NMR - Nomura Holdings Inc. (NMR) Q3 2024 Earnings Call Transcript
2024-02-01 22:27:02 ET
Nomura Holdings, Inc. (NMR)
Q3 2024 Earnings Conference Call
January 31, 2024 04:30 AM ET
Company Participants
Martin Kay - CEO
Takumi Kitamura - CFO
Conference Call Participants
Masao Muraki - SMBC Nikko
Wataru Otsuka - SBI Securities
Kazuki Watanabe - Daiwa Securities
Koichi Niwa - Citigroup Securities
Presentation
Takumi Kitamura
Good evening, this is Takumi Kitamura, CFO of Nomura Holdings. First, I would like to extend my heartfelt condolences to those affected by the Noto Peninsula earthquake and pray for a swift recovery from this disaster.
I will now give you an overview of our Financial Results for the Third Quarter of the Fiscal Year ending March 2024 using the document titled Consolidated Results of Operations.
Please turn to Page 2. Group net revenue increased 9% quarter-on-quarter to ¥400.2 billion, while income before income taxes grew 39% to ¥78.7 billion. Net income was up 43% at ¥50.5 billion and as you can see on the top right, performance bottomed out in the fourth quarter last year and has continued to improve since then.
The third quarter proved to be somewhat of an emotional rollercoaster for market participants over the possibility of the FRB moving away from its tightening stance. This, combined with tensions in the Middle East, resulted in elevated volatility in equity markets and heightened uncertainty.
Inflation in the US slowed towards the end of the quarter, raising hopes of an exit from the sharp rate hikes over the past two years and driving robust performance in equity markets.
In fixed income markets, we also started to see a recovery in the issuance of securitized product as interest rates fell and credit spreads tightened. Interest in Japan remained high. Activity picked up among not only institutional investors, but also corporates and individuals over expectations of a monetary policy shift, various actions by corporates to improve capital efficiency, and reduce strategic shareholdings, and investment momentum in the lead up to the introduction of the new NISA scheme....
Nomura Holdings, Inc. (NMR) Q3 2024 Earnings Call Transcript