Stock Markets April 24, 2026 03:09 AM

Nomura Reports Modest Q4 Profit Gain as Revenue Climbs on Private Banking and Asset Management Strength

Wealth and investment management units drive near-double digit revenue growth while wholesale operations deliver gains amid market volatility

By Derek Hwang
Nomura Reports Modest Q4 Profit Gain as Revenue Climbs on Private Banking and Asset Management Strength

Nomura Holdings posted a slight increase in fiscal fourth-quarter net income alongside a pronounced rise in quarterly revenue. The boost was led by strong performances in the firm’s wealth and investment management businesses, with the wholesale division also contributing despite elevated market turbulence linked to the conflict in the Middle East.

Key Points

  • Nomura’s net income rose to 73.93 billion yen in the quarter, up 2.7% from 71.97 billion yen a year earlier.
  • Total revenue jumped nearly 11% to 1.21 trillion yen, fuelled by a 33% rise in wealth management revenue and a 100% increase in investment management revenue.
  • The wholesale unit - home to investment banking and trading - increased revenue by 19% despite heightened market volatility related to the conflict in the Middle East; the banking unit’s revenue grew 27%.

Nomura Holdings Inc (TYO:8604) registered a small uptick in profit for the fiscal fourth quarter, while revenue expanded markedly as its private banking and asset management operations outperformed, the firm reported on Friday.

For the three months ended March 31, Nomura recorded net income of 73.93 billion yen ($460 million yen), representing a 2.7% increase from 71.97 billion yen in the prior-year period.

Quarterly total revenue climbed nearly 11% to 1.21 trillion yen, driven predominantly by gains in the company’s wealth and investment management segments.

Revenue from the wealth management unit rose by 33% in the quarter, while the investment management business saw revenue increase by 100%. Nomura said the wealth management arm delivered its strongest results since the unit was established in March 2002.

The wholesale division - identified by the company as its largest earnings driver - delivered a 19% rise in revenue. That unit, which houses Nomura’s investment banking and trading operations, produced solid returns even as market conditions were affected by increased volatility stemming from the conflict in the Middle East.

Nomura’s banking unit also reported higher receipts, logging a 27% increase in quarterly revenue.


These results reflect a mix of steady profit growth and broad-based revenue expansion across the firm’s major business lines. The most pronounced gains occurred in client-facing, fee-generating businesses such as wealth and investment management, while the wholesale and banking divisions also contributed meaningfully to the quarter’s top-line performance.

Group-level numbers show a business profile that remains reliant on wholesale activity for earnings, with diversified contributions from private banking and asset management supporting overall revenue momentum.

Risks

  • Elevated market volatility linked to the conflict in the Middle East poses ongoing uncertainty for trading and investment banking revenues.
  • Concentration risk from reliance on the wholesale division, described as the company’s largest earnings driver, could expose earnings to swings in capital markets activity.
  • Significant contribution to revenue from wealth and investment management means any weakening in client flows or asset management performance could materially affect top-line growth.

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