Nomura’s Q3 growth was broad, but digital-asset losses and costs weighed on profit

Transcript intelligence

What changed

Compared with the prior quarter’s account of record AUM, recurring inflows and strong Wholesale activity, the supplied Q3 analysis describes growth across all four divisions and further records in AUM and recurring revenue assets. It also highlights a JPY 10 billion Laser Digital loss, acquisition-related one-off expenses, and a Q3 buyback announcement of up to 100 million shares worth JPY 60 billion.

Guidance delta

No guidance sentiment was provided in the supplied current-quarter analysis. Management’s stated priorities include integrating the Macquarie business and realizing synergies over two years, growing Laser Digital while tightening risk exposure, and continuing AI initiatives for client service and cost control.

Key takeaways

• Revenue growth was reported across all four divisions, with strong Wealth Management and Global Markets performance.
• AUM reached a record JPY 134.7 trillion, and recurring revenue assets reached an all-time high of JPY 28.1 trillion.
• Laser Digital recorded a JPY 10 billion loss; management plans to pursue digital-asset growth while limiting short-term volatility.
• The announced Q3 buyback is up to 100 million shares, valued at JPY 60 billion.
• Higher personnel, foreign-exchange and acquisition-integration expenses are counterweights to revenue growth.

Management priorities

• Integrate the Macquarie acquisition and realize synergies over the next two years.
• Grow Laser Digital while tightening risk exposure to manage short-term volatility.
• Launch the deposit sweep service in the next fiscal year.
• Use AI initiatives to improve client service and cost control.
• Maintain disciplined capital allocation, including possible further buybacks depending on Q4 results.