Nomura (NMR) 6-K Current report (foreign)

FORM6-K

U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule13a-16 or15d-16 of

the Securities Exchange Act of 1934

Commission File Number:1-15270

For the month of July 2019

NOMURA HOLDINGS, INC.

(Translation of registrant’s name into English)

9-1, Nihonbashi1-chome

Chuo-ku, Tokyo103-8645

Japan

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form20-F or Form40-F.

Form20-F       X             Form40-F              

Indicate by check mark if the registrant is submitting the Form6-K in paper as permitted by RegulationS-T Rule 101(b)(1):            

Indicate by check mark if the registrant is submitting the Form6-K in paper as permitted by RegulationS-T Rule 101(b)(7):            

Information furnished on this form:

EXHIBIT

Exhibit Number
1.	Financial Summary – Three months ended June 30, 2019

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	NOMURA HOLDINGS, INC.
Date: July 31, 2019	By:	/s/ Go Sugiyama
		Go Sugiyama
		Senior Managing Director

Financial Summary For the Three Months Ended June 30, 2019 (U.S. GAAP)

Date:	July 31, 2019
Company name (code number):	Nomura Holdings, Inc. (8604)
Stock exchange listings:	(In Japan) Tokyo, Nagoya
	(Overseas) New York, Singapore
Representative:	Koji Nagai
	President and Group CEO, Nomura Holdings, Inc.
For inquiries:	Junko Tago
	Executive Director, Head of Investor Relations, Nomura Holdings, Inc.
	Tel: (Country Code 81)3-5255-1000
	URL: https://www.nomura.com

1. Consolidated Operating Results

(1) Operating Results

	(Rounded to nearest million)
	(Millions of yen, except per share data)
	For the three months ended June 30
	2018						2019
				% Change from June 30, 2017						% Change from June 30, 2018
Total revenue		430,985			(7.9	%)		511,379			18.7	%
Net revenue		271,997			(24.6	%)		332,001			22.1	%
Income before income taxes		13,643			(82.4	%)		74,806			448.3	%
Net income attributable to Nomura Holdings, Inc. (“NHI”) shareholders		5,223			(90.8	%)		55,833			969.0	%
Comprehensive income		44,271			(21.0	%)		24,625			(44.4	%)
Basic-Net income attributable to NHI shareholders per share (Yen)		1.54						16.83
Diluted-Net income attributable to NHI shareholders per share (Yen)		1.50						16.48
Return on shareholders’ equity-annualized		0.8	%					8.4	%

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

(2) Financial Position

	(Millions of yen, except per share data)
	At March 31			At June 30
	2019			2019
Total assets		40,969,439			42,532,614
Total equity		2,680,793			2,726,868
Total NHI shareholders’ equity		2,631,061			2,662,726
Total NHI shareholders’ equity as a percentage of total assets		6.4	%		6.3	%
Total NHI shareholders’ equity per share (Yen)		794.69			800.87

2. Cash Dividends

	(Yen amounts)
	For the year ended March 31
	2019		2020		2020 (Plan)
Dividends per share
Dividends record dates
At June 30		—		—		—
At September 30		3.00		—		Unconfirmed
At December 31		—		—		—
At March 31		3.00		—		Unconfirmed
For the year		6.00		—		Unconfirmed

Note: Fiscal year 2020 Q2 and Q4 dividends are not presented per reasons stated in “3. Earnings forecasts for the year ending March 31, 2020”.

3. Earnings Forecasts for the year ending March 31, 2020

Nomura provides investment, financing and related services in the capital markets on a global basis. In the global capital markets there exist uncertainties due to, but not limited to, economic and market conditions. Nomura, therefore, does not present earnings forecasts.

Notes

(1) Changes in significant subsidiaries during the period: None

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

(2) Adoption of the simplified and particular accounting treatments: None

(3) Changes in accounting policies

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

b) Changes in accounting policies due to other than a): No

(4) Number of shares issued (common stock)

	At March 31		At June 30
	2019		2019
Number of shares outstanding (including treasury stock)		3,493,562,601		3,493,562,601
Number of treasury stock		182,761,802		168,775,257
	For the three months ended June 30
	2018		2019
Average number of shares outstanding(year-to-date)		3,396,240,538		3,317,794,746

*This financial summary is not subject to certified public accountant’s or audit firm’s quarterly review.

Table of Contents for the Accompanying Materials

1.    Qualitative Information of the Quarterly Consolidated Results	P. 2
(1)    Consolidated Operating Results	P. 2
(2)    Consolidated Financial Position	P. 4
(3)    Consolidated Earnings Forecasts	P. 4
2.     Notes to the Summary Information	P. 5
(1)    Changes in Accounting Policies	P. 5
3.    Quarterly Consolidated Financial Statements	P. 5
(1)    Consolidated Balance Sheets	P. 6
(2)    Consolidated Statements of Income	P. 8
(3)    Consolidated Statements of Comprehensive Income	P. 9
(4)    Note with respect to the Assumption as a Going Concern	P. 9
(5)    Segment Information – Operating Segment	P.10
(6)    Significant Changes in Equity	P.11
(7)    Significant Subsequent Events	P.12
4.    Supplementary Information	P.13
(1)    Consolidated Statements of Income – Quarterly Comparatives	P.13
(2)    Business Segment Information – Quarterly Comparatives	P.14
(3)    Other	P.15

– 1 –

1. Qualitative Information of the Quarterly Consolidated Results

(1) Consolidated Operating Results

U.S. GAAP

	Billions of yen						% Change
	For the three months ended						(B-A)/(A)
	June 30, 2018  (A)			June 30, 2019  (B)
Net revenue		272.0			332.0			22.1
Non-interest expenses		258.4			257.2			(0.4	)
Income (loss) before income taxes		13.6			74.8			448.3
Income tax expense		6.9			17.9			158.5
Net income (loss)		6.7			56.9			747.4
Less: Net income (loss) attributable to noncontrolling interests		1.5			1.1			(29.1	)
Net income (loss) attributable to NHI shareholders		5.2			55.8			969.0
Return on shareholders’ equity-annualized		0.8	%		8.4	%		—

Note: Return on shareholders’ equity is a ratio of Net income (loss) attributable to NHI shareholders to Total NHI shareholders’ equity.

Nomura Holdings, Inc. and its consolidated entities (collectively, “Nomura”) reported net revenue of 332.0 billion yen for the three months ended June 30, 2019, an increase of 22.1% from the same period in the prior year.Non-interest expenses decreased by 0.4% from the same period in the prior year to 257.2 billion yen. Income before income taxes was 74.8 billion yen and net income attributable to NHI shareholders was 55.8 billion yen for the three months ended June 30, 2019.

Segment Information

	Billions of yen				% Change
	For the three months ended				(B-A)/(A)
	June 30, 2018  (A)		June 30, 2019  (B)
Net revenue		270.0		334.9		24.1
Non-interest expenses		258.4		257.2		(0.4	)
Income (loss) before income taxes		11.6		77.7		570.2

In the above segment information totals, which exclude unrealized gain (loss) on investments in equity securities held for operating purposes, net revenue for the three months ended June 30, 2019 was 334.9 billion yen, an increase of 24.1% from the same period in the prior year.Non-interest expenses decreased by 0.4% from the same period in the prior year to 257.2 billion yen. Income before income taxes was 77.7 billion yen for the three months ended June 30, 2019. Please refer to page 10 for further details of the differences between U.S. GAAP and business segment amounts.

– 2 –

<Business Segment Results>

Operating Results of Retail

	Billions of yen				% Change
	For the three months ended				(B-A)/(A)
	June 30, 2018 (A)		June 30, 2019 (B)
Net revenue		92.8		80.6		(13.1	)
Non-interest expenses		72.9		72.5		(0.5	)
Income (loss) before income taxes		19.9		8.1		(59.3	)

Net revenue decreased by 13.1% from the same period in the prior year to 80.6 billion yen, primarily due to a decrease in commissions received from distribution of brokerage and investment trusts.Non-interest expense decreased by 0.5% to 72.5 billion yen. As a result, income before income taxes decreased by 59.3% to 8.1 billion yen.

Operating Results of Asset Management

	Billions of yen				% Change
	For the three months ended				(B-A)/(A)
	June 30, 2018 (A)		June 30, 2019 (B)
Net revenue		26.1		34.5		32.2
Non-interest expenses		15.8		16.4		3.5
Income (loss) before income taxes		10.3		18.1		76.4

Net revenue increased by 32.2% from the same period in the prior year to 34.5 billion yen.Non-interest expense increased by 3.5% to 16.4 billion yen. As a result, income before income taxes increased by 76.4% to 18.1 billion yen. Assets under management were 51.6 trillion yen as of June 30, 2019.

Operating Results of Wholesale

	Billions of yen					% Change
	For the three months ended					(B-A)/(A)
	June 30, 2018 (A)			June 30, 2019 (B)
Net revenue		137.3			159.5		16.2
Non-interest expenses		144.7			139.5		(3.6	)
Income (loss) before income taxes		(7.4	)		20.0		—

Net revenue increased by 16.2% from the same period in the prior year to 159.5 billion yen.Non-interest expense decreased by 3.6% to 139.5 billion yen. As a result, income before income taxes was 20.0 billion yen.

– 3 –

Other Operating Results

	Billions of yen					% Change
	For the three months ended					(B-A)/(A)
	June 30, 2018 (A)			June 30, 2019 (B)
Net revenue		13.7			60.3		338.8
Non-interest expenses		24.9			28.8		15.7
Income (loss) before income taxes		(11.2	)		31.5		—

Net revenue was 60.3 billion yen. Income before income taxes was 31.5 billion yen.

(2) Consolidated Financial Position

Total assets as of June 30, 2019 were 42,532.6 billion yen, an increase of 1,563.2 billion yen compared to March 31, 2019, mainly due to the increase inTrading assets. Total liabilities as of June 30, 2019 were 39,805.7 billion yen, an increase of 1,517.1 billion yen compared to March 31, 2019, mainly due to the increase inSecurities sold under agreements to repurchase. Total equity as of June 30, 2019 was 2,726.9 billion yen, an increase of 46.1 billion yen compared to March 31, 2019.

(3) Consolidated Earnings Forecasts

Nomura provides investment, financing and related services in the capital markets on a global basis. In the global capital markets there exist uncertainties due to, but not limited to, economic and market conditions. Nomura, therefore, does not present earnings and dividend forecasts.

– 4 –

2. Notes to the Summary Information

(1) Changes in Accounting Policies

Leases

On April 1, 2019, Nomura adopted Accounting Standards Update2016-02 “Leases” using a modified retrospective transition method. As a result of recognizing operating leases on the consolidated balance sheet,Other Asset – Office buildings, land, equipment, and facilities increased by 169,277 million yen andOther liabilities increased by 163,685 million yen on April 1, 2019. Also,Retained earnings increased by 5,592 million yen on April 1, 2019 mainly due to changes in certain lease classifications.

3. Quarterly Consolidated Financial Statements

The quarterly consolidated financial information herein has been prepared in accordance with Nomura’s accounting policies which are disclosed in the notes to the consolidated financial statements of Nomura Holdings, Inc.’s Annual Securities Report (the annual report filed in Japan on June 25, 2019) and Form20-F (the annual report filed with the U.S. Securities and Exchange Commission on June 25, 2019) for the year ended March 31, 2019.

– 5 –

(1) Consolidated Balance Sheets

	Millions of yen
	March 31, 2019			June 30, 2019			Increase/ (Decrease)
ASSETS
Cash and cash deposits:
Cash and cash equivalents		2,686,659			2,622,806			(63,853	)
Time deposits		289,753			227,043			(62,710	)
Deposits with stock exchanges and other segregated cash		285,457			227,648			(57,809	)
Total cash and cash deposits		3,261,869			3,077,497			(184,372	)
Loans and receivables:
Loans receivable		2,544,218			2,474,250			(69,968	)
Receivables from customers		449,706			478,626			28,920
Receivables from other than customers		892,283			1,224,084			331,801
Allowance for doubtful accounts		(4,169	)		(4,183	)		(14	)
Total loans and receivables		3,882,038			4,172,777			290,739
Collateralized agreements:
Securities purchased under agreements to resell		13,194,543			12,415,131			(779,412	)
Securities borrowed		4,112,416			3,620,820			(491,596	)
Total collateralized agreements		17,306,959			16,035,951			(1,271,008	)
Trading assets and private equity investments:
Trading assets*		14,355,712			16,819,187			2,463,475
Private equity investments*		30,077			31,492			1,415
Total trading assets and private equity investments		14,385,789			16,850,679			2,464,890
Other assets:
Office buildings, land, equipment and facilities (net of accumulated depreciation and amortization of ¥416,052 million as of March 31, 2019 and ¥414,842 million as of June 30, 2019)		349,365			498,029			148,664
Non-trading debt securities*		460,661			438,478			(22,183	)
Investments in equity securities*		138,447			132,324			(6,123	)
Investments in and advances to affiliated companies*		436,220			439,437			3,217
Other		748,091			887,442			139,351
Total other assets		2,132,784			2,395,710			262,926
Total assets		40,969,439			42,532,614			1,563,175

* Including securities pledged as collateral

– 6 –

			Millions of yen
			March 31, 2019			June 30, 2019			Increase/ (Decrease)
LIABILITIES AND EQUITY
Short-term borrowings				841,758			750,350			(91,408	)
Payables and deposits:
Payables to customers				1,229,083			1,284,045			54,962
Payables to other than customers				1,146,336			1,060,428			(85,908	)
Deposits received at banks				1,392,619			1,225,300			(167,319	)
Total payables and deposits				3,768,038			3,569,773			(198,265	)
Collateralized financing:
Securities sold under agreements to repurchase				15,036,503			16,814,824			1,778,321
Securities loaned				1,229,595			1,090,058			(139,537	)
Other secured borrowings				418,305			436,902			18,597
Total collateralized financing				16,684,403			18,341,784			1,657,381
Trading liabilities				8,219,811			8,181,433			(38,378	)
Other liabilities				858,867			1,055,803			196,936
Long-term borrowings				7,915,769			7,906,603			(9,166	)
Total liabilities				38,288,646			39,805,746			1,517,100
Equity
NHI shareholders’ equity:
Common stock
Authorized	-	6,000,000,000 shares
Issued	-	3,493,562,601 shares as of March 31, 2019 and  3,493,562,601 shares as of June 30, 2019
Outstanding	-	3,310,800,799 shares as of March 31, 2019 and  3,324,787,344 shares as of June 30, 2019		594,493			594,493			—
Additionalpaid-in capital				687,761			681,065			(6,696	)
Retained earnings				1,486,825			1,548,250			61,425
Accumulated other comprehensive income (loss)				(29,050	)		(60,455	)		(31,405	)
Total NHI shareholders’ equity before treasury stock				2,740,029			2,763,353			23,324
Common stock held in treasury, at cost -
182,761,802 shares as of March 31, 2019 and
168,775,257 shares as of June 30, 2019				(108,968	)		(100,627	)		8,341
Total NHI shareholders’ equity				2,631,061			2,662,726			31,665
Noncontrolling interests				49,732			64,142			14,410
Total equity				2,680,793			2,726,868			46,075
Total liabilities and equity				40,969,439			42,532,614			1,563,175

– 7 –

(2) Consolidated Statements of Income

	Millions of yen					% Change
	For the three months ended
	June 30, 2018(A)		June 30, 2019(B)			(B-A)/(A)
Revenue:
Commissions		79,456		68,200			(14.2	)
Fees from investment banking		23,959		27,311			14.0
Asset management and portfolio service fees		62,981		59,963			(4.8	)
Net gain on trading		71,887		112,825			56.9
Gain on private equity investments		553		791			43.0
Interest and dividends		169,590		199,473			17.6
Gain (loss) on investments in equity securities		2,092		(2,838	)		—
Other		20,467		45,654			123.1
Total revenue		430,985		511,379			18.7
Interest expense		158,988		179,378			12.8
Net revenue		271,997		332,001			22.1
Non-interest expenses:
Compensation and benefits		127,700		125,102			(2.0	)
Commissions and floor brokerage		20,935		24,551			17.3
Information processing and communications		40,961		41,757			1.9
Occupancy and related depreciation		16,376		19,120			16.8
Business development expenses		8,896		7,828			(12.0	)
Other		43,486		38,837			(10.7	)
Totalnon-interest expenses		258,354		257,195			(0.4	)
Income before income taxes		13,643		74,806			448.3
Income tax expense		6,930		17,917			158.5
Net income		6,713		56,889			747.4
Less: Net income attributable to noncontrolling interests		1,490		1,056			(29.1	)
Net income attributable to NHI shareholders		5,223		55,833			969.0
Per share of common stock:
	Yen					% Change
Basic-
Net income attributable to NHI shareholders per share		1.54		16.83			992.9
Diluted-
Net income attributable to NHI shareholders per share		1.50		16.48			998.7

– 8 –

(3) Consolidated Statements of Comprehensive Income

	Millions of yen						% Change
	For the three months ended						(B-A)/(A)
	June 30, 2018(A)			June 30, 2019(B)
Net income		6,713			56,889			747.4
Other comprehensive income (loss):
Cumulative translation adjustments:
Cumulative translation adjustments		32,356			(32,846	)		—
Deferred income taxes		252			311			23.4
Total		32,608			(32,535	)		—
Defined benefit pension plans:
Pension liability adjustment		1,046			649			(38.0	)
Deferred income taxes		(326	)		1,598			—
Total		720			2,247			212.1
Own Credit Adjustments:
Own Credit Adjustments:		5,252			(1,726	)		—
Deferred income taxes		(1,022	)		(250	)		—
Total		4,230			(1,976	)		—
Total other comprehensive income (loss)		37,558			(32,264	)		—
Comprehensive income		44,271			24,625			(44.4	)
Less: Comprehensive income attributable to noncontrolling interests		2,239			197			(91.2	)
Comprehensive income attributable to NHI shareholders		42,032			24,428			(41.9	)

(4) Note with respect to the Assumption as a Going Concern

Not applicable.

– 9 –

(5) Segment Information – Operating Segment

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

	Millions of yen						% Change
	For the three months ended						(B-A)/(A)
	June 30, 2018 (A)			June 30, 2019 (B)
Net revenue
Business segment information:
Retail		92,833			80,640			(13.1	)
Asset Management		26,089			34,500			32.2
Wholesale		137,290			159,486			16.2
Subtotal		256,212			274,626			7.2
Other		13,738			60,289			338.8
Net revenue		269,950			334,915			24.1
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		2,047			(2,914	)		—
Net revenue		271,997			332,001			22.1
Non-interest expenses
Business segment information:
Retail		72,909			72,522			(0.5	)
Asset Management		15,806			16,358			3.5
Wholesale		144,714			139,479			(3.6	)
Subtotal		233,429			228,359			(2.2	)
Other		24,925			28,836			15.7
Non-interest expenses		258,354			257,195			(0.4	)
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		—			—			—
Non-interest expenses		258,354			257,195			(0.4	)
Income (loss) before income taxes
Business segment information:
Retail		19,924			8,118			(59.3	)
Asset Management		10,283			18,142			76.4
Wholesale		(7,424	)		20,007			—
Subtotal		22,783			46,267			103.1
Other*		(11,187	)		31,453			—
Income (loss) before income taxes		11,596			77,720			570.2
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		2,047			(2,914	)		—
Income (loss) before income taxes		13,643			74,806			448.3

* Major components

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

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

	Millions of yen					% Change
	For the three months ended
	June 30, 2018 (A)			June 30, 2019 (B)		(B-A)/(A)
Net gain (loss) related to economic hedging transactions		(13,807	)		12,794		—
Realized gain (loss) on investments in equity securities held for operating purposes		45			76		68.9
Equity in earnings of affiliates		6,619			8,265		24.9
Corporate items		(2,482	)		1,391		—
Other		(1,562	)		8,927		—
Total		(11,187	)		31,453		—

– 10 –

(6) Significant Changes in Equity

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

	Millions of yen
	For the three months ended June 30, 2019
Common stock
Balance at beginning of year		594,493
Balance at end of period		594,493
Additionalpaid-in capital
Balance at beginning of year		687,761
Gain on sales of treasury stock		79
Stock-based compensation awards		(6,775	)
Balance at end of period		681,065
Retained earnings
Balance at beginning of year		1,486,825
Cumulative effect of change in accounting principle (1)		5,592
Net income attributable to NHI shareholders		55,833
Balance at end of period		1,548,250
Accumulated other comprehensive income (loss)
Cumulative translation adjustments
Balance at beginning of year		17,833
Net change during the period		(31,676	)
Balance at end of period		(13,843	)
Defined benefit pension plans
Balance at beginning of year		(71,107	)
Pension liability adjustment		2,247
Balance at end of period		(68,860	)
Own credit adjustments
Balance at beginning of year		24,224
Own credit adjustments		(1,976	)
Balance at end of period		22,248
Balance at end of period		(60,455	)
Common stock held in treasury
Balance at beginning of year		(108,968	)
Repurchases of common stock		(1	)
Sale of common stock		0
Common stock issued to employees		8,342
Balance at end of period		(100,627	)
Total NHI shareholders’ equity
Balance at end of period		2,662,726
Noncontrolling interests
Balance at beginning of year		49,732
Net change during the period		14,410
Balance at end of period		64,142
Total equity
Balance at end of period		2,726,868

(1) Represents the adjustment to initially apply Accounting Standards Update2016-02 “Leases”, please refer to section“2. Notes to the Summary Information (1) Changes in Accounting Policies.”

– 11 –

(7) Significant Subsequent Events

Sale of part of Nomura Research Institute shares

NHI has tendered 101,910,700 of its holdings of ordinary shares in Nomura Research Institute, Ltd. (“NRI”) through a self-tender offer of NRI. The tender offer period ended on July 29, 2019 and 101,889,300 of the shares tendered by NHI were sold. As a result of this transaction, income before income taxes of approximately 73 billion yen is expected to be booked in NHI’s consolidated financial statements during the second quarter of the fiscal year ending March 31, 2020. NRI is expected to remain as an equity-method affiliate of NHI.

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4. Supplementary Information

(1) Consolidated Statements of Income – Quarterly Comparatives

	Millions of yen														% Change			Millions of yen
	For the three months ended														(B-A)/(A)			For the year ended March 31, 2019
	June 30, 2018		September 30, 2018			December 31, 2018			March 31, 2019(A)			June 30, 2019(B)
Revenue:
Commissions		79,456		74,783			72,715			66,115			68,200			3.2			293,069
Fees from investment banking		23,959		19,119			33,129			25,314			27,311			7.9			101,521
Asset management and portfolio service fees		62,981		62,740			60,591			59,207			59,963			1.3			245,519
Net gain on trading		71,887		75,752			96,947			98,378			112,825			14.7			342,964
Gain (loss) on private equity investments		553		321			461			(328	)		791			—			1,007
Interest and dividends		169,590		188,703			214,542			204,129			199,473			(2.3	)		776,964
Gain (loss) on investments in equity securities		2,092		(1,104	)		(9,852	)		1,881			(2,838	)		—			(6,983	)
Other		20,467		28,067			(11,133	)		43,656			45,654			4.6			81,057
Total revenue		430,985		448,381			457,400			498,352			511,379			2.6			1,835,118
Interest expense		158,988		165,459			196,803			197,098			179,378			(9.0	)		718,348
Net revenue		271,997		282,922			260,597			301,254			332,001			10.2			1,116,770
Non-interest expenses:
Compensation and benefits		127,700		125,800			118,928			124,637			125,102			0.4			497,065
Commissions and floor brokerage		20,935		19,579			23,821			18,302			24,551			34.1			82,637
Information processing and communications		40,961		40,515			41,756			43,633			41,757			(4.3	)		166,865
Occupancy and related depreciation		16,376		16,464			15,852			16,248			19,120			17.7			64,940
Business development expenses		8,896		9,337			9,121			9,561			7,828			(18.1	)		36,915
Other		43,486		70,760			127,283			64,520			38,837			(39.8	)		306,049
Totalnon-interest expenses		258,354		282,455			336,761			276,901			257,195			(7.1	)		1,154,471
Income (loss) before income taxes		13,643		467			(76,164	)		24,353			74,806			207.2			(37,701	)
Income tax expense		6,930		9,703			19,698			20,679			17,917			(13.4	)		57,010
Net income (loss)		6,713		(9,236	)		(95,862	)		3,674			56,889			—			(94,711	)
Less: Net income (loss) attributable to noncontrolling interests		1,490		1,997			(586	)		2,830			1,056			(62.7	)		5,731
Net income (loss) attributable to NHI shareholders		5,223		(11,233	)		(95,276	)		844			55,833			—			(100,442	)
	Yen														% Change			Yen
Per share of common stock:
Basic-
Net income (loss) attributable to NHI shareholders per share		1.54		(3.31	)		(28.52	)		0.25			16.83			—			(29.90	)
Diluted-
Net income (loss) attributable to NHI shareholders per share		1.50		(3.32	)		(28.52	)		0.23			16.48			—			(29.92	)

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(2) Business Segment Information – Quarterly Comparatives

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

	Millions of yen															% Change			Millions of yen
	For the three months ended																		For the year ended
	June 30, 2018			September  30, 2018			December  31, 2018			March  31, 2019(A)			June 30, 2019(B)			(B-A)/(A)			March 31, 2019
Net revenue
Business segment information:
Retail		92,833			85,710			86,782			74,155			80,640			8.7			339,480
Asset Management		26,089			24,681			16,178			30,897			34,500			11.7			97,845
Wholesale		137,290			147,660			128,198			142,240			159,486			12.1			555,388
Subtotal		256,212			258,051			231,158			247,292			274,626			11.1			992,713
Other		13,738			25,982			39,397			52,144			60,289			15.6			131,261
Net revenue		269,950			284,033			270,555			299,436			334,915			11.8			1,123,974
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		2,047			(1,111	)		(9,958	)		1,818			(2,914	)		—			(7,204	)
Net revenue		271,997			282,922			260,597			301,254			332,001			10.2			1,116,770
																					��
Non-interest expenses
Business segment information:
Retail		72,909			73,494			72,733			70,854			72,522			2.4			289,990
Asset Management		15,806			15,768			15,617			16,469			16,358			(0.7	)		63,660
Wholesale		144,714			142,745			224,073			155,255			139,479			(10.2	)		666,787
Subtotal		233,429			232,007			312,423			242,578			228,359			(5.9	)		1,020,437
Other		24,925			50,448			24,338			34,323			28,836			(16.0	)		134,034
Non-interest expenses		258,354			282,455			336,761			276,901			257,195			(7.1	)		1,154,471
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		—			—			—			—			—			—			—
Non-interest expenses		258,354			282,455			336,761			276,901			257,195			(7.1	)		1,154,471
Income (loss) before income taxes
Business segment information:
Retail		19,924			12,216			14,049			3,301			8,118			145.9			49,490
Asset Management		10,283			8,913			561			14,428			18,142			25.7			34,185
Wholesale		(7,424	)		4,915			(95,875	)		(13,015	)		20,007			—			(111,399	)
Subtotal		22,783			26,044			(81,265	)		4,714			46,267			881.5			(27,724	)
Other*		(11,187	)		(24,466	)		15,059			17,821			31,453			76.5			(2,773	)
Income (loss) before income taxes		11,596			1,578			(66,206	)		22,535			77,720			244.9			(30,497	)
Reconciliation items:
Unrealized gain (loss) on investments in equity securities held for operating purposes		2,047			(1,111	)		(9,958	)		1,818			(2,914	)		—			(7,204	)
Income (loss) before income taxes		13,643			467			(76,164	)		24,353			74,806			207.2			(37,701	)

* Major components

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

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

	Millions of yen														% Change			Millions of yen
	For the three months ended														(B-A)/(A)			For the year ended March 31, 2019
	June 30, 2018			September 30, 2018			December 31, 2018			March 31, 2019(A)			June 30, 2019(B)
Net gain (loss) related to economic hedging transactions		(13,807	)		(16,018	)		25,071			6,554			12,794		95.2			1,800
Realized gain (loss) on investments in equity securities held for operating purposes		45			7			106			63			76		20.6			221
Equity in earnings of affiliates		6,619			8,536			1,444			15,933			8,265		(48.1	)		32,532
Corporate items		(2,482	)		(23,719	)		631			(10,426	)		1,391		—			(35,996	)
Other		(1,562	)		6,728			(12,193	)		5,697			8,927		56.7			(1,330	)
Total		(11,187	)		(24,466	)		15,059			17,821			31,453		76.5			(2,773	)

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(3) Other

Quarterly financial information for Nomura Securities Co., Ltd. can be found at the following URL.

https://www.nomuraholdings.com/company/group/nsc/pdf/2020_1q.pdf

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