||||
Deposits with stock exchanges and other segregated cash | 13,752 | (97,424 | ) | 13,878 | ||||||||
Trading assets and private equity and debt investments | 925,384 | (2,754,743 | ) | 1,468,357 | ||||||||
Trading liabilities | (143,141 | ) | 428,997 | 777,741 | ||||||||
Securities purchased under agreements to resell, net of securities sold under agreements to repurchase | (3,274,866 | ) | 2,224,371 | (1,453,871 | ) | |||||||
Securities borrowed, net of securities loaned | 1,987,331 | 291,777 | (1,242,489 | ) | ||||||||
Other secured borrowings | 1,198 | 301,019 | (326,450 | ) | ||||||||
Loans and receivables, net of allowance for doubtful accounts | 157,599 | (1,358,242 | ) | 1,145,429 | ||||||||
Payables | (63,683 | ) | 788,007 | (33,994 | ) | |||||||
Bonus accrual | (46,602 | ) | 16,202 | 15,840 | ||||||||
Accrued income taxes, net | 8,241 | (2,787 | ) | 55,712 | ||||||||
Other, net | (32,288 | ) | (9,410 | ) | 20,089 | |||||||
Net cash provided by (used in) operating activities | (361,165 | ) | (15,943 | ) | 665,770 | |||||||
Cash flows from investing activities: | ||||||||||||
Payments for purchases of office buildings, land, equipment and facilities | (319,090 | ) | (206,745 | ) | (119,875 | ) | ||||||
Proceeds from sales of office buildings, land, equipment and facilities | 262,908 | 209,197 | 49,642 | |||||||||
Proceeds from sales of investments in equity securities | 519 | 13,323 | 6,502 | |||||||||
Decrease (increase) in loans receivable at banks, net | (74,048 | ) | 43,920 | (83,412 | ) | |||||||
Decrease (increase) in non-trading debt securities, net | 29,452 | (2,359 | ) | 38,409 | ||||||||
Business combinations or disposals, net | 0— | (2,484 | ) | (11,152 | ) | |||||||
Decrease (increase) in investments in affiliated companies, net | (8,290 | ) | 160,799 | (9,182 | ) | |||||||
Other, net | (3,954 | ) | 685 | (9,958 | ) | |||||||
Net cash provided by (used in) investing activities | (112,503 | ) | 216,336 | (139,026 | ) | |||||||
Cash flows from financing activities: | ||||||||||||
Increase in long-term borrowings | 2,142,212 | 2,364,260 | 2,067,725 | |||||||||
Decrease in long-term borrowings | (1,625,516 | ) | (2,402,621 | ) | (2,068,695 | ) | ||||||
Increase (decrease) in short-term borrowings, net | 85,900 | 656,205 | (325,237 | ) | ||||||||
Increase (decrease) in deposits received at banks, net | 257,471 | (93,260 | ) | 126,177 | ||||||||
Proceeds from sales of common stock held in treasury | 313 | 285 | 215 | |||||||||
Payments for repurchases of common stock held in treasury | (51,714 | ) | (150,009 | ) | (11 | ) | ||||||
Payments for cash dividends | (47,475 | ) | (58,416 | ) | (76,358 | ) | ||||||
Contribution from noncontrolling interests | 0— | 15,618 | 6,257 | |||||||||
Net cash provided by (used in) financing activities | 761,191 | 332,062 | (269,927 | ) | ||||||||
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents | 44,741 | (27,277 | ) | 60,884 | ||||||||
Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents | 332,264 | 505,178 | 317,701 | |||||||||
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year | 2,354,868 | 2,687,132 | 3,192,310 | |||||||||
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of year | ¥ | 2,687,132 | ¥ | 3,192,310 | ¥ | 3,510,011 | ||||||
Supplemental information: | ||||||||||||
Cash paid during the year for — | ||||||||||||
Interest | ¥ | 700,855 | ¥ | 677,160 | ¥ | 222,024 | ||||||
Income tax payments, net | ¥ | 27,204 | ¥ | 55,592 | ¥ | 35,675 | ||||||
Millions of yen | ||||||||||||
Year ended March 31 | ||||||||||||
2020 | 2021 | 2022 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net income | ¥ | 219,367 | ¥ | 160,397 | ¥ | 146,533 | ||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||||||||||||
Depreciation and amortization | 63,583 | 63,846 | 59,524 | |||||||||
Stock-based compensation | 12,694 | 28,251 | 27,941 | |||||||||
(Gain) loss on investments in equity securities | 14,726 | (14,053 | ) | (5,446 | ) | |||||||
(Gain) loss on investments in subsidiaries and affiliates | (72,841 | ) | 45,086 | (79,396 | ) | |||||||
Equity in earnings of affiliates, net of dividends received | (20,342 | ) | (15,716 | ) | (20,235 | ) | ||||||
Gain on disposal of office buildings, land, equipment and facilities | (3,957 | ) | (64,730 | ) | (3,490 | ) | ||||||
Deferred income taxes | (23,911 | ) | (21,113 | ) | 3,106 | |||||||
Changes in operating assets and liabilities: | ||||||||||||
Time deposits | (33,029 | ) | 43,560 | (23,064 | ) | |||||||
Deposits with stock exchanges and other segregated cash | (97,424 | ) | 13,878 | (18,408 | ) | |||||||
Trading assets and private equity and debt investments | (2,754,743 | ) | 1,468,357 | 1,254,261 | ||||||||
Trading liabilities | 428,997 | 777,741 | (284,747 | ) | ||||||||
Securities purchased under agreements to resell, net of securities sold under agreements to repurchase | 2,224,371 | (1,453,871 | ) | (2,220,493 | ) | |||||||
Securities borrowed, net of securities loaned | 291,777 | (1,242,489 | ) | 595,116 | ||||||||
Other secured borrowings | 301,019 | (326,450 | ) | 2,120 | ||||||||
Loans and receivables, net of allowance for credit losses | (1,358,242 | ) | 1,145,429 | (412,429 | ) | |||||||
Payables | 788,007 | (33,994 | ) | (247,980 | ) | |||||||
Bonus accrual | 16,202 | 15,840 | (1,865 | ) | ||||||||
Accrued income taxes, net | (2,787 | ) | 55,712 | (37,639 | ) | |||||||
Other, net | (9,410 | ) | 20,089 | (102,119 | ) | |||||||
Net cash provided by (used in) operating activities | (15,943 | ) | 665,770 | (1,368,710 | ) | |||||||
Cash flows from investing activities: | ||||||||||||
Payments for purchases of office buildings, land, equipment and facilities | (206,745 | ) | (119,875 | ) | (111,331 | ) | ||||||
Proceeds from sales of office buildings, land, equipment and facilities | 209,197 | 49,642 | 94,985 | |||||||||
Payments for purchases of investments in equity securities | 0— | 0— | (300 | ) | ||||||||
Proceeds from sales of investments in equity securities | 13,323 | 6,502 | 2,502 | |||||||||
Decrease (increase) in loans receivable at banks, net | 43,920 | (83,412 | ) | (112,782 | ) | |||||||
Decrease (increase) in non-trading debt securities, net | (2,359 | ) | 38,409 | (51,065 | ) | |||||||
Business combinations or disposals, net | (2,484 | ) | (11,152 | ) | 0— | |||||||
Decrease (increase) in investments in affiliated companies, net | 160,799 | (9,182 | ) | 103,437 | ||||||||
Other, net | 685 | (9,958 | ) | 29,253 | ||||||||
Net cash provided by (used in) investing activities | 216,336 | (139,026 | ) | (45,301 | ) | |||||||
Cash flows from financing activities: | ||||||||||||
Increase in long-term borrowings | 2,364,260 | 2,067,725 | 3,895,059 | |||||||||
Decrease in long-term borrowings | (2,402,621 | ) | (2,068,695 | ) | (2,670,106 | ) | ||||||
Increase (decrease) in short-term borrowings, net | 656,205 | (325,237 | ) | (475,509 | ) | |||||||
Increase (decrease) in deposits received at banks, net | (93,260 | ) | 126,177 | 448,099 | ||||||||
Proceeds from sales of common stock held in treasury | 285 | 215 | 11 | |||||||||
Payments for repurchases of common stock held in treasury | (150,009 | ) | (11 | ) | (39,650 | ) | ||||||
Payments for cash dividends | (58,416 | ) | (76,358 | ) | (70,714 | ) | ||||||
Transactions with noncontrolling interests, net | 15,618 | 6,257 | (16,475 | ) | ||||||||
Net cash provided by (used in) financing activities | 332,062 | (269,927 | ) | 1,070,715 | ||||||||
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents | (27,277 | ) | 60,884 | 149,693 | ||||||||
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | 505,178 | 317,701 | (193,603 | ) | ||||||||
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year | 2,687,132 | 3,192,310 | 3,510,011 | |||||||||
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of year | ¥ | 3,192,310 | ¥ | 3,510,011 | ¥ | 3,316,408 | ||||||
Supplemental information: | ||||||||||||
Cash paid during the year for— | ||||||||||||
Interest | ¥ | 677,160 | ¥ | 222,024 | ¥ | 225,679 | ||||||
Income tax payments, net | ¥ | 55,592 | ¥ | 35,675 | ¥ | 114,623 | ||||||
Millions of yen | ||||||||||||
Year ended March 31 | ||||||||||||
2019 | 2020 | 2021 | ||||||||||
Cash and cash equivalents reported in Cash and cash equivalents | ¥ | 2,686,659 | ¥ | 3,191,889 | ¥ | 3,509,754 | ||||||
Restricted cash and restricted cash equivalents reported in Deposits with stock exchanges and other segregated cash | 473 | 421 | 257 | |||||||||
Total cash, cash equivalent, restricted cash and restricted cash equivalents | ¥ | 2,687,132 | ¥ | 3,192,310 | ¥ | 3,510,011 | ||||||
Millions of yen | ||||||||||||
Year ended March 31 | ||||||||||||
2020 | 2021 | 2022 | ||||||||||
Cash and cash equivalents reported in Cash and cash equivalents | ¥ | 3,191,889 | ¥ | 3,509,754 | ¥ | 3,316,238 | ||||||
Restricted cash and restricted cash equivalents reported in Deposits with stock exchanges and other segregated cash | 421 | 257 | 170 | |||||||||
�� | ||||||||||||
Total cash, cash equivalent, restricted cash and restricted cash equivalents | ¥ | 3,192,310 | ¥ | 3,510,011 | ¥ | 3,316,408 | ||||||
Millions of yen | ||||||||
March 31 | ||||||||
2020 | 2021 | |||||||
Land | ¥ | 49,214 | ¥ | 39,233 | ||||
Office buildings | 71,468 | 76,725 | ||||||
Equipment and facilities | 36,279 | 59,614 | ||||||
Software | 111,031 | 103,385 | ||||||
Construction in progress | 1,738 | 407 | ||||||
Operating lease ROU assets | 170,782 | 185,085 | ||||||
Total | ¥ | 440,512 | ¥ | 464,449 | ||||
Office buildings | 3 to 50 years | |||
Equipment and facilities | 2 to 20 years | |||
Software | 3 to 10 years |
date and method of adoption | consolidated statements | |||||
method of adoption | consolidated statements | |||||
Pronouncement | Summary of new guidance | Adoption date and adoption | Effect on these consolidated statements | |||
ASU 2020-04 “ Reference rate | • Provides temporary optional expedients and exceptions to the application of generally accepted accounting principles to certain contract and hedge relationships affected by reference rate reform. • Contract modifications solely related to the replacement of reference rate are eligible for relief from modification accounting requirements and accounted for as a continuation of the existing contract. • Allows various optional expedients and elections to allow hedging relationships affected by reference rate reform would continue uninterrupted during the reference rate transition if certain criteria are met. | The expedients and exceptions provided by the ASU are permitted to be adopted any time until December 31, 2022. | These modifications have not . |
Pronouncement | Summary of new guidance | Expected adoption date and method of adoption | Effect on these consolidated statements | |||
ASU 2022-02 “Financial instruments—Credit losses (Topic 326): Troubled debt restructurings and vintage disclosures” | • Eliminates specific recognition and measurement guidance for troubled debt restructurings (“TDRs”). Single guidance to be applied to all modifications when determining whether a modification results in a new receivable or a continuation of an existing receivable; • Requires to use a discounted cash flow (“DCF”) or reconcilable method for measurement of current expected credit losses for modified receivables is removed; where a DCF method is used for the measurement, an effective interest rate (EIR) derived from the modified contractual terms should be applied; • Enhances disclosures by creditors for modifications of receivables from debtors experiencing financial difficulty in the form of principal forgiveness, an interest rate reduction, other-than-insignificant payment delay or term extension; • Augments the current requirements for public business entity creditors to disclose current-period gross write-offs | Nomura tentatively plans to adopt the amendments from April 1, 2023 | No material financial impact expected unless a significant number of TDRs occur in the future. Certain disclosures about modification of receivables and write-offs will be updated or removed. |
Pronouncement | Summary of new guidance | Expected adoption date and method of adoption | Effect on these consolidated statements | |||
by year of origination (i.e., the vintage year) for financing receivables and net investments in leases. |
Billions of yen | Billions of yen | |||||||||||||||||||||||||||||||||||||||
March 31, 2020 | March 31, 2021 | |||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Counterparty and Cash Collateral Netting (1) | Balance as of March 31, 2020 | Level 1 | Level 2 | Level 3 | Counterparty and Cash Collateral Netting (1) | Balance as of March 31, 2021 | |||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||
Trading assets and private equity and debt investments (2) | ||||||||||||||||||||||||||||||||||||||||
Equities (3) | ¥ | 1,193 | ¥ | 908 | ¥ | 14 | ¥ | 0— | ¥ | 2,115 | ¥ | 2,338 | ¥ | 968 | ¥ | 16 | ¥ | 0— | ¥ | 3,322 | ||||||||||||||||||||
Private equity and debt investments | 0— | 7 | 31 | 0— | 38 | 0— | 0— | 58 | 0— | 58 | ||||||||||||||||||||||||||||||
Japanese government securities | 1,826 | 0— | 0— | 0— | 1,826 | 1,637 | 0— | 0— | 0— | 1,637 | ||||||||||||||||||||||||||||||
Japanese agency and municipal securities | 0— | 106 | 2 | 0— | 108 | 0— | 76 | 2 | 0— | 78 | ||||||||||||||||||||||||||||||
Foreign government, agency and municipal securities | 3,257 | 2,000 | 8 | 0— | 5,265 | 2,838 | 1,987 | 12 | 0— | 4,837 | ||||||||||||||||||||||||||||||
Bank and corporate debt securities and loans for trading purposes | 0— | 1,266 | 228 | 0— | 1,494 | 0— | 1,259 | 135 | 0— | 1,394 | ||||||||||||||||||||||||||||||
Commercial mortgage-backed securities (“CMBS”) | 0— | 0 | 1 | 0— | 1 | 0— | 0 | 8 | 0— | 8 | ||||||||||||||||||||||||||||||
Residential mortgage-backed securities (“RMBS”) | 0— | 3,626 | 62 | 0— | 3,688 | 0— | 2,387 | 6 | 0— | 2,393 | ||||||||||||||||||||||||||||||
Issued/Guaranteed by government sponsored entity | 0— | 3,602 | 14 | 0— | 3,616 | 0— | 2,325 | 0— | 0— | 2,325 | ||||||||||||||||||||||||||||||
Other | 0— | 24 | 48 | 0— | 72 | 0— | 62 | 6 | 0— | 68 | ||||||||||||||||||||||||||||||
Real estate-backed securities | 0— | 0— | 94 | 0— | 94 | 0— | 0 | 106 | 0— | 106 | ||||||||||||||||||||||||||||||
Collateralized debt obligations (“CDOs”) and other (5) | 0— | 21 | 32 | 0— | 53 | |||||||||||||||||||||||||||||||||||
Collateralized debt obligations (“CDOs”) and other (6) | 0— | 36 | 23 | 0— | 59 | |||||||||||||||||||||||||||||||||||
Investment trust funds and other | 204 | 44 | 0 | 0— | 248 | 573 | 29 | 0 | 0— | 602 | ||||||||||||||||||||||||||||||
Total trading assets and private equity and debt investments | 6,480 | 7,978 | 472 | 0— | 14,930 | 7,386 | 6,742 | 366 | 0— | 14,494 | ||||||||||||||||||||||||||||||
Derivative assets | ||||||||||||||||||||||||||||||||||||||||
Equity contracts | 4 | 1,869 | 48 | 0— | 1,921 | 9 | 1,318 | 75 | 0— | 1,402 | ||||||||||||||||||||||||||||||
Interest rate contracts | 55 | 13,551 | 23 | 0— | 13,629 | 29 | 9,577 | 26 | 0— | 9,632 | ||||||||||||||||||||||||||||||
Credit contracts | 3 | 318 | 86 | 0— | 407 | 4 | 427 | 24 | 0— | 455 | ||||||||||||||||||||||||||||||
Foreign exchange contracts | 0 | 5,183 | 41 | 0— | 5,224 | 0 | 4,479 | 37 | 0— | 4,516 | ||||||||||||||||||||||||||||||
Commodity contracts | 9 | 0 | 0— | 0— | 9 | 1 | 0 | 0— | 0— | 1 | ||||||||||||||||||||||||||||||
Netting | 0— | 0— | 0— | (19,248 | ) | (19,248 | ) | 0— | 0— | 0— | (14,786 | ) | (14,786 | ) | ||||||||||||||||||||||||||
Total derivative assets | 71 | 20,921 | 198 | (19,248 | ) | 1,942 | 43 | 15,801 | 162 | (14,786 | ) | 1,220 | ||||||||||||||||||||||||||||
Subtotal | ¥ | 6,551 | ¥ | 28,899 | ¥ | 670 | ¥ | (19,248 | ) | ¥ | 16,872 | ¥ | 7,429 | ¥ | 22,543 | ¥ | 528 | ¥ | (14,786 | ) | ¥ | 15,714 | ||||||||||||||||||
Loans and receivables | 0— | 709 | 96 | 0— | 805 | 0— | 878 | 104 | 0— | 982 | ||||||||||||||||||||||||||||||
Collateralized agreements | 0— | 534 | 15 | 0— | 549 | 0— | 349 | 18 | 0— | 367 | ||||||||||||||||||||||||||||||
Other assets | ||||||||||||||||||||||||||||||||||||||||
Non-trading debt securities | 123 | 332 | 0— | 0— | 455 | 123 | 304 | 0— | 0— | 427 | ||||||||||||||||||||||||||||||
Other | 252 | 146 | 168 | 0— | 566 | 353 | 173 | 185 | 0— | 711 | ||||||||||||||||||||||||||||||
Total | ¥ | 6,926 | ¥ | 30,620 | ¥ | 949 | ¥ | (19,248 | ) | ¥ | 19,247 | ¥ | 7,905 | ¥ | 24,247 | ¥ | 835 | ¥ | (14,786 | ) | ¥ | 18,201 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Trading liabilities | ||||||||||||||||||||||||||||||||||||||||
Equities | ¥ | 1,412 | ¥ | 152 | ¥ | 0 | ¥ | 0— | ¥ | 1,564 | ¥ | 2,341 | ¥ | 20 | ¥ | 0 | ¥ | 0— | ¥ | 2,361 | ||||||||||||||||||||
Japanese government securities | 1,108 | 0— | 0— | 0— | 1,108 | 1,039 | 0— | 0— | 0— | 1,039 | ||||||||||||||||||||||||||||||
Japanese agency and municipal securities | 0— | 0 | 0— | 0— | 0 | 0— | 1 | 0— | 0— | 1 | ||||||||||||||||||||||||||||||
Foreign government, agency and municipal securities | 2,116 | 1,114 | 0 | 0— | 3,230 | 2,912 | 1,172 | 1 | 0— | 4,085 | ||||||||||||||||||||||||||||||
Bank and corporate debt securities | 0— | 272 | 1 | 0— | 273 | 0— | 230 | 5 | 0— | 235 | ||||||||||||||||||||||||||||||
Residential mortgage-backed securities (“RMBS”) | 0— | 3 | 0— | 0— | 3 | 0— | 0 | 0— | 0— | 0 | ||||||||||||||||||||||||||||||
Collateralized debt obligations (“CDOs”) and other (5) | 0— | 1 | 1 | 0— | 2 | |||||||||||||||||||||||||||||||||||
Collateralized debt obligations (“CDOs”) and other (6) | 0— | 0 | 1 | 0— | 1 | |||||||||||||||||||||||||||||||||||
Investment trust funds and other | 409 | 148 | 0 | 0— | 557 | 243 | 13 | 0 | 0— | 256 | ||||||||||||||||||||||||||||||
Total trading liabilities | 5,045 | 1,690 | 2 | 0— | 6,737 | 6,535 | 1,436 | 7 | 0— | 7,978 | ||||||||||||||||||||||||||||||
Derivative liabilities | ||||||||||||||||||||||||||||||||||||||||
Equity contracts | 7 | 1,972 | 29 | 0— | 2,008 | 1 | 2,112 | 116 | 0— | 2,229 | ||||||||||||||||||||||||||||||
Interest rate contracts | 18 | 13,125 | 77 | 0— | 13,220 | 21 | 8,948 | 69 | 0— | 9,038 | ||||||||||||||||||||||||||||||
Credit contracts | 14 | 356 | 87 | 0— | 457 | 3 | 458 | 62 | 0— | 523 | ||||||||||||||||||||||||||||||
Foreign exchange contracts | 0 | 5,071 | 34 | 0— | 5,105 | 0— | 4,380 | 22 | 0— | 4,402 | ||||||||||||||||||||||||||||||
Commodity contracts | 5 | 1 | 0— | 0— | 6 | 0 | 0 | 0— | 0— | 0 | ||||||||||||||||||||||||||||||
Netting | 0— | 0— | 0— | (18,987 | ) | (18,987 | ) | 0— | 0— | 0— | (14,697 | ) | (14,697 | ) | ||||||||||||||||||||||||||
Total derivative liabilities | 44 | 20,525 | 227 | (18,987 | ) | 1,809 | 25 | 15,898 | 269 | (14,697 | ) | 1,495 | ||||||||||||||||||||||||||||
Subtotal | ¥ | 5,089 | ¥ | 22,215 | ¥ | 229 | ¥ | (18,987 | ) | ¥ | 8,546 | ¥ | 6,560 | ¥ | 17,334 | ¥ | 276 | ¥ | (14,697 | ) | ¥ | 9,473 | ||||||||||||||||||
Short-term borrowings (9) | ¥ | 0— | ¥ | 348 | ¥ | 29 | ¥ | 0— | ¥ | 377 | ||||||||||||||||||||||||||||||
Payables and deposits (10) | 0— | 14 | 1 | 0— | 15 | |||||||||||||||||||||||||||||||||||
Short-term borrowings (10) | ¥ | 0— | ¥ | 532 | ¥ | 103 | ¥ | 0— | ¥ | 635 | ||||||||||||||||||||||||||||||
Payables and deposits (10)(11) | 0— | 49 | 1 | 0— | 50 | |||||||||||||||||||||||||||||||||||
Collateralized financing | 0— | 247 | 0— | 0— | 247 | 0— | 352 | 1 | 0— | 353 | ||||||||||||||||||||||||||||||
Long-term borrowings (9)(11)(12) | 2 | 3,291 | 409 | 0— | 3,702 | |||||||||||||||||||||||||||||||||||
Other liabilities (13) | 170 | 129 | 0 | 0— | 299 | |||||||||||||||||||||||||||||||||||
Long-term borrowings (10)(12)(13) | 5 | 3,546 | 547 | 0— | 4,098 | |||||||||||||||||||||||||||||||||||
Other liabilities (14) | 231 | 179 | 35 | 0— | 445 | |||||||||||||||||||||||||||||||||||
Total | ¥ | 5,261 | ¥ | 26,244 | ¥ | 668 | ¥ | (18,987 | ) | ¥ | 13,186 | ¥ | 6,796 | ¥ | 21,992 | ¥ | 963 | ¥ | (14,697 | ) | ¥ | 15,054 | ||||||||||||||||||
Billions of yen | Billions of yen | |||||||||||||||||||||||||||||||||||||||
March 31, 2021 | March 31, 2022 | |||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Counterparty and Cash Collateral Netting (1) | Balance as of March 31, 2021 | Level 1 | Level 2 | Level 3 | Counterparty and Cash Collateral Netting (1) | Balance as of March 31, 2022 | |||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||
Trading assets and private equity and debt investments (2) | ||||||||||||||||||||||||||||||||||||||||
Equities (3) | ¥ | 2,338 | ¥ | 968 | ¥ | 16 | ¥ | 0— | ¥ | 3,322 | ¥ | 2,100 | ¥ | 1,041 | ¥ | 14 | ¥ | 0— | ¥ | 3,155 | ||||||||||||||||||||
Private equity and debt investments | 0— | 0— | 58 | 0— | 58 | 22 | 0— | 32 | 0— | 54 | ||||||||||||||||||||||||||||||
Japanese government securities | 1,637 | 0— | 0— | 0— | 1,637 | 1,730 | 0— | 0— | 0— | 1,730 | ||||||||||||||||||||||||||||||
Japanese agency and municipal securities | 0— | 76 | 2 | 0— | 78 | 0— | 184 | 2 | 0— | 186 | ||||||||||||||||||||||||||||||
Foreign government, agency and municipal securities | 2,838 | 1,987 | 12 | 0— | 4,837 | 3,220 | 2,010 | 10 | 0— | 5,240 | ||||||||||||||||||||||||||||||
Bank and corporate debt securities and loans for trading purposes | 0— | 1,259 | 135 | 0— | 1,394 | 0— | 1,134 | 220 | 0— | 1,354 | ||||||||||||||||||||||||||||||
Commercial mortgage-backed securities (“CMBS”) | 0— | 0 | 8 | 0— | 8 | 0— | 0 | 7 | 0— | 7 | ||||||||||||||||||||||||||||||
Residential mortgage-backed securities (“RMBS”) | 0— | 2,387 | 6 | 0— | 2,393 | 0— | 1,450 | 8 | 0— | 1,458 | ||||||||||||||||||||||||||||||
Issued/Guaranteed by government sponsored entity | 0— | 2,325 | 0— | 0— | 2,325 | 0— | 1,376 | 0— | 0— | 1,376 | ||||||||||||||||||||||||||||||
Other | 0— | 62 | 6 | 0— | 68 | 0— | 74 | 8 | 0— | 82 | ||||||||||||||||||||||||||||||
Real estate-backed securities | 0— | 0 | 106 | 0— | 106 | 0— | 58 | 79 | 0— | 137 | ||||||||||||||||||||||||||||||
Collateralized debt obligations (“CDOs”) and other (5) | 0— | 36 | 23 | 0— | 59 | |||||||||||||||||||||||||||||||||||
Collateralized debt obligations (“CDOs”) and other (6) | 0— | 34 | 26 | 0— | 60 | |||||||||||||||||||||||||||||||||||
Investment trust funds and other | 573 | 29 | 0 | 0— | 602 | 293 | 23 | 0 | 0— | 316 | ||||||||||||||||||||||||||||||
Total trading assets and private equity and debt investments | 7,386 | 6,742 | 366 | 0— | 14,494 | 7,365 | 5,934 | 398 | 0— | 13,697 | ||||||||||||||||||||||||||||||
Derivative assets | ||||||||||||||||||||||||||||||||||||||||
Equity contracts | 9 | 1,318 | 75 | 0— | 1,402 | 3 | 874 | 97 | 0— | 974 | ||||||||||||||||||||||||||||||
Interest rate contracts | 29 | 9,577 | 26 | 0— | 9,632 | 120 | 11,755 | 63 | 0— | 11,938 | ||||||||||||||||||||||||||||||
Credit contracts | 4 | 427 | 24 | 0— | 455 | 12 | 398 | 33 | 0— | 443 | ||||||||||||||||||||||||||||||
Foreign exchange contracts | 0 | 4,479 | 37 | 0— | 4,516 | 0— | 4,777 | 29 | 0— | 4,806 | ||||||||||||||||||||||||||||||
Commodity contracts | 1 | 0 | 0— | 0— | 1 | 1 | 0 | 0— | 0— | 1 | ||||||||||||||||||||||||||||||
Netting | 0— | 0— | 0— | (14,786 | ) | (14,786 | ) | 0— | 0— | 0— | (16,608 | ) | (16,608 | ) | ||||||||||||||||||||||||||
Total derivative assets | 43 | 15,801 | 162 | (14,786 | ) | 1,220 | 136 | 17,804 | 222 | (16,608 | ) | 1,554 | ||||||||||||||||||||||||||||
Subtotal | ¥ | 7,429 | ¥ | 22,543 | ¥ | 528 | ¥ | (14,786 | ) | ¥ | 15,714 | ¥ | 7,501 | ¥ | 23,738 | ¥ | 620 | ¥ | (16,608 | ) | ¥ | 15,251 | ||||||||||||||||||
Loans and receivables | 0— | 878 | 104 | 0— | 982 | 0— | 1,103 | 205 | 0— | 1,308 | ||||||||||||||||||||||||||||||
Collateralized agreements | 0— | 349 | 18 | 0— | 367 | 0— | 282 | 16 | 0— | 298 | ||||||||||||||||||||||||||||||
Other assets | ||||||||||||||||||||||||||||||||||||||||
Non-trading debt securities | 123 | 304 | 0— | 0— | 427 | 117 | 367 | 0— | 0— | 484 | ||||||||||||||||||||||||||||||
Other | 353 | 173 | 185 | 0— | 711 | 146 | 136 | 197 | 0— | 479 | ||||||||||||||||||||||||||||||
Total | ¥ | 7,905 | ¥ | 24,247 | ¥ | 835 | ¥ | (14,786 | ) | ¥ | 18,201 | ¥ | 7,764 | ¥ | 25,626 | ¥ | 1,038 | ¥ | (16,608 | ) | ¥ | 17,820 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Trading liabilities | ||||||||||||||||||||||||||||||||||||||||
Equities | ¥ | 2,341 | ¥ | 20 | ¥ | 0 | ¥ | 0— | ¥ | 2,361 | ¥ | 1,796 | ¥ | 8 | ¥ | 0 | ¥ | 0— | ¥ | 1,804 | ||||||||||||||||||||
Japanese government securities | 1,039 | 0— | 0— | 0— | 1,039 | 1,098 | 0— | 0— | 0— | 1,098 | ||||||||||||||||||||||||||||||
Japanese agency and municipal securities | 0— | 1 | 0— | 0— | 1 | 0— | 0 | 0— | 0— | 0 | ||||||||||||||||||||||||||||||
Foreign government, agency and municipal securities | 2,912 | 1,172 | 1 | 0— | 4,085 | 3,451 | 1,328 | 0 | 0— | 4,779 | ||||||||||||||||||||||||||||||
Bank and corporate debt securities | 0— | 230 | 5 | 0— | 235 | 0— | 222 | 3 | 0— | 225 | ||||||||||||||||||||||||||||||
Residential mortgage-backed securities (“RMBS”) | 0— | 0 | 0— | 0— | 0 | 0— | 0 | 0— | 0— | 0 | ||||||||||||||||||||||||||||||
Collateralized debt obligations (“CDOs”) and other (5) | 0— | 0 | 1 | 0— | 1 | |||||||||||||||||||||||||||||||||||
Collateralized debt obligations (“CDOs”) and other (6) | 0— | 3 | 0 | 0— | 3 | |||||||||||||||||||||||||||||||||||
Investment trust funds and other | 243 | 13 | 0 | 0— | 256 | 76 | 0 | 0 | 0— | 76 | ||||||||||||||||||||||||||||||
Total trading liabilities | 6,535 | 1,436 | 7 | 0— | 7,978 | 6,421 | 1,561 | 3 | 0— | 7,985 | ||||||||||||||||||||||||||||||
Derivative liabilities | ||||||||||||||||||||||||||||||||||||||||
Equity contracts | 1 | 2,112 | 116 | 0— | 2,229 | 2 | 1,368 | 87 | 0— | 1,457 | ||||||||||||||||||||||||||||||
Interest rate contracts | 21 | 8,948 | 69 | 0— | 9,038 | 60 | 10,826 | 74 | 0— | 10,960 | ||||||||||||||||||||||||||||||
Credit contracts | 3 | 458 | 62 | 0— | 523 | 14 | 434 | 66 | 0— | 514 | ||||||||||||||||||||||||||||||
Foreign exchange contracts | 0— | 4,380 | 22 | 0— | 4,402 | 0 | 4,795 | 19 | 0— | 4,814 | ||||||||||||||||||||||||||||||
Commodity contracts | 0 | 0 | 0— | 0— | 0 | 0 | 1 | 0— | 0— | 1 | ||||||||||||||||||||||||||||||
Netting | 0— | 0— | 0— | (14,697 | ) | (14,697 | ) | 0— | 0— | 0— | (16,079 | ) | (16,079 | ) | ||||||||||||||||||||||||||
Total derivative liabilities | 25 | 15,898 | 269 | (14,697 | ) | 1,495 | 76 | 17,424 | 246 | (16,079 | ) | 1,667 | ||||||||||||||||||||||||||||
Subtotal | ¥ | 6,560 | ¥ | 17,334 | ¥ | 276 | ¥ | (14,697 | ) | ¥ | 9,473 | ¥ | 6,497 | ¥ | 18,985 | ¥ | 249 | ¥ | (16,079 | ) | ¥ | 9,652 | ||||||||||||||||||
Short-term borrowings (9) | ¥ | 0— | ¥ | 532 | ¥ | 103 | ¥ | 0— | ¥ | 635 | ||||||||||||||||||||||||||||||
Payables and deposits (10) | 0— | 49 | 1 | 0— | 50 | |||||||||||||||||||||||||||||||||||
Short-term borrowings (10) | ¥ | 0�� | ¥ | 653 | ¥ | 58 | ¥ | 0— | ¥ | 711 | ||||||||||||||||||||||||||||||
Payables and deposits (10)(11) | 0— | 63 | 8 | 0— | 71 | |||||||||||||||||||||||||||||||||||
Collateralized financing | 0— | 352 | 1 | 0— | 353 | 0— | 516 | 0— | 0— | 516 | ||||||||||||||||||||||||||||||
Long-term borrowings (9)(11)(12) | 5 | 3,546 | 547 | 0— | 4,098 | |||||||||||||||||||||||||||||||||||
Other liabilities (13) | 231 | 179 | 35 | 0— | 445 | |||||||||||||||||||||||||||||||||||
Long-term borrowings (10)(12)(13) | 23 | 4,055 | 479 | 0— | 4,557 | |||||||||||||||||||||||||||||||||||
Other liabilities (14) | 32 | 155 | 32 | 0— | 219 | |||||||||||||||||||||||||||||||||||
Total | ¥ | 6,796 | ¥ | 21,992 | ¥ | 963 | ¥ | (14,697 | ) | ¥ | 15,054 | ¥ | 6,552 | ¥ | 24,427 | ¥ | 826 | ¥ | (16,079 | ) | ¥ | 15,726 | ||||||||||||||||||
(1) | Represents the amount offset under counterparty netting of derivative assets and liabilities as well as cash collateral netting against net derivatives. |
(2) | Certain investments that are measured at fair value using net asset value per share as a practical expedient have not been classified in the fair value hierarchy. As of March 31, Trading assets and private equity and debt investments ¥45 billion, respectively. As of March 31, Other assets—Others |
(3) | Includes equity investments that would have been accounted for under the equity method had Nomura not chosen to elect the fair value option. |
(4) | Includes equity investments which comprise listed and unlisted equity securities held for operating purposes in the amounts of ¥93,230 million and ¥33,419 million, respectively, as of March 31, 2021 and ¥101,503million and ¥32,394million, respectively, as of March 31, 2022. |
(5) | Private equity and debt investments non-traded financial instruments including non-trading purposes, and post-IPO investments. Also include minority equity investments that would have been accounted for under the equity method had Nomura not chosen to elect the fair value |
Includes collateralized loan obligations (“CLOs”) and asset-backed securities (“ABS”) such as those secured on credit card loans, auto loans and student loans. |
(7) | Derivatives which contain multiple types of risk are classified based on the primary risk type of the instrument. |
(8) | Includes loans and receivables for which the fair value option has been elected. |
Includes collateralized agreements or collateralized financing for which the fair value option has been elected. |
Includes deposits received at banks and structured notes for which the fair value option has been elected. |
Includes embedded derivatives bifurcated from deposits received at banks. If unrealized gains are greater than unrealized losses, deposits are reduced by the excess amount. |
Includes embedded derivatives bifurcated from issued structured notes. If unrealized gains are greater than unrealized losses, borrowings are reduced by the excess amount. |
Includes liabilities recognized from secured financing transactions that are accounted for as financings rather than sales. Nomura elected the fair value option for these liabilities. |
Includes loan commitments for which the fair value option has been elected. |
March 31, 2020 | March 31, 2021 | |||||||||||||||||||||||||||||
Financial Instrument | Fair value in billions of yen | Valuation technique | Significant unobservable valuation input | Range of valuation inputs (1) | Weighted Average (2) | Impact of increases in significant unobservable valuation inputs (3)(4) | Interrelationships between valuation inputs (5) | Fair value in billions of yen | Valuation technique | Significant unobservable valuation input | Range of valuation inputs (1) | Weighted Average (2)(3) | Impact of increases in significant unobservable valuation inputs (4)(5) | Interrelationships between valuation inputs (6) | ||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||
Trading assets and private equity and debt investments | ||||||||||||||||||||||||||||||
Equities | ¥ 14 | DCF | Liquidity discounts | 75.0% | 75.0% | Lower fair value | Not applicable | ¥ | 16 | DCF | Liquidity discounts | 75.0% | 75.0% | Lower fair value | Not applicable | |||||||||||||||
Market multiples | Liquidity discounts | 20.0% | 20.0% | Lower fair value | Not applicable | |||||||||||||||||||||||||
Private equity and debt investments | 31 | DCF | WACC Growth rates Liquidity discounts | 7.0 – 13.5% 0.0 – 1.0% 5.0 – 30.0% | 10.0% 0.6% 9.9% | Lower fair value Higher fair value Lower fair value | No predictable interrelationship | 58 | DCF | WACC Growth rates Credit spreads Liquidity discounts | 6.3 – 11.5% 0.0 – 1.0% 7.6 – 8.8% 5.0 – 30.0% | 8.4% 0.5% 8.1% 12.8% | Lower fair value Higher fair value Lower fair valu eLower fair value | No predictable interrelationship | ||||||||||||||||
Market multiples | EV/EBITDA ratios PE Ratios Liquidity discounts | 1.0 – 11.0 x 9.6 x 5.0 – 30.0% | 8.9 x 9.6 x 9.8% | Higher fair value Higher fair value Lower fair value | No predictable interrelationship | Market multiples | EV/EBITDA ratios PE Ratios Liquidity discounts | 1.9 – 10.8 x 11.1 x 5.0 – 20.0% | 6.5 x 11.1 x 12.2% | Higher fair value Higher fair value Lower fair value | No predictable interrelationship | |||||||||||||||||||
Foreign government, agency and municipal securities | 8 | DCF | Credit spreads Recovery rates | 0.0 – 1.4% 4.0 – 18.0% | 0.5% 10.8% | Lower fair value Higher fair value | No predictable interrelationship | 12 | DCF | Credit spreads Recovery rates | 0.0 – 1.5% 9.2 – 9.3% | 0.4% 9.2% | Lower fair value Higher fair value | No predictable interrelationship | ||||||||||||||||
Bank and corporate debt securities and loans for trading purposes | 228 | DCF | Credit spreads Recovery rates | 0.0 – 17.9% 0.0 – 80.7% | 5.8% 43.8% | Lower fair value Higher fair value | No predictable interrelationship | 135 | DCF | Credit spreads Recovery rates | 0.0 – 23.1% 0.0 – 100.0% | 7.4% 73.3% | Lower fair value Higher fair value | No predictable interrelationship | ||||||||||||||||
Commercial mortgage backed securities (“CMBS”) | 8 | DCF | Yields Loss severities | 4.2 – 10.6% 27.5 – 69.5% | 5.0% 50.3% | Lower fair value Lower fair value | No predictable interrelationship | |||||||||||||||||||||||
Residential mortgage backed securities (“RMBS”) | 62 | DCF | Yields Prepayment rates Loss severities | 0.0 – 30.8% 7.1 – 15.0% 0.0 – 100.0% | 6.7% 8.9% 40.6% | Lower fair value Lower fair value Lower fair value | No predictable interrelationship | 6 | DCF | Yields Prepayment rates Loss severities | 0.0 – 14.3% 6.4 – 15.0% 0.8 – 100.0% | 1.4% 7.2% 5.8% | Lower fair value Lower fair value Lower fair value | No predictable interrelationship | ||||||||||||||||
Real estate-backed securities | 94 | DCF | Loss severities | 0.0 – 8.1% | 3.4% | Lower fair value | Not applicable | 106 | DCF | Loss severities | 0.0 – 18.6% | 2.4% | Lower fair value | Not applicable | ||||||||||||||||
Collateralized debt obligations (“CDOs”) and other | 32 | DCF | Yields Prepayment rates Default probabilities Loss severities | 6.4 – 56.8% 20.0% 2.0% 0.0 – 100.0% | 21.6% 20.0% 2.0% 73.0% | Lower fair value Lower fair value Lower fair value Lower fair value | Change in default probabilities typically accompanied by directionally similar change in loss severities and opposite change in prepayment rates | |||||||||||||||||||||||
March 31, 2020 | March 31, 2021 | |||||||||||||||||||||||||||||
Financial Instrument | Fair value in billions of yen | Valuation technique | Significant unobservable valuation input | Range of valuation inputs (1) | Weighted Average (2) | Impact of increases in significant unobservable valuation inputs (3)(4) | Interrelationships between valuation inputs (5) | Fair value in billions of yen | Valuation technique | Significant unobservable valuation input | Range of valuation inputs (1) | Weighted Average (2)(3) | Impact of increases in significant unobservable valuation inputs (4)(5) | Interrelationships between valuation inputs (6) | ||||||||||||||||
Collateralized debt obligations (“CDOs”) and other | 23 | DCF | Yields Prepayment rates Default probabilities Loss severities | 5.4 – 35.0% 20.0% 2.0% 77.0 – 100.0% | 11.0% 20.0% 2.0% 88.1% | Lower fair value Lower fair value Lower fair value Lower fair value | Change in default probabilities typically accompanied by directionally similar change in loss severities and opposite change in prepayment rates | |||||||||||||||||||||||
Derivatives, net: | ||||||||||||||||||||||||||||||
Equity contracts | ¥ 19 | Option models | Dividend yield Volatilities Correlations | 0.0 – 18.7% 12.2 – 144.7% (0.85) – 0.97 | — — — | Higher fair value Higher fair value Higher fair value | No predictable interrelationship | ¥ | (41) | Option models | Dividend yield Volatilities Correlations | 0.0 – 9.8% 4.0 – 102.0% (0.80) – 0.98 | — — — | Higher fair value Higher fair value Higher fair value | No predictable interrelationship | |||||||||||||||
Interest rate contracts | (54) | DCF/ Option models | Interest rates Volatilities Volatilities Correlations | (0.1) – 2.0% 8.8 – 13.8% 24.6 – 119.4 bp (1.00) – 0.98 | — — — — | Higher fair value Higher fair value Higher fair value Higher fair value | No predictable interrelationship | (43) | DCF/ Option models | Interest rates Volatilities Volatilities Correlations | 0.1 – 2.3% 9.6 – 13.1% 24.9 – 94.0 bp (1.00) – 0.98 | — — — — | Higher fair value Higher fair value Higher fair value Higher fair value | No predictable interrelationship | ||||||||||||||||
Credit contracts | (1) | DCF/ Option models | Credit spreads Recovery rates Volatilities Correlations | 0.1 – 28.4% 0.0 – 105.4% 50.0 – 83.0% 0.16 – 0.82 | — — — — | Higher fair value Higher fair value Higher fair value Higher fair value | No predictable interrelationship | (38) | DCF/ Option models | Credit spreads Recovery rates Volatilities Correlations | 0.0 – 20.8% 0.0 – 100.4% 41.9 – 65.0% 0.29 – 0.72 | — — — — | Higher fair value Higher fair value Higher fair value Higher fair value | No predictable interrelationship | ||||||||||||||||
Foreign exchange contracts | 7 | Option models | Interest rates Volatilities Volatilities Correlations | (0.1) – 0.8% 2.0 – 23.9% 19.2 – 50.7 bp (0.25) – 0.80 | — — — — | Higher fair value Higher fair value Higher fair value Higher fair value | No predictable interrelationship | 15 | Option models | Interest rates Volatilities Volatilities Correlations | 0.1 – 2.1% 2.6 – 31.5% 16.2 – 25.5 bp (0.25) – 0.80 | — — — — | Higher fair value Higher fair value Higher fair value Higher fair value | No predictable interrelationship | ||||||||||||||||
Loans and receivables | 96 | DCF | Credit spreads Recovery rates | 0.0 – 20.5% 57.5 – 98.0% | 4.2% 85.0% | Lower fair value Higher fair value | No predictable interrelationship | 104 | DCF | Credit spreads Recovery rates | 0.0 – 25.6% 26.4 – 100.0% | 6.6% 95.8% | Lower fair value Higher fair value | No predictable interrelationship | ||||||||||||||||
Collateralized agreements | 15 | DCF | Repo rate | 3.8 – 5.6% | 4.9% | Lower fair value | Not applicable | 18 | DCF | Repo rate | 2.8 – 5.8% | 4.0% | Lower fair value | Not applicable | ||||||||||||||||
Other assets | ||||||||||||||||||||||||||||||
Other (6) | 168 | DCF | WACC Growth rates Liquidity discounts | 10.1% 2.0% 10.0% | 10.1% 2.0% 10.0% | Lower fair value Higher fair value Lower fair value | No predictable interrelationship | |||||||||||||||||||||||
Other (7) | 185 | DCF | WACC Growth rates Liquidity discounts | 9.2% 2.0% 10.0% | 9.2% 2.0% 10.0% | Lower fair value Higher fair value Lower fair value | No predictable interrelationship | |||||||||||||||||||||||
Market multiples | EV/EBITDA ratios PE Ratios Price/Book ratios Liquidity discounts | 3.9 – 10.3 x 6.3 – 20.7 x 0.3 – 1.3 x 10.0 – 40.0% | 4.6 x 11.4 x 0.8 x 28.6% | Higher fair value Higher fair value Higher fair value Lower fair value | Generally changes in multiples result in a corresponding similar directional change in a fair value measurement, assuming earnings levels remain constant. | Market multiples | EV/EBITDA ratios PE Ratios Price/Book ratios Liquidity discounts | 5.0 – 6.2 x 8.2 – 32.0 x 0.3 – 1.6 x 10.0 – 40.0% | 5.4 x 13.8 x 0.9 x 30.6% | Higher fair value Higher fair value Higher fair value Lower fair value | Generally changes in multiples result in a corresponding similar directional change in a fair value measurement, assuming earnings levels remain constant. | |||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||
Trading Liabilities | ||||||||||||||||||||||||||||||
Bank and corporate debt securities | 5 | DCF | Recovery rates | 3.4 – 3.5% | 3.4% | Higher fair value | Not applicable | |||||||||||||||||||||||
Short-term borrowings | 29 | DCF/ Option models | Volatilities Correlations | 12.6 – 76.4% (0.72) – 0.94 | — — | Higher fair value Higher fair value | No predictable interrelationship | 103 | DCF/ Option models | Volatilities Correlations | 13.8 – 82.3% (0.69) – 0.96 | — — | Higher fair value Higher fair value | No predictable interrelationship | ||||||||||||||||
Long-term borrowings | 409 | DCF/ Option models | Volatilities Volatilities Correlations | 8.6 – 76.4% 30.0 – 103.2 bp (1.00) – 0.98 | — — — | Higher fair value Higher fair value Higher fair value | No predictable interrelationship | 547 | DCF/ Option models | Volatilities Volatilities Correlations | 9.5 – 82.3% 29.6 – 77.0 bp (1.00) – 0.98 | — — — | Higher fair value Higher fair value Higher fair value | No predictable interrelationship | ||||||||||||||||
March 31, 202 1 | ||||||||||||||
Financial Instrument | Fair value in billions of yen | Valuation technique | Significant unobservable valuation input | Range of valuation inputs (1) | Weighted Average (2) | Impact of increases in significant unobservable valuation inputs (3)(4) | Interrelationships between valuation inputs (5) | |||||||
Assets: | ||||||||||||||
Trading assets and private equity and debt investments | ||||||||||||||
Equities | ¥ 16 | DCF | Liquidity discounts | 75.0% | 75.0% | Lower fair value | Not applicable | |||||||
Private equity and debt investments | 58 | DCF | WACC Growth rates Credit spreads Liquidity discounts | 6.3 – 11.5% 0.0 – 1.0% 7.6 – 8.8% 5.0 – 30.0% | 8.4% 0.5% 8.1% 12.8% | Lower fair value Higher fair value Lower fair value Lower fair value | No predictable interrelationship | |||||||
Market multiples | EV/EBITDA ratios PE Ratios Liquidity discounts | 1.9 – 10.8 x 11.1 x 5.0 – 20.0% | 6.5 x 11.1 x 12.2% | Higher fair value Higher fair value Lower fair value | No predictable interrelationship | |||||||||
Foreign government, agency and municipal securities | 12 | DCF | Credit spreads Recovery rates | 0.0 – 1.5% 9.2 – 9.3% | 0.4% 9.2% | Lower fair value Higher fair value | No predictable interrelationship | |||||||
Bank and corporate debt securities and loans for trading purposes | 135 | DCF | Credit spreads Recovery rates | 0.0 – 23.1% 0.0 – 100.0% | 7.4% 73.3% | Lower fair value Higher fair value | No predictable interrelationship | |||||||
Commercial mortgage backed securities (“CMBS”) | 8 | DCF | Yields Loss severities | 4.2 – 10.6% 27.5 – 69.5% | 5.0% 50.3% | Lower fair value Lower fair value | No predictable interrelationship | |||||||
Residential mortgage backed securities (“RMBS”) | 6 | DCF | Yields Prepayment rates Loss severities | 0.0 – 14.3% 6.4 – 15.0% 0.8 – 100.0% | 1.4% 7.2% 5.8% | Lower fair value Lower fair value Lower fair value | No predictable interrelationship | |||||||
Real estate-backed securities | 106 | DCF | Loss severities | 0.0 – 18.6% | 2.4% | Lower fair value | Not applicable | |||||||
Collateralized debt obligations (“CDOs”) and other | 23 | DCF | Yields Prepayment rates Default probabilities Loss severities | 5.4 – 35.0% 20.0% 2.0% 77.0 – 100.0% | 11.0% 20.0% 2.0% 88.1% | Lower fair value Lower fair value Lower fair value Lower fair value | Change in default probabilities typically accompanied by directionally similar change in loss severities and opposite change in prepayment rates | |||||||
March 31, 2022 | ||||||||||||||||
Financial Instrument | Fair value in billions of yen | Valuation technique | Significant unobservable valuation input | Range of valuation inputs (1) | Weighted Average (2)(3) | Impact of increases in significant unobservable valuation inputs (4)(5) | Interrelationships between valuation inputs (6) | |||||||||
Assets: | ||||||||||||||||
Trading assets and private equity and debt investments | ||||||||||||||||
Equities | ¥ | 14 | DCF | Liquidity discounts | 75.0% | 75.0% | Lower fair value | Not applicable | ||||||||
Private equity and debt investments | 32 | DCF | WACC Growth rates Liquidity discounts | 7.1 – 13.0% 0.0 – 2.0% 5.0 – 30.0% | 10.2% 0.7% 18.5% | Lower fair value Higher fair value Lower fair value | No predictable interrelationship | |||||||||
Market multiples | EV/EBITDA ratios PE Ratios Liquidity discounts | 2.0 – 11.2 x 10.7 – 12.6 x 5.0 – 20.0% | 6.9 x 11.6 x 11.9% | Higher fair value Higher fair value Lower fair value | No predictable interrelationship | |||||||||||
Foreign government, agency and municipal securities | 10 | DCF | Credit spreads Recovery rates | 0.0 – 1.3% 6.0% | 0.7% 6.0% | Lower fair value Higher fair value | No predictable interrelationship | |||||||||
Bank and corporate debt securities and loans for trading purposes | 220 | DCF | Credit spreads Recovery rates | 0.1 – 114.7% 0.0 – 100.0% | 7.2% 84.4% | Lower fair value Higher fair value | No predictable interrelationship | |||||||||
Commercial mortgage backed securities (“CMBS”) | 7 | DCF | Yields Loss severities | 4.3 – 11.1% 28.3 – 73.0% | 4.6% 40.8% | Lower fair value Lower fair value | No predictable interrelationship | |||||||||
Residential mortgage backed securities (“RMBS”) | 8 | DCF | Yields Prepayment rates Loss severities | 0.0 – 22.2% 6.9 – 15.0% 0.0 – 99.9% | 8.4% 9.5% 6.9% | Lower fair value Lower fair value Lower fair value | No predictable interrelationship | |||||||||
Real estate-backed securities | 79 | DCF | Loss severities | 0.0 – 21.2% | 2.9% | Lower fair value | Not applicable | |||||||||
Collateralized debt obligations (“CDOs”) and other | 26 | DCF | Yields Prepayment rates Default probabilities Loss severities | 5.5 – 27.5% 18.0 – 20.0% 2.0% 0.0 – 100.0% | 13.1% 19.5% 2.0% 44.0% | Lower fair value Lower fair value Lower fair value Lower fair value | Change in default probabilities typically accompanied by directionally similar change in loss severities and opposite change in prepayment rates | |||||||||
Derivatives, net: | ||||||||||||||||
Equity contracts | ¥ | 10 | Option models | Dividend yield Volatilities Correlations | 0.0 – 12.6% 0.0 – 109.7% (0.80) – 0.97 | — — — | Higher fair value Higher fair value Higher fair value | No predictable interrelationship | ||||||||
Interest rate contracts | (11) | DCF/ Option models | Interest rates Volatilities Volatilities Correlations | 0.3 – 3.3% 9.2 – 13.9% 34.8 – 128.3 bp (1.00) – 0.98 | — — — — | Higher fair value Higher fair value Higher fair value Higher fair value | No predictable interrelationship | |||||||||
March 31, 202 1 | ||||||||||||||
Financial Instrument | Fair value in billions of yen | Valuation technique | Significant unobservable valuation input | Range of valuation inputs (1) | Weighted Average (2) | Impact of increases in significant unobservable valuation inputs (3)(4) | Interrelationships between valuation inputs (5) | |||||||
Derivatives, net: | ||||||||||||||
Equity contracts | ¥ (41) | Option models | Dividend yield Volatilities Correlations | 0.0 – 9.8% 4.0 – 102.0% (0.80) – 0.98 | — — — | Higher fair value Higher fair value Higher fair value | No predictable interrelationship | |||||||
Interest rate contracts | (43) | DCF/ Option models | Interest rates Volatilities Volatilities Correlations | 0.1 – 2.3% 9.6 – 13.1% 24.9 – 94.0 bp (1.00) – 0.98 | — — — — | Higher fair value Higher fair value Higher fair value Higher fair value | No predictable interrelationship | |||||||
Credit contracts | (38) | DCF/ Option models | Credit spreads Recovery rates Volatilities Correlations | 0.0 – 20.8% 0.0 – 100.4% 41.9 – 65.0% 0.29 – 0.72 | — — — — | Higher fair value Higher fair value Higher fair value Higher fair value | No predictable interrelationship | |||||||
Foreign exchange contracts | 15 | Option models | Interest rates Volatilities Volatilities Correlations | 0.1 – 2.1% 2.6 – 31.5% 16.2 – 25.5 bp (0.25) – 0.80 | — — — — | Higher fair value Higher fair value Higher fair value Higher fair value | No predictable interrelationship | |||||||
Loans and receivables | 104 | DCF | Credit spreads Recovery rates | 0.0 – 25.6% 26.4 – 100.0% | 6.6% 95.8% | Lower fair value Higher fair value | No predictable interrelationship | |||||||
Collateralized agreements | 18 | DCF | Repo rate | 2.8 – 5.8% | 4.0% | Lower fair value | Not applicable | |||||||
Other assets | ||||||||||||||
Other (6) | 185 | DCF | WACC Growth rates Liquidity discounts | 9.2% 2.0% 10.0% | 9.2% 2.0% 10.0% | Lower fair value Higher fair value Lower fair value | No predictable interrelationship | |||||||
Market multiples | EV/EBITDA ratios PE Ratios Price/Book ratios Liquidity discounts | 5.0 – 6.2 x 8.2 – 32.0 x 0.3 – 1.6 x 10.0 – 40.0% | 5.4 x 13.8 x 0.9 x 30.6% | Higher fair value Higher fair value Higher fair value Lower fair value | Generally changes in multiples result in a corresponding similar directional change in a fair value measurement, assuming earnings levels remain constant. | |||||||||
Liabilities: | ||||||||||||||
Trading Liabilities Bank and corporate debt sec | 5 | DCF | Recovery rates | 3.4 – 3.5% | 3.4% | Higher fair value | Not applicable | |||||||
Short-term borrowings | 103 | DCF/ Option models | Volatilities Correlations | 13.8 – 82.3% (0.69) – 0.96 | — — | Higher fair value Higher fair value | No predictable interrelationship | |||||||
Long-term borrowings | 547 | DCF/ Option models | Volatilities Volatilities Correlations | 9.5 – 82.3% 29.6 – 77.0 bp (1.00) – 0.98 | — — — | Higher fair value Higher fair value Higher fair value | No predictable interrelationship | |||||||
March 31, 2022 | ||||||||||||||||
Financial Instrument | Fair value in billions of yen | Valuation technique | Significant unobservable valuation input | Range of valuation inputs (1) | Weighted Average (2)(3) | Impact of increases in significant unobservable valuation inputs (4)(5) | Interrelationships between valuation inputs (6) | |||||||||
Credit contracts | (33) | DCF/ Option models | Credit spreads Recovery rates Volatilities Correlations | 0.0 – 428.7% 0.0 – 90.0% 50.0 – 67.6% 0.00 – 0.90 | — — — — | Higher fair value Higher fair value Higher fair value Higher fair value | No predictable interrelationship | |||||||||
Foreign exchange contracts | 10 | Option models | Interest rates Volatilities Volatilities Correlations | 0.3 – 2.9% 2.4 – 39.3% 13.9 – 24.0 bp (0.25) – 0.84 | — — — — | Higher fair value Higher fair value Higher fair value Higher fair value | No predictable interrelationship | |||||||||
Loans and receivables | 205 | DCF | Credit spreads Recovery rates | 0.0 – 21.5% 44.0 – 100.0% | 6.0% 98.2% | Lower fair value Higher fair value | No predictable interrelationship | |||||||||
Collateralized agreements | 16 | DCF | Repo rate | 2.8 – 6.0% | 3.6% | Lower fair value | Not applicable | |||||||||
Other assets | ||||||||||||||||
Other (7) | 197 | DCF | WACC Growth rates Liquidity discounts | 10.1% 2.0% 10.0% | 10.1% 2.0% 10.0% | Lower fair value Higher fair value Lower fair value | No predictable interrelationship | |||||||||
Market multiples | EV/EBITDA ratios PE Ratios Price/Book ratios Liquidity discounts | 3.6 – 5.9 x 6.7 – 30.8 x 0.3 – 1.7 x 25.0 – 40.0% | 4.4 x 13.1 x 0.9 x 30.6% | Higher fair value Higher fair value Higher fair value Lower fair value | Generally changes in multiples result in a corresponding similar directional change in a fair value measurement, assuming earnings levels remain constant. | |||||||||||
Liabilities: | ||||||||||||||||
Trading Liabilities | ||||||||||||||||
Bank and corporate debt securities | 3 | DCF | Recovery rates | 3.9 – 97.0% | 84.1% | Higher fair value | Not applicable | |||||||||
Short-term borrowings | 58 | DCF/ Option models | Volatilities Correlations | 5.0 – 97.0% (0.80) – 0.93 | — — | Higher fair value Higher fair value | No predictable interrelationship | |||||||||
Payable and deposits | 8 | DCF/ Option models | Volatilities Volatilities Correlations | 9.2 – 11.3% 41.2 – 69.6 bp 0.34 – 0.98 | — — — | Higher fair value Higher fair value Higher fair value | No predictable interrelationship | |||||||||
Long-term borrowings | 479 | DCF DCF/ Option models | Loss severities Volatilities Volatilities Correlations | 0.0% 5.0 – 97.0% 41.2 – 69.6 bp (1.00) – 0.98 | 0.0% — — — | Lower fair value Higher fair value Higher fair value Higher fair value | Not applicable No predictable interrelationship | |||||||||
Other liabilities | 32 | DCF | Recovery rates | 90.0% | 90.0% | Higher fair value | Not applicable | |||||||||
(1) | Range information is provided in percentages, coefficients and multiples and represents the highest and lowest level significant unobservable valuation input used to value that type of financial instrument. A wide dispersion in the range does not necessarily reflect increased uncertainty or subjectivity in the valuation input and is typically just a consequence of the different characteristics of the financial instruments themselves. |
(2) | Weighted average information for |
(3) | Nomura has not provided weighted average information for derivatives as unlike cash products the risk on such products is distinct from the balance sheet value and is subject to netting. |
(4) | The above table only considers the impact of an increase in each significant unobservable valuation input on the fair value measurement of the financial instrument. However, a decrease in the significant unobservable valuation input would have the opposite effect on the fair |
value measurement of the financial instrument. For example, if an increase in a significant unobservable valuation input would result in a lower fair value measurement, a decrease in the significant unobservable valuation input would result in a higher fair value measurement. |
The impact of an increase in the significant unobservable valuation input on the fair value measurement for a derivative assumes Nomura is long risk to the input e.g., long volatility. Where Nomura is short such risk, the impact of an increase would have a converse effect on the fair value measurement of the derivative. |
Consideration of the interrelationships between significant unobservable valuation inputs is only relevant where more than one unobservable valuation input is used to determine the fair value measurement of the financial instrument. |
Valuation Other assets |
Billions of yen | Billions of yen | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended March 31, 2020 | Year ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance as of April 1, 2019 | Total gains (losses) recognized in net revenue (1) | Total gains (losses) recognized in other comprehensive income | Purchases / issues (2) | Sales / redemptions (2) | Settlements | Foreign exchange movements | Transfers into Level 3 (4)(5) | Transfers out of Level 3 (5) | Balance as of March 31, 2020 | Balance as of April 1, 2020 | Total gains (losses) recognized in net revenue (1) | Total gains (losses) recognized in other comprehensive income | Purchases / issues (2) | Sales / redemptions (2) | Settlements | Foreign exchange movements | Transfers into Level 3 (4)(5) | Transfers out of Level 3 (5) | Balance as of March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading assets and private equity and debt investments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equities | ¥ | 13 | ¥ | (1 | ) | ¥ | 0— | ¥ | 8 | ¥ | (4 | ) | ¥ | 0— | ¥ | 0 | ¥ | 1 | ¥ | (3 | ) | ¥ | 14 | ¥ | 14 | ¥ | 5 | ¥ | — | ¥ | 23 | ¥ | (29 | ) | ¥ | — | ¥ | 1 | ¥ | 2 | ¥ | 0 | ¥ | 16 | ||||||||||||||||||||||||||||||||||||
Private equity and debt investments | 26 | 1 | 0— | 8 | (3 | ) | 0— | (1 | ) | 0— | 0— | 31 | 31 | 11 | — | 19 | (4 | ) | — | 1 | — | — | 58 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Japanese agency and municipal securities | 1 | 0 | 0— | 1 | 0 | 0— | 0— | 0— | 0— | 2 | 2 | 0 | — | 0 | 0 | — | — | 0 | 0 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign government, agency and municipal securities | 5 | 0 | 0— | 27 | (26 | ) | 0— | 0 | 5 | (3 | ) | 8 | 8 | 1 | — | 21 | (16 | ) | — | 0 | 5 | (7 | ) | 12 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank and corporate debt securities and loans for trading purposes | 160 | (2 | ) | 0— | 158 | (154 | ) | 0— | (7 | ) | 113 | (40 | ) | 228 | 228 | 1 | — | 66 | (165 | ) | — | 9 | 31 | (35 | ) | 135 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities (“CMBS”) | 2 | (1 | ) | 0— | 1 | (1 | ) | 0— | 0— | 0 | 0 | 1 | 1 | 1 | — | 6 | 0 | — | 0 | 0 | 0 | 8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities (“RMBS”) | 3 | (8 | ) | 0— | 93 | (53 | ) | 0— | 0 | 28 | (1 | ) | 62 | 62 | 0 | — | 12 | (46 | ) | — | 1 | — | (23 | ) | 6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate-backed securities | 69 | 4 | 0— | 197 | (175 | ) | 0— | (1 | ) | 0— | 0— | 94 | 94 | (5 | ) | — | 170 | (155 | ) | — | 2 | — | 0 | 106 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized debt obligations (“CDOs”) and other | 19 | (21 | ) | 0— | 184 | (167 | ) | 0— | (1 | ) | 25 | (7 | ) | 32 | 32 | 0 | — | 102 | (104 | ) | — | 0 | 0 | (7 | ) | 23 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment trust funds and other | 1 | 0 | 0— | 13 | (14 | ) | 0— | 0 | 0 | 0 | 0 | 0 | 0 | — | 16 | (16 | ) | — | 0 | 0 | — | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total trading assets and private equity and debt investments | 299 | (28 | ) | 0— | 690 | (597 | ) | 0— | (10 | ) | 172 | (54 | ) | 472 | 472 | 14 | — | 435 | (535 | ) | — | 14 | 38 | (72 | ) | 366 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives, net (3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity contracts | (8 | ) | 29 | 0— | 0— | 0— | (6 | ) | 0 | 16 | (12 | ) | 19 | 19 | (43 | ) | — | — | — | (26 | ) | 0 | 20 | (11 | ) | (41 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | (54 | ) | 9 | 0— | 0— | 0— | (9 | ) | 0 | (1 | ) | 1 | (54 | ) | (54 | ) | 16 | — | — | — | (6 | ) | 1 | (3 | ) | 3 | (43 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit contracts | (8 | ) | 7 | 0— | 0— | 0— | 2 | 0 | (12 | ) | 10 | (1 | ) | (1 | ) | (19 | ) | — | — | — | (14 | ) | (1 | ) | (4 | ) | 1 | (38 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | 20 | (22 | ) | 0— | 0— | 0— | 8 | (1 | ) | 0 | 2 | 7 | 7 | 20 | — | — | — | (15 | ) | 1 | (2 | ) | 4 | 15 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity contracts | 0 | 0 | 0— | 0— | 0— | 0 | 0 | 0— | 0— | 0— | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total derivatives, net | (50 | ) | 23 | 0— | 0— | 0— | (5 | ) | (1 | ) | 3 | 1 | (29 | ) | (29 | ) | (26 | ) | — | — | — | (61 | ) | 1 | 11 | (3 | ) | (107 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | ¥ | 249 | ¥ | (5 | ) | ¥ | 0— | ¥ | 690 | ¥ | (597 | ) | ¥ | (5 | ) | ¥ | (11 | ) | ¥ | 175 | ¥ | (53 | ) | ¥ | 443 | ¥ | 443 | ¥ | (12 | ) | ¥ | — | ¥ | 435 | ¥ | (535 | ) | ¥ | (61 | ) | ¥ | 15 | ¥ | 49 | ¥ | (75 | ) | ¥ | 259 | |||||||||||||||||||||||||||||||
Loans and receivables | ¥ | 129 | ¥ | 0 | ¥ | 0— | ¥ | 163 | ¥ | (117 | ) | ¥ | 0— | ¥ | (3 | ) | ¥ | 93 | ¥ | (169 | ) | ¥ | 96 | ¥ | 96 | ¥ | 2 | ¥ | — | ¥ | 42 | ¥ | (69 | ) | ¥ | — | ¥ | 7 | ¥ | 41 | ¥ | (15 | ) | ¥ | 104 | |||||||||||||||||||||||||||||||||||
Collateralized agreements | 33 | 0 | 0— | 0— | (27 | ) | 0— | (1 | ) | 10 | 0— | 15 | 15 | (1 | ) | — | — | (1 | ) | — | 0 | 5 | — | 18 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | 166 | (31 | ) | 0 | 43 | (7 | ) | 0— | (3 | ) | 0 | 0— | 168 | 168 | 47 | 0 | 4 | (39 | ) | — | 5 | — | 0 | 185 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ¥ | 577 | ¥ | (36 | ) | ¥ | 0 | ¥ | 896 | ¥ | (748 | ) | ¥ | (5 | ) | ¥ | (18 | ) | ¥ | 278 | ¥ | (222 | ) | ¥ | 722 | ¥ | 722 | ¥ | 36 | ¥ | 0 | ¥ | 481 | ¥ | (644 | ) | ¥ | (61 | ) | ¥ | 27 | ¥ | 95 | ¥ | (90 | ) | ¥ | 566 | ||||||||||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trading liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equities | ¥ | 0 | ¥ | 0 | ¥ | 0— | ¥ | 0 | ¥ | 0 | ¥ | 0— | ¥ | 0 | ¥ | 0 | ¥ | 0 | ¥ | 0 | ¥ | 0 | ¥ | 0 | ¥ | — | ¥ | 1 | ¥ | (1 | ) | ¥ | 0 — | ¥ | 0 | ¥ | 0 | ¥ | 0 | ¥ | 0 | |||||||||||||||||||||||||||||||||||||||
Foreign government, agency and municipal securities | 0 | 0 | 0— | 0— | 0— | 0— | 0 | 0— | 0— | 0 | 0 | 0 | — | 0 | 0 | 0 — | 1 | — | — | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank and corporate debt securities | 0 | (1 | ) | 0— | 1 | (1 | ) | 0— | 0 | 0 | 0— | 1 | 1 | 0 | — | 4 | (1 | ) | 0 — | 0 | 2 | (1 | ) | 5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized debt obligations (“CDOs”) and other | 0— | 0 | 0— | 4 | (3 | ) | 0— | 0 | 0— | 0— | 1 | 1 | 1 | — | 11 | (10 | ) | 0 — | 0 | — | — | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment trust funds and other | 0 | 0— | 0— | 0 | 0 | 0— | 0 | 0 | 0— | 0 | 0 | 0 | — | 0 | 0 | 0 — | 0 | — | — | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total trading liabilities | ¥ | 0 | ¥ | (1 | ) | ¥ | 0— | ¥ | 5 | ¥ | (4 | ) | ¥ | 0— | ¥ | 0 | ¥ | 0 | ¥ | 0 | ¥ | 2 | ¥ | 2 | ¥ | 1 | ¥ | — | ¥ | 16 | ¥ | (12 | ) | ¥ | 0 — | ¥ | 1 | ¥ | 2 | ¥ | (1 | ) | ¥ | 7 | ||||||||||||||||||||||||||||||||||||
Short-term borrowings | 31 | 0 | 0 | 65 | (58 | ) | 0— | 0 | 7 | (16 | ) | 29 | 29 | (5 | ) | 0 | 220 | (137 | ) | 0 — | 0 | 13 | (27 | ) | 103 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and deposits | 0 | 0 | 0— | 6 | 0 | 0— | 0 | 0 | (5 | ) | 1 | 1 | 0 | 0 | 0 | 0 | 0 — | — | 1 | (1 | ) | 1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Collateralized financing | — | (1 | ) | — | — | — | — | 0 | — | — | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term borrowings | 535 | 6 | 0 | 254 | (291 | ) | 0— | (1 | ) | 56 | (138 | ) | 409 | 409 | (35 | ) | (1 | ) | 343 | (284 | ) | 0 — | 0 | 111 | (68 | ) | 547 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 0 | (8 | ) | 0— | 2 | (10 | ) | 0— | 0 | 0— | 0— | 0 | 0 | (2 | ) | — | 33 | 0 | 0 — | 0 | 1 | (1 | ) | 35 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ¥ | 566 | ¥ | (3 | ) | ¥ | 0 | ¥ | 332 | ¥ | (363 | ) | ¥ | 0— | ¥ | (1 | ) | ¥ | 63 | ¥ | (159 | ) | ¥ | 441 | ¥ | 441 | ¥ | (42 | ) | ¥ | (1 | ) | ¥ | 612 | ¥ | (433 | ) | ¥ | 0 — | ¥ | 1 | ¥ | 128 | ¥ | (98 | ) | ¥ | 694 | ||||||||||||||||||||||||||||||||
Billions of yen | ||||||||||||||||||||||||||||||||||||||||
Year ended March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||
Balance as of April 1, 2020 | Total gains (losses) recognized in net revenue (1) | Total gains (losses) recognized in other comprehensive income | Purchases / issues (2) | Sales / redemptions (2) | Settlements | Foreign exchange movements | Transfers into Level 3 (4)(5) | Transfers out of Level 3 (5) | Balance as of March 31, 2021 | |||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||
Trading assets and private equity and debt investments | ||||||||||||||||||||||||||||||||||||||||
Equities | ¥ | 14 | ¥ | 5 | ¥ | 0— | ¥ | 23 | ¥ | (29 | ) | ¥ | 0— | ¥ | 1 | ¥ | 2 | ¥ | 0 | ¥ | 16 | |||||||||||||||||||
Private equity and debt investments | 31 | 11 | 0— | 19 | (4 | ) | 0— | 1 | 0— | 0— | 58 | |||||||||||||||||||||||||||||
Japanese agency and municipal securities | 2 | 0 | 0— | 0 | 0 | 0— | 0— | 0 | 0 | 2 | ||||||||||||||||||||||||||||||
Foreign government, agency and municipal securities | 8 | 1 | 0— | 21 | (16 | ) | 0— | 0 | 5 | (7 | ) | 12 | ||||||||||||||||||||||||||||
Bank and corporate debt securities and loans for trading purposes | 228 | 1 | 0— | 66 | (165 | ) | 0— | 9 | 31 | (35 | ) | 135 | ||||||||||||||||||||||||||||
Commercial mortgage-backed securities (“CMBS”) | 1 | 1 | 0— | 6 | 0 | 0— | 0 | 0 | 0 | 8 | ||||||||||||||||||||||||||||||
Residential mortgage-backed securities (“RMBS”) | 62 | 0 | 0— | 12 | (46 | ) | 0— | 1 | 0— | (23 | ) | 6 | ||||||||||||||||||||||||||||
Real estate-backed securities | 94 | (5 | ) | 0— | 170 | (155 | ) | 0— | 2 | 0— | 0 | 106 | ||||||||||||||||||||||||||||
Collateralized debt obligations (“CDOs”) and other | 32 | 0 | 0— | 102 | (104 | ) | 0— | 0 | 0 | (7 | ) | 23 | ||||||||||||||||||||||||||||
Investment trust funds and other | 0 | 0 | 0— | 16 | (16 | ) | 0— | 0 | 0 | 0— | 0 | |||||||||||||||||||||||||||||
Total trading assets and private equity and debt investments | 472 | 14 | 0— | 435 | (535 | ) | 0— | 14 | 38 | (72 | ) | 366 | ||||||||||||||||||||||||||||
Derivatives, net (3) | ||||||||||||||||||||||||||||||||||||||||
Equity contracts | 19 | (43 | ) | 0— | 0— | 0— | (26 | ) | 0 | 20 | (11 | ) | (41 | ) | ||||||||||||||||||||||||||
Interest rate contracts | (54 | ) | 16 | 0— | 0— | 0— | (6 | ) | 1 | (3 | ) | 3 | (43 | ) | ||||||||||||||||||||||||||
Credit contracts | (1 | ) | (19 | ) | 0— | 0— | 0— | (14 | ) | (1 | ) | (4 | ) | 1 | (38 | ) | ||||||||||||||||||||||||
Foreign exchange contracts | 7 | 20 | 0— | 0— | 0— | (15 | ) | 1 | (2 | ) | 4 | 15 | ||||||||||||||||||||||||||||
Total derivatives, net | (29 | ) | (26 | ) | 0— | 0— | 0— | (61 | ) | 1 | 11 | (3 | ) | (107 | ) | |||||||||||||||||||||||||
Subtotal | ¥ | 443 | ¥ | (12 | ) | ¥ | 0— | ¥ | 435 | ¥ | (535 | ) | ¥ | (61 | ) | ¥ | 15 | ¥ | 49 | ¥ | (75 | ) | ¥ | 259 | ||||||||||||||||
Loans and receivables | ¥ | 96 | ¥ | 2 | ¥ | 0— | ¥ | 42 | ¥ | (69 | ) | ¥ | 0— | ¥ | 7 | ¥ | 41 | ¥ | (15 | ) | ¥ | 104 | ||||||||||||||||||
Collateralized agreements | 15 | (1 | ) | 0— | 0— | (1 | ) | 0— | 0 | 5 | 0— | 18 | ||||||||||||||||||||||||||||
Other assets | ||||||||||||||||||||||||||||||||||||||||
Other | 168 | 47 | 0 | 4 | (39 | ) | 0— | 5 | 0— | 0 | 185 | |||||||||||||||||||||||||||||
Total | ¥ | 722 | ¥ | 36 | ¥ | 0 | ¥ | 481 | ¥ | (644 | ) | ¥ | (61 | ) | ¥ | 27 | ¥ | 95 | ¥ | (90 | ) | ¥ | 566 | |||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Trading liabilities | ||||||||||||||||||||||||||||||||||||||||
Equities | ¥ | 0 | ¥ | 0 | ¥ | 0— | ¥ | 1 | ¥ | (1 | ) | ¥ | 0— | ¥ | 0 | ¥ | 0 | ¥ | 0 | ¥ | 0 | |||||||||||||||||||
Foreign government, agency and municipal securities | 0 | 0 | 0— | 0 | 0 | 0— | 1 | 0— | 0— | 1 | ||||||||||||||||||||||||||||||
Bank and corporate debt securities | 1 | 0 | 0— | 4 | (1 | ) | 0— | 0 | 2 | (1 | ) | 5 | ||||||||||||||||||||||||||||
Collateralized debt obligations (“CDOs”) and other | 1 | 1 | 0— | 11 | (10 | ) | 0— | 0 | 0— | 0— | 1 | |||||||||||||||||||||||||||||
Investment trust funds and other | 0 | 0 | 0— | 0 | 0 | 0— | 0 | 0— | 0— | 0 | ||||||||||||||||||||||||||||||
Total trading liabilities | ¥ | 2 | ¥ | 1 | ¥ | 0— | ¥ | 16 | ¥ | (12 | ) | ¥ | 0— | ¥ | 1 | ¥ | 2 | ¥ | (1 | ) | ¥ | 7 | ||||||||||||||||||
Short-term borrowings | 29 | (5 | ) | 0 | 220 | (137 | ) | 0— | 0 | 13 | (27 | ) | 103 | |||||||||||||||||||||||||||
Payables and deposits | 1 | 0 | 0 | 0 | 0 | 0— | 0— | 1 | (1 | ) | 1 | |||||||||||||||||||||||||||||
Collateralized financing | 0— | (1 | ) | 0— | 0— | 0— | 0— | 0 | 0— | 0— | 1 | |||||||||||||||||||||||||||||
Long-term borrowings | 409 | (35 | ) | (1 | ) | 343 | (284 | ) | 0— | 0 | 111 | (68 | ) | 547 | ||||||||||||||||||||||||||
Other liabilities | 0 | (2 | ) | 0— | 33 | 0 | 0— | 0 | 1 | (1 | ) | 35 | ||||||||||||||||||||||||||||
Total | ¥ | 441 | ¥ | (42 | ) | ¥ | (1 | ) | ¥ | 612 | ¥ | (433 | ) | ¥ | 0— | ¥ | 1 | ¥ | 128 | ¥ | (98 | ) | ¥ | 694 | ||||||||||||||||
Billions of yen | ||||||||||||||||||||||||||||||||||||||||
Year ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||
Balance as of April 1, 2021 | Total gains (losses) recognized in net revenue (1) | Total gains (losses) recognized in other comprehensive income | Purchases / issues (2) | Sales / redemptions (2) | Settlements | Foreign exchange movements | Transfers into Level 3 (4)(5) | Transfers out of Level 3 (5) | Balance as of March 31, 2022 | |||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||
Trading assets and private equity and debt investments | ||||||||||||||||||||||||||||||||||||||||
Equities | ¥ | 16 | ¥ | 3 | ¥ | — | ¥ | 2 | ¥ | (9 | ) | ¥ | — | ¥ | 1 | ¥ | 3 | ¥ | (2 | ) | ¥ | 14 | ||||||||||||||||||
Private equity and debt investments | 58 | 2 | — | 14 | (30 | ) | — | 1 | — | (13 | ) | 32 | ||||||||||||||||||||||||||||
Japanese agency and municipal securities | 2 | 0 | — | 0 | 0 | — | — | — | — | 2 | ||||||||||||||||||||||||||||||
Foreign government, agency and municipal securities | 12 | 1 | — | 13 | (16 | ) | — | 0 | 2 | (2 | ) | 10 | ||||||||||||||||||||||||||||
Bank and corporate debt securities and loans for trading purposes | 135 | (3 | ) | — | 207 | (194 | ) | — | 16 | 89 | (30 | ) | 220 | |||||||||||||||||||||||||||
Commercial mortgage-backed securities (“CMBS”) | 8 | 0 | — | 0 | (1 | ) | — | 0 | — | 0 | 7 | |||||||||||||||||||||||||||||
Residential mortgage-backed securities (“RMBS”) | 6 | 0 | — | 5 | (4 | ) | — | 1 | 0 | — | 8 | |||||||||||||||||||||||||||||
Real estate-backed securities | 106 | 4 | — | 370 | (395 | ) | — | 10 | — | (16 | ) | 79 | ||||||||||||||||||||||||||||
Collateralized debt obligations (“CDOs”) and other | 23 | (4 | ) | — | 96 | (89 | ) | — | 1 | — | (1 | ) | 26 | |||||||||||||||||||||||||||
Investment trust funds and other | 0 | 0 | — | 16 | (16 | ) | — | 0 | 0 | — | 0 | |||||||||||||||||||||||||||||
Total trading assets and private equity and debt investments | 366 | 3 | — | 723 | (754 | ) | — | 30 | 94 | (64 | ) | 398 | ||||||||||||||||||||||||||||
Derivatives, net (3) | ||||||||||||||||||||||||||||||||||||||||
Equity contracts | (41 | ) | 43 | — | — | — | 3 | (1 | ) | (31 | ) | 37 | 10 | |||||||||||||||||||||||||||
Interest rate contracts | (43 | ) | (7 | ) | — | — | — | 13 | 0 | 14 | 12 | (11 | ) | |||||||||||||||||||||||||||
Credit contracts | (38 | ) | 6 | — | — | — | 2 | (2 | ) | (2 | ) | 1 | (33 | ) | ||||||||||||||||||||||||||
Foreign exchange contracts | 15 | (1 | ) | — | — | — | (4 | ) | 1 | 0 | (1 | ) | 10 | |||||||||||||||||||||||||||
Total derivatives, net | (107 | ) | 41 | — | — | — | 14 | (2 | ) | (19 | ) | 49 | (24 | ) | ||||||||||||||||||||||||||
Subtotal | ¥ | 259 | ¥ | 44 | ¥ | — | ¥ | 723 | ¥ | (754 | ) | ¥ | 14 | ¥ | 28 | ¥ | 75 | ¥ | (15 | ) | ¥ | 374 | ||||||||||||||||||
Loans and receivables | ¥ | 104 | ¥ | 18 | ¥ | — | ¥ | 95 | ¥ | (89 | ) | ¥ | — | ¥ | 16 | ¥ | 73 | ¥ | (12 | ) | ¥ | 205 | ||||||||||||||||||
Collateralized agreements | 18 | (1 | ) | — | 2 | (5 | ) | — | 2 | — | — | 16 | ||||||||||||||||||||||||||||
Other assets | ||||||||||||||||||||||||||||||||||||||||
Other | 185 | (2 | ) | 0 | 2 | (1 | ) | — | 14 | 0 | (1 | ) | 197 | |||||||||||||||||||||||||||
Total | ¥ | 566 | ¥ | 59 | ¥ | 0 | ¥ | 822 | ¥ | (849 | ) | ¥ | 14 | ¥ | 60 | ¥ | 148 | ¥ | (28 | ) | ¥ | 792 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Trading liabilities | ||||||||||||||||||||||||||||||||||||||||
Equities | ¥ | 0 | ¥ | 0 | ¥ | — | ¥ | 0 | ¥ | 0 | ¥ | 0 — | ¥ | 0 | ¥ | — | ¥ | 0 | ¥ | 0 | ||||||||||||||||||||
Foreign government, agency and municipal securities | 1 | 0 | — | 0 | (1 | ) | 0 — | 0 | — | — | 0 | |||||||||||||||||||||||||||||
Bank and corporate debt securities | 5 | 0 | — | 5 | (6 | ) | 0 — | (1 | ) | 8 | (8 | ) | 3 | |||||||||||||||||||||||||||
Collateralized debt obligations (“CDOs”) and other | 1 | 0 | — | 2 | (3 | ) | 0 — | 0 | 0 | — | 0 | |||||||||||||||||||||||||||||
Investment trust funds and other | 0 | 0 | — | 0 | 0 | 0 — | 0 | — | — | 0 | ||||||||||||||||||||||||||||||
Total trading liabilities | ¥ | 7 | ¥ | 0 | ¥ | — | ¥ | 7 | ¥ | (10 | ) | ¥ | 0 — | ¥ | (1 | ) | ¥ | 8 | ¥ | (8 | ) | ¥ | 3 | |||||||||||||||||
Short-term borrowings | 103 | (8 | ) | 0 | 152 | (136 | ) | 0 — | 1 | 15 | (85 | ) | 58 | |||||||||||||||||||||||||||
Payables and deposits | 1 | 0 | 0 | 2 | — | 0 — | — | 7 | (2 | ) | 8 | |||||||||||||||||||||||||||||
Collateralized financing | 1 | — | — | — | — | — | — | — | (1 | ) | — | |||||||||||||||||||||||||||||
Long-term borrowings | 547 | (6 | ) | 2 | 487 | (409 | ) | 0 — | 1 | 41 | (192 | ) | 479 | |||||||||||||||||||||||||||
Other liabilities | 35 | (26 | ) | — | 1 | (36 | ) | 0 — | 6 | 0 | 0 | 32 | ||||||||||||||||||||||||||||
Total | ¥ | 694 | ¥ | (40 | ) | ¥ | 2 | ¥ | 649 | ¥ | (591 | ) | ¥ | 0 — | ¥ | 7 | ¥ | 71 | ¥ | (288 | ) | ¥ | 580 | |||||||||||||||||
(1) | Includes gains and losses reported primarily within Net gain on trading, Gain on private equity and debt investments, Gain (loss) on investments in equity securities, — Other Non-interest expenses— Other, Interest and dividends Interest expense |
(2) | Amounts reported in Purchases / issues Sales / redemptions |
(3) | Derivatives which contain multiple types of risk |
(4) | Amounts of gains and losses on these transfers which were recognized in the period when the Transfers into Level 3 |
(5) | Transfers into Level 3 Transfers out of Level 3 Quantitative and qualitative information regarding significant unobservable Valuation inputs |
Billions of yen | ||||||||
March 31 | ||||||||
2020 | 2021 | |||||||
Unrealized gains / (losses) (1) | ||||||||
Assets: | ||||||||
Trading assets and private equity and debt investments | ||||||||
Equities | ¥ | (2 | ) | ¥ | 4 | |||
Private equity and debt investments | 1 | 12 | ||||||
Japanese agency and municipal securities | 0 | 0 | ||||||
Foreign government, agency and municipal securities | (1 | ) | 1 | |||||
Bank and corporate debt securities and loans for trading purposes | (5 | ) | (1 | ) | ||||
Commercial mortgage-backed securities (“CMBS”) | (1 | ) | 0 | |||||
Residential mortgage-backed securities (“RMBS”) | (7 | ) | 0 | |||||
Real estate-backed securities | 0 | (3 | ) | |||||
Collateralized debt obligations (“CDOs”) and other | (19 | ) | (3 | ) | ||||
Investment trust funds and other | 0 | 0 | ||||||
Total trading assets and private equity and debt investments | (34 | ) | 10 | |||||
Derivatives, net (2) | ||||||||
Equity contracts | 36 | (66 | ) | |||||
Interest rate contracts | (19 | ) | 16 | |||||
Credit contracts | 2 | (21 | ) | |||||
Foreign exchange contracts | (24 | ) | 19 | |||||
Total derivatives, net | (5 | ) | (52 | ) | ||||
Subtotal | ¥ | (39 | ) | ¥ | (42 | ) | ||
Loans and receivables | (1 | ) | (3 | ) | ||||
Collateralized agreements | 0 | (1 | ) | |||||
Other assets | ||||||||
Other | (20 | ) | 41 | |||||
Total | ¥ | (60 | ) | ¥ | (5 | ) | ||
Billions of yen | ||||||||
March 31 | ||||||||
2021 | 2022 | |||||||
Unrealized gains / (losses) (1) | ||||||||
Assets: | ||||||||
Trading assets and private equity and debt investments | ||||||||
Equities | ¥ | 4 | ¥ | 2 | ||||
Private equity and debt investments | 12 | 1 | ||||||
Japanese agency and municipal securities | 0 | 0 | ||||||
Foreign government, agency and municipal securities | 1 | 0 | ||||||
Bank and corporate debt securities and loans for trading purposes | (1 | ) | (2 | ) | ||||
Commercial mortgage-backed securities (“CMBS”) | 0 | 0 | ||||||
Residential mortgage-backed securities (“RMBS”) | 0 | 0 | ||||||
Real estate-backed securities | (3 | ) | 1 | |||||
Collateralized debt obligations (“CDOs”) and other | (3 | ) | (7 | ) | ||||
Investment trust funds and other | 0 | 0 | ||||||
Total trading assets and private equity and debt investments | 10 | (5 | ) | |||||
Derivatives, net (2) | ||||||||
Equity contracts | (66 | ) | 46 | |||||
Interest rate contracts | 16 | 0 | ||||||
Credit contracts | (21 | ) | 5 | |||||
Foreign exchange contracts | 19 | (13 | ) | |||||
Total derivatives, net | (52 | ) | 38 | |||||
Subtotal | ¥ | (42 | ) | ¥ | 33 | |||
Loans and receivables | (3 | ) | 16 | |||||
Collateralized agreements | (1 | ) | 0 | |||||
Other assets | ||||||||
Other | 41 | (2 | ) | |||||
Total | ¥ | (5 | ) | ¥ | 47 | |||
Billions of yen | ||||||||
March 31 | ||||||||
2020 | 2021 | |||||||
Unrealized gains / (losses) (1) | ||||||||
Liabilities: | ||||||||
Trading liabilities | ||||||||
Equities | ¥ | 0 | ¥ | 0 | ||||
Foreign government, agency and municipal securities | 0 | 0 | ||||||
Bank and corporate debt securities | (1 | ) | 0 | |||||
Collateralized debt obligations (“CDOs”) and other | 0 | 0 | ||||||
Total trading liabilities | ¥ | (1 | ) | ¥ | 0 | |||
Short-term borrowings (3) | 1 | 4 | ||||||
Payables and deposits (3) | 0 | 0 | ||||||
Collateralized financing (3) | — | 0 | ||||||
Long-term borrowings (3) | 19 | (17 | ) | |||||
Other liabilities | — | 5 | ||||||
Total | ¥ | 19 | ¥ | (8 | ) | |||
Billions of yen | ||||||||
March 31 | ||||||||
2021 | 2022 | |||||||
Unrealized gains / (losses) (1) | ||||||||
Liabilities: | ||||||||
Trading liabilities | ||||||||
Equities | ¥ | 0 | ¥ | 0 | ||||
Foreign government, agency and municipal securities | 0 | 0 | ||||||
Bank and corporate debt securities | 0 | 0 | ||||||
Collateralized debt obligations (“CDOs”) and other | 0 | 0 | ||||||
Total trading liabilities | ¥ | 0 | ¥ | 0 | ||||
Short-term borrowings (3) | 4 | 2 | ||||||
Payables and deposits (3) | 0 | 0 | ||||||
Collateralized financing (3) | 0 | 0— | ||||||
Long-term borrowings (3) | (17 | ) | 18 | |||||
Other liabilities | 5 | (7 | ) | |||||
Total | ¥ | (8 | ) | ¥ | 13 | |||
(1) | Includes gains and losses reported within Net gain on trading, Gain on private equity and debt investments Gain on investments in equity securities, — Other Non-interest expenses—Other, Interest and dividends Interest expense |
(2) |
(3) | Includes changes in unrealized gains and losses in Other comprehensive income (loss) |
Billions of yen | Billions of yen | |||||||||||||||||||||||||||||||||||
March 31, 2020 | March 31, 2021 | |||||||||||||||||||||||||||||||||||
Fair value | Unfunded commitments (1) | Redemption frequency (if currently eligible) (2) | Redemption notice (3) | Fair value | Unfunded commitments (1) | Redemption frequency (if currently eligible) (2) | Redemption notice (3) | |||||||||||||||||||||||||||||
Hedge funds | ¥ | 2 | ¥ | 0— | Monthly | Same day-90 days | ¥ | 2 | ¥ | 0— | Monthly | Same day-30 days | ||||||||||||||||||||||||
Venture capital funds | 3 | 3 | 0— | 0— | 4 | 2 | 0— | 0— | ||||||||||||||||||||||||||||
Private equity funds | 21 | 9 | 0— | 0— | 18 | 21 | 0— | 0— | ||||||||||||||||||||||||||||
Real estate funds | 6 | 1 | 0— | 0— | 4 | 1 | 0— | 0— | ||||||||||||||||||||||||||||
Total | ¥ | 32 | ¥ | 13 | ¥ | 28 | ¥ | 24 | ||||||||||||||||||||||||||||
Billions of yen | Billions of yen | |||||||||||||||||||||||||||||||||||
March 31, 2021 | March 31, 2022 | |||||||||||||||||||||||||||||||||||
Fair value | Unfunded commitments (1) | Redemption frequency (if currently eligible) (2) | Redemption notice (3) | Fair value | Unfunded commitments (1) | Redemption frequency (if currently eligible) (2) | Redemption notice (3) | |||||||||||||||||||||||||||||
Hedge funds | ¥ | 2 | ¥ | 0— | Monthly | Same day -30 days | ¥ | 12 | ¥ | 1 | Monthly | Same day- 30 days | ||||||||||||||||||||||||
Venture capital funds | 4 | 2 | 0— | 0— | 10 | 10 | 0— | 0— | ||||||||||||||||||||||||||||
Private equity funds | 18 | 21 | 0— | 0— | 22 | 19 | 0— | 0— | ||||||||||||||||||||||||||||
Real estate funds | 4 | 1 | 0— | 0— | 4 | 1 | 0— | 0— | ||||||||||||||||||||||||||||
Total | ¥ | 28 | ¥ | 24 | ¥ | 48 | ¥ | 31 | ||||||||||||||||||||||||||||
(1) | The contractual amount of any unfunded commitments Nomura is required to make to the entities in which the investment is held. |
(2) | The range in frequency with which Nomura |
(3) | The range in notice period required to be provided before redemption is possible. |
Billions of yen | ||||||||||||
Year ended March 31 | ||||||||||||
2019 | 2020 | 2021 | ||||||||||
Gains/(Losses) (1) | ||||||||||||
Assets: | ||||||||||||
Trading assets and private equity and debt investments (2) | ||||||||||||
Trading assets | ¥ | 0 | ¥ | 1 | ¥ | 2 | ||||||
Private equity and debt investments | 1 | (1 | ) | 0 | ||||||||
Loans and receivables | (2 | ) | 2 | 7 | ||||||||
Collateralized agreements (3) | 2 | 4 | 5 | |||||||||
Other assets (2) | (26 | ) | (16 | ) | 51 | |||||||
Total | ¥ | (25 | ) | ¥ | (10 | ) | ¥ | 65 | ||||
Liabilities: | ||||||||||||
Short-term borrowings (4) | ¥ | 28 | ¥ | 64 | ¥ | (83 | ) | |||||
Payables and deposits | — | 0 | 3 | |||||||||
Collateralized financing (3) | 0 | (2 | ) | 9 | ||||||||
Long-term borrowings (4)(5) | (38 | ) | 58 | (194 | ) | |||||||
Other liabilities (6) | 3 | 2 | 3 | |||||||||
Total | ¥ | (7 | ) | ¥ | 122 | ¥ | (262 | ) | ||||
Billions of yen | ||||||||||||
Year ended March 31 | ||||||||||||
2020 | 2021 | 2022 | ||||||||||
Gains/(Losses) (1) | ||||||||||||
Assets: | ||||||||||||
Trading assets and private equity and debt investments (2) | ||||||||||||
Trading assets | ¥ | 1 | ¥ | 2 | ¥ | 1 | ||||||
Private equity and debt investments | (1 | ) | 0 | 6 | ||||||||
Loans and receivables | 2 | 7 | 39 | |||||||||
Collateralized agreements (3) | 4 | 5 | (1 | ) | ||||||||
Other assets (2) | (16 | ) | 51 | (3 | ) | |||||||
Total | ¥ | (10 | ) | ¥ | 65 | ¥ | 42 | |||||
Liabilities: | ||||||||||||
Short-term borrowings (4) | ¥ | 64 | ¥ | (83 | ) | ¥ | 60 | |||||
Payables and deposits | 0 | 3 | 4 | |||||||||
Collateralized financing (3) | (2 | ) | 9 | 3 | ||||||||
Long-term borrowings (4)(5) | 58 | (194 | ) | 275 | ||||||||
Other liabilities (6) | 2 | 3 | 4 | |||||||||
Total | ¥ | 122 | ¥ | (262 | ) | ¥ | 346 | |||||
(1) | Includes gains and losses reported primarily within Revenue—Net gain on trading — Other |
(2) | Includes equity investments that would have been accounted for under the equity method had Nomura not chosen to elect the fair value option. |
(3) | Includes reverse repurchase and repurchase agreements. |
(4) | Includes structured notes and other financial liabilities. |
(5) | Includes secured financing transactions arising from transfers of financial assets which did not meet the criteria for sales accounting. |
(6) | Includes unfunded written loan commitments. |
Billions of Yen | ||||||||
Year ended March 31 | ||||||||
2020 | 2021 | |||||||
Changes recognized as a credit (debit) to other comprehensive income | ¥ | 49 | ¥ | (88 | ) | |||
Credit (debit) amounts reclassified to earnings | (1 | ) | (10 | ) | ||||
Cumulative credit (debit) balance recognized in accumulated other comprehensive income | 80 | (11 | ) |
Billions of Yen | ||||||||
Year ended March 31 | ||||||||
2021 | 2022 | |||||||
Changes recognized as a credit (debit) to other comprehensive income | ¥ | (88 | ) | ¥ | 60 | |||
Credit (debit) amounts reclassified to earnings | (10 | ) | 1 | |||||
Cumulative credit (debit) balance recognized in accumulated other comprehensive income | (11 | ) | 49 |
Billions of yen | ||||||||||||||||||||
March 31, 2020 | ||||||||||||||||||||
Japan | U.S. | EU & U.K. | Other | Total (1) | ||||||||||||||||
Government, agency and municipal securities | ¥ | 1,934 | ¥ | 1,889 | ¥ | 2,704 | ¥ | 672 | ¥ | 7,199 |
Billions of yen | ||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||
Japan | U.S. | EU & U.K. | Other | Total (1) | ||||||||||||||||
Government, agency and municipal securities | ¥ | 1,715 | ¥ | 1,888 | ¥ | 2,329 | ¥ | 620 | ¥ | 6,552 |
Billions of yen | ||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||
Japan | U.S. | EU & U.K. | Other | Total (1) | ||||||||||||||||
Government, agency and municipal securities | ¥ | 1,715 | ¥ | 1,888 | ¥ | 2,329 | ¥ | 620 | ¥ | 6,552 |
Billions of yen | ||||||||||||||||||||
March 31, 2022 | ||||||||||||||||||||
Japan | U.S. | EU & U.K. | Other | Total (1) | ||||||||||||||||
Government, agency and municipal securities | ¥ | 1,916 | ¥ | 2,368 | ¥ | 2,151 | ¥ | 721 | ¥ | 7,156 |
(1) | Other than above, there were Other assets — Non-trading debt securities |
Billions of yen | ||||||||||||||||||||
March 31, 2021 (1) | ||||||||||||||||||||
Fair value by level | ||||||||||||||||||||
Carrying value | Fair value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | ¥ | 3,510 | ¥ | 3,510 | ¥ | 3,510 | ¥ | 0— | ¥ | 0— | ||||||||||
Time deposits | 281 | 281 | 0— | 281 | 0— | |||||||||||||||
Deposits with stock exchanges and other segregated cash | 374 | 374 | 0— | 374 | 0— | |||||||||||||||
Loans receivable (2) | 2,937 | 2,937 | 0— | 2,120 | 817 | |||||||||||||||
Securities purchased under agreements to resell | 10,775 | 10,775 | 0— | 10,757 | 18 | |||||||||||||||
Securities borrowed | 5,264 | 5,264 | 0— | 5,264 | 0— | |||||||||||||||
Total | ¥ | 23,141 | ¥ | 23,141 | ¥ | 3,510 | ¥ | 18,796 | ¥ | 835 | ||||||||||
Liabilities: | ||||||||||||||||||||
Short-term borrowings | ¥ | 1,368 | ¥ | 1,368 | ¥ | — | ¥ | 1,265 | ¥ | 103 | ||||||||||
Deposits received at banks | 1,342 | 1,343 | 0— | 1,342 | 1 | |||||||||||||||
Securities sold under agreements to repurchase | 13,360 | 13,360 | 0— | 13,360 | 0 | |||||||||||||||
Securities loaned | 1,381 | 1,381 | 0— | 1,381 | 0— | |||||||||||||||
Other secured borrowings | 393 | 393 | 0— | 393 | 0— | |||||||||||||||
Long-term borrowings | 7,975 | 7,978 | 5 | 7,370 | 603 | |||||||||||||||
Total | ¥ | 25,819 | ¥ | 25,823 | ¥ | 5 | ¥ | 25,111 | ¥ | 707 | ||||||||||
Billions of yen | ||||||||||||||||||||
March 31, 2020 (1) | ||||||||||||||||||||
Fair value by level | ||||||||||||||||||||
Carrying value | Fair value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | ¥ | 3,192 | ¥ | 3,192 | ¥ | 3,192 | ¥ | 0— | ¥ | 0— | ||||||||||
Time deposits | 309 | 309 | 0— | 309 | 0— | |||||||||||||||
Deposits with stock exchanges and other segregated cash | 374 | 374 | 0— | 374 | 0— | |||||||||||||||
Loans receivable (2) | 2,848 | 2,842 | 0— | 2,201 | 641 | |||||||||||||||
Securities purchased under agreements to resell | 12,377 | 12,377 | 0— | 12,362 | 15 | |||||||||||||||
Securities borrowed | 3,530 | 3,529 | 0— | 3,529 | 0— | |||||||||||||||
Total | ¥ | 22,630 | ¥ | 22,623 | ¥ | 3,192 | ¥ | 18,775 | ¥ | 656 | ||||||||||
Liabilities: | ||||||||||||||||||||
Short-term borrowings | ¥ | 1,487 | ¥ | 1,487 | ¥ | 0— | ¥ | 1,458 | ¥ | 29 | ||||||||||
Deposits received at banks | 1,276 | 1,276 | 0— | 1,275 | 1 | |||||||||||||||
Securities sold under agreements to repurchase | 16,349 | 16,349 | 0— | 16,349 | 0— | |||||||||||||||
Securities loaned | 961 | 962 | 0— | 962 | 0— | |||||||||||||||
Other secured borrowings | 718 | 718 | 0— | 718 | 0— | |||||||||||||||
Long-term borrowings | 7,776 | 7,733 | 2 | 7,263 | 468 | |||||||||||||||
Total | ¥ | 28,567 | ¥ | 28,525 | ¥ | 2 | ¥ | 28,025 | ¥ | 498 | ||||||||||
Billions of yen | ||||||||||||||||||||
March 31, 2021 (1) | ||||||||||||||||||||
Fair value by level | ||||||||||||||||||||
Carrying value | Fair value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | ¥ | 3,510 | ¥ | 3,510 | ¥ | 3,510 | ¥ | 0— | ¥ | 0— | ||||||||||
Time deposits | 281 | 281 | 0— | 281 | 0— | |||||||||||||||
Deposits with stock exchanges and other segregated cash | 374 | 374 | 0— | 374 | 0— | |||||||||||||||
Loans receivable (2) | 2,937 | 2,937 | 0— | 2,120 | 817 | |||||||||||||||
Securities purchased under agreements to resell | 10,775 | 10,775 | 0— | 10,757 | 18 | |||||||||||||||
Securities borrowed | 5,264 | 5,264 | 0— | 5,264 | 0— | |||||||||||||||
Total | ¥ | 23,141 | ¥ | 23,141 | ¥ | 3,510 | ¥ | 18,796 | ¥ | 835 | ||||||||||
Billions of yen | ||||||||||||||||||||
March 31, 2022 (1) | ||||||||||||||||||||
Fair value by level | ||||||||||||||||||||
Carrying value | Fair value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | ¥ | 3,316 | ¥ | 3,316 | ¥ | 3,316 | ¥ | 0— | ¥ | 0— | ||||||||||
Time deposits | 321 | 321 | 0— | 321 | 0— | |||||||||||||||
Deposits with stock exchanges and other segregated cash | 427 | 427 | 0— | 427 | 0— | |||||||||||||||
Loans receivable (2) | 3,515 | 3,515 | 0— | 2,461 | 1,054 | |||||||||||||||
Securities purchased under agreements to resell | 11,879 | 11,879 | 0— | 11,863 | 16 | |||||||||||||||
Securities borrowed | 4,997 | 4,994 | 0— | 4,994 | 0— | |||||||||||||||
Total | ¥ | 24,455 | ¥ | 24,452 | ¥ | 3,316 | ¥ | 20,066 | ¥ | 1,070 | ||||||||||
Liabilities: | ||||||||||||||||||||
Short-term borrowings | ¥ | 1,050 | ¥ | 1,050 | ¥ | 0— | ¥ | 993 | ¥ | 57 | ||||||||||
Deposits received at banks | 1,761 | 1,761 | 0— | 1,752 | 9 | |||||||||||||||
Securities sold under agreements to repurchase | 12,575 | 12,575 | 0— | 12,575 | 0 | |||||||||||||||
Securities loaned | 1,567 | 1,568 | 0— | 1,568 | 0— | |||||||||||||||
Other secured borrowings | 396 | 396 | 0— | 396 | 0— | |||||||||||||||
Long-term borrowings | 9,258 | 9,236 | 23 | 8,688 | 525 | |||||||||||||||
Total | ¥ | 26,607 | ¥ | 26,586 | ¥ | 23 | ¥ | 25,972 | ¥ | 591 | ||||||||||
Billions of yen | ||||||||||||||||||||
March 31, 2021 (1) | ||||||||||||||||||||
Fair value by level | ||||||||||||||||||||
Carrying value | Fair value | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Short-term borrowings | ¥ | 1,368 | ¥ | 1,368 | ¥ | 0— | ¥ | 1,265 | ¥ | 103 | ||||||||||
Deposits received at banks | 1,342 | 1,343 | 0— | 1,342 | 1 | |||||||||||||||
Securities sold under agreements to repurchase | 13,360 | 13,360 | 0— | 13,360 | 0 | |||||||||||||||
Securities loaned | 1,381 | 1,381 | 0— | 1,381 | 0— | |||||||||||||||
Other secured borrowings | 393 | 393 | 0— | 393 | 0— | |||||||||||||||
Long-term borrowings | 7,975 | 7,978 | 5 | 7,370 | 603 | |||||||||||||||
Total | ¥ | 25,819 | ¥ | 25,823 | ¥ | 5 | ¥ | 25,111 | ¥ | 707 | ||||||||||
(1) | Includes financial instruments which are carried at fair value on a recurring basis. |
(2) | Carrying values are shown after deducting relevant allowances for credit losses. |
Billions of yen | ||||||||||||||||
March 31, 2020 | ||||||||||||||||
Gross fair value of derivative assets | Impact of master netting agreements | Impact of collateral | Net exposure to credit risk | |||||||||||||
Financial institutions | ¥ | 17,711 | ¥ | (15,479 | ) | ¥ | (1,707 | ) | ¥ | 525 |
Billions of yen | ||||||||||||||||
March 31, 2021 | ||||||||||||||||
Gross fair value of derivative assets | Impact of master netting agreements | Impact of collateral | Net exposure to credit risk | |||||||||||||
Financial institutions | ¥ | 13,474 | ¥ | (11,473 | ) | ¥ | (1,500 | ) | ¥ | 501 |
Billions of yen | ||||||||||||||||
March 31, 2021 | ||||||||||||||||
Gross fair value of derivative assets | Impact of master netting agreements | Impact of collateral | Net exposure to credit risk | |||||||||||||
Financial institutions | ¥ | 13,474 | ¥ | (11,473 | ) | ¥ | (1,500 | ) | ¥ | 501 |
Billions of yen | ||||||||||||||||
March 31, 2022 | ||||||||||||||||
Gross fair value of derivative assets | Impact of master netting agreements | Impact of collateral | Net exposure to credit risk | |||||||||||||
Financial institutions | ¥ | 15,667 | ¥ | (13,193 | ) | ¥ | (1,669 | ) | ¥ | 805 |
Billions of yen | Billions of yen | |||||||||||||||||||||||
March 31, 2020 | March 31, 2021 | |||||||||||||||||||||||
�� | Derivative assets | Derivative liabilities | ||||||||||||||||||||||
Derivative assets | Derivative liabilities | Total notional (1) | Fair value | Fair value (1) | ||||||||||||||||||||
Total Notional (1) | Fair value | Fair value (1) | ||||||||||||||||||||||
Derivatives used for trading and non-trading purposes(2)(3) : | ||||||||||||||||||||||||
Derivatives used for trading and non-trading purposes(2) : | ||||||||||||||||||||||||
Equity contracts | ¥ | 47,976 | ¥ | 1,921 | ¥ | 2,008 | ¥ | 40,396 | ¥ | 1,402 | ¥ | 2,229 | ||||||||||||
Interest rate contracts | 2,522,172 | 13,590 | 13,214 | 2,524,407 | 9,617 | 9,023 | ||||||||||||||||||
Credit contracts | 36,155 | 407 | 457 | 38,850 | 455 | 523 | ||||||||||||||||||
Foreign exchange contracts | 267,313 | 5,224 | 5,104 | 351,662 | 4,511 | 4,402 | ||||||||||||||||||
Commodity contracts | 601 | 9 | 6 | 334 | 1 | 0 | ||||||||||||||||||
Total | ¥ | 2,874,217 | ¥ | 21,151 | ¥ | 20,789 | ¥ | 2,955,649 | ¥ | 15,986 | ¥ | 16,177 | ||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||
Derivatives designated as formal fair value or net investment accounting hedges: | ||||||||||||||||||||||||
Interest rate contracts | ¥ | 1,064 | ¥ | 39 | ¥ | 0 | ¥ | 1,168 | ¥ | 15 | ¥ | 14 | ||||||||||||
Foreign exchange contracts | 115 | 0— | 1 | 130 | 5 | 0— | ||||||||||||||||||
Total | ¥ | 1,179 | ¥ | 39 | ¥ | 1 | ¥ | 1,298 | ¥ | 20 | ¥ | 14 | ||||||||||||
Total derivatives | ¥ | 2,875,396 | ¥ | 21,190 | ¥ | 20,790 | ¥ | 2,956,947 | ¥ | 16,006 | ¥ | 16,191 | ||||||||||||
Billions of yen | ||||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||
Derivative assets | Derivative liabilities | |||||||||||||||||||||||
Total Notional (1) | Fair value | Fair value (1) | ||||||||||||||||||||||
Derivatives used for trading and non-trading purposes(2)(3) : | ||||||||||||||||||||||||
Equity contracts | ¥ | 40,396 | ¥ | 1,402 | ¥ | 2,229 | ||||||||||||||||||
Interest rate contracts | 2,524,407 | 9,617 | 9,023 | |||||||||||||||||||||
Credit contracts | 38,850 | 455 | 523 | |||||||||||||||||||||
Foreign exchange contracts | 351,662 | 4,511 | 4,402 | |||||||||||||||||||||
Commodity contracts | 334 | 1 | 0 | |||||||||||||||||||||
Total | ¥ | 2,955,649 | ¥ | 15,986 | ¥ | 16,177 | ||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||
Interest rate contracts | ¥ | 1,168 | ¥ | 15 | ¥ | 14 | ||||||||||||||||||
Foreign exchange contracts | 130 | 5 | 0— | |||||||||||||||||||||
Total | ¥ | 1,298 | ¥ | 20 | ¥ | 14 | ||||||||||||||||||
Total derivatives | ¥ | 2,956,947 | ¥ | 16,006 | ¥ | 16,191 | ||||||||||||||||||
Billions of yen | ||||||||||||
March 31, 2022 | ||||||||||||
Derivative assets | Derivative liabilities | |||||||||||
Total notional (1) | Fair value | Fair value (1) | ||||||||||
Derivatives used for trading and non-trading purposes(2) : | ||||||||||||
Equity contracts | ¥ | 34,526 | ¥ | 974 | ¥ | 1,457 | ||||||
Interest rate contracts | 2,769,546 | 11,938 | 10,865 | |||||||||
Credit contracts | 37,572 | 443 | 514 | |||||||||
Foreign exchange contracts | 314,763 | 4,804 | 4,814 | |||||||||
Commodity contracts | 300 | 1 | 1 | |||||||||
Total | ¥ | 3,156,707 | ¥ | 18,160 | ¥ | 17,651 | ||||||
Derivatives designated as formal fair value or net investment accounting hedges: | ||||||||||||
Interest rate contracts | ¥ | 2,166 | ¥ | 0— | ¥ | 88 | ||||||
Foreign exchange contracts | 145 | 2 | 0— | |||||||||
Total | ¥ | 2,311 | ¥ | 2 | ¥ | 88 | ||||||
Total derivatives | ¥ | 3,159,018 | ¥ | 18,162 | ¥ | 17,739 | ||||||
(1) | Includes the amount of embedded derivatives bifurcated in accordance with ASC 815. |
(2) |
As of March 31, non-trading purposes |
Billions of yen | Billions of yen | Billions of yen | Billions of yen | |||||||||||||||||||||||||||||
March 31, 2020 | March 31, 2021 | March 31, 2021 | March 31, 2022 | |||||||||||||||||||||||||||||
Derivative assets | Derivative liabilities (1) | Derivative assets | Derivative liabilities (1) | Derivative assets | Derivative liabilities (1) | Derivative assets | Derivative liabilities (1) | |||||||||||||||||||||||||
Equity contracts | ||||||||||||||||||||||||||||||||
OTC settled bilaterally | ¥ | 869 | ¥ | 875 | ¥ | 904 | ¥ | 1,439 | ¥ | 904 | ¥ | 1,439 | ¥ | 709 | ¥ | 1,054 | ||||||||||||||||
Exchange-traded | 1,052 | 1,133 | 498 | 790 | 498 | 790 | 265 | 403 | ||||||||||||||||||||||||
Interest rate contracts | ||||||||||||||||||||||||||||||||
OTC settled bilaterally | 11,881 | 11,438 | 8,456 | 7,871 | 8,456 | 7,871 | 9,486 | 8,584 | ||||||||||||||||||||||||
OTC centrally-cleared | 1,692 | 1,758 | 1,147 | 1,146 | 1,147 | 1,146 | 2,332 | 2,309 | ||||||||||||||||||||||||
Exchange-traded | 56 | 18 | 29 | 20 | 29 | 20 | 120 | 60 | ||||||||||||||||||||||||
Credit contracts | ||||||||||||||||||||||||||||||||
OTC settled bilaterally | 278 | 311 | 169 | 251 | 169 | 251 | 208 | 276 | ||||||||||||||||||||||||
OTC centrally-cleared | 126 | 132 | 282 | 269 | 282 | 269 | 223 | 224 | ||||||||||||||||||||||||
Exchange-traded | 3 | 14 | 4 | 3 | 4 | 3 | 12 | 14 | ||||||||||||||||||||||||
Foreign exchange contracts | ||||||||||||||||||||||||||||||||
OTC settled bilaterally | 5,224 | 5,105 | 4,516 | 4,402 | 4,516 | 4,402 | 4,806 | 4,814 | ||||||||||||||||||||||||
Commodity contracts | ||||||||||||||||||||||||||||||||
OTC settled bilaterally | 1 | 1 | 0 | 00 | 0 | 0 | 1 | 1 | ||||||||||||||||||||||||
Exchange-traded | 8 | 5 | 1 | 0 | 1 | 0 | 0 | 0 | ||||||||||||||||||||||||
Total gross derivative balances (2) | ¥ | 21,190 | ¥ | 20,790 | ¥ | 16,006 | ¥ | 16,191 | ¥ | 16,006 | ¥ | 16,191 | ¥ | 18,162 | ¥ | 17,739 | ||||||||||||||||
Less: Amounts offset in the consolidated balance sheets (3) | (19,248 | ) | (18,987 | ) | (14,786 | ) | (14,697 | ) | (14,786 | ) | (14,697 | ) | (16,608 | ) | (16,079 | ) | ||||||||||||||||
Total net amounts reported on the face of the consolidated balance sheets (4) | ¥ | 1,942 | ¥ | 1,803 | ¥ | 1,220 | ¥ | 1,494 | ¥ | 1,220 | ¥ | 1,494 | ¥ | 1,554 | ¥ | 1,660 | ||||||||||||||||
Less: Additional amounts not offset in the consolidated balance sheets (5) | ||||||||||||||||||||||||||||||||
Financial instruments and non-cash collateral | ¥ | (240 | ) | ¥ | (310 | ) | ¥ | (432 | ) | ¥ | (134 | ) | ||||||||||||||||||||
Net amount | ¥ | 980 | ¥ | 1,184 | ¥ | 1,122 | ¥ | 1,526 | ||||||||||||||||||||||||
Billions of yen | Billions of yen | |||||||||||||||
March 31, 2020 | March 31, 2021 | |||||||||||||||
Derivative assets | Derivative liabilities (1) | Derivative assets | Derivative liabilities (1) | |||||||||||||
Less: Additional amounts not offset in the consolidated balance sheets (5) | ||||||||||||||||
Financial instruments and non-cash collateral | ¥ | (182 | ) | ¥ | (125 | ) | ¥ | (240 | ) | ¥ | (310 | ) | ||||
Net amount | ¥ | 1,760 | ¥ | 1,678 | ¥ | 980 | ¥ | 1,184 | ||||||||
(1) | Includes the amount of embedded derivatives bifurcated in accordance with ASC 815. |
(2) | Includes all gross derivative asset and liability balances irrespective of whether they are transacted under a master netting agreement or whether Nomura has obtained sufficient evidence of enforceability of the master netting agreement. As of March 31, |
(3) | Represents amounts offset through counterparty |
(4) | Net derivative assets and net derivative liabilities are generally reported within Trading assets and private equity — Trading assets Trading liabilities Short-term borrowings Long-term borrowings |
(5) | Represents amounts which are not permitted to be offset on the consolidated balance sheets in accordance with ASC 210-20 and ASC 815 but which provide Nomura with a legally enforceable right of offset in the event of counterparty default. Amounts relating to derivative and collateral agreements where Nomura has not yet obtained sufficient evidence of enforceability of such offsetting rights are excluded. As of March 31, |
Billions of yen | Billions of yen | |||||||||||||||||||||||
Year ended March 31 | Year ended March 31 | |||||||||||||||||||||||
2019 | 2020 | 2021 | 2020 | 2021 | 2022 | |||||||||||||||||||
Derivatives used for trading and non-trading purposes(1)(2) : | ||||||||||||||||||||||||
Derivatives used for trading and non-trading purposes(1) : | ||||||||||||||||||||||||
Equity contracts | ¥ | (32 | ) | ¥ | 93 | ¥ | 26 | ¥ | 93 | ¥ | 26 | ¥ | (36 | ) | ||||||||||
Interest rate contracts | 104 | (192 | ) | 254 | (192 | ) | 254 | 198 | ||||||||||||||||
Credit contracts | (19 | ) | (118 | ) | (90 | ) | (118 | ) | (90 | ) | (118 | ) | ||||||||||||
Foreign exchange contracts | (50 | ) | 57 | (11 | ) | 57 | (11 | ) | 27 | |||||||||||||||
Commodity contracts | 10 | (1 | ) | 50 | (1 | ) | 50 | 87 | ||||||||||||||||
Total | ¥ | 13 | ¥ | (161 | ) | ¥ | 229 | ¥ | (161 | ) | ¥ | 229 | ¥ | 158 | ||||||||||
(1) |
Includes net gains (losses) on derivatives used for For the year ended March 31, 2022, these amounts were not significant.non-trading purposes which are not designated as fair value or net investment hedges. For the non-trading derivatives were ¥3 billion. |
Line items in the statement of financial position in which the hedged item is included: | Billions of yen | |||||||||||||||||||||||||||||||||||||||
Carrying amount of the hedged liabilities | Cumulative gains/(losses) of fair value hedging adjustment included in the carrying amount of the hedged liabilities | |||||||||||||||||||||||||||||||||||||||
March 31, 2020 | March 31, 2021 | March 31, 2020 | March 31, 2021 | |||||||||||||||||||||||||||||||||||||
Billions of yen | ||||||||||||||||||||||||||||||||||||||||
Balance sheet line item in which the hedged item is included: | Carrying amount of the hedged assets/liabilities | Cumulative gains of fair value hedging adjustment included in the carrying amount of the hedged assets/liabilities | Cumulative amount of fair value hedging adjustment remaining for the liabilities which hedge accounting has been discontinued | |||||||||||||||||||||||||||||||||||||
March 31, 2021 | March 31, 2022 | March 31, 2021 | March 31, 2022 | March 31, 2021 | March 31, 2022 | |||||||||||||||||||||||||||||||||||
Long-term borrowings | ¥ | 1,098 | ¥ | 1,164 | ¥ | (36) | ¥ | 2 | ¥ | 1,164 | ¥ | 2,075 | ¥ | 2 | ¥ | 90 | ¥ | 0 | ¥ | 0 | ||||||||||||||||||||
Total | ¥ | 1,098 | ¥ | 1,164 | ¥ | (36) | ¥ | 2 | ¥ | 1,164 | ¥ | 2,075 | ¥ | 2 | ¥ | 90 | ¥ | 0 | ¥ | 0 | ||||||||||||||||||||
Billions of yen | Billions of yen | |||||||||||||||||||||||
Year ended March 31 | Year ended March 31 | |||||||||||||||||||||||
2019 | 2020 | 2021 | 2020 | 2021 | 2022 | |||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||
Derivatives designated as fair value hedging instruments: | ||||||||||||||||||||||||
Interest rate contracts | ¥ | 6 | ¥ | (26 | ) | ¥ | 29 | ¥ | (26 | ) | ¥ | 29 | ¥ | 85 | ||||||||||
Total | ¥ | 6 | ¥ | (26 | ) | ¥ | 29 | ¥ | (26 | ) | ¥ | 29 | ¥ | 85 | ||||||||||
Billions of yen | Billions of yen | |||||||||||||||||||||||
Year ended March 31 | Year ended March 31 | |||||||||||||||||||||||
2019 | 2020 | 2021 | 2020 | 2021 | 2022 | |||||||||||||||||||
Hedged items: | ||||||||||||||||||||||||
Hedged items in fair value hedges: | ||||||||||||||||||||||||
Long-term borrowings | ¥ | (6 | ) | ¥ | 26 | ¥ | (29 | ) | ¥ | 26 | ¥ | (29 | ) | ¥ | (85 | ) | ||||||||
Total | ¥ | (6 | ) | ¥ | 26 | ¥ | (29 | ) | ¥ | 26 | ¥ | (29 | ) | ¥ | (85 | ) | ||||||||
Billions of yen | ||||||||||||
Year ended March 31 | ||||||||||||
2019 | 2020 | 2021 | ||||||||||
Hedging instruments: | ||||||||||||
Foreign exchange contracts | ¥ | 7 | ¥ | 2 | ¥ | (7 | ) | |||||
Total | ¥ | 7 | ¥ | 2 | ¥ | (7 | ) | |||||
Billions of yen | ||||||||||||
Year ended March 31 | ||||||||||||
2020 | 2021 | 2022 | ||||||||||
Net investment hedging instruments: | ||||||||||||
Foreign exchange contracts | ¥ | 2 | ¥ | (7 | ) | ¥ | 7 | |||||
Total | ¥ | 2 | ¥ | (7 | ) | ¥ | 7 | |||||
Billions of yen | ||||||||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||||
Carrying value (Asset) / Liability (1) | Maximum potential payout/Notional | Notional | ||||||||||||||||||||||||||
Years to maturity | Purchased credit protection | |||||||||||||||||||||||||||
Total | Less than 1 year | 1 to 3 years | 3 to 5 years | More than 5 years | ||||||||||||||||||||||||
Single-name credit default swaps | ¥ | (80 | ) | ¥ | 7,035 | ¥ | 1,318 | ¥ | 2,297 | ¥ | 2,642 | ¥ | 778 | ¥ | 5,452 | |||||||||||||
Credit default swap indices | (246 | ) | 10,235 | 1,271 | 4,065 | 3,989 | 910 | 7,737 | ||||||||||||||||||||
Other credit risk related portfolio products | 10 | 396 | 73 | 180 | 131 | 12 | 280 | |||||||||||||||||||||
Credit-risk related options and swaptions | 0 | 39 | 0— | 0— | 39 | 0— | 33 | |||||||||||||||||||||
Total | ¥ | (316 | ) | ¥ | 17,705 | ¥ | 2,662 | ¥ | 6,542 | ¥ | 6,801 | ¥ | 1,700 | ¥ | 13,502 | |||||||||||||
Billions of yen | ||||||||||||||||||||||||||||
March 31, 2020 | ||||||||||||||||||||||||||||
Maximum potential payout/Notional | Notional | |||||||||||||||||||||||||||
Years to maturity | Purchased credit protection | |||||||||||||||||||||||||||
Carrying value (Asset) / Liability (1) | Total | Less than 1 year | 1 to 3 years | 3 to 5 years | More than 5 years | |||||||||||||||||||||||
Single-name credit default swaps | ¥ | 96 | ¥ | 8,018 | ¥ | 2,323 | ¥ | 2,238 | ¥ | 2,552 | ¥ | 905 | ¥ | 5,836 | ||||||||||||||
Credit default indices | 18 | 8,064 | 721 | 2,455 | 4,179 | 709 | 6,364 | |||||||||||||||||||||
Other credit risk related portfolio products | 65 | 357 | 39 | 130 | 175 | 13 | 274 | |||||||||||||||||||||
Credit-risk related options and swaptions | 1 | 16 | 0— | 0— | 16 | 0— | 16 | |||||||||||||||||||||
Total | ¥ | 180 | ¥ | 16,455 | ¥ | 3,083 | ¥ | 4,823 | ¥ | 6,922 | ¥ | 1,627 | ¥ | 12,490 | ||||||||||||||
Billions of yen | ||||||||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||||
Maximum potential payout/Notional | Notional | |||||||||||||||||||||||||||
Years to maturity | Purchased credit protection | |||||||||||||||||||||||||||
Carrying value (Asset) / Liability (1) | Total | Less than 1 year | 1 to 3 years | 3 to 5 years | More than 5 years | |||||||||||||||||||||||
Single-name credit default swaps | ¥ | (80 | ) | ¥ | 7,035 | ¥ | 1,318 | ¥ | 2,297 | ¥ | 2,642 | ¥ | 778 | ¥ | 5,452 | |||||||||||||
Credit default indices | (246 | ) | 10,235 | 1,271 | 4,065 | 3,989 | 910 | 7,737 | ||||||||||||||||||||
Other credit risk related portfolio products | 10 | 396 | 73 | 180 | 131 | 12 | 280 | |||||||||||||||||||||
Credit-risk related options and swaptions | 0 | 39 | 0— | 0— | 39 | 0— | 33 | |||||||||||||||||||||
Total | ¥ | (316 | ) | ¥ | 17,705 | ¥ | 2,662 | ¥ | 6,542 | ¥ | 6,801 | ¥ | 1,700 | ¥ | 13,502 | |||||||||||||
Billions of yen | ||||||||||||||||||||||||||||
March 31, 2022 | ||||||||||||||||||||||||||||
Carrying value (Asset) / Liability (1) | Maximum potential payout/Notional | Notional | ||||||||||||||||||||||||||
Years to maturity | Purchased credit protection | |||||||||||||||||||||||||||
Total | Less than 1 year | 1 to 3 years | 3 to 5 years | More than 5 years | ||||||||||||||||||||||||
Single-name credit default swaps | ¥ | 19 | ¥ | 7,708 | ¥ | 1,339 | ¥ | 2,915 | ¥ | 2,448 | ¥ | 1,006 | ¥ | 5,688 | ||||||||||||||
Credit default swap indices | (140 | ) | 10,015 | 2,045 | 4,189 | 3,257 | 524 | 7,494 | ||||||||||||||||||||
Other credit risk related portfolio products | 19 | 419 | 56 | 286 | 63 | 14 | 293 | |||||||||||||||||||||
Credit-risk related options and swaptions | 0 | 115 | 0— | 0— | 88 | 27 | 68 | |||||||||||||||||||||
Total | ¥ | (102 | ) | ¥ | 18,257 | ¥ | 3,440 | ¥ | 7,390 | ¥ | 5,856 | ¥ | 1,571 | ¥ | 13,543 | |||||||||||||
(1) | Carrying value amounts are shown on a gross basis prior to cash collateral or counterparty derivatives. |
Billions of yen | ||||||||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||||
Maximum potential payout/Notional | ||||||||||||||||||||||||||||
AAA | AA | A | BBB | BB | Other (1) | Total | ||||||||||||||||||||||
Single-name credit default swaps | ¥ | 198 | ¥ | 1,218 | ¥ | 1,887 | ¥ | 2,098 | ¥ | 753 | ¥ | 881 | ¥ | 7,035 | ||||||||||||||
Credit default swap indices | 114 | 128 | 1,880 | 6,294 | 1,415 | 404 | 10,235 | |||||||||||||||||||||
Other credit risk-related portfolio products | 0— | 0— | 4 | 237 | 58 | 97 | 396 | |||||||||||||||||||||
Credit risk-related options and swaptions | 0— | 0— | 0— | 32 | 7 | 0— | 39 | |||||||||||||||||||||
Total | ¥ | 312 | ¥ | 1,346 | ¥ | 3,771 | ¥ | 8,661 | ¥ | 2,233 | ¥ | 1,382 | ¥ | 17,705 | ||||||||||||||
Billions of yen | ||||||||||||||||||||||||||||
March 31, 2022 | ||||||||||||||||||||||||||||
Maximum potential payout/Notional | ||||||||||||||||||||||||||||
AAA | AA | A | BBB | BB | Other (1) | Total | ||||||||||||||||||||||
Single-name credit default swaps | ¥ | 192 | �� | ¥ | 1,485 | ¥ | 2,164 | ¥ | 2,057 | ¥ | 869 | ¥ | 941 | ¥ | 7,708 | |||||||||||||
Credit default swap indices | 105 | 215 | 3,369 | 5,012 | 988 | 326 | 10,015 | |||||||||||||||||||||
Other credit risk-related portfolio products | 0— | 0— | 28 | 226 | 47 | 118 | 419 | |||||||||||||||||||||
Credit risk-related options and swaptions | 0— | 0— | 61 | 27 | 27 | 0— | 115 | |||||||||||||||||||||
Total | ¥ | 297 | ¥ | 1,700 | ¥ | 5,622 | ¥ | 7,322 | ¥ | 1,931 | ¥ | 1,385 | ¥ | 18,257 | ||||||||||||||
Billions of yen | ||||||||||||||||||||||||||||
March 31, 2020 | ||||||||||||||||||||||||||||
Maximum potential payout/Notional | ||||||||||||||||||||||||||||
AAA | AA | A | BBB | BB | Other (1) | Total | ||||||||||||||||||||||
Single-name credit default swaps | ¥ | 122 | ¥ | 1,683 | ¥ | 1,935 | ¥ | 2,643 | ¥ | 1,198 | ¥ | 437 | ¥ | 8,018 | ||||||||||||||
Credit default indices | 24 | 153 | 2,211 | 4,027 | 1,318 | 331 | 8,064 | |||||||||||||||||||||
Other credit risk related portfolio products | 0— | 0— | 2 | 191 | 73 | 91 | 357 | |||||||||||||||||||||
Credit-risk related options and swaptions | 0— | 0— | 0— | 0— | 16 | 0— | 16 | |||||||||||||||||||||
Total | ¥ | 146 | ¥ | 1,836 | ¥ | 4,148 | ¥ | 6,861 | ¥ | 2,605 | ¥ | 859 | ¥ | 16,455 | ||||||||||||||
Billions of yen | ||||||||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||||
Maximum potential payout/Notional | ||||||||||||||||||||||||||||
AAA | AA | A | BBB | BB | Other (1) | Total | ||||||||||||||||||||||
Single-name credit default swaps | ¥ | 198 | ¥ | 1,218 | ¥ | 1,887 | ¥ | 2,098 | ¥ | 753 | ¥ | 881 | ¥ | 7,035 | ||||||||||||||
Credit default indices | 114 | 128 | 1,880 | 6,294 | 1,415 | 404 | 10,235 | |||||||||||||||||||||
Other credit risk related portfolio products | 0— | 0— | 4 | 237 | 58 | 97 | 396 | |||||||||||||||||||||
Credit-risk related options and swaptions | 0— | 0— | 0— | 32 | 7 | 0— | 39 | |||||||||||||||||||||
Total | ¥ | 312 | ¥ | 1,346 | ¥ | 3,771 | ¥ | 8,661 | ¥ | 2,233 | ¥ | 1,382 | ¥ | 17,705 | ||||||||||||||
(1) |
Millions of yen | ||||||||||||
Year ended March 31 | ||||||||||||
2020 | 2021 | 2022 | ||||||||||
Commissions | ¥ | 308,805 | ¥ | 376,897 | ¥ | 332,344 | ||||||
Fees from investment banking | 103,222 | 108,681 | 149,603 | |||||||||
Asset management and portfolio service fees | 238,202 | 230,047 | 269,985 | |||||||||
Other revenue | 49,901 | 44,235 | 38,863 | |||||||||
Total | ¥ | 700,130 | ¥ | 759,860 | ¥ | 790,795 | ||||||
Millions of yen | ||||||||||||
Year ended March 31 | ||||||||||||
2019 | 2020 | 2021 | ||||||||||
Commissions | ¥ | 293,069 | ¥ | 308,805 | ¥ | 376,897 | ||||||
Fees from investment banking | 101,521 | 103,222 | 108,681 | |||||||||
Asset management and portfolio service fees | 245,519 | 238,202 | 230,047 | |||||||||
Other revenue | 54,284 | 49,901 | 44,235 | |||||||||
Total | ¥ | 694,393 | ¥ | 700,130 | ¥ | 759,860 | ||||||
Millions of yen | ||||||||||||
Year ended March 31 | ||||||||||||
2019 | 2020 | 2021 | ||||||||||
Stock Brokerage Commissions | ¥ | 192,032 | ¥ | 196,491 | ¥ | 262,286 | ||||||
Commissions for distributing of investment trusts | 56,649 | 66,664 | 68,794 | |||||||||
Other | 44,388 | 45,650 | 45,817 | |||||||||
Total | ¥ | 293,069 | ¥ | 308,805 | ¥ | 376,897 | ||||||
Millions of yen | ||||||||||||
Year ended March 31 | ||||||||||||
2020 | 2021 | 2022 | ||||||||||
Brokerage commissions | ¥ | 196,491 | ¥ | 262,286 | ¥ | 236,353 | ||||||
Fund unit distribution fees | 66,664 | 68,794 | 43,695 | |||||||||
Other commissions | 45,650 | 45,817 | 52,296 | |||||||||
Total | ¥ | 308,805 | ¥ | 376,897 | ¥ | 332,344 | ||||||
Millions of yen | ||||||||||||
Year ended March 31 | ||||||||||||
2019 | 2020 | 2021 | ||||||||||
Equity underwriting and distribution | ¥ | 30,046 | ¥ | 13,958 | ¥ | 30,647 | ||||||
Bond underwriting and distribution | 22,739 | 25,546 | 23,120 | |||||||||
Financial advisory fees | 33,195 | 41,646 | 37,760 | |||||||||
Other | 15,541 | 22,072 | 17,154 | |||||||||
Total | ¥ | 101,521 | ¥ | 103,222 | ¥ | 108,681 | ||||||
Millions of yen | ||||||||||||
Year ended March 31 | ||||||||||||
2020 | 2021 | 2022 | ||||||||||
Equity underwriting and distribution fees | ¥ | 13,958 | ¥ | 30,647 | ¥ | 33,113 | ||||||
Debt underwriting and distribution fees | 25,546 | 23,120 | 29,812 | |||||||||
Financial advisory fees | 41,646 | 37,760 | 64,240 | |||||||||
Other fees | 22,072 | 17,154 | 22,438 | |||||||||
Total | ¥ | 103,222 | ¥ | 108,681 | ¥ | 149,603 | ||||||
Millions of yen | Millions of yen | |||||||||||||||||||||||
Year ended March 31 | Year ended March 31 | |||||||||||||||||||||||
2019 | 2020 | 2021 | 2020 | 2021 | 2022 | |||||||||||||||||||
Asset management fees | ¥ | 168,695 | ¥ | 159,494 | ¥ | 150,218 | ¥ | 159,494 | ¥ | 150,218 | ¥ | 171,056 | ||||||||||||
Administration fees | 60,983 | 62,619 | 63,215 | 62,619 | 63,215 | 79,572 | ||||||||||||||||||
Custodial fees | 15,841 | 16,089 | 16,614 | 16,089 | 16,614 | 19,357 | ||||||||||||||||||
Total | ¥ | 245,519 | ¥ | 238,202 | ¥ | 230,047 | ¥ | 238,202 | ¥ | 230,047 | ¥ | 269,985 | ||||||||||||
Type of service provided to customers | Overview of key services provided | Key revenue recognition policies, assumptions and judgments | ||
Trade execution, clearing services and distribution of fund units | • Buying and selling of securities on behalf of customers • Distribution of fund units • Clearing of securities and derivatives on behalf of customers | • Trade execution and clearing commissions recognized at a point in time, namely trade date. • Distribution fees are recognized at a point in time when the fund units have been sold to third party investors. • Commissions recognized net of soft dollar credits provided to customers where Nomura is acting as agent in providing investment research and |
assumptions and | ||||
similar services to the customer. | ||||
Financial advisory services | • Provision of financial advice to customers in connection with a specific forecasted transaction or transactions such as mergers and acquisitions • Provision of financial advice not in connection with a specific forecasted transaction or transactions such as general corporate intelligence and similar research • Issuance of fairness opinions • Structuring complex financial instruments for customers | • Fees contingent on the success of an underlying transaction are variable consideration recognized when the underlying transaction has been completed since only at such point is it probable that a significant reversal of revenue will not occur. • Retainer and milestone fees are recognized either over the period to which they relate or are deferred until consummation of the underlying transaction depending on whether the underlying performance obligation is satisfied at a point in time or over time. |
Type of service provided to customers | Overview of key services provided | Key revenue recognition policies, assumptions and judgments | ||
• Judgment is required to make this determination with factors influencing this determination including, but not limited to, whether the fee is in connection with an engagement designed to achieve a specific transaction or outcome for the customer (such as the purchase or sale of a business), the nature and extent of benefit to be provided to the customer prior to, and in addition to such specific transaction or outcome and the fee structure for the engagement. • Retainer and milestone fees recognized over time are normally recognized on a straight-line basis over the term of the contract based on time elapsed. |
assumptions and | ||||||
Underwriting and syndication services | • Underwriting of debt, equity and other financial instruments on behalf of customers • Distributing securities on behalf of issuers • Arranging loan financing for customers • Syndicating loan financing on behalf of customer | • Underwriting and syndication • Commitment fees where • Underwriting and syndication costs recognized either as a reduction of revenue or on a gross basis depending on whether Nomura is acting as principal or agent for such amounts. |
Type of service provided to customers | Overview of key services provided | Key revenue recognition policies, assumptions and judgments | ||
Asset management services | • Management of funds, investment trusts and other investment vehicles • Provision of investment advisory services • | • Management fees earned by Nomura in connection with managing a fund, investment trust or other vehicle generally are recognized on a straight-line basis based on time elapsed. • Performance-based fees are variable consideration recognized when the performance metric has been determined since only at such point is it probable that a significant reversal of revenue will not occur. • Custodial and administrative fees are recognized on a straight-line basis over time based on time elapsed. |
Millions of yen | Millions of yen | |||||||||||||||
March 31, 2020 | March 31, 2021 | March 31, 2021 | March 31, 2022 | |||||||||||||
Customer contract receivables | ¥ | 103,557 | ¥ | 85,205 | ¥ | 85,205 | ¥ | 88,621 | ||||||||
Contract liabilities (1) | 3,444 | 3,497 | 3,497 | 3,834 |
(1) | Contract liabilities primarily rise from investment advisory services and are recognized |
Billions of yen | ||||||||||||||||
March 31, 2021 | ||||||||||||||||
Assets | Liabilities | |||||||||||||||
Reverse repurchase agreements | Securities borrowing transactions | Repurchase agreements | Securities lending transactions | |||||||||||||
Total gross balance (1) | ¥ | 31,568 | ¥ | 5,241 | ¥ | 34,154 | ¥ | 1,781 | ||||||||
Less: Amounts offset in the consolidated balance sheets (2) | (20,793 | ) | 0— | (20,794 | ) | 0— | ||||||||||
Total net amounts of reported on the face of the consolidated balance sheets (3) | ¥ | 10,775 | ¥ | 5,241 | ¥ | 13,360 | ¥ | 1,781 | ||||||||
Less: Additional amounts not offset in the consolidated balance sheets (4) | ||||||||||||||||
Financial instruments and non-cash collateral | (9,390 | ) | (3,211 | ) | (9,448 | ) | (1,488 | ) | ||||||||
Cash collateral | (1 | ) | 0— | (1 | ) | 0— | ||||||||||
Net amount | ¥ | 1,384 | ¥ | 2,030 | ¥ | 3,911 | ¥ | 293 | ||||||||
Billions of yen | Billions of yen | |||||||||||||||||||||||||||||||
March 31, 2020 | March 31, 2022 | |||||||||||||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||||||||||||
Reverse repurchase agreements | Securities borrowing transactions | Repurchase agreements | Securities lending transactions | Reverse repurchase agreements | Securities borrowing transactions | Repurchase agreements | Securities lending transactions | |||||||||||||||||||||||||
Total gross balance (1) | ¥ | 32,425 | ¥ | 3,508 | ¥ | 36,397 | ¥ | 1,252 | ¥ | 31,365 | ¥ | 4,994 | ¥ | 32,061 | ¥ | 1,734 | ||||||||||||||||
Less: Amounts offset in the consolidated balance sheets (2) | (20,048 | ) | 0— | (20,048 | ) | 0— | (19,486 | ) | 0— | (19,486 | ) | 0— | ||||||||||||||||||||
Total net amounts of reported on the face of the consolidated balance sheets (3) | ¥ | 12,377 | ¥ | 3,508 | ¥ | 16,349 | ¥ | 1,252 | ¥ | 11,879 | ¥ | 4,994 | ¥ | 12,575 | ¥ | 1,734 | ||||||||||||||||
Less: Additional amounts not offset in the consolidated balance sheets (4) | ||||||||||||||||||||||||||||||||
Financial instruments and non-cash collateral | (10,507 | ) | (2,381 | ) | (8,980 | ) | (1,067 | ) | (9,370 | ) | (3,372 | ) | (9,114 | ) | (1,524 | ) | ||||||||||||||||
Cash collateral | (5 | ) | 0— | (40 | ) | 0— | (8 | ) | 0— | (12 | ) | 0— | ||||||||||||||||||||
Net amount | ¥ | 1,865 | ¥ | 1,127 | ¥ | 7,329 | ¥ | 185 | ¥ | 2,501 | ¥ | 1,622 | ¥ | 3,449 | ¥ | 210 | ||||||||||||||||
Billions of yen | ||||||||||||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||||||||
Assets | Liabilities | |||||||||||||||||||||||||||||||
Reverse repurchase agreements | Securities borrowing transactions | Repurchase agreements | Securities lending transactions | |||||||||||||||||||||||||||||
Total gross balance (1) | ¥ | 31,568 | ¥ | 5,241 | ¥ | 34,154 | ¥ | 1,781 | ||||||||||||||||||||||||
Less: Amounts offset in the consolidated balance sheets (2) | (20,793 | ) | 0— | (20,794 | ) | 0— | ||||||||||||||||||||||||||
Total net amounts of reported on the face of the consolidated balance sheets (3) | ¥ | 10,775 | ¥ | 5,241 | ¥ | 13,360 | ¥ | 1,781 | ||||||||||||||||||||||||
Less: Additional amounts not offset in the consolidated balance sheets (4) | ||||||||||||||||||||||||||||||||
Financial instruments and non-cash collateral | (9,390 | ) | (3,211 | ) | (9,448 | ) | (1,488 | ) | ||||||||||||||||||||||||
Cash collateral | (1 | ) | 0— | (1 | ) | 0— | ||||||||||||||||||||||||||
Net amount | ¥ | 1,384 | ¥ | 2,030 | ¥ | 3,911 | ¥ | 293 | ||||||||||||||||||||||||
(1) |
billion, respectively. As of March 31, 2021, the gross balance of securities borrowing transactions and securities lending transactions which were not transacted under master netting agreements or are documented under master netting agreements for which Nomura has not yet obtained sufficient evidence of |
enforceability |
(2) | 210-20. Amounts offset include transactions carried at fair value through election of the fair value option. |
(3) | Reverse repurchase agreements and securities borrowing transactions are reported within Collateralized — Securities purchased under agreements to resell Collateralized — Securities borrowed Collateralized — Securities sold under agreements to repurchase Collateralized — Securities loaned Other liabilities |
(4) | 210-20 but which provide Nomura with the right of offset in the event of counterparty default. Amounts relating to agreements where Nomura has not yet obtained sufficient evidence of enforceability of such offsetting rights are excluded. |
Billions of yen | Billions of yen | |||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Overnight and open (1) | Up to 30 days | 30 - 90 days | 90 days - 1 year | Greater than 1 year | Total | Overnight and open (1) | Up to 30 days | 30 - 90 days | 90 days - 1 year | Greater than 1 year | Total | |||||||||||||||||||||||||||||||||||||
Repurchase agreements | ¥ | 13,837 | ¥ | 16,452 | ¥ | 1,991 | ¥ | 1,590 | ¥ | 284 | ¥ | 34,154 | ¥ | 13,837 | ¥ | 16,452 | ¥ | 1,991 | ¥ | 1,590 | ¥ | 284 | ¥ | 34,154 | ||||||||||||||||||||||||
Securities lending transactions | 872 | 351 | 291 | 266 | 1 | 1,781 | 872 | 351 | 291 | 266 | 1 | 1,781 | ||||||||||||||||||||||||||||||||||||
Total gross recognized liabilities (2) | ¥ | 14,709 | ¥ | 16,803 | ¥ | 2,282 | ¥ | 1,856 | ¥ | 285 | ¥ | 35,935 | ¥ | 14,709 | ¥ | 16,803 | ¥ | 2,282 | ¥ | 1,856 | ¥ | 285 | ¥ | 35,935 | ||||||||||||||||||||||||
Billions of yen | ||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||
Overnight and open (1) | Up to 30 days | 30 - 90 days | 90 days - 1 year | Greater than 1 year | Total | |||||||||||||||||||||||||||||||||||||||||||
Repurchase agreements | ¥ | 12,266 | ¥ | 15,454 | ¥ | 2,220 | ¥ | 1,611 | ¥ | 510 | ¥ | 32,061 | ||||||||||||||||||||||||||||||||||||
Securities lending transactions | 992 | 242 | 200 | 277 | 23 | 1,734 | ||||||||||||||||||||||||||||||||||||||||||
Total gross recognized liabilities (2) | ¥ | 13,258 | ¥ | 15,696 | ¥ | 2,420 | ¥ | 1,888 | ¥ | 533 | ¥ | 33,795 | ||||||||||||||||||||||||||||||||||||
(1) | Open transactions do not have an explicit contractual maturity date and are terminable on demand by Nomura or the counterparty. |
(2) | Repurchase agreements and securities lending transactions are reported within Collateralized — Securities sold under agreements to repurchase Collateralized — Securities loaned |
obligation to return those securities. The liability is reported within Other liabilities |
Billions of yen | Billions of yen | |||||||||||||||||||||||
March 31, 2021 | March 31, 2021 | |||||||||||||||||||||||
Repurchase agreements | Securities lending transactions | Total | Repurchase agreements | Securities lending transactions | Total | |||||||||||||||||||
Equities and convertible securities | ¥ | 724 | ¥ | 1,600 | ¥ | 2,324 | ¥ | 724 | ¥ | 1,600 | ¥ | 2,324 | ||||||||||||
Japanese government, agency and municipal securities | 1,168 | 00 | 1,168 | 1,168 | 0 | 1,168 | ||||||||||||||||||
Foreign government, agency and municipal securities | 27,531 | 8 | 27,539 | 27,531 | 8 | 27,539 | ||||||||||||||||||
Bank and corporate debt securities | 1,926 | 117 | 2,043 | 1,926 | 117 | 2,043 | ||||||||||||||||||
Commercial mortgage-backed securities (“CMBS”) | 6 | 0— | 6 | 6 | 0— | 6 | ||||||||||||||||||
Residential mortgage-backed securities (“RMBS”) (1) | 2,532 | 0— | 2,532 | 2,532 | 0— | 2,532 | ||||||||||||||||||
Collateralized debt obligations (“CDOs”) and other | 223 | 0— | 223 | 223 | 0— | 223 | ||||||||||||||||||
Investment trust funds and other | 44 | 56 | 100 | 44 | 56 | 100 | ||||||||||||||||||
Total gross recognized liabilities (2) | ¥ | 34,154 | ¥ | 1,781 | ¥ | 35,935 | ¥ | 34,154 | ¥ | 1,781 | ¥ | 35,935 | ||||||||||||
Billions of yen | ||||||||||||||||||||||||
March 31, 2022 | ||||||||||||||||||||||||
Repurchase agreements | Securities lending transactions | Total | ||||||||||||||||||||||
Equities and convertible securities | ¥ | 384 | ¥ | 1,508 | ¥ | 1,892 | ||||||||||||||||||
Japanese government, agency and municipal securities | 879 | 1 | 880 | |||||||||||||||||||||
Foreign government, agency and municipal securities | 26,436 | 17 | 26,453 | |||||||||||||||||||||
Bank and corporate debt securities | 2,322 | 175 | 2,497 | |||||||||||||||||||||
Commercial mortgage-backed securities (“CMBS”) | 1 | 0— | 1 | |||||||||||||||||||||
Residential mortgage-backed securities (“RMBS”) (1) | 1,846 | 0— | 1,846 | |||||||||||||||||||||
Collateralized debt obligations (“CDOs”) and other | 157 | 0— | 157 | |||||||||||||||||||||
Investment trust funds and other | 36 | 33 | 69 | |||||||||||||||||||||
Total gross recognized liabilities (2) | ¥ | 32,061 | ¥ | 1,734 | ¥ | 33,795 | ||||||||||||||||||
(1) | Includes ¥2,170 billion of U.S. government sponsored agency mortgage pass through securities and collateralized mortgage ¥1,404 billion of U.S. government sponsored agency mortgage pass through securities and collateralized mortgage obligations as of March 31, 2022. |
(2) | Repurchase agreements and securities lending transactions are reported within Collateralized — Securities sold under agreements to repurchase Collateralized — Securities loaned Other liabilities |
Billions of yen | ||||||||
March 31 | ||||||||
2020 | 2021 | |||||||
The fair value of securities received as collateral, securities borrowed as collateral and securities borrowed without collateral where Nomura is permitted by contract or custom to sell or repledge the securities | ¥ | 46,439 | ¥ | 50,466 | ||||
The portion of the above that has been sold (reported within Trading liabilities | 38,054 | 38,342 |
Billions of yen | ||||||||
March 31 | ||||||||
2021 | 2022 | |||||||
The fair value of securities received as collateral, securities borrowed as collateral and securities borrowed without collateral where Nomura is permitted by contract or custom to sell or repledge the securities | ¥ | 50,466 | ¥ | 48,234 | ||||
The portion of the above that has been sold (as reported within Trading liabilities | 38,342 | 36,146 |
Millions of yen | Millions of yen | |||||||||||||||
March 31 | March 31 | |||||||||||||||
2020 | 2021 | 2021 | 2022 | |||||||||||||
Trading assets: | ||||||||||||||||
Equities and convertible securities | ¥ | 133,066 | ¥ | 239,393 | ¥ | 239,393 | ¥ | 368,235 | ||||||||
Government and government agency securities | 1,183,457 | 1,064,164 | 1,064,164 | 1,178,011 | ||||||||||||
Bank and corporate debt securities | 59,734 | 32,262 | 32,262 | 27,899 | ||||||||||||
Residential mortgage-backed securities (“RMBS”) | 2,826,613 | 1,790,395 | 1,790,395 | 868,183 | ||||||||||||
Collateralized debt obligations (“CDOs”) and other (1) | 12,406 | 32,081 | 32,081 | 9,548 | ||||||||||||
Investment trust funds and other | 6,439 | 43,805 | 43,805 | 36,661 | ||||||||||||
¥ | 4,221,715 | ¥ | 3,202,100 | ¥ | 3,202,100 | ¥ | 2,488,537 | |||||||||
Non-trading debt securities | 29 | 115,659 | 115,659 | 163,445 | ||||||||||||
Investments in and advances to affiliated companies | ¥ | 2,760 | ¥ | 4,136 | ¥ | 4,136 | ¥ | 12,832 |
(1) | Includes CLOs and ABS such as those secured on credit card loans, auto loans and student loans. |
(2) | Non-trading debt securities are primarily Japanese municipal securities. |
(3) | Investments in and advances to affiliated companies primarily comprise shares in NRI. |
Millions of yen | Millions of yen | |||||||||||||||
March 31 | March 31 | |||||||||||||||
2020 | 2021 | 2021 | 2022 | |||||||||||||
Loans and receivables | ¥ | 55,051 | ¥ | 114,051 | ¥ | 114,051 | ¥ | 235,875 | ||||||||
Trading assets and private equity and debt investments | 1,393,517 | 1,344,361 | 1,344,361 | 1,416,279 | ||||||||||||
Office buildings, land, equipment and facilities | 5,258 | 5,076 | 5,076 | 4,841 | ||||||||||||
Non-trading debt securities | 149,991 | 1,047 | 1,047 | 2,827 | ||||||||||||
Investments in and advances to affiliated companies | 0— | 3 | ||||||||||||||
Other | 77 | 5,823 | 5,823 | 497 | ||||||||||||
¥ | 1,603,894 | ¥ | 1,470,358 | ¥ | 1,470,358 | ¥ | 1,660,322 | |||||||||
Billions of yen | Billions of yen | |||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2020 | March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Investment grade | Other | Level 1 | Level 2 | Level 3 | Total | Investment grade | Other | |||||||||||||||||||||||||||||||||||||
Government, agency and municipal securities | ¥ | 0— | ¥ | 158 | ¥ | 0— | ¥ | 158 | ¥ | 158 | ¥ | 0— | ¥ | 0 — | ¥ | 154 | ¥ | 0 — | ¥ | 154 | ¥ | 154 | ¥ | 0 — | ||||||||||||||||||||||||
Bank and corporate debt securities | 0— | 0— | 0— | 0— | 0— | 0— | 0 — | 0 — | 0 — | 0 — | 0 — | 0 — | ||||||||||||||||||||||||||||||||||||
CMBS and RMBS | 0— | 0— | 5 | 5 | 0 | 5 | 0 — | 0 — | 6 | 6 | 0 | 6 | ||||||||||||||||||||||||||||||||||||
Total | ¥ | 0— | ¥ | 158 | ¥ | 5 | ¥ | 163 | ¥ | 158 | ¥ | 5 | ¥ | 0 — | ¥ | 154 | ¥ | 6 | ¥ | 160 | ¥ | 154 | ¥ | 6 | ||||||||||||||||||||||||
Billions of yen | ||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Investment grade | Other | |||||||||||||||||||||||||||||||||||||||||||
Government, agency and municipal securities | ¥ | 0— | ¥ | 154 | ¥ | 0— | ¥ | 154 | ¥ | 154 | ¥ | 0— | ||||||||||||||||||||||||||||||||||||
Bank and corporate debt securities | 0— | 0— | 0— | 0— | 0— | 0— | ||||||||||||||||||||||||||||||||||||||||||
CMBS and RMBS | 0— | 0— | 6 | 6 | 0 | 6 | ||||||||||||||||||||||||||||||||||||||||||
Total | ¥ | 0— | ¥ | 154 | ¥ | 6 | ¥ | 160 | ¥ | 154 | ¥ | 6 | ||||||||||||||||||||||||||||||||||||
Billions of yen | ||||||||||||||||||||||||
March 31, 2022 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Investment grade | Other | |||||||||||||||||||
Government, agency and municipal securities | ¥ | 0— | ¥ | 124 | ¥ | 0— | ¥ | 124 | ¥ | 124 | ¥ | 0— | ||||||||||||
Bank and corporate debt securities | 0— | 0— | 0— | 0— | 0— | 0— | ||||||||||||||||||
CMBS and RMBS | 0— | 0— | 7 | 7 | 2 | 5 | ||||||||||||||||||
Total | ¥ | 0— | ¥ | 124 | ¥ | 7 | ¥ | 131 | ¥ | 126 | ¥ | 5 | ||||||||||||
Billions of yen | Billions of yen | |||||||||||||||
March 31 | March 31 | |||||||||||||||
2020 | 2021 | 2021 | 2022 | |||||||||||||
Assets | ||||||||||||||||
Trading assets | ||||||||||||||||
Loans | ¥ | 45 | ¥ | 106 | ||||||||||||
Loans for trading purposes | ¥ | 106 | ¥ | 19 | ||||||||||||
Loans receivable | 0— | 203 | ||||||||||||||
Total | ¥ | 106 | ¥ | 222 | ||||||||||||
Liabilities | ||||||||||||||||
Long-term borrowings | ¥ | 45 | ¥ | 106 | ¥ | 106 | ¥ | 222 | ||||||||
Billions of yen | ||||||||
March 31 | ||||||||
2021 | 2022 | |||||||
Consolidated VIE assets | ||||||||
Cash and cash equivalents | ¥ | 13 | ¥ | 62 | ||||
Trading assets | ||||||||
Equities | 524 | 555 | ||||||
Debt securities | 414 | 443 | ||||||
CMBS and RMBS | 20 | 21 | ||||||
Investment trust funds and other | 4 | 0— | ||||||
Derivatives | 1 | 1 | ||||||
Private equity and debt investments | 21 | 4 | ||||||
Office buildings, land, equipment and facilities | 51 | 10 | ||||||
Other | 26 | 115 | ||||||
Total | ¥ | 1,074 | ¥ | 1,211 | ||||
Consolidated VIE liabilities | ||||||||
Trading liabilities | ||||||||
Derivatives | 2 | 0 | ||||||
Borrowings | ||||||||
Short-term borrowings | 74 | 95 | ||||||
Long-term borrowings | 763 | 797 | ||||||
Other | 2 | 6 | ||||||
Total | ¥ | 841 | ¥ | 898 | ||||
Billions of yen | ||||||||
March 31 | ||||||||
2020 | 2021 | |||||||
Consolidated VIE assets | ||||||||
Cash and cash equivalents | ¥ | 10 | ¥ | 13 | ||||
Trading assets | ||||||||
Equities | 645 | 524 | ||||||
Debt securities | 454 | 414 | ||||||
CMBS and RMBS | 43 | 20 | ||||||
Investment trust funds and other | 0 | 4 | ||||||
Derivatives | 19 | 1 | ||||||
Private equity and debt investments | 11 | 21 | ||||||
Office buildings, land, equipment and facilities | 15 | 51 | ||||||
Other | 24 | 26 | ||||||
Total | ¥ | 1,221 | ¥ | 1,074 | ||||
Consolidated VIE liabilities | ||||||||
Trading liabilities | ||||||||
Derivatives | 19 | 2 | ||||||
Borrowings | ||||||||
Short-term borrowings | 117 | 74 | ||||||
Long-term borrowings | 830 | 763 | ||||||
Other | 4 | 2 | ||||||
Total | ¥ | 970 | ¥ | 841 | ||||
Billions of yen | ||||||||||||
March 31, 2021 | ||||||||||||
Carrying amount of variable interests | Maximum exposure to loss to unconsolidated VIEs | |||||||||||
Assets | Liabilities | |||||||||||
Trading assets and liabilities | ||||||||||||
Equities | ¥ | 30 | ¥ | 0— | ¥ | 30 | ||||||
Debt securities | 60 | 0— | 60 | |||||||||
CMBS and RMBS | 2,362 | 0— | 2,362 | |||||||||
Investment trust funds and other | 195 | 0— | 195 | |||||||||
Private equity and debt investments | 3 | 0— | 3 | |||||||||
Loans | 556 | 0— | 556 | |||||||||
Other | 19 | 0— | 19 | |||||||||
Commitments to extend credit and other guarantees | 0— | 0— | 110 | |||||||||
Total | ¥ | 3,225 | ¥ | 0— | ¥ | 3,335 | ||||||
Billions of yen | Billions of yen | |||||||||||||||||||||||
March 31, 2020 | March 31, 2022 | |||||||||||||||||||||||
Carrying amount of variable interests | Maximum exposure to loss to unconsolidated VIEs | Carrying amount of variable interests | Maximum exposure to loss to unconsolidated VIEs | |||||||||||||||||||||
Assets | Liabilities | Assets | Liabilities | |||||||||||||||||||||
Trading assets and liabilities | ||||||||||||||||||||||||
Equities | ¥ | 35 | ¥ | 0— | ¥ | 35 | ¥ | 26 | ¥ | 0 — | ¥ | 26 | ||||||||||||
Debt securities | 73 | 0— | 73 | 61 | 0 — | 61 | ||||||||||||||||||
CMBS and RMBS | 3,631 | 0— | 3,631 | 1,432 | 0 — | 1,432 | ||||||||||||||||||
Investment trust funds and other | 170 | 0— | 170 | 191 | 0 — | 191 | ||||||||||||||||||
Private equity and debt investments | 11 | 0— | 11 | 22 | 0 — | 22 | ||||||||||||||||||
Loans | 835 | 0— | 835 | 940 | 0 — | 940 | ||||||||||||||||||
Other | 11 | 0— | 11 | 10 | 0 — | 10 | ||||||||||||||||||
Commitments to extend credit and other guarantees | 0— | 0— | 84 | — | 0 — | 256 | ||||||||||||||||||
Total | ¥ | 4,766 | ¥ | 0— | ¥ | 4,850 | ¥ | 2,682 | ¥ | 0 — | ¥ | 2,938 | ||||||||||||
Billions of yen | ||||||||||||||||||||||||
March 31, 2021 | ||||||||||||||||||||||||
Carrying amount of variable interests | Maximum exposure to loss to unconsolidated VIEs | |||||||||||||||||||||||
Assets | Liabilities | |||||||||||||||||||||||
Trading assets and liabilities | ||||||||||||||||||||||||
Equities | ¥ | 30 | ¥ | 0— | ¥ | 30 | ||||||||||||||||||
Debt securities | 60 | 0— | 60 | |||||||||||||||||||||
CMBS and RMBS | 2,362 | 0— | 2,362 | |||||||||||||||||||||
Investment trust funds and other | 195 | 0— | 195 | |||||||||||||||||||||
Private equity and debt investments | 3 | 0— | 3 | |||||||||||||||||||||
Loans | 556 | 0— | 556 | |||||||||||||||||||||
Other | 19 | 0— | 19 | |||||||||||||||||||||
Commitments to extend credit and other guarantees | 0— | 0— | 110 | |||||||||||||||||||||
Total | ¥ | 3,225 | ¥ | 0— | ¥ | 3,335 | ||||||||||||||||||
Millions of yen | Millions of yen | |||||||||||||||||||||||
March 31, 2020 | March 31, 2021 | |||||||||||||||||||||||
Carried at amortized cost | Carried at fair value (1) | Total | Carried at amortized cost | Carried at fair value (1) | Total | |||||||||||||||||||
Loans receivable | ||||||||||||||||||||||||
Loans at banks | ¥ | 521,715 | ¥ | — | ¥ | 521,715 | ¥ | 605,200 | ¥ | — | ¥ | 605,200 | ||||||||||||
Short-term secured margin loans | 296,833 | 8,905 | 305,738 | 436,221 | — | 436,221 | ||||||||||||||||||
Inter-bank money market loans | 865 | — | 865 | 1,289 | — | 1,289 | ||||||||||||||||||
Corporate loans | 1,232,851 | 796,236 | 2,029,087 | 1,082,239 | 818,523 | 1,900,762 | ||||||||||||||||||
Total loans receivable | ¥ | 2,052,264 | ¥ | 805,141 | ¥ | 2,857,405 | ¥ | 2,124,949 | ¥ | 818,523 | ¥ | 2,943,472 | ||||||||||||
Advances to affiliated companies | 1,000 | — | 1,000 | |||||||||||||||||||||
Total | ¥ | 2,125,949 | ¥ | 818,523 | ¥ | 2,944,472 | ||||||||||||||||||
Millions of yen | ||||||||||||
March 31, 2022 | ||||||||||||
Carried at amortized cost | Carried at fair value (1) | Total | ||||||||||
Loans receivable | ||||||||||||
Loans at banks | ¥ | 717,992 | ¥ | — | ¥ | 717,992 | ||||||
Short-term secured margin loans | 442,600 | — | 442,600 | |||||||||
Inter-bank money market loans | 2,196 | — | 2,196 | |||||||||
Corporate loans | 1,206,349 | 1,210,590 | 2,416,939 | |||||||||
Total loans receivable | ¥ | 2,369,137 | ¥ | 1,210,590 | ¥ | 3,579,727 | ||||||
Advances to affiliated companies | 1,000 | — | 1,000 | |||||||||
Total | ¥ | 2,370,137 | ¥ | 1,210,590 | ¥ | 3,580,727 | ||||||
Millions of yen | ||||||||||||
March 31, 2021 | ||||||||||||
Carried at amortized cost | Carried at fair value (1) | Total | ||||||||||
Loans receivable | ||||||||||||
Loans at banks | ¥ | 605,200 | ¥ | 0— | ¥ | 605,200 | ||||||
Short-term secured margin loans | 436,221 | — | 436,221 | |||||||||
Inter-bank money market loans | 1,289 | 0— | 1,289 | |||||||||
Corporate loans | 1,082,239 | 818,523 | 1,900,762 | |||||||||
Total loans receivable | ¥ | 2,124,949 | ¥ | 818,523 | ¥ | 2,943,472 | ||||||
Advances to affiliated companies | 1,000 | 0— | 1,000 | |||||||||
Total | ¥ | 2,125,949 | ¥ | 818,523 | ¥ | 2,944,472 | ||||||
(1) | Includes loans receivable and loan commitments carried at fair value through election of the fair value option. |
Loans receivable and written unfunded loan commitments; |
Cash deposits; |
Collateralized agreements such as reverse repos and securities borrowing transactions; |
Customer contract assets and receivables; and |
Other receivables including margin receivables, security deposits, default fund contributions to central clearing counterparties and net investments in finance leases. |
Financial instrument | Methodology to determine current expected credit losses | |
Loans, written loan commitments and certain deposits | • Full loss rate model developed by Nomura’s Risk department • Measures expected credit losses based on probability of default (PD), Loss Given Default (LGD) and Exposure at Default (EAD) inputs. • PD inputs incorporate forward-looking scenarios used by Nomura for internal risk management and capital purposes. • Immediate reversion method used for periods beyond which reasonable and supportable forecast is not available. • For financial instruments which have defaulted or are probable of defaulting, expected credit losses measured using discounted cash flow analyses or, where the financial instrument is collateral dependent, based on any shortfall of fair value of the underlying collateral. | |
Collateralized agreements, short-term secured margin loans and cash prime brokerage loans | • For reverse repos and short-term secured margin loans and cash prime brokerage loans where frequent margining is required and the counterparty has ability to replenish margin, as permitted by a practical expedient provided by ASC 326 expected credit losses are limited to difference between carrying value of the reverse repo or margin loan and fair value of underlying collateral. • Securities borrowing transactions typically have very short expected lives and are collateralized and therefore expected credit losses are generally determined qualitatively to be insignificant based on historical experience and consistent monitoring of collateral. | |
Customer contract assets and receivables | • Expected credit losses typically based on ageing analysis where loss rates are applied to the carrying value based on historical experience, the current economic climate and specific information about the ability of the client to pay. |
Millions of yen | Millions of yen | |||||||||||||||||||||||||||||||||||||||||||||||
Year ended March 31, 2019 | Year ended March 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Allowance for doubtful accounts | Allowance for receivables other than loans | Total allowance for doubtful accounts | Allowance for current expected credit losses against loans | Allowance against receivables other than loans | Total allowance for current expected credit losses | |||||||||||||||||||||||||||||||||||||||||||
Loans at banks | Short-term secured margin loans | Corporate loans | Subtotal | Loans at banks | Short-term secured margin loans | Corporate loans | Subtotal | |||||||||||||||||||||||||||||||||||||||||
Opening balance | ¥ | 1,140 | ¥ | — | ¥ | 417 | ¥ | 1,557 | ¥ | 1,957 | ¥ | 3,514 | ¥ | 1,052 | ¥ | 370 | ¥ | 868 | ¥ | 2,290 | ¥ | 1,879 | ¥ | 4,169 | ||||||||||||||||||||||||
Provision for credit losses | 7 | 364 | 434 | 805 | 30 | 835 | 512 | — | 7,125 | 7,637 | 1,451 | 9,088 | ||||||||||||||||||||||||||||||||||||
Charge-offs | (95 | ) | — | (0 | ) | (95 | ) | (102 | ) | (197 | ) | — | — | — | — | (162 | ) | (162 | ) | |||||||||||||||||||||||||||||
Other (1) | — | 6 | 17 | 23 | (6 | ) | 17 | — | (18 | ) | (49 | ) | (67 | ) | (16 | ) | (83 | ) | ||||||||||||||||||||||||||||||
Ending balance | ¥ | 1,052 | ¥ | 370 | ¥ | 868 | ¥ | 2,290 | ¥ | 1,879 | ¥ | 4,169 | ||||||||||||||||||||||||||||||||||||
Closing balance | ¥ | 1,564 | ¥ | 352 | ¥ | 7,944 | ¥ | 9,860 | ¥ | 3,152 | ¥ | 13,012 | ||||||||||||||||||||||||||||||||||||
Millions of yen | ||||||||||||||||||||||||||||||||||||||||||||||||
Year ended March 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for doubtful accounts | Allowance for receivables other than loans | Total allowance for doubtful accounts | ||||||||||||||||||||||||||||||||||||||||||||||
Loans at banks | Short-term secured margin loans | Corporate loans | Subtotal | |||||||||||||||||||||||||||||||||||||||||||||
Opening balance | ¥ | 1,052 | ¥ | 370 | ¥ | 868 | ¥ | 2,290 | ¥ | 1,879 | ¥ | 4,169 | ||||||||||||||||||||||||||||||||||||
Provision for credit losses | 512 | — | 7,125 | 7,637 | 1,451 | 9,088 | ||||||||||||||||||||||||||||||||||||||||||
Charge-offs | — | — | — | — | (162 | ) | (162 | ) | ||||||||||||||||||||||||||||||||||||||||
Other (1) | — | (18 | ) | (49 | ) | (67 | ) | (16 | ) | (83 | ) | |||||||||||||||||||||||||||||||||||||
Ending balance | ¥ | 1,564 | ¥ | 352 | ¥ | 7,944 | ¥ | 9,860 | ¥ | 3,152 | ¥ | 13,012 | ||||||||||||||||||||||||||||||||||||
(1) |
Millions of yen | ||||||||||||||||||||||||
Year ended March 31, 2021 | ||||||||||||||||||||||||
Allowance for current expected credit losses against loans | Allowance against receivables other than loans (3) | Total allowance for current expected credit losses | ||||||||||||||||||||||
Loans at banks | Short-term secured margin loans | Corporate loans | Subtotal | |||||||||||||||||||||
Opening balance prior to CECL adoption (1) | 1,564 | 352 | 7,944 | 9,860 | 3,152 | 13,012 | ||||||||||||||||||
Impact of CECL adoption (2) | 232 | — | 1,738 | 1,970 | 2 | 1,972 | ||||||||||||||||||
Opening balance after CECL adoption | 1,796 | 352 | 9,682 | 11,830 | 3,154 | 14,984 | ||||||||||||||||||
Provision for credit losses (4) | (196 | ) | — | 38,211 | 38,015 | 1,060 | 39,075 | |||||||||||||||||
Charge-offs | (318 | ) | (363 | ) | (0 | ) | (681 | ) | (1,600 | ) | (2,281 | ) | ||||||||||||
Other (5) | — | 11 | 92 | 103 | 1,903 | 2,006 | ||||||||||||||||||
Closing balance | ¥ | 1,282 | ¥ | — | ¥ | 47,985 | ¥ | 49,267 | ¥ | 4,517 | ¥ | 53,784 | ||||||||||||
Millions of yen | ||||||||||||||||||||||||
Year ended March 31, 2021 | ||||||||||||||||||||||||
Allowance for doubtful accounts | Allowance against receivables other than loans (2) | Total allowance for doubtful accounts | ||||||||||||||||||||||
Loans at banks | Short-term secured margin loans | Corporate loans | Subtotal | |||||||||||||||||||||
Opening balance prior to CECL adoption | ¥ | 1,564 | ¥ | 352 | ¥ | 7,944 | ¥ | 9,860 | ¥ | 3,152 | ¥ | 13,012 | ||||||||||||
Impact of CECL adoption (1) | 232 | — | 1,738 | 1,970 | 2 | 1,972 | ||||||||||||||||||
Opening balance after CECL adoption | 1,796 | 352 | 9,682 | 11,830 | 3,154 | 14,984 | ||||||||||||||||||
Provision for credit losses (3) | (196 | ) | 0— | 38,211 | 38,015 | 1,060 | 39,075 | |||||||||||||||||
Charge-offs | (318 | ) | (363 | ) | (0 | ) | (681 | ) | (1,600 | ) | (2,281 | ) | ||||||||||||
Other (4) | 0— | 11 | 92 | 103 | 1,903 | 2,006 | ||||||||||||||||||
Ending balance | ¥ | 1,282 | ¥ | 0— | ¥ | 47,985 | ¥ | 49,267 | ¥ | 4,517 | ¥ | 53,784 | ||||||||||||
Millions of yen | ||||||||||||||||||||||||
Year ended March 31, 2022 | ||||||||||||||||||||||||
Allowance for current expected credit losses against loans | Allowance against receivables other than loans (3) | Total allowance for current expected credit losses | ||||||||||||||||||||||
Loans at banks | Short-term secured margin loans | Corporate loans | Subtotal | |||||||||||||||||||||
Opening balance | 1,282 | — | 47,985 | 49,267 | 4,517 | 53,784 | ||||||||||||||||||
Provision for losses (4) | 1,161 | — | 11,079 | 12,240 | 113 | 12,353 | ||||||||||||||||||
Charge-offs | — | — | — | — | (1,231 | ) | (1,231 | ) | ||||||||||||||||
Other ( 4 )(5) | (9 | ) | — | 3,289 | 3,280 | (1,840 | ) | 1,440 | ||||||||||||||||
Closing balance | ¥ | 2,434 | ¥ | — | ¥ | 62,353 | ¥ | 64,787 | ¥ | 1,559 | ¥ | 66,346 | ||||||||||||
(1) | Closing balance recognized on March 31, 2020 as determined using legacy U.S. GAAP guidance in effect prior to the adoption of ASC 326. |
(2) | The adjusted opening balance recognized on April 1, 2020 on adoption of the CECL impairment model under ASC 326. |
Includes amounts recognized against collateralized agreements, customer contract assets and receivables and other receivables. |
Following default by million was recognized during the quarter ended June 30, 2021, which was subsequently partially offset by a release in the allowance of ¥2,535million during the quarter ended March 31, 2022. See Note 23 “U.S. Prime Brokerage Event” for further information on this event. |
Millions of yen | Millions of yen | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | 2016 or earlier | Revolving | Total | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 or earlier | Revolving | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Secured loans at banks: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AAA-BBB | ¥ | 54,179 | ¥ | 115,003 | ¥ | 17,106 | ¥ | 12,450 | ¥ | 4,240 | ¥ | 17,634 | ¥ | 0— | ¥ | 220,612 | ¥ | 54,179 | ¥ | 115,003 | ¥ | 17,106 | ¥ | 12,450 | ¥ | 4,240 | ¥ | 17,634 | ¥ | 0— | ¥ | 220,612 | ||||||||||||||||||||||||||||||||
BB-CCC | 75,680 | 115,131 | 3,864 | 2,324 | 0— | 5,484 | 0— | 202,483 | 75,680 | 115,131 | 3,864 | 2,324 | 0— | 5,484 | 0— | 202,483 | ||||||||||||||||||||||||||||||||||||||||||||||||
CC-D | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | ||||||||||||||||||||||||||||||||||||||||||||||||
Others (1) | 0— | 61,185 | 0— | 0— | 0— | 0— | 0— | 61,185 | 0— | 61,185 | 0— | 0— | 0— | 0— | 0— | 61,185 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total secured loans at banks | ¥ | 129,859 | ¥ | 291,319 | ¥ | 20,970 | ¥ | 14,774 | ¥ | 4,240 | ¥ | 23,118 | ¥ | 0— | ¥ | 484,280 | ¥ | 129,859 | ¥ | 291,319 | ¥ | 20,970 | ¥ | 14,774 | ¥ | 4,240 | ¥ | 23,118 | ¥ | 0— | ¥ | 484,280 | ||||||||||||||||||||||||||||||||
Unsecured loans at banks: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AAA-BBB | ¥ | 9,101 | ¥ | 22,955 | ¥ | 27,863 | ¥ | 17,563 | ¥ | 8,484 | ¥ | 34,719 | ¥ | 0— | ¥ | 120,685 | ¥ | 9,101 | ¥ | 22,955 | ¥ | 27,863 | ¥ | 17,563 | ¥ | 8,484 | ¥ | 34,719 | ¥ | 0— | ¥ | 120,685 | ||||||||||||||||||||||||||||||||
BB-CCC | 0— | 0— | 235 | 0— | 0— | 0— | 0— | 235 | 0— | 0— | 235 | 0— | 0— | 0— | 0— | 235 | ||||||||||||||||||||||||||||||||||||||||||||||||
CC-D | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | ||||||||||||||||||||||||||||||||||||||||||||||||
Others (1) | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Others | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total unsecured loans at banks | ¥ | 9,101 | ¥ | 22,955 | ¥ | 28,098 | ¥ | 17,563 | ¥ | 8,484 | ¥ | 34,719 | ¥ | 0— | ¥ | 120,920 | ¥ | 9,101 | ¥ | 22,955 | ¥ | 28,098 | ¥ | 17,563 | ¥ | 8,484 | ¥ | 34,719 | ¥ | 0— | ¥ | 120,920 | ||||||||||||||||||||||||||||||||
Short-term secured margin loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AAA-BBB | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ||||||||||||||||||||||||||||||||
BB-CCC | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | ||||||||||||||||||||||||||||||||||||||||||||||||
CC-D | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | ||||||||||||||||||||||||||||||||||||||||||||||||
Others (1) | 170,514 | 141 | 0— | 0— | 0— | 0— | 265,566 | 436,221 | 170,514 | 141 | 0— | 0— | 0— | 0— | 265,566 | 436,221 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total short-term secured margin loans | ¥ | 170,514 | ¥ | 141 | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 265,566 | ¥ | 436,221 | ¥ | 170,514 | ¥ | 141 | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 265,566 | ¥ | 436,221 | ||||||||||||||||||||||||||||||||
Unsecured inter-bank money market loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AAA-BBB | ¥ | 1,289 | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 1,289 | ¥ | 1,289 | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 1,289 | ||||||||||||||||||||||||||||||||
BB-CCC | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | ||||||||||||||||||||||||||||||||||||||||||||||||
CC-D | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | ||||||||||||||||||||||||||||||||||||||||||||||||
Others (1) | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Others | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total unsecured inter-bank money market loans | ¥ | 1,289 | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 1,289 | ¥ | 1,289 | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 1,289 | ||||||||||||||||||||||||||||||||
Secured corporate loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AAA-BBB | ¥ | 33,965 | ¥ | 261,182 | ¥ | 45,880 | ¥ | 9,817 | ¥ | 6,406 | ¥ | 27,672 | ¥ | 97 | ¥ | 385,019 | ¥ | 33,965 | ¥ | 261,182 | ¥ | 45,880 | ¥ | 9,817 | ¥ | 6,406 | ¥ | 27,672 | ¥ | 97 | ¥ | 385,019 | ||||||||||||||||||||||||||||||||
BB-CCC | 20,093 | 102,941 | 34,435 | 29,869 | 13,067 | 17,573 | 173,178 | 391,156 | 20,093 | 102,941 | 34,435 | 29,869 | 13,067 | 17,573 | 173,178 | 391,156 | ||||||||||||||||||||||||||||||||||||||||||||||||
CC-D(2) | 197,859 | 0— | 0— | 0— | 0— | 0— | 0— | 197,859 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CC-D (2) | 197,859 | 0— | 0— | 0— | 0— | 0— | 0— | 197,859 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Others (1) | 0— | 39 | 40 | 11 | 30 | 4,697 | 428 | 5,245 | 0— | 39 | 40 | 11 | 30 | 4,697 | 428 | 5,245 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total secured corporate loans | ¥ | 251,917 | ¥ | 364,162 | ¥ | 80,355 | ¥ | 39,697 | ¥ | 19,503 | ¥ | 49,942 | ¥ | 173,703 | ¥ | 979,279 | ¥ | 251,917 | ¥ | 364,162 | ¥ | 80,355 | ¥ | 39,697 | ¥ | 19,503 | ¥ | 49,942 | ¥ | 173,703 | ¥ | 979,279 | ||||||||||||||||||||||||||||||||
�� | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unsecured corporate loans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AAA-BBB | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ||||||||||||||||||||||||||||||||
BB-CCC | 84 | 0— | 450 | 0— | 0— | 0— | 0— | 534 | 84 | 0— | 450 | 0— | 0— | 0— | 0— | 534 | ||||||||||||||||||||||||||||||||||||||||||||||||
CC-D | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | ||||||||||||||||||||||||||||||||||||||||||||||||
Others (1) | 1 | 191 | 8 | 97,212 | 0— | 5,014 | 0— | 102,426 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Others | 1 | 191 | 8 | 97,212 | 0— | 5,014 | 0— | 102,426 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total unsecured corporate loans | ¥ | 85 | ¥ | 191 | ¥ | 458 | ¥ | 97,212 | ¥ | 0— | ¥ | 5,014 | ¥ | 0— | ¥ | 102,960 | ¥ | 85 | ¥ | 191 | ¥ | 458 | ¥ | 97,212 | ¥ | 0— | ¥ | 5,014 | ¥ | 0— | ¥ | 102,960 | ||||||||||||||||||||||||||||||||
Advances to affiliated companie s | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advances to affiliated companies | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
AAA-BBB | ¥ | 1,000 | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 1,000 | ¥ | 1,000 | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 1,000 | ||||||||||||||||||||||||||||||||
BB-CCC | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | ||||||||||||||||||||||||||||||||||||||||||||||||
CC-D | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | ||||||||||||||||||||||||||||||||||||||||||||||||
Others(1) | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Others | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total advances to affiliated companies | ¥ | 1,000 | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 1,000 | ¥ | 1,000 | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 1,000 | ||||||||||||||||||||||||||||||||
Total | ¥ | 563,765 | ¥ | 678,768 | ¥ | 129,881 | ¥ | 169,246 | ¥ | 32,227 | ¥ | 112,793 | ¥ | 439,269 | ¥ | 2,125,949 | ¥ | 563,765 | ¥ | 678,768 | ¥ | 129,881 | ¥ | 169,246 | ¥ | 32,227 | ¥ | 112,793 | ¥ | 439,269 | ¥ | 2,125,949 | ||||||||||||||||||||||||||||||||
(1) | Relate to collateralized exposures where a specified ratio of LTV is maintained. |
(2) | Includes loans of ¥197,859 million to a U.S. client in “U.S. Prime Brokerage Event” for further information on this event. |
Millions of yen | ||||||||||||||||||||||||||||||||
March 31, 2022 | ||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2019 | 2018 | 2017 or earlier | Revolving | Total | |||||||||||||||||||||||||
Secured loans at banks: | ||||||||||||||||||||||||||||||||
AAA-BBB | ¥ | 106,554 | ¥ | 126,834 | ¥ | 8,325 | ¥ | 17,308 | ¥ | 9,213 | ¥ | 12,729 | ¥ | 0— | ¥ | 280,963 | ||||||||||||||||
BB-CCC | 80,167 | 169,655 | 1,693 | 638 | 587 | 6,779 | 0— | 259,519 | ||||||||||||||||||||||||
CC-D | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | ||||||||||||||||||||||||
Others (1) | 0— | 82,304 | 0— | 0— | 0— | 0— | 0— | 82,304 | ||||||||||||||||||||||||
Total secured loans at banks | ¥ | 186,721 | ¥ | 378,793 | ¥ | 10,018 | ¥ | 17,946 | ¥ | 9,800 | ¥ | 19,508 | ¥ | 0— | ¥ | 622,786 | ||||||||||||||||
Unsecured loans at banks: | ||||||||||||||||||||||||||||||||
AAA-BBB | ¥ | 6,000 | ¥ | 18,175 | ¥ | 12,703 | ¥ | 20,565 | ¥ | 9,982 | ¥ | 25,841 | ¥ | 0— | ¥ | 93,266 | ||||||||||||||||
BB-CCC | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | ||||||||||||||||||||||||
CC-D | 0— | 0— | 0— | 1,940 | 0— | 0— | 0— | 1,940 | ||||||||||||||||||||||||
Others | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | ||||||||||||||||||||||||
Total unsecured loans at banks | ¥ | 6,000 | ¥ | 18,175 | ¥ | 12,703 | ¥ | 22,505 | ¥ | 9,982 | ¥ | 25,841 | ¥ | 0— | ¥ | 95,206 | ||||||||||||||||
Short-term secured margin loans: | ||||||||||||||||||||||||||||||||
AAA-BBB | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ||||||||||||||||
BB-CCC | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | ||||||||||||||||||||||||
CC-D | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | ||||||||||||||||||||||||
Others (1) | 169,195 | 23,238 | 0— | 0— | 0— | 0— | 250,167 | 442,600 | ||||||||||||||||||||||||
Total short-term secured margin loans | ¥ | 169,195 | ¥ | 23,238 | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 250,167 | ¥ | 442,600 | ||||||||||||||||
Unsecured inter-bank money market loans: | ||||||||||||||||||||||||||||||||
AAA-BBB | ¥ | 2,196 | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 2,196 | ||||||||||||||||
BB-CCC | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | ||||||||||||||||||||||||
CC-D | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | ||||||||||||||||||||||||
Others | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | ||||||||||||||||||||||||
Total unsecured inter-bank money market loans | ¥ | 2,196 | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 2,196 | ||||||||||||||||
Secured corporate loans: | ||||||||||||||||||||||||||||||||
AAA-BBB | ¥ | 0— | ¥ | 52,545 | ¥ | 86,910 | ¥ | 20,710 | ¥ | 3,258 | ¥ | 52,496 | ¥ | 9,916 | ¥ | 225,835 | ||||||||||||||||
BB-CCC | 86,300 | 307,636 | 14,718 | 131,266 | 115,494 | 30,085 | 92,039 | 777,538 | ||||||||||||||||||||||||
CC-D (2) | 0— | 57,524 | 0— | 0— | 0— | 0— | 0— | 57,524 | ||||||||||||||||||||||||
Others (1) | 455 | 20 | 25 | 26 | 10 | 101 | 96 | 733 | ||||||||||||||||||||||||
Total secured corporate loans | ¥ | 86,755 | ¥ | 417,725 | ¥ | 101,653 | ¥ | 152,002 | ¥ | 118,762 | ¥ | 82,682 | ¥ | 102,051 | ¥ | 1,061,630 | ||||||||||||||||
Unsecured corporate loans: | ||||||||||||||||||||||||||||||||
AAA-BBB | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ||||||||||||||||
BB-CCC | 11,621 | 20,516 | 0— | 1,989 | 0— | 0— | 0— | 34,126 | ||||||||||||||||||||||||
CC-D | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | ||||||||||||||||||||||||
Others | 0— | 438 | 191 | 0— | 109,959 | 5 | 0— | 110,593 | ||||||||||||||||||||||||
Total unsecured corporate loans | ¥ | 11,621 | ¥ | 20,954 | ¥ | 191 | ¥ | 1,989 | ¥ | 109,959 | ¥ | 5 | ¥ | 0— | ¥ | 144,719 | ||||||||||||||||
Advances to affiliated companies | ||||||||||||||||||||||||||||||||
AAA-BBB | ¥ | 0— | ¥ | 1,000 | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 1,000 | ||||||||||||||||
BB-CCC | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | ||||||||||||||||||||||||
CC-D | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | ||||||||||||||||||||||||
Others | 0— | 0— | 0— | 0— | 0— | 0— | 0— | 0— | ||||||||||||||||||||||||
Total advances to affiliated companies | ¥ | 0— | ¥ | 1,000 | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 1,000 | ||||||||||||||||
Total | ¥ | 462,488 | ¥ | 859,885 | ¥ | 124,565 | ¥ | 194,442 | ¥ | 248,503 | ¥ | 128,036 | ¥ | 352,218 | ¥ | 2,370,137 | ||||||||||||||||
(1) | Relate to collateralized exposures where a specified ratio of LTV is maintained. |
(2) | Includes loans of ¥57,524 million to a U.S. client in connection with the U.S. Prime Brokerage Event. See Note. 23 “U.S. Prime Brokerage Event” for further information on this event. |
Rating Range | Definition | |
AAA | Highest credit quality. An obligor or facility has extremely strong capacity to meet its financial commitments. ‘AAA range’ is the highest credit rating assigned by Nomura. Extremely low probability of default. | |
AA | Very high credit quality category. An obligor or facility has very strong capacity to meet its financial commitments. Very low probability of default but above that of ‘AAA range.’ | |
A | High credit quality category. An obligor or facility has strong capacity to meet its financial commitments but is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than those in higher-rated categories. Low probability of default but higher than that of ‘AA range.’ | |
BBB | Good credit quality category. An obligor or facility has adequate capacity to meet its financial commitments. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to meet its financial commitments. Medium probability of default but higher than that of ‘A range.’ | |
BB | Speculative credit quality category. An obligor or facility is less vulnerable in the near term than other lower-ratings. However, it faces major ongoing uncertainties and exposure to adverse business, financial, or economic conditions which could lead to the inadequate capacity to meet its financial commitments. Medium to high probability of default but higher than that of ‘BBB range.’ | |
B | Highly speculative credit quality category. An obligor or facility is more vulnerable than those rated ‘BB range’, but the obligor currently has the capacity to meet its financial commitments. Adverse business, financial, or economic conditions will likely impair the issuer’s or obligor’s capacity or willingness to meet its financial commitments. High probability of default—more than that of ‘BB range.’ | |
CCC | Substantial credit risk. An obligor or facility is currently vulnerable, and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments. Strong probability of default—more than that of ‘B range.’ | |
CC | Default category. An obligor or facility is currently highly vulnerable to | |
C | Default category. An obligor or facility is currently extremely vulnerable to | |
D | Failure of an obligor to make payments in full and on time of any financial obligations, markedly disadvantageous modification to a contractual term compared with the existing obligation, bankruptcy filings, administration, receivership, liquidation or other winding-up or cessation of business of an obligor or other similar situations. |
Millions of yen | Millions of yen | |||||||||||||||||||||||||||||||||||||||||||||||
March 31 | March 31 | |||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2021 | 2021 | 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Cost | Accumulated depreciation | Net carrying amount | Cost | Accumulated depreciation | Net carrying amount | Cost | Accumulated depreciation | Net carrying amount | Cost | Accumulated depreciation | Net carrying amount | |||||||||||||||||||||||||||||||||||||
Real estate (1) | ¥ | 354 | ¥ | (285 | ) | ¥ | 69 | ¥ | 354 | ¥ | (288 | ) | ¥ | 66 | ¥ | 354 | ¥ | (288 | ) | ¥ | 66 | ¥ | 354 | ¥ | (292 | ) | ¥ | 62 | ||||||||||||||||||||
Aircraft | 16,071 | (648 | ) | 15,423 | 39,736 | (1,382 | ) | 38,354 | 39,736 | (1,382 | ) | 38,354 | 10,373 | (688 | ) | 9,685 | ||||||||||||||||||||||||||||||||
Total | ¥ | 16,425 | ¥ | (933 | ) | ¥ | 15,492 | ¥ | 40,090 | ¥ | (1,670 | ) | ¥ | 38,420 | ¥ | 40,090 | ¥ | (1,670 | ) | ¥ | 38,420 | ¥ | 10,727 | ¥ | (980 | ) | ¥ | 9,747 | ||||||||||||||||||||
(1) | Cost, accumulated depreciation and net carrying amounts include amounts relating to real estate utilized by Nomura. |
Millions of yen | |||||
March 31, | |||||
Minimum lease payments to be received | |||||
Years of receipt | |||||
Less than 1 year | ¥ | ||||
1 to 2 years | |||||
2 to 3 years | |||||
3 to 4 years | |||||
4 to 5 years | |||||
More than 5 years | |||||
Total | ¥ | ||||
Millions of yen | Millions of yen | |||||||||||||||||||
Year ended March 31 | Year ended March 31 | |||||||||||||||||||
2020 | 2021 | 2020 | 2021 | 2022 | ||||||||||||||||
Lease expense: | ||||||||||||||||||||
Operating lease costs | ¥ | 48,475 | ¥ | 49,168 | ¥ | 48,475 | ¥ | 49,168 | ¥ | 47,643 | ||||||||||
Other income and expenses: | ||||||||||||||||||||
Gross sublease income (1) | ¥ | 5,377 | ¥ | 4,638 | ¥ | 5,377 | ¥ | 4,638 | ¥ | 3,464 |
(1) | Gross sublease income represents income from subleases separate from lease payments made by Nomura on the head lease as lessee. |
Millions of yen | Millions of yen | |||||||||||||||||||
Year ended March 31 | Year ended March 31 | |||||||||||||||||||
2020 | 2021 | 2020 | 2021 | 2022 | ||||||||||||||||
Operating cash flows for operating leases | ¥ | 47,212 | ¥ | 47,584 | ¥ | 47,212 | ¥ | 47,584 | ¥ | 46,565 | ||||||||||
ROU assets recognized in connection with new operating leases | ¥ | 18,026 | ¥ | 41,279 | ¥ | 18,026 | ¥ | 41,279 | ¥ | 32,208 |
Millions of yen | ||||
March 31, | ||||
Operating leases | ||||
Years of payment | ||||
Less than 1 year | ¥ | |||
1 to 2 years | ||||
2 to 3 years | ||||
3 to 4 years | ||||
4 to 5 years | ||||
More than 5 years | ||||
Total undiscounted lease payments | ¥ | |||
Less: Impact of discounting | ( | ) | ||
Lease liabilities as reported in the consolidated balance sheets | ¥ | |||
Year ended March 31 | ||||
2020 | 2021 | |||
Operating leases | Operating leases | |||
Weighted-average discount rate used to measure lease liabilities | 2.2% | 1.4% | ||
Weighted-average remaining lease term | 7.7 years | 7.6 years |
Year ended March 31 | ||||
2021 | 2022 | |||
Operating leases | Operating leases | |||
Weighted-average discount rate used to measure lease liabilities | 1.4% | 1.4% | ||
Weighted-average remaining lease term | 7.6 years | 7.2 years |
Millions of yen | ||||||||
March 31 | ||||||||
2021 | 2022 | |||||||
Land | ¥ | 39,233 | ¥ | 39,118 | ||||
Office buildings | 76,725 | 60,025 | ||||||
Equipment and facilities | 59,614 | 31,895 | ||||||
Software | 103,385 | 104,609 | ||||||
Construction in progress | 407 | 7,978 | ||||||
Operating lease ROU assets | 185,085 | 175,422 | ||||||
Total | ¥ | 464,449 | ¥ | 419,047 | ||||
Millions of yen | Millions of yen | |||||||||||||||
March 31 | March 31 | |||||||||||||||
2020 | 2021 | 2021 | 2022 | |||||||||||||
Other assets—Other: | ||||||||||||||||
Other assets — | ||||||||||||||||
Securities received as collateral | ¥ | 290,269 | ¥ | 399,975 | ¥ | 399,975 | ¥ | 166,352 | ||||||||
Goodwill and other intangible assets | 17,783 | 29,040 | 29,040 | 30,007 | ||||||||||||
Deferred tax assets net | 13,431 | 30,433 | 30,433 | 15,562 | ||||||||||||
Investments in equity securities for other than operating purposes (1) | 141,855 | 270,246 | 270,246 | 249,448 | ||||||||||||
Prepaid expenses | 16,262 | 18,741 | 18,741 | 17,165 | ||||||||||||
Other | 347,422 | 300,997 | 300,997 | 295,052 | ||||||||||||
Total | ¥ | 827,022 | ¥ | 1,049,432 | ¥ | 1,049,432 | ¥ | 773,586 | ||||||||
Other liabilities: | ||||||||||||||||
Obligation to return securities received as collateral | ¥ | 290,269 | ¥ | 399,975 | ¥ | 399,975 | ¥ | 166,352 | ||||||||
Accrued income taxes | 16,362 | 60,275 | 60,275 | 34,158 | ||||||||||||
Other accrued expenses and provisions | 396,560 | 424,961 | 424,961 | 457,511 | ||||||||||||
Other | 331,257 | 353,956 | 353,956 | 362,204 | ||||||||||||
Total | ¥ | 1,034,448 | ¥ | 1,239,167 | ¥ | 1,239,167 | ¥ | 1,020,225 | ||||||||
(1) | non-marketable equity securities held for other than trading or operating purposes. These investments comprise of listed equity securities and unlisted equity securities of million respectively, as of March 31, Revenue—Other in the consolidated statements of income.It also includes equity securities without a readily determinable fair value of million as of March 31, |
(2) | Includes a ¥62,889 million and ¥76,866 million as of “ Commitments, contingencies and for further information. |
(3) | Operating lease liabilities are presented through Other liabilities Leases |
Millions of yen | Millions of yen | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended March 31, 2020 | Year ended March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning of year | Changes during year | End of year | Beginning of year | Changes during year | End of year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross carrying amount | Accumulated Impairment | Net carrying amount | Acquisition | Impairment | Other (1) | Gross carrying amount | Accumulated Impairment | Net carrying amount | Gross carrying amount | Accumulated Impairment | Net carrying amount | Acquisition (2) | Impairment | Other (1) | Gross carrying amount | Accumulated Impairment | Net carrying amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wholesale | ¥ | 92,814 | ¥ | (92,814 | ) | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 0— | ¥ | 92,814 | ¥ | (92,814 | ) | ¥ | 0— | ¥ | 92,814 | ¥ | (92,814 | ) | ¥ | 0— | ¥ | 12,078 | ¥ | 0— | ¥ | 402 | ¥ | 105,294 | ¥ | (92,814 | ) | ¥ | 12,480 | ||||||||||||||||||||||||||||||||
Other | 474 | 0— | 474 | 0— | 0— | (2 | ) | 472 | 0— | 472 | 472 | 0— | 472 | 189 | 0— | 4 | 665 | 0— | 665 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ¥ | 93,288 | ¥ | (92,814 | ) | ¥ | 474 | ¥ | 0— | ¥ | 0— | ¥ | (2 | ) | ¥ | 93,286 | ¥ | (92,814 | ) | ¥ | 472 | ¥ | 93,286 | ¥ | (92,814 | ) | ¥ | 472 | ¥ | 12,267 | ¥ | 0— | ¥ | 406 | ¥ | 105,959 | ¥ | (92,814 | ) | ¥ | 13,145 | |||||||||||||||||||||||||||||||
Millions of yen | Millions of yen | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended March 31, 2021 | Year ended March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning of year | Changes during year | End of year | Beginning of year | Changes during year | End of year | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross carrying amount | Accumulated Impairment | Net carrying amount | Acquisition (2) | Impairment | Other (1) | Gross carrying amount | Accumulated Impairment | Net carrying amount | Gross carrying amount | Accumulated Impairment | Net carrying amount | Acquisition | Impairment | Other (1) | Gross carrying amount | Accumulated Impairment | Net carrying amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wholesale | ¥ | 92,814 | ¥ | (92,814 | ) | ¥ | 0— | ¥ | 12,078 | ¥ | 0— | ¥ | 402 | ¥ | 105,294 | ¥ | (92,814 | ) | ¥ | 12,480 | ¥ | 105,294 | ¥ | (92,814 | ) | ¥ | 12,480 | ¥ | 0— | ¥ | 0— | ¥ | 1,260 | ¥ | 106,554 | ¥ | (92,814 | ) | ¥ | 13,740 | ||||||||||||||||||||||||||||||||
Other | 472 | 0— | 472 | 189 | 0— | 4 | 665 | 0— | 665 | 665 | 0— | 665 | 0— | 0— | 2 | 667 | 0— | 667 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | ¥ | 93,286 | ¥ | (92,814 | ) | ¥ | 472 | ¥ | 12,267 | ¥ | 0— | ¥ | 406 | ¥ | 105,959 | ¥ | (92,814 | ) | ¥ | 13,145 | ¥ | 105,959 | ¥ | (92,814 | ) | ¥ | 13,145 | ¥ | 0— | ¥ | 0— | ¥ | 1,262 | ¥ | 107,221 | ¥ | (92,814 | ) | ¥ | 14,407 | ||||||||||||||||||||||||||||||||
(1) | Includes currency translation adjustments. |
(2) | For the year ended March 31, 2021, Nomura recognized goodwill as a result of acquiring 100% of the ownership interests in Greentech Capital, LLC which has been allocated in its entirety to the Wholesale division for segmental reporting and reporting unit ”Business for further information. |
Millions of yen | Millions of yen | |||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2020 | March 31, 2021 | March 31, 2021 | March 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||
Gross carrying amount | Accumulated amortization | Net carrying amount | Gross carrying amount | Accumulated amortization | Net carrying amount | Gross carrying amount | Accumulated amortization | Net carrying amount | Gross carrying amount | Accumulated amortization | Net carrying amount | |||||||||||||||||||||||||||||||||||||
Client relationships | ¥ | 63,331 | ¥ | (55,342 | ) | ¥ | 7,989 | ¥ | 64,357 | ¥ | (57,680 | ) | ¥ | 6,677 | ¥ | 64,357 | ¥ | (57,680 | ) | ¥ | 6,677 | ¥ | 67,492 | ¥ | (61,715 | ) | ¥ | 5,777 | ||||||||||||||||||||
Other | 999 | (373 | ) | 626 | 1,842 | (1,234 | ) | 608 | 1,842 | (1,234 | ) | 608 | 2,000 | (1,522 | ) | 478 | ||||||||||||||||||||||||||||||||
Total | ¥ | 64,330 | ¥ | (55,715 | ) | ¥ | 8,615 | ¥ | 66,199 | ¥ | (58,914 | ) | ¥ | 7,285 | ¥ | 66,199 | ¥ | (58,914 | ) | ¥ | 7,285 | ¥ | 69,492 | ¥ | (63,237 | ) | ¥ | 6,255 | ||||||||||||||||||||
Millions of yen | Millions of yen | ||||||||
Year ending March 31 | Estimated amortization expense | Estimated amortization expense | |||||||
2022 | ¥ | 6,021 | |||||||
2023 | 186 | ¥ | 324 | ||||||
2024 | 182 | 200 | |||||||
2025 | 179 | 197 | |||||||
2026 | 179 | 113 | |||||||
2027 | 73 |
Millions of yen | ||||||||
March 31 | ||||||||
2020 | 2021 | |||||||
Balance at beginning of year | ¥ | 5,758 | ¥ | 6,625 | ||||
Liabilities incurred during the current period | 979 | 1,846 | ||||||
Liabilities settled during the current period | (112 | ) | (97 | ) | ||||
Revision in estimated cash flows (1 ) | 0— | 6,111 | ||||||
Balance at end of period | ¥ | 6,625 | ¥ | 14,485 | ||||
Millions of yen | ||||||||
March 31 | ||||||||
2021 | 2022 | |||||||
Balance at beginning of year | ¥ | 6,625 | ¥ | 14,485 | ||||
Liabilities incurred during the current period | 1,846 | 319 | ||||||
Liabilities settled during the current period | (97 | ) | (564 | ) | ||||
Revision in estimated cash flows (1) | 6,111 | 0— | ||||||
Balance at end of period | ¥ | 14,485 | ¥ | 14,240 | ||||
(1) | During the fiscal year ended March 31, 2021, as a result of the rights conversion of the Tokyo Nihonbashi district redevelopment project, the estimate of future cash flows for the ARO associated with our properties has been changed. |
Millions of yen | Millions of yen | |||||||||||||||
March 31 | March 31 | |||||||||||||||
2020 | 2021 | 2021 | 2022 | |||||||||||||
Short-term borrowings (1) : | ||||||||||||||||
Commercial paper | ¥ | 525,124 | ¥ | 460,014 | ¥ | 460,014 | ¥ | 131,915 | ||||||||
Bank borrowings | 565,130 | 294,052 | 294,052 | 205,857 | ||||||||||||
Other | 396,479 | 614,032 | 614,032 | 712,369 | ||||||||||||
Total | ¥ | 1,486,733 | ¥ | 1,368,098 | ¥ | 1,368,098 | ¥ | 1,050,141 | ||||||||
Long-term borrowings: | ||||||||||||||||
Long-term borrowings from banks and other financial institutions (2) | ¥ | 2,929,313 | ¥ | 2,878,676 | ¥ | 2,878,676 | ¥ | 3,196,144 | ||||||||
Bonds and notes issued (3) : | ||||||||||||||||
Fixed-rate obligations: | ||||||||||||||||
Japanese yen denominated | 832,589 | 583,148 | 583,148 | 765,412 | ||||||||||||
Non-Japanese yen denominated | 1,376,346 | 1,917,166 | 1,917,166 | 2,486,305 | ||||||||||||
Floating-rate obligations: | ||||||||||||||||
Japanese yen denominated | 744,275 | 876,844 | 876,844 | 917,362 | ||||||||||||
Non-Japanese yen denominated | 242,612 | 327,595 | 327,595 | 329,876 | ||||||||||||
Index / Equity-linked obligations: | ||||||||||||||||
Japanese yen denominated | 899,765 | 906,332 | 906,332 | 942,585 | ||||||||||||
Non-Japanese yen denominated | 696,041 | 361,916 | 361,916 | 350,672 | ||||||||||||
4,791,628 | 4,973,001 | 4,973,001 | 5,792,212 | |||||||||||||
Subtotal | 7,720,941 | 7,851,677 | 7,851,677 | 8,988,356 | ||||||||||||
Trading balances of secured borrowings | 54,724 | 123,335 | 123,335 | 269,950 | ||||||||||||
Total | ¥ | 7,775,665 | ¥ | 7,975,012 | ¥ | 7,975,012 | ¥ | 9,258,306 | ||||||||
(1) | Includes secured borrowings of |
(2) | Includes secured borrowings of |
(3) | Includes secured borrowings of |
Millions of yen | Millions of yen | |||||||||||||||
March 31 | March 31 | |||||||||||||||
2020 | 2021 | 2021 | 2022 | |||||||||||||
Debt issued by the Company | ¥ | 2,873,634 | ¥ | 3,003,810 | ¥ | 3,003,810 | ¥ | 3,679,955 | ||||||||
Debt issued by subsidiaries—guaranteed by the Company | 2,541,554 | 2,398,932 | 2,398,932 | 2,124,904 | ||||||||||||
Debt issued by subsidiaries—not guaranteed by the Company (1) | 2,360,477 | 2,572,270 | 2,572,270 | 3,453,447 | ||||||||||||
Total | ¥ | 7,775,665 | ¥ | 7,975,012 | ¥ | 7,975,012 | ¥ | 9,258,306 | ||||||||
(1) | Includes trading balances of secured borrowings. |
March 31 | March 31 | |||||||||||||||
2020 | 2021 | 2021 | 2022 | |||||||||||||
Short-term borrowings | 0.72 | % | 0.58 | % | 0.58 | % | 1.26 | % | ||||||||
Long-term borrowings | 1.17 | % | 0.82 | % | 0.82 | % | 1.09 | % | ||||||||
Fixed-rate obligations | 1.11 | % | 0.96 | % | 0.96 | % | 1.25 | % | ||||||||
Floating-rate obligations | 1.37 | % | 0.88 | % | 0.88 | % | 1.04 | % | ||||||||
Index / Equity-linked obligations | 0.80 | % | 0.30 | % | 0.30 | % | 0.79 | % |
Year ending March 31 | Millions of yen | Millions of yen | ||||||
2022 | ¥ | 463,710 | ||||||
2023 | 779,485 | ¥ | 456,663 | |||||
2024 | 671,945 | 904,738 | ||||||
2025 | 1,027,469 | 1,180,692 | ||||||
2026 | 1,347,842 | 1,402,216 | ||||||
2027 and thereafter | 3,561,226 | |||||||
2027 | 870,856 | |||||||
2028 and thereafter | 4,173,191 | |||||||
Subtotal | 7,851,677 | 8,988,356 | ||||||
Trading balances of secured borrowings | 123,335 | 269,950 | ||||||
Total | ¥ | 7,975,012 | ¥ | 9,258,306 | ||||
Millions of yen except per share data presented in yen | Millions of yen except per share data presented in yen | |||||||||||||||||||||||
Year ended March 31 | Year ended March 31 | |||||||||||||||||||||||
2019 | 2020 | 2021 | 2020 | 2021 | 2022 | |||||||||||||||||||
Basic— | ||||||||||||||||||||||||
Net income (loss) attributable to NHI shareholders | ¥ | (100,442 | ) | ¥ | 216,998 | ¥ | 153,116 | |||||||||||||||||
Net income attributable to NHI shareholders | ¥ | 216,998 | ¥ | 153,116 | ¥ | 142,996 | ||||||||||||||||||
Weighted average number of shares outstanding | 3,359,564,840 | 3,202,369,845 | 3,055,525,640 | 3,202,369,845 | 3,055,525,640 | 3,063,524,091 | ||||||||||||||||||
Net income (loss) attributable to NHI shareholders per share | ¥ | (29.90 | ) | ¥ | 67.76 | ¥ | 50.11 | |||||||||||||||||
Net income attributable to NHI shareholders per share | ¥ | 67.76 | ¥ | 50.11 | ¥ | 46.68 | ||||||||||||||||||
Diluted— | ||||||||||||||||||||||||
Net income (loss) attributable to NHI shareholders | ¥ | (100,525 | ) | ¥ | 216,890 | ¥ | 153,064 | |||||||||||||||||
Net income attributable to NHI shareholders | ¥ | 216,890 | ¥ | 153,064 | ¥ | 142,861 | ||||||||||||||||||
Weighted average number of shares outstanding | 3,359,566,740 | 3,276,510,404 | 3,147,338,609 | 3,276,510,404 | 3,147,338,609 | 3,158,708,013 | ||||||||||||||||||
Net income (loss) attributable to NHI shareholders per share | ¥ | (29.92 | ) | ¥ | 66.20 | ¥ | 48.63 | |||||||||||||||||
Net income attributable to NHI shareholders per share | ¥ | 66.20 | ¥ | 48.63 | ¥ | 45.23 | ||||||||||||||||||
Millions of yen | Millions of yen | |||||||||||||||||||||||
Year ended March 31 | Year ended March 31 | |||||||||||||||||||||||
2019 | 2020 | 2021 | 2020 | 2021 | 2022 | |||||||||||||||||||
Service cost | ¥ | 11,270 | ¥ | 12,079 | ¥ | 6,721 | ¥ | 12,079 | ¥ | 6,721 | ¥ | 6,452 | ||||||||||||
Interest cost | 2,180 | 1,766 | 1,786 | 1,766 | 1,786 | 2,042 | ||||||||||||||||||
Expected return on plan assets | (6,068 | ) | (6,038 | ) | (5,826 | ) | (6,038 | ) | (5,826 | ) | (6,055 | ) | ||||||||||||
Amortization of net actuarial losses | 3,831 | 5,654 | 5,519 | 5,654 | 5,519 | 3,955 | ||||||||||||||||||
Amortization of prior service cost | (1,059 | ) | (1,137 | ) | (1,521 | ) | (1,137 | ) | (1,521 | ) | (1,599 | ) | ||||||||||||
Net periodic benefit cost | ¥ | 10,154 | ¥ | 12,324 | ¥ | 6,679 | ¥ | 12,324 | ¥ | 6,679 | ¥ | 4,795 | ||||||||||||
Millions of yen | Millions of yen | |||||||||||||||
As of or for the year ended March 31 | As of or for the year ended March 31 | |||||||||||||||
2020 | 2021 | 2021 | 2022 | |||||||||||||
Change in projected benefit obligation: | ||||||||||||||||
Projected benefit obligation at beginning of year | ¥ | 315,423 | ¥ | 303,523 | ¥ | 303,523 | ¥ | 295,810 | ||||||||
Service cost | 12,079 | 6,721 | 6,721 | 6,452 | ||||||||||||
Interest cost | 1,766 | 1,786 | 1,786 | 2,042 | ||||||||||||
Actuarial gain | (5,642 | ) | (3,593 | ) | (3,593 | ) | 1,433 | |||||||||
Benefits paid | (13,301 | ) | (12,656 | ) | (12,656 | ) | (12,683 | ) | ||||||||
Amendments of pension benefit plans | (6,818 | ) | — | |||||||||||||
Acquisition, divestitures and other | 16 | 29 | 29 | (15 | ) | |||||||||||
Projected benefit obligation at end of year | ¥ | 303,523 | ¥ | 295,810 | ¥ | 295,810 | ¥ | 293,039 | ||||||||
Change in plan assets: | ||||||||||||||||
Fair value of plan assets at beginning of year | ¥ | 232,885 | ¥ | 225,744 | ¥ | 225,744 | ¥ | 234,747 | ||||||||
Actual return on plan assets | (2,934 | ) | 19,126 | 19,126 | 5,464 | |||||||||||
Employer contributions | 5,584 | 825 | 825 | 815 | ||||||||||||
Benefits paid | (9,791 | ) | (10,948 | ) | (10,948 | ) | (9,565 | ) | ||||||||
Fair value of plan assets at end of year | ¥ | 225,744 | ¥ | 234,747 | ¥ | 234,747 | ¥ | 231,461 | ||||||||
Funded status at end of year | (77,779 | ) | (61,063 | ) | (61,063 | ) | (61,578 | ) | ||||||||
Amounts recognized in the consolidated balance sheets | ¥ | (77,779 | ) | ¥ | (61,063 | ) | ¥ | (61,063 | ) | ¥ | (61,578 | ) | ||||
Millions of yen | Millions of yen | |||||||||||||||
March 31 | March 31 | |||||||||||||||
2020 | 2021 | 2021 | 2022 | |||||||||||||
Plans with ABO in excess of plan assets: | ||||||||||||||||
PBO | ¥ | 77,779 | ¥ | 61,063 | ¥ | 61,063 | ¥ | 62,457 | ||||||||
ABO | 77,779 | 61,063 | 61,063 | 62,457 | ||||||||||||
Fair value of plan assets | 0— | 0— | 0— | 0— | ||||||||||||
Plans with PBO in excess of plan assets: | ||||||||||||||||
PBO | ¥ | 77,779 | ¥ | 61,063 | ¥ | 61,063 | ¥ | 62,457 | ||||||||
ABO | 77,779 | 61,063 | 61,063 | 62,457 | ||||||||||||
Fair value of plan assets | 0— | 0— | 0— | 0— |
Millions of yen | |||||
For the year ended March 31, | |||||
Net actuarial loss | ¥ | ||||
Net prior service cost | ( | ) | |||
Total | ¥ | ||||
Millions of yen | |||||
For the year ending March 31, | |||||
Net actuarial loss | ¥ | ||||
Net prior service cost | ( | ) | |||
Total | ¥ | ||||
March 31 | March 31 | |||||||||||||||
2020 | 2021 | 2021 | 2022 | |||||||||||||
Discount rate | 0.6 | % | 0.7 | % | 0.7 | % | 0.8 | % | ||||||||
Rate of increase in compensation levels | 0.3 | % | 0.3 | % | 0.3 | % | 0.3 | % | ||||||||
Interest crediting rate | 3.0 | % | 2.9 | % | 2.9 | % | 2.9 | % |
Year ended March 31 | Year ended March 31 | |||||||||||||||||||||||
2019 | 2020 | 2021 | 2020 | 2021 | 2022 | |||||||||||||||||||
Discount rate | 0.8 | % | 0.6 | % | 0.6 | % | 0.6 | % | 0.6 | % | 0.7 | % | ||||||||||||
Rate of increase in compensation levels | 1.7 | % | 1.6 | % | 0.3 | % | 1.6 | % | 0.3 | % | 0.3 | % | ||||||||||||
Expected long-term rate of return on plan assets | 2.6 | % | 2.6 | % | 2.6 | % | 2.6 | % | 2.6 | % | 2.6 | % | ||||||||||||
Interest crediting rate | 3.3 | % | 3.3 | % | 3.0 | % | 3.3 | % | 3.0 | % | 2.9 | % |
Millions of yen | ||||||||||||||||
March 31, 2021 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Balance as of March 31, 2021 | |||||||||||||
Pension plan assets: | ||||||||||||||||
Private equity and pooled investments (1) | ¥ | 0— | ¥ | 614 | ¥ | 33,384 | ¥ | 33,998 | ||||||||
Japanese government securities | 21,047 | 0— | 0— | 21,047 | ||||||||||||
Investment trust funds and other (2)(3) | 0— | 24,581 | 36,335 | 60,916 | ||||||||||||
Life insurance company general accounts | 0— | 72,106 | 0— | 72,106 | ||||||||||||
Other assets | 0— | 35,857 | 0— | 35,857 | ||||||||||||
Total | ¥ | 21,047 | ¥ | 133,158 | ¥ | 69,719 | ¥ | 223,924 | ||||||||
Millions of yen | ||||||||||||||||
March 31, 2020 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Balance as of March 31, 2020 | |||||||||||||
Pension plan assets: | ||||||||||||||||
Private equity and pooled investments (1) | ¥ | 0— | ¥ | 1,901 | ¥ | 23,465 | ¥ | 25,366 | ||||||||
Japanese government securities | 23,464 | 0— | 0— | 23,464 | ||||||||||||
Investment trust funds and other (2)(3) | 0— | 22,027 | 41,616 | 63,643 | ||||||||||||
Life insurance company general accounts | 0— | 66,363 | 0— | 66,363 | ||||||||||||
Other assets | 0— | 40,508 | 0— | 40,508 | ||||||||||||
Total | ¥ | 23,464 | ¥ | 130,799 | ¥ | 65,081 | ¥ | 219,344 | ||||||||
Millions of yen | ||||||||||||||||
March 31, 2021 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Balance as of March 31, 2021 | |||||||||||||
Pension plan asset s : | ||||||||||||||||
Private equity and pooled investments (1) | ¥ | 0— | ¥ | 614 | ¥ | 33,384 | ¥ | 33,998 | ||||||||
Japanese government securities | 21,047 | 0— | 0— | 21,047 | ||||||||||||
Investment trust funds and other (2)(3) | 0— | 24,581 | 36,335 | 60,916 | ||||||||||||
Life insurance company general accounts | 0— | 72,106 | 0— | 72,106 | ||||||||||||
Other assets | 0— | 35,857 | 0— | 35,857 | ||||||||||||
Total | ¥ | 21,047 | ¥ | 133,158 | ¥ | 69,719 | ¥ | 223,924 | ||||||||
Millions of yen | ||||||||||||||||
March 31, 2022 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Balance as of March 31, 2022 | |||||||||||||
Pension plan assets: | ||||||||||||||||
Private equity and pooled investments (1) | ¥ | 0— | ¥ | 740 | ¥ | 29,081 | ¥ | 29,821 | ||||||||
Japanese government securities | 20,469 | 0— | 0— | 20,469 | ||||||||||||
Investment trust funds and other (2)(3) | 0— | 19,842 | 27,575 | 47,417 | ||||||||||||
Life insurance company general accounts | 0— | 73,314 | 0— | 73,314 | ||||||||||||
Other assets | 0— | 33,575 | 0— | 33,575 | ||||||||||||
Total | ¥ | 20,469 | ¥ | 127,471 | ¥ | 56,656 | ¥ | 204,596 | ||||||||
(1) | Includes corporate type equity investments. |
(2) | Includes p debt investment funds. Hedge funds and real estate funds are also included.rimar i ly |
(3) | Certain assets that are measured at fair value using net asset value per share as a practical expedient have not been classified in the fair value hierarchy. As of March 31, |
Millions of yen | Millions of yen | |||||||||||||||||||||||||||||||
Year ended March 31, 2020 | Year ended March 31, 2021 | |||||||||||||||||||||||||||||||
Balance as of April 1, 2019 | Unrealized and realized gains / (loss) | Purchases / sales and other settlement | Balance as of March 31, 2020 | Balance as of April 1, 2020 | Unrealized and realized gains / (loss) | Purchases / sales and other settlement | Balance as of March 31, 2021 | |||||||||||||||||||||||||
Private equity and pooled investments | ¥ | 3,823 | ¥ | (4,403 | ) | ¥ | 24,045 | ¥ | 23,465 | ¥ | 23,465 | ¥ | 11,225 | ¥ | (1,306 | ) | ¥ | 33,384 | ||||||||||||||
Investment trust funds and other | 50,560 | (3,262 | ) | (5,682 | ) | 41,616 | 41,616 | 2,925 | (8,206 | ) | 36,335 | |||||||||||||||||||||
Total | ¥ | 54,383 | ¥ | (7,665 | ) | ¥ | 18,363 | ¥ | 65,081 | ¥ | 65,081 | ¥ | 14,150 | ¥ | (9,512 | ) | ¥ | 69,719 | ||||||||||||||
Millions of yen | ||||||||||||||||||||||||||||||||
Year ended March 31, 2021 | ||||||||||||||||||||||||||||||||
Balance as of April 1, 2020 | Unrealized and gains / ( loss) | Purchases / sales and other settlement | Balance as of March 31, 2021 | |||||||||||||||||||||||||||||
Private equity and pooled investments | ¥ | 23,465 | ¥ | 11,225 | ¥ | (1,306 | ) | ¥ | 33,384 | |||||||||||||||||||||||
Investment trust funds and other | 41,616 | 2,925 | (8,206 | ) | 36,335 | |||||||||||||||||||||||||||
Total | ¥ | 65,081 | ¥ | 14,150 | ¥ | (9,512 | ) | ¥ | 69,719 | |||||||||||||||||||||||
Millions of yen | ||||||||||||||||
Year ended March 31, 2022 | ||||||||||||||||
Balance as of April 1, 2021 | Unrealized and realized gains / (loss) | Purchases / sales and other settlement | Balance as of March 31, 2022 | |||||||||||||
Private equity and pooled investments | ¥ | 33,384 | ¥ | 1,374 | ¥ | (5,677 | ) | ¥ | 29,081 | |||||||
Investment trust funds and other | 36,335 | (532 | ) | (8,228 | ) | 27,575 | ||||||||||
Total | ¥ | 69,719 | ¥ | 842 | ¥ | (13,905 | ) | ¥ | 56,656 | |||||||
Year ending March 31 | Millions of yen | |||
2022 | ¥ | 13,659 | ||
2023 | 13,252 | |||
2024 | 13,953 | |||
2025 | 14,671 | |||
2026 | 14,098 | |||
2027-2031 | 63,079 |
Year ending March 31 | Millions of yen | |||
2023 | ¥ | 14,517 | ||
2024 | 14,394 | |||
2025 | 15,159 | |||
2026 | 14,528 | |||
2027 | 13,993 | |||
2028-2032 | 62,226 |
Outstanding (number of Nomura shares) | Weighted-average grant date fair value per share | Weighted-average remaining life until expiry (years) | Outstanding (number of Nomura shares) | Weighted-average grant date fair value per share | Weighted-average remaining life until expiry (years) | ||||||||||||||||||||||
Outstanding as of March 31, 2020 | 63,339,600 | ¥ | 447 | 1.0 | |||||||||||||||||||||||
Outstanding as of March 31, 2021 | 115,287,730 | ¥ | 427 | 1.0 | |||||||||||||||||||||||
Granted | 78,054,800 | 418 | 64,439,400 | 507 | |||||||||||||||||||||||
Forfeited | (1,695,510 | ) | 431 | (9,223,711 | ) | 468 | |||||||||||||||||||||
Delivered | (24,411,160 | ) | 447 | (48,384,029 | ) | 427 | |||||||||||||||||||||
Outstanding as of March 31, 2021 | 115,287,730 | ¥ | 427 | 1.0 | |||||||||||||||||||||||
Outstanding as of March 31, 2022 | 122,119,390 | ¥ | 466 | 1.0 | |||||||||||||||||||||||
Year ended March 31 | ||||||||||||
2019 | 2020 | 2021 | ||||||||||
Expected volatility | 33.30 | % | 0— | % | 0— | % | ||||||
Expected dividends yield | 3.67 | % | 0— | % | 0— | % | ||||||
Expected lives (in years) | 4.5 | 0— | 0— | |||||||||
Risk-free interest rate | 0.10 | % | 0— | % | 0— | % |
Outstanding (number of Nomura shares) | Weighted-average exercise price | Weighted-average remaining life until expiry (years) | |||||||||||||
Outstanding as of March 31, 2020 | 15,452,900 | ¥ | 704 | 3.1 | |||||||||||
Granted | 0— | 0— | |||||||||||||
Exercised | (350,600 | ) | 586 | ||||||||||||
Forfeited | (28,600 | ) | 653 | ||||||||||||
Expired | (2,675,200 | ) | 821 | ||||||||||||
Outstanding as of March 31, 2021 | 12,398,500 | ¥ | 682 | 2.6 | |||||||||||
Exercisable as of March 31, 2021 | 12,398,500 | ¥ | 682 | 2.6 | |||||||||||
Outstanding (number of Nomura shares) | Weighted-average grant date fair value per share | Weighted-average remaining life until expiry (years) | Outstanding (number of Nomura shares) | Weighted-average grant date fair value per share | Weighted-average remaining life until expiry (years) | ||||||||||||||||||||||
Outstanding as of March 31, 2020 | 22,338,900 | ¥ | 517 | 3.4 | |||||||||||||||||||||||
Outstanding as of March 31, 2021 | 12,967,100 | ¥ | 509 | 2.7 | |||||||||||||||||||||||
Granted | 0— | 0— | — | — | |||||||||||||||||||||||
Exercised | (8,966,200 | ) | 532 | (3,697,000 | ) | 535 | |||||||||||||||||||||
Forfeited | (95,500 | ) | 474 | — | — | ||||||||||||||||||||||
Expired | (310,100 | ) | 457 | (1,356,300 | ) | 397 | |||||||||||||||||||||
Outstanding as of March 31, 2021 | 12,967,100 | ¥ | 509 | 2.7 | |||||||||||||||||||||||
Outstanding as of March 31, 2022 | 7,913,800 | ¥ | 516 | 2.3 | |||||||||||||||||||||||
Exercisable as of March 31, 2021 | 11,073,000 | ¥ | 514 | 2.1 | |||||||||||||||||||||||
Exercisable as of March 31, 2022 | 6,831,500 | ¥ | 526 | 1.8 | |||||||||||||||||||||||
NSUs | CSUs | NSUs | CSUs | |||||||||||||||||||||||||||||||||
Outstanding (number of units) | Stock price | Outstanding (number of units) | Stock price | Outstanding (number of units) | Stock price | Outstanding (number of units) | Stock price | |||||||||||||||||||||||||||||
Outstanding as of March 31, 2020 | 21,098,829 | ¥ | 445 | 2,801,656 | ¥ | 611 | ||||||||||||||||||||||||||||||
Outstanding as of March 31, 2021 | 19,951,962 | ¥ | 539 | 1,867,400 | ¥ | 636 | ||||||||||||||||||||||||||||||
Granted | 16,527,516 | 435 | (1) | 0— | 0— | 11,528,713 | 575 | (1) | 0— | 0— | ||||||||||||||||||||||||||
Vested | (17,470,375 | ) | 482 | (2) | (934,256 | ) | 617 | (2) | (12,555,940 | ) | 577 | (2) | (929,732 | ) | 601 | (2) | ||||||||||||||||||||
Forfeited | (204,008 | ) | 0— | (926,410 | ) | (512 | ) | |||||||||||||||||||||||||||||
Outstanding as of March 31, 2021 | 19,951,962 | ¥ | 539 | (3) | 1,867,400 | ¥ | 636 | (3) | ||||||||||||||||||||||||||||
Outstanding as of March 31, 2022 | 17,998,325 | ¥ | 445 | (3) | 937,156 | ¥ | 606 | (3) | ||||||||||||||||||||||||||||
(1) | Weighted-average price of the Company’s common stock used to determine number of awards granted. |
(2) | Weighted-average price of the Company’s common stock used to determine the final cash settlement amount of the awards. |
(3) | The price of the Company’s common stock used to remeasure the fair value of the remaining outstanding unvested awards as of March 31, |
Outstanding (number of units) | Index price (1) | |||||||||
Outstanding as of March 31, 2020 | 839,954 | $ | 5,339 | |||||||
Granted | 0— | 0— | ||||||||
Vested | (265,887 | ) | 5,814 | (2) | ||||||
Forfeited | 0— | |||||||||
Outstanding as of March 31, 2021 | 574,067 | $ | 8,400 | (3) | ||||||
Millions of yen | Millions of yen | |||||||||||||||||||||||
Year ended March 31 | Year ended March 31 | |||||||||||||||||||||||
2019 | 2020 | 2021 | 2020 | 2021 | 2022 | |||||||||||||||||||
Current: | ||||||||||||||||||||||||
Domestic | ¥ | 26,725 | ¥ | 42,099 | ¥ | 73,534 | ¥ | 42,099 | ¥ | 73,534 | ¥ | 69,661 | ||||||||||||
Foreign | 8,720 | 10,706 | 17,853 | 10,706 | 17,853 | 7,323 | ||||||||||||||||||
Subtotal | 35,445 | 52,805 | 91,387 | 52,805 | 91,387 | 76,984 | ||||||||||||||||||
Deferred: | ||||||||||||||||||||||||
Domestic | 28,183 | (23,512 | ) | (19,567 | ) | (23,512 | ) | (19,567 | ) | 1,561 | ||||||||||||||
Foreign | (6,618 | ) | (399 | ) | (1,546 | ) | (399 | ) | (1,546 | ) | 1,545 | |||||||||||||
Subtotal | 21,565 | (23,911 | ) | (21,113 | ) | (23,911 | ) | (21,113 | ) | 3,106 | ||||||||||||||
Total | ¥ | 57,010 | ¥ | 28,894 | ¥ | 70,274 | ¥ | 28,894 | ¥ | 70,274 | ¥ | 80,090 | ||||||||||||
Year ended March 31 | Year ended March 31 | |||||||||||||||||||||||
2019 | 2020 | 2021 | 2020 | 2021 | 2022 | |||||||||||||||||||
Nomura’s effective statutory tax rate | 31.0 | % | 31.0 | % | 31.0 | % | 31.0 | % | 31.0 | % | 31.0 | % | ||||||||||||
Impact of: | ||||||||||||||||||||||||
Changes in deferred tax valuation allowances | (58.3 | ) | (0.3 | ) | 8.7 | (0.3 | ) | 8.7 | 18.0 | |||||||||||||||
Additional taxable income | (2.9 | ) | 0.6 | 0.7 | 0.6 | 0.7 | 1.0 | |||||||||||||||||
Non-deductible expenses | (110.3 | ) | 2.9 | 7.1 | 2.9 | 7.1 | 5.1 | |||||||||||||||||
Non-taxable income | 16.8 | (23.5 | ) | (4.5 | ) | (23.5 | ) | (4.5 | ) | (2.9 | ) | |||||||||||||
Dividends from foreign subsidiaries | 0.0 | 0.1 | 0.0 | 0.1 | 0.0 | 0.0 | ||||||||||||||||||
Tax effect of undistributed earnings of foreign subsidiaries | (2.8 | ) | 0.2 | 0.0 | 0.2 | 0.0 | 0.1 | |||||||||||||||||
Different tax rate applicable to income (loss) of foreign subsidiaries | (19.8 | ) | (0.9 | ) | (4.0 | ) | (0.9 | ) | (4.0 | ) | 0.0 | |||||||||||||
Effect of changes in foreign tax laws | 0.5 | (0.9 | ) | 1.1 | (0.9 | ) | 1.1 | (14.4 | ) | |||||||||||||||
Tax benefit recognized on the outside basis differences for investment in subsidiaries and affiliates | 5.4 | (0.1 | ) | (8.7 | ) | (0.1 | ) | (8.7 | ) | 0.0 | ||||||||||||||
Other | (10.8 | ) | 2.5 | (0.9 | ) | 2.5 | (0.9 | ) | (2.6 | ) | ||||||||||||||
Effective tax rate | (151.2 | )% | 11.6 | % | 30.5 | % | 11.6 | % | 30.5 | % | 35.3 | % | ||||||||||||
(1) |
Non-taxable incomenon-taxable dividend income from affiliated Nomura companies, including deemed dividend (which decreased Nomura’s effective tax rate by 21.2%). |
Tax benefit recognized on the outside basis differences for investment in subsidiaries and affiliates Changes in deferred tax valuation allowances |
(3) | Finance Act 2021, enacted on June 19% 10, 2021, increases the headline U.K. corporation tax rate fromto 25% onApril 1 2023. Deferred ta, x assets and liabilities as of the balance sheet date are calculated by reference to the most appropriate enacted rates as of March 31, 2022. As a result of the change in closing deferred tax rate, Nomura recognized a movement inEffect of changes in foreign tax laws of ¥36 billion (which decreased Nomura’s effective tax rate by 16.0%), which was offset by a movement in Changes in deferred tax valuation allowances of ¥36 billion (which increased Nomura’s effective tax rate by 16.0%) during the year ended March 31, 2022. |
Millions of yen | Millions of yen | |||||||||||||||
March 31 | March 31 | |||||||||||||||
2020 | 2021 | 2021 | 2022 | |||||||||||||
Deferred tax assets | ||||||||||||||||
Depreciation, amortization and valuation of fixed assets | ¥ | 19,932 | ¥ | 22,770 | ¥ | 22,770 | ¥ | 30,441 | ||||||||
Investments in subsidiaries and affiliates | 1,209 | 20,220 | 20,220 | 21,390 | ||||||||||||
Valuation of financial instruments | 77,054 | 73,905 | 73,905 | 102,021 | ||||||||||||
Accrued pension and severance costs | 24,356 | 19,947 | 19,947 | 20,492 | ||||||||||||
Other accrued expenses and provisions | 51,566 | 60,280 | 60,280 | 79,061 | ||||||||||||
Operating losses | 308,504 | 353,326 | 353,326 | 370,481 | ||||||||||||
Lease liabilities | 47,680 | 52,251 | 52,251 | 49,060 | ||||||||||||
Other | 9,394 | 15,011 | 15,011 | 15,425 | ||||||||||||
Gross deferred tax assets | 539,695 | 617,710 | 617,710 | 688,371 | ||||||||||||
Less — | (388,411 | ) | (428,014 | ) | (428,014 | ) | (466,145 | ) | ||||||||
Total deferred tax assets | 151,284 | 189,696 | 189,696 | 222,226 | ||||||||||||
Deferred tax liabilities | ||||||||||||||||
Investments in subsidiaries and affiliates | 89,630 | 85,636 | 85,636 | 91,040 | ||||||||||||
Valuation of financial instruments | 52,780 | 40,807 | 40,807 | 85,301 | ||||||||||||
Undistributed earnings of foreign subsidiaries | 2,423 | 2,486 | 2,486 | 2,745 | ||||||||||||
Valuation of fixed assets | 9,497 | 23,521 | 23,521 | 23,962 | ||||||||||||
Right-of-use | 47,438 | 51,671 | 51,671 | 48,519 | ||||||||||||
Other | 2,992 | 5,546 | 5,546 | 7,044 | ||||||||||||
Total deferred tax liabilities | 204,760 | 209,667 | 209,667 | 258,611 | ||||||||||||
Net deferred tax assets (liabilities) | ¥ | (53,476 | ) | ¥ | (19,971 | ) | ¥ | (19,971 | ) | ¥ | (36,385 | ) | ||||
Millions of yen | ||||||||||||
Year ended March 31 | ||||||||||||
2020 | 2021 | 2022 | ||||||||||
Balance at beginning of year | ¥ | 444,916 | ¥ | 388,411 | ¥ | 428,014 | ||||||
Net change during the year | (56,505 | ) (1) | 39,603 | (2) | 38,131 | (3) | ||||||
Balance at end of year | ¥ | 388,411 | ¥ | 428,014 | ¥ | 466,145 | ||||||
Millions of yen | ||||||||||||
Year ended March 31 | ||||||||||||
2019 | 2020 | 2021 | ||||||||||
Balance at beginning of year | ¥ | 422,280 | ¥ | 444,916 | ¥ | 388,411 | ||||||
Net change during the year | 22,636 | (1) | (56,505 | ) (2) | 39,603 | (3) | ||||||
Balance at end of year | ¥ | 444,916 | ¥ | 388,411 | ¥ | 428,014 | ||||||
(1) |
Primarily includes a reduction of ¥59,330 million of valuation allowances of certain foreign subsidiaries mainly by expiration of loss carryforwards, an increase of ¥11,462 million of valuation allowances mainly due to a decrease of valuation of financial instruments, and a reduction of ¥8,637 million related to Japanese subsidiaries and the Company mainly by utilization of loss carryforwards. In total, ¥56,505 million of allowances decreased for the year ended March 31, 2020. |
Primarily includes an increase of ¥48,883 million of valuation allowances of certain foreign subsidiaries mainly due to an increase in valuation allowances related to operating loss carryforwards, a reduction of million of valuation allowances mainly due to an increase in valuation of financial instruments, and a reduction of ¥3,409 million of valuation allowances related to Japanese subsidiaries and the Company mainly due to an increase of valuation of financial instruments and a decrease of accrued pension and severance costs. In total, ¥39,603 million of allowances increased for the year ended March 31, 2021. |
(3) | Primarily includes an increase of ¥51,706 million of valuation allowances of certain foreign subsidiaries mainly due to an increase in operatin g loss carryforwards, and a reduction of ¥13,575 million of valuation allowances related to Japanese subsidiaries and the Company mainly due to a decrease of operating loss carryforwards. In total, ¥38,131 million of allowances increased for the year ended March 31, |
Jurisdiction | Year | Year | ||||||
Japan | 2016 | (1) | 2017 | (1) | ||||
United Kingdom | 2016 | 2016 | ||||||
United States | 2018 | 2019 |
(1) The earliest year in which Nomura remains subject to examination for transfer pricing issues is 2016. |
Millions of yen | Millions of yen | ||||||||||||||||||||||||||||||||||||||||||||
For the year ended March 31, 2020 | For the year ended March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | Other comprehensive income (loss) before reclassifications | Reclassifications out of accumulated other comprehensive income (loss) | Net change during the year | Balance at end of year | Balance at beginning of year | Other comprehensive income (loss) before reclassifications | Reclassifications out of accumulated other comprehensive income (loss) | Net change during the year | Balance at end of year | ||||||||||||||||||||||||||||||||||||
Cumulative translation adjustments | ¥ | 17,833 | ¥ | (44,730 | ) | ¥ | 623 | ¥ | (44,107 | ) | ¥ | (26,274 | ) | ¥ | (26,274 | ) | ¥ | 47,673 | ¥ | (3,083 | ) | ¥ | 44,590 | ¥ | 18,316 | ||||||||||||||||||||
Pension liability adjustment (1) | (71,107 | ) | 4,528 | 4,008 | 8,536 | (62,571 | ) | (62,571 | ) | 16,140 | 2,954 | 19,094 | (43,477 | ) | |||||||||||||||||||||||||||||||
Own credit adjustments (2) | 24,224 | 39,517 | (1,001 | ) | 38,516 | 62,740 | 62,740 | (65,741 | ) | (9,982 | ) | (75,723 | ) | (12,983 | ) | ||||||||||||||||||||||||||||||
Total | ¥ | (29,050 | ) | ¥ | (685 | ) | ¥ | 3,630 | ¥ | 2,945 | ¥ | (26,105 | ) | ¥ | (26,105 | ) | ¥ | (1,928 | ) | ¥ | (10,111 | ) | ¥ | (12,039 | ) | ¥ | (38,144 | ) | |||||||||||||||||
Millions of yen | ||||||||||||||||||||
For the year ended March 31, 2022 | ||||||||||||||||||||
Balance at beginning of year | Other comprehensive income (loss) before reclassifications | Reclassifications out of accumulated other comprehensive income (loss) | Net change during the year | Balance at end of year | ||||||||||||||||
Cumulative translation adjustments | ¥ | 18,316 | ¥ | 118,574 | ¥ | 22 | ¥ | 118,596 | ¥ | 136,912 | ||||||||||
Pension liability adjustment (1) | (43,477 | ) | (2,156 | ) | 1,830 | (326 | ) | (43,803 | ) | |||||||||||
Own credit adjustments (2) | (12,983 | ) | 46,816 | 1,031 | 47,847 | 34,864 | ||||||||||||||
Total | ¥ | (38,144 | ) | ¥ | 163,234 | ¥ | 2,883 | ¥ | 166,117 | ¥ | 127,973 | |||||||||
(1) | See Note 13 “ Employee benefit plans |
(2) | See Note 2 “ Fair value measurements |
Millions of yen | |||||||||||||||||||||||||
For the year ended March 31, 2021 | |||||||||||||||||||||||||
Balance at beginning of year | Other comprehensive income (loss) before reclassifications | Reclassifications out of accumulated other comprehensive income (loss) | Net change during the year | Balance at end of year | |||||||||||||||||||||
Cumulative translation adjustments | ¥ | (26,274 | ) | ¥ | 47,673 | ¥ | (3,083 | ) | ¥ | 44,590 | ¥ | 18,316 | |||||||||||||
Pension liability adjustment (1) | (62,571 | ) | 16,140 | 2,954 | 19,094 | (43,477 | ) | ||||||||||||||||||
Own credit adjustments (2) | 62,740 | (65,741 | ) | (9,982 | ) | (75,723 | ) | (12,983 | ) | ||||||||||||||||
Total | ¥ | (26,105 | ) | ¥ | (1,928 | ) | ¥ | (10,111 | ) | ¥ | (12,039 | ) | ¥ | (38,144 | ) | ||||||||||
Millions of yen | Millions of yen | ||||||||||||||||||||||||
For the year ended March 31 | For the year ended March 31 | ||||||||||||||||||||||||
2020 | 2021 | Affected line items in consolidated statements of income | 2021 | 2022 | Affected line items in consolidated statements of income | ||||||||||||||||||||
Reclassifications out of accumulated other comprehensive income (loss) | Reclassifications out of accumulated other comprehensive income (loss) | Reclassifications out of accumulated other comprehensive income (loss) | Reclassifications out of accumulated other comprehensive income (loss) | ||||||||||||||||||||||
Cumulative translation adjustments: | |||||||||||||||||||||||||
¥ | (886 | ) | ¥ | 3,083 | Revenue—Other / Non-interest expenses—Other | ¥ | 3,083 | ¥ | (21 | ) | Revenue — Non-interest expenses— | ||||||||||||||
263 | — | Income tax expense | — | (1 | ) | Income tax expense | |||||||||||||||||||
(623 | ) | 3,083 | Net income (loss) | 3,083 | (22 | ) | Net income (loss) | ||||||||||||||||||
0— | — | Net income attributable to noncontrolling interests | — | 0— | Net income attributable to noncontrolling interests | ||||||||||||||||||||
¥ | (623 | ) | ¥ | 3,083 | Net income (loss) attributable to NHI shareholders | ¥ | 3,083 | ¥ | (22 | ) | Net income (loss) attributable to NHI shareholders | ||||||||||||||
Millions of yen | Millions of yen | ||||||||||||||||||||||||
For the year ended March 31 | For the year ended March 31 | ||||||||||||||||||||||||
2020 | 2021 | Affected line items in consolidated statements of income | 2021 | 2022 | Affected line items in consolidated statements of income | ||||||||||||||||||||
Reclassifications out of accumulated other comprehensive income (loss) | Reclassifications out of accumulated other comprehensive income (loss) | Reclassifications out of accumulated other comprehensive income (loss) | Reclassifications out of accumulated other comprehensive income (loss) | ||||||||||||||||||||||
Pension liability adjustment: | �� | ||||||||||||||||||||||||
¥ | (5,792 | ) | ¥ | (4,167 | ) | Non-interest expenses—Compensation and benefits / Revenue—Other | ¥ | (4,167 | ) | ¥ | (2,585 | ) | Non-interest expenses— Revenue — | ||||||||||||
1,784 | 1,213 | Income tax expense | 1,213 | 755 | Income tax expense | ||||||||||||||||||||
(4,008 | ) | (2,954 | ) | Net income (loss) | (2,954 | ) | (1,830 | ) | Net income (loss) | ||||||||||||||||
0— | — | Net income attributable to noncontrolling interests | — | 0— | Net income attributable to noncontrolling interests | ||||||||||||||||||||
¥ | (4,008 | ) | ¥ | (2,954 | ) | Net income (loss) attributable to NHI shareholders | ¥ | (2,954 | ) | ¥ | (1,830 | ) | Net income (loss) attributable to NHI shareholders | ||||||||||||
Millions of yen | |||||||||||||||
For the year ended March 31 | |||||||||||||||
2020 | 2021 | Affected line items in consolidated statements of income | |||||||||||||
Reclassifications out of accumulated other comprehensive income (loss) | Reclassifications out of accumulated other comprehensive income (loss) | ||||||||||||||
Own credit adjustments: | |||||||||||||||
¥ | 1,132 | ¥ | 12,134 | Revenue—Net gain on trading | |||||||||||
(131 | ) | (2,152 | ) | Income tax expense | |||||||||||
1,001 | 9,982 | Net income (loss) | |||||||||||||
0— | — | Net income attributable to noncontrolling interests | |||||||||||||
¥ | 1,001 | ¥ | 9,982 | Net income (loss) attributable to NHI shareholders | |||||||||||
Millions of yen | ||||||||||
For the year ended March 31 | ||||||||||
2021 | 2022 | Affected line items in consolidated statements of income | ||||||||
Reclassifications out of accumulated other comprehensive income (loss) | Reclassifications out of accumulated other comprehensive income (loss) | |||||||||
Own credit adjustments: | ||||||||||
¥ | 12,134 | ¥ | (1,161 | ) | Revenue — | |||||
(2,152 | ) | 130 | Income tax expense | |||||||
9,982 | (1,031 | ) | Net income (loss) | |||||||
— | 0— | Net income attributable to noncontrolling interests | ||||||||
¥ | 9,982 | ¥ | (1,031 | ) | Net income (loss) attributable to NHI shareholders | |||||
Number of Shares | Number of Shares | |||||||||||||||||||||||
Year ended March 31 | Year ended March 31 | |||||||||||||||||||||||
2019 | 2020 | 2021 | 2020 | 2021 | 2022 | |||||||||||||||||||
Common stock outstanding at beginning of year | 3,392,937,486 | 3,310,800,799 | 3,038,587,493 | 3,310,800,799 | 3,038,587,493 | 3,063,155,434 | ||||||||||||||||||
Decrease of common stock by cancellation of treasury stock | (150,000,000 | ) | — | (260,000,000 | ) | — | (260,000,000 | ) | — | |||||||||||||||
Common stock held in treasury: | ||||||||||||||||||||||||
Repurchases of common stock | (100,020,867 | ) | (299,381,781 | ) | (20,129 | ) | (299,381,781 | ) | (20,129 | ) | (80,020,237 | ) | ||||||||||||
Sales of common stock | 180 | 390 | 353 | 390 | 353 | 345 | ||||||||||||||||||
Common stock issued to employees | 17,894,000 | 27,168,085 | 24,587,717 | 27,168,085 | 24,587,717 | 34,682,592 | ||||||||||||||||||
Cancellation of treasury stock | 150,000,000 | — | 260,000,000 | — | 260,000,000 | — | ||||||||||||||||||
Other net change in treasury stock | (10,000 | ) | — | — | — | — | (14,122 | ) | ||||||||||||||||
Common stock outstanding at end of year | 3,310,800,799 | 3,038,587,493 | 3,063,155,434 | 3,038,587,493 | 3,063,155,434 | 3,017,804,012 | ||||||||||||||||||
Millions of yen | ||||||||
March 31 | ||||||||
2020 | 2021 | |||||||
Total assets | ¥ | 2,559,985 | ¥ | 2,769,294 | ||||
Total liabilities | 1,669,132 | 1,788,704 |
Millions of yen | ||||||||
March 31 | ||||||||
2021 | 2022 | |||||||
Total assets | ¥ | 2,769,294 | ¥ | 3,009,394 | ||||
Total liabilities | 1,788,704 | 1,984,043 |
Millions of yen | Millions of yen | |||||||||||||||||||||||
Year ended March 31 | Year ended March 31 | |||||||||||||||||||||||
2019 | 2020 | 2021 (1) | 2020 | 2021 | 2022 | |||||||||||||||||||
Net revenues | ¥ | 963,824 | ¥ | 1,017,860 | ¥ | 909,616 | ¥ | 1,017,860 | ¥ | 909,616 | ¥ | 1,041,000 | ||||||||||||
Non-interest expenses | 794,264 | 791,403 | 737,200 | 791,403 | 737,200 | 786,391 | ||||||||||||||||||
Net income attributable to the companies | 122,440 | 155,567 | 124,163 | 155,567 | 124,163 | 179,706 |
Millions of yen | Millions of yen | |||||||||||||||
March 31 | March 31 | |||||||||||||||
2020 | 2021 | 2021 | 2022 | |||||||||||||
Investments in affiliated companies | ¥ | 367,641 | ¥ | 363,393 | ¥ | 363,393 | ¥ | 363,281 | ||||||||
Advances to affiliated companies | — | 1,000 | 1,000 | 1,000 | ||||||||||||
Other receivables from affiliated comp a nies(1) | 25,074 | 21,817 | ||||||||||||||
Other receivables from affiliated companies (1) | 21,817 | 24,754 | ||||||||||||||
Other payables to affiliated companies (1) | 27,648 | 26,344 | 26,344 | 30,617 |
(1) | million and ¥23,899million as of March 31, |
Millions of yen | ||||||||||||
Year ended March 31 | ||||||||||||
2019 | 2020 | 2021 | ||||||||||
Revenues | ¥ | 1,986 | ¥ | 3,833 | ¥ | 2,240 | ||||||
Non-interest expenses | 44,073 | 46,335 | 50,753 | |||||||||
Purchase of software, securities and tangible assets | 13,515 | 17,716 | 14,407 |
Millions of yen | ||||||||||||
Year ended March 31 | ||||||||||||
2020 | 2021 | 2022 | ||||||||||
Revenues | ¥ | 3,833 | ¥ | 2,240 | ¥ | 2,660 | ||||||
Non-interest expenses | 46,335 | 50,753 | 50,004 | |||||||||
Purchase of software, securities and tangible assets | 17,716 | 14,407 | 12,760 |
Millions of yen | ||||||||
March 31 | ||||||||
2020 | 2021 | |||||||
Carrying amount | ¥ | 357,751 | ¥ | 340,909 | ||||
Fair value | 511,667 | 768,389 |
Millions of yen | ||||||||
March 31 | ||||||||
2021 | 2022 | |||||||
Carrying amount | ¥ | 340,909 | ¥ | 341,935 | ||||
Fair value | 768,389 | 772,243 |
Millions of yen | Millions of yen | |||||||||||||||||||||||
Year ended March 31 | Year ended March 31 | |||||||||||||||||||||||
2019 | 2020 | 2021 | 2020 | 2021 | 2022 | |||||||||||||||||||
Equity in earnings of equity-method investees (1) | ¥ | 32,014 | ¥ | 32,109 | ¥ | 26,812 | ¥ | 32,109 | ¥ | 26,812 | ¥ | 32,083 | ||||||||||||
Dividends from equity-method investees | 12,971 | 11,767 | 11,096 | 11,767 | 11,096 | 11,848 |
(1) | Equity in earnings of equity-method investees is reported within Revenue-Other |
Millions of yen | ||||||||
March 31, 2020 | March 31, 2021 | |||||||
Commitments to extend credit | ||||||||
Liquidity facilities to central clearing counterparties | ¥ | 1,288,774 | ¥ | 1,400,076 | ||||
Other commitments to extend credit | 958,659 | 901,867 | ||||||
Total | ¥ | 2,247,433 | ¥ | 2,301,943 | ||||
Commitments to invest | ¥ | 15,278 | ¥ | 136,367 |
Millions of yen | ||||||||
March 31, 2021 | March 31, 2022 | |||||||
Commitments to extend credit | ||||||||
Liquidity facilities to central clearing counterparties | ¥ | 1,400,076 | ¥ | 1,135,695 | ||||
Other commitments to extend credit | 901,867 | 877,156 | ||||||
Total | ¥ | 2,301,943 | ¥ | 2,012,851 | ||||
Commitments to invest | ¥ | 136,367 | ¥ | 32,286 |
Millions of yen | ||||||||||||||||||||
Total contractual amount | Years to maturity | |||||||||||||||||||
Less than 1 year | 1 to 3 years | 3 to 5 years | More than 5 years | |||||||||||||||||
Commitments to extend credit | ||||||||||||||||||||
Liquidity facilities to central clearing counterparties | ¥ | 1,135,695 | ¥ | 1,135,695 | ¥ | 0— | ¥ | 0— | ¥ | 0— | ||||||||||
Other commitments to extend credit | 877,156 | 219,139 | 269,828 | 163,515 | 224,674 | |||||||||||||||
Total | ¥ | 2,012,851 | ¥ | 1,354,834 | ¥ | 269,828 | ¥ | 163,515 | ¥ | 224,674 | ||||||||||
Commitments to invest | ¥ | 32,286 | ¥ | 149 | ¥ | 4,102 | ¥ | 6,175 | ¥ | 21,860 |
Millions of yen | ||||||||||||||||||||
Total contractual amount | Years to maturity | |||||||||||||||||||
Less than 1 year | 1 to 3 years | 3 to 5 years | More than 5 years | |||||||||||||||||
Commitments to extend credit | ||||||||||||||||||||
Liquidity facilities to central clearing counterparties | ¥ | 1,400,076 | ¥ | 1,400,076 | ¥ | — | ¥ | — | ¥ | — | ||||||||||
Other commitments to extend credit | 901,867 | 106,684 | 198,334 | 204,430 | 392,419 | |||||||||||||||
Total | ¥ | 2,301,943 | ¥ | 1,506,760 | ¥ | 198,334 | ¥ | 204,430 | ¥ | 392,419 | ||||||||||
Commitments to invest | ¥ | 136,367 | ¥ | 111,576 | ¥ | 2,339 | ¥ | 4,338 | ¥ | 18,114 |
Millions of yen | ||||||||||||||||||||||||||||
Total | Years of payment | |||||||||||||||||||||||||||
Less than 1 year | 1 to 2 years | 2 to 3 years | 3 to 4 years | 4 to 5 years | More than 5 years | |||||||||||||||||||||||
Purchase obligations | ¥ | 121,604 | ¥ | 30,120 | ¥ | 15,511 | ¥ | 10,856 | ¥ | 1,578 | ¥ | 63,071 | ¥468 |
Millions of yen | ||||||||||||||||||||||||||||
Total | Years of payment | |||||||||||||||||||||||||||
Less than 1 year | 1 to 2 years | 2 to 3 years | 3 to 4 years | 4 to 5 years | More than 5 years | |||||||||||||||||||||||
Purchase obligations | ¥ | 98,214 | ¥ | 14,012 | ¥ | 15,254 | ¥ | 3,398 | ¥ | 1,774 | ¥ | 63,623 | ¥ | 153 |
Millions of yen | Millions of yen | |||||||||||||||||||||||||||||||
March 31 | March 31 | |||||||||||||||||||||||||||||||
2020 | 2021 | 2021 | 2022 | |||||||||||||||||||||||||||||
Carrying value | Maximum potential payout / Notional total | Carrying value | Maximum potential payout / Notional total | Carrying value | Maximum potential payout / Notional total | Carrying value | Maximum potential payout / Notional total | |||||||||||||||||||||||||
Derivative contracts (1)(2) | ¥ | 7,197,647 | ¥ | 279,734,884 | ¥ | 5,207,911 | ¥ | 322,635,226 | ¥ | 5,207,911 | ¥ | 322,635,226 | ¥ | 6,151,646 | ¥ | 393,709,887 | ||||||||||||||||
Standby letters of credit and other guarantees (3) (4) | — | 2,351 | — | 206,072 | ||||||||||||||||||||||||||||
Standby letters of credit and other guarantees (3) | — | 206,072 | 0— | 1,698,193 |
(1) | Credit derivatives are disclosed in Note 3 “ Derivative instruments and hedging activities |
(2) | Derivative contracts primarily consist of equity, interest rate and foreign exchange contracts. |
(3) | ¥0nil millio |
Millions of yen | Millions of yen | |||||||||||||||||||||||||||||||||||||||||||||||
Carrying value | Maximum potential payout/Notional | Carrying value | Maximum potential payout/Notional | |||||||||||||||||||||||||||||||||||||||||||||
Total | Years to Maturity | Total | Years to Maturity | |||||||||||||||||||||||||||||||||||||||||||||
Less than 1 year | 1 to 3 years | 3 to 5 years | More than 5 years | Less than 1 year | 1 to 3 years | 3 to 5 years | More than 5 years | |||||||||||||||||||||||||||||||||||||||||
Derivative contracts | ¥ | 5,207,911 | ¥ | 322,635,226 | ¥ | 88,433,903 | ¥ | 73,065,497 | ¥ | 49,763,383 | ¥ | 111,372,443 | ¥ | 6,151,646 | ¥ | 393,709,887 | ¥ | 82,738,268 | ¥ | 112,981,416 | ¥ | 65,305,775 | ¥ | 132,684,428 | ||||||||||||||||||||||||
Standby letters of credit and other guarantees | — | 206,072 | 174,864 | 11,722 | 281 | 19,205 | 0— | 1,698,193 | 1,684,360 | 7,705 | 4,519 | 1,609 |
Millions of yen | ||||||||||||||||||||
Retail | Asset Management | Wholesale (1) | Other (Incl. elimination) | Total | ||||||||||||||||
Year ended March 31, 2019 | ||||||||||||||||||||
Non-interest revenue | ¥ | 331,743 | ¥ | 89,607 | ¥ | 496,484 | ¥ | 147,524 | ¥ | 1,065,358 | ||||||||||
Net interest revenue | 7,737 | 8,238 | 58,904 | (16,263 | ) | 58,616 | ||||||||||||||
Net revenue | 339,480 | 97,845 | 555,388 | 131,261 | 1,123,974 | |||||||||||||||
Non-interest expenses | 289,990 | 63,660 | 666,787 | 134,034 | 1,154,471 | |||||||||||||||
Income (loss) before income taxes | ¥ | 49,490 | ¥ | 34,185 | ¥ | (111,399 | ) | ¥ | (2,773 | ) | ¥ | (30,497 | ) | |||||||
Year ended March 31, 2020 | ||||||||||||||||||||
Non-interest revenue | ¥ | 329,983 | ¥ | 85,190 | ¥ | 506,203 | ¥ | 257,961 | ¥ | 1,179,337 | ||||||||||
Net interest revenue | 6,376 | 7,415 | 142,416 | (26,388 | ) | 129,819 | ||||||||||||||
Net revenue | 336,359 | 92,605 | 648,619 | 231,573 | 1,309,156 | |||||||||||||||
Non-interest expenses | 286,926 | 63,833 | 556,399 | 132,410 | 1,039,568 | |||||||||||||||
Income (loss) before income taxes | ¥ | 49,433 | ¥ | 28,772 | ¥ | 92,220 | ¥ | 99,163 | ¥ | 269,588 | ||||||||||
Year ended March 31, 2021 | ||||||||||||||||||||
Non-interest revenue | ¥ | 366,271 | ¥ | 126,874 | ¥ | 524,019 | ¥ | 232,060 | ¥ | 1,249,224 | ||||||||||
Net interest revenue | 2,538 | 7,900 | 167,337 | (36,672 | ) | 141,103 | ||||||||||||||
Net revenue | 368,809 | 134,774 | 691,356 | 195,388 | 1,390,327 | |||||||||||||||
Non-interest expenses | 276,480 | 60,529 | 627,051 | 207,141 | 1,171,201 | |||||||||||||||
Income (loss) before income taxes | ¥ | 92,329 | ¥ | 74,245 | ¥ | 64,305 | ¥ | (11,753 | ) | ¥ | 219,126 | |||||||||
Millions of yen | ||||||||||||||||||||
Retail | Investment Management | Wholesale (1) | Other (Incl. elimination) | Total | ||||||||||||||||
Year ended March 31, 2020 | ||||||||||||||||||||
Non-interest revenue | ¥ | 329,983 | ¥ | 101,130 | ¥ | 506,203 | ¥ | 242,021 | ¥ | 1,179,337 | ||||||||||
Net interest revenue | 6,376 | 6,807 | 142,416 | (25,780 | ) | 129,819 | ||||||||||||||
Net revenue | 336,359 | 107,937 | 648,619 | 216,241 | 1,309,156 | |||||||||||||||
Non-interest expenses | 286,926 | 74,364 | 556,399 | 121,879 | 1,039,568 | |||||||||||||||
Income (loss) before income taxes | ¥ | 49,433 | ¥ | 33,573 | ¥ | 92,220 | ¥ | 94,362 | ¥ | 269,588 | ||||||||||
Year ended March 31, 2021 | ||||||||||||||||||||
Non-interest revenue | ¥ | 366,271 | ¥ | 153,523 | ¥ | 524,019 | ¥ | 205,411 | ¥ | 1,249,224 | ||||||||||
Net interest revenue | 2,538 | 9,627 | 167,337 | (38,399 | ) | 141,103 | ||||||||||||||
Net revenue | 368,809 | 163,150 | 691,356 | 167,012 | 1,390,327 | |||||||||||||||
Non-interest expenses | 276,480 | 72,142 | 627,051 | 195,528 | 1,171,201 | |||||||||||||||
Income (loss) before income taxes | ¥ | 92,329 | ¥ | 91,008 | ¥ | 64,305 | ¥ | (28,516 | ) | ¥ | 219,126 | |||||||||
Year ended March 31, 2022 | ||||||||||||||||||||
Non-interest revenue | ¥ | 324,642 | ¥ | 129,848 | ¥ | 617,227 | ¥ | 232,437 | ¥ | 1,304,154 | ||||||||||
Net interest revenue | 3,343 | 18,145 | 85,828 | (53,203 | ) | 54,113 | ||||||||||||||
Net revenue | 327,985 | 147,993 | 703,055 | 179,234 | 1,358,267 | |||||||||||||||
Non-interest expenses | 268,745 | 76,478 | 628,563 | 163,481 | 1,137,267 | |||||||||||||||
Income (loss) before income taxes | ¥ | 59,240 | ¥ | 71,515 | ¥ | 74,492 | ¥ | 15,753 | ¥ | 221,000 | ||||||||||
(1) | Non-interest revenueNon-interest expense |
Millions of yen | Millions of yen | |||||||||||||||||||||||
Year ended March 31 | Year ended March 31 | |||||||||||||||||||||||
2019 | 2020 | 2021 | 2020 | 2021 | 2022 | |||||||||||||||||||
Net gain (loss) related to economic hedging transactions | ¥ | 1,800 | ¥ | 17,548 | ¥ | (11,450 | ) | ¥ | 17,548 | ¥ | (11,450 | ) | ¥ | (9,937 | ) | |||||||||
Realized gain on investments in equity securities held for operating purposes | 221 | 6,601 | 1,731 | 6,601 | 1,731 | 1,355 | ||||||||||||||||||
Equity in earnings of affiliates (1) | 32,532 | 34,990 | (16,410 | ) | 34,990 | (16,410 | ) | 36,790 | ||||||||||||||||
Corporate items | (35,996 | ) | (22,240 | ) | 4,956 | (22,240 | ) | 4,956 | (91,073 | ) | ||||||||||||||
Other | (1,330 | ) | 62,264 | 9,420 | 57,463 | (7,343 | ) | 78,618 | ||||||||||||||||
Total | ¥ | (2,773 | ) | ¥ | 99,163 | ¥ | (11,753 | ) | ¥ | 94,362 | ¥ | (28,516 | ) | ¥ | 15,753 | |||||||||
(1) | Includes an impairment loss of ¥47,661 million Non-interest expenses—Other |
(2) | Income before income taxes for the year ended March 31, 2022 includes a loss of approximately ¥62.0 billion related to legacy transactions in the U.S. from before the global financial crisis (2007 – 2008) that was recognized including legal expenses as well as certain transactions intended to mitigate future losses. |
(3) | Loss before income taxes for the year ended March 31, 2021 includes a gain of ¥ 71,075 million which represents the difference between the fair value of the assets acquired and the carrying value of the assets transferred by Nomura as a result of the rights conversion of the Tokyo Nihonbashi district redevelopment project. |
Income before income taxes for the year ended March 31, 2020 includes a gain of ¥73,293 million from the partial sale of Nomura’s investment in the ordinary shares of Nomura Research Institute, Ltd. |
(5) | Income before income taxes for the year ended March 31, |
Includes the impact of Nomura’s own creditworthiness. |
Millions of yen | Millions of yen | |||||||||||||||||||||||
Year ended March 31 | Year ended March 31 | |||||||||||||||||||||||
2019 | 2020 | 2021 | 2020 | 2021 | 2022 | |||||||||||||||||||
Net revenue | ¥ | 1,123,974 | ¥ | 1,309,156 | ¥ | 1,390,327 | ¥ | 1,309,156 | ¥ | 1,390,327 | ¥ | 1,358,267 | ||||||||||||
Unrealized gain (loss) on investments in equity securities held for operating purposes | (7,204 | ) | (21,327 | ) | 11,545 | (21,327 | ) | 11,545 | 5,623 | |||||||||||||||
Consolidated net revenue | ¥ | 1,116,770 | ¥ | 1,287,829 | ¥ | 1,401,872 | ¥ | 1,287,829 | ¥ | 1,401,872 | ¥ | 1,363,890 | ||||||||||||
Non-interest expenses | ¥ | 1,154,471 | ¥ | 1,039,568 | ¥ | 1,171,201 | ¥ | 1,039,568 | ¥ | 1,171,201 | ¥ | 1,137,267 | ||||||||||||
Unrealized gain (loss) on investments in equity securities held for operating purposes | — | — | — | |||||||||||||||||||||
Consolidated non-interest expenses | ¥ | 1,154,471 | ¥ | 1,039,568 | ¥ | 1,171,201 | ||||||||||||||||||
Income (loss) before income taxes | ¥ | (30,497 | ) | ¥ | 269,588 | ¥ | 219,126 | |||||||||||||||||
Unrealized gain (loss) on investments in equity securities held for operating purposes | (7,204 | ) | (21,327 | ) | 11,545 | |||||||||||||||||||
Consolidated income (loss) before income taxes | ¥ | (37,701 | ) | ¥ | 248,261 | ¥ | 230,671 | |||||||||||||||||
Millions of yen | ||||||||||||
Year ended March 31 | ||||||||||||
2020 | 2021 | 2022 | ||||||||||
Unrealized gain (loss) on investments in equity securities held for operating purposes | 0— | 0— | 0— | |||||||||
Consolidated non-interest expenses | ¥ | 1,039,568 | ¥ | 1,171,201 | ¥ | 1,137,267 | ||||||
Income (loss) before income taxes | ¥ | 269,588 | ¥ | 219,126 | ¥ | 221,000 | ||||||
Unrealized gain (loss) on investments in equity securities held for operating purposes | (21,327 | ) | 11,545 | 5,623 | ||||||||
Consolidated income (loss) before income taxes | ¥ | 248,261 | ¥ | 230,671 | ¥ | 226,623 | ||||||
Millions of yen | ||||||||||||
Year ended March 31 | ||||||||||||
2019 | 2020 | 2021 (2 ) | ||||||||||
Net revenue (1) : | ||||||||||||
Americas | ¥ | 169,581 | ¥ | 229,265 | ¥ | 226,741 | ||||||
Europe | 131,175 | 115,483 | 142,941 | |||||||||
Asia and Oceania | 47,977 | 42,571 | 66,985 | |||||||||
Subtotal | 348,733 | 387,319 | 436,667 | |||||||||
Japan | 768,037 | 900,510 | 965,205 | |||||||||
Consolidated | ¥ | 1,116,770 | ¥ | 1,287,829 | ¥ | 1,401,872 | ||||||
Income (loss) before income taxes: | ||||||||||||
Americas | ¥ | (114,081 | ) | ¥ | 7,354 | ¥ | (76,963 | ) | ||||
Europe | (56,851 | ) | (14,067 | ) | 14,283 | |||||||
Asia and Oceania | 5,014 | 19,817 | 49,205 | |||||||||
Subtotal | (165,918 | ) | 13,104 | (13,475 | ) | |||||||
Japan | 128,217 | 235,157 | 244,146 | |||||||||
Consolidated | ¥ | (37,701 | ) | ¥ | 248,261 | ¥ | 230,671 | |||||
Millions of yen | ||||||||||||
Year ended March 31 | ||||||||||||
2020 | 2021 (2) | 2022 (2) | ||||||||||
Net revenue (1) : | ||||||||||||
Americas | ¥ | 229,265 | ¥ | 226,741 | ¥ | 289,571 | ||||||
Europe | 115,483 | 142,941 | 131,393 | |||||||||
Asia and Oceania | 42,571 | 66,985 | 85,081 | |||||||||
Subtotal | 387,319 | 436,667 | 506,045 | |||||||||
Japan | 900,510 | 965,205 | 857,845 | |||||||||
Consolidated | ¥ | 1,287,829 | ¥ | 1,401,872 | ¥ | 1,363,890 | ||||||
Income (loss) before income taxes: | ||||||||||||
Americas | ¥ | 7,354 | ¥ | (76,963 | ) | ¥ | (40,950 | ) | ||||
Europe | (14,067 | ) | 14,283 | (21,774 | ) | |||||||
Asia and Oceania | 19,817 | 49,205 | 28,586 | |||||||||
Subtotal | 13,104 | (13,475 | ) | (34,138 | ) | |||||||
Japan | 235,157 | 244,146 | 260,761 | |||||||||
Consolidated | ¥ | 248,261 | ¥ | 230,671 | ¥ | 226,623 | ||||||
March 31 | ||||||||||||
2019 | 2020 | 2021 | ||||||||||
Long-lived assets: | ||||||||||||
Americas | ¥ | 50,829 | ¥ | 84,904 | ¥ | 98,611 | ||||||
Europe | 56,821 | 52,179 | 65,165 | |||||||||
Asia and Oceania | 9,588 | 29,618 | 26,690 | |||||||||
Subtotal | 117,238 | 166,701 | 190,466 | |||||||||
Japan | 252,420 | 292,212 | 303,355 | |||||||||
Consolidated | ¥ | 369,658 | ¥ | 458,913 | ¥ | 493,821 | ||||||
(1) | There is no revenue derived from transactions with a single major external customer. |
(2) | Includes losses arising from the U.S. Prime Brokerage Event. See |
March 31 | ||||||||||||
2020 | 2021 | 2022 | ||||||||||
Long-lived assets: | ||||||||||||
Americas | ¥ | 84,904 | ¥ | 98,611 | ¥ | 103,045 | ||||||
Europe | 52,179 | 65,165 | 53,643 | |||||||||
Asia and Oceania | 29,618 | 26,690 | 23,600 | |||||||||
Subtotal | 166,701 | 190,466 | 180,288 | |||||||||
Japan | 292,212 | 303,355 | 269,135 | |||||||||
Consolidated | ¥ | 458,913 | ¥ | 493,821 | ¥ | 449,423 | ||||||
Exhibit Number | Description | |
1.1 | ||
1.2 | ||
1.3 | ||
1.4 | ||
1.5 | ||
1.6 | ||
2.1 | ||
2.2 | ||
4.1 | ||
8.1 | ||
11.1 | ||
11.2 | ||
12.1 | ||
12.2 | ||
13.1 | ||
13.2 | ||
15.1 | ||
17.1 | ||
101.INS | Inline XBRL Instance Document—the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104 | The cover page for the Company’s Annual Report on Form 20-F for the year ended March 31, |
(1) | The Company has entered into Limitation of Liability Agreements substantially in the form of this exhibit with all of its outside directors and director Shoji Ogawa. |
NOMURA HOLDINGS, INC. | ||||
By: | /s/ K ENTARO OKUDA | |||
Name: | Kentaro Okuda | |||
Title: | Representative Executive Officer, President and Group Chief Executive Officer |