Nomura Holdings closed its fiscal year to 31 March 2026 withhigher profit, stronger trading income and a larger balance sheet, even asoperating cash outflows and expenses rose.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!).Net income attributable to shareholders increased 6.3%year-on-year to ¥362.1 billion, up from ¥340.7 billion, while income beforeincome taxes rose 14.4% to ¥539.8 billion.Net revenue climbed 14.5% to ¥2,167.7 billion, compared with¥1,892.5 billion a year earlier, helped by a 20.1% jump in net gain on tradingto ¥696.9 billion and a 23.9% rise in asset management and portfolio servicefees to ¥468.6 billion.Profitability Inches up as FX Boosts IncomeProfitability improved modestly. Basic earnings per shareadvanced to ¥123.08 from ¥115.30, and return on shareholders’ equity edged upto 10.1% from 10.0%. Comprehensive income surged 43.8% to ¥480.0 billion,driven by currency translation gains that lifted other comprehensive income.The profit gains came despite a broad-based increase inexpenses. Non-interest expenses rose 14.6% to ¥1,627.9 billion, almost in linewith the growth in net revenue. Compensation and benefits climbed 13.3% to ¥829.5 billion,while commissions and floor brokerage costs jumped 25.0% to ¥221.9 billion.Information processing and communications expenses also moved higher to ¥248.4billion as Nomura invested in systems and business support.Read more: Nomura Makes Largest Overseas Purchase Since Lehman With $1.8 Billion DealBy segment, wealth management net revenue increased 12.5% to¥487.9 billion and pre-tax income rose 22.8% to ¥204.0 billion, showing betteroperating leverage than the group average. Wholesale activity remained a coreearnings driver, with net revenue up 9.9% to ¥1,162.2 billion and pre-taxincome up 20.6% to ¥200.6 billion.Nomura invests in growth and MacquarieintegrationInvestment management saw net revenue jump 34.3% to ¥258.5billion, but income before income taxes slipped 1.4% to ¥88.3 billion asnon-interest expenses surged 65.5% to ¥170.2 billion.A key factor behind the investment management expansion wasthe December 2025 acquisition of three Macquarie Group asset managemententities for about 1.8 billion US dollars, or roughly ¥281.4 billion. Nomurasaid it allocated a substantial portion of the purchase price to intangibleassets and goodwill, and that the deal helped lift assets under management to¥136.9 trillion at year-end.The balance sheet expanded alongside this growth push. Totalassets rose to ¥62,645.9 billion from ¥56,802.2 billion, driven by a ¥3,755.7billion increase in trading assets and a ¥2,094.0 billion rise in loans andreceivables. Long-term borrowings grew by ¥2,171.3 billion to ¥15,545.0billion, supporting a year in which operating and investing activities used acombined ¥2,341.9 billion of cash. Nomura’s annual dividend per share fell to¥51.00 from ¥57.00, and the payout ratio dropped to 41.4% from 49.4% as thegroup retained more earnings to fund expansion.This article was written by Jared Kirui at www.financemagnates.com.