Nomura Reports Record Annual Profit for Second Consecutive Year, Citing Resilience of Domestic Structural Factors Amid Geopolitical Tensions

Apr 24, 2026, 06:43

Introduction

Nomura, Japan''s largest investment bank and brokerage, has announced a record annual net income for the second successive year, alongside a 3% increase in fourth-quarter profit. The firm''s leadership indicated that ongoing geopolitical conflicts have not altered the fundamental structural drivers of growth within the Japanese market.

Main Body

The financial results, released on Friday, show that Nomura''s net income for the January-to-March quarter rose to 73.9 billion yen ($462.60 million), up from 72 billion yen in the same period the previous year. For the full fiscal year, net income reached 362.1 billion yen, surpassing the previous record of 340.7 billion yen set the year prior. These figures reflect the outcome of a multi-year strategic initiative by the firm to pivot towards a business model based on stable, fee-based revenues, which are less affected by the ups and downs of volatile market conditions. Nomura has established a dominant position in Japan''s wealth management sector, supported by a large base of recurring fee income. Furthermore, the company benefited from flow fees generated by market volatility during the quarter. The wholesale division, which includes the firm''s investment banking and trading operations, recorded its highest annual revenue since it was created in April 2010. Chief Financial Officer Hiroyuki Moriuchi acknowledged that there are various risk factors in the current market environment. He noted that while decision-making in mergers and acquisitions (M&A) and equity capital markets may experience delays, the medium- to long-term structural challenges facing Japanese corporations—such as a declining population and the need for overseas expansion—remain unaffected by the situation in the Middle East.

Conclusion

Nomura has achieved a second consecutive year of record profitability, driven by its strategic focus on stable fee-based income and strong performance in its wholesale division. The firm maintains that the fundamental structural factors influencing the Japanese economy and its corporate clients are protected from the immediate disruptions of international geopolitical events.

Vocabulary Learning

pivot towards
To change direction or strategy to focus on something new.轉向；調整方向
Example:The bank decided to pivot towards a fee-based business model to reduce risk from market volatility.
recurring fee income
Regular, predictable revenue from ongoing services or contracts rather than one-time transactions.經常性費用收入
Example:Nomura's large base of recurring fee income provides stability even during economic uncertainty.
resilience
The ability to recover quickly from difficulties or adapt to change.韌性；復原力
Example:The resilience of the Japanese market has helped Nomura achieve record profits despite global tensions.
structural factors
Fundamental, long-term elements or conditions within an economy or system that shape its behavior.結構性因素
Example:Nomura's leadership stated that structural factors like Japan's aging population continue to drive growth.
volatile
Likely to change suddenly and unpredictably, especially in a negative way.波動的；不穩定的
Example:The wholesale division benefited from flow fees generated by volatile market conditions.

Sentence Learning

These figures reflect the outcome of a multi-year strategic initiative by the firm to pivot towards a business model based on stable, fee-based revenues, which are less affected by the ups and downs of volatile market conditions.
This sentence uses a non-defining relative clause ('which are less affected...') to add extra information about the business model. The relative clause helps organize the idea by explaining the advantage of the model without interrupting the main clause.這個句子使用了非限定性關係從句（'which are less affected...'）來補充說明商業模式的額外資訊。關係從句有助於組織想法，在不打斷主句的情況下解釋該模式的優勢。
Nomura has established a dominant position in Japan's wealth management sector, supported by a large base of recurring fee income.
This sentence uses a past participle phrase ('supported by...') as a reduced passive structure. It organizes the idea by showing the cause (recurring fee income) that supports the result (dominant position), making the logic clear and concise.這個句子使用了過去分詞短語（'supported by...'）作為簡化被動結構。它通過展示支持結果（主導地位）的原因（經常性費用收入）來組織想法，使邏輯清晰簡潔。
He noted that while decision-making in mergers and acquisitions (M&A) and equity capital markets may experience delays, the medium- to long-term structural challenges facing Japanese corporations—such as a declining population and the need for overseas expansion—remain unaffected by the situation in the Middle East.
This sentence uses the linking word 'while' to show contrast between short-term delays and long-term stability. The dashes set off examples ('such as...'), helping organize the complex idea by separating the main contrast from the supporting details.這個句子使用連接詞 'while' 來顯示短期延遲與長期穩定性之間的對比。破折號引出例子（'such as...'），通過將主要對比與支持細節分開，有助於組織複雜的想法。
The wholesale division, which includes the firm's investment banking and trading operations, recorded its highest annual revenue since it was created in April 2010.
This sentence uses a non-defining relative clause ('which includes...') to identify what the wholesale division consists of. The clause organizes the idea by providing necessary definition without breaking the flow of the main statement about revenue.這個句子使用了非限定性關係從句（'which includes...'）來說明批發部門的組成。該從句通過提供必要的定義而不打斷關於收入的主要陳述的流暢性，來組織想法。
Nomura has achieved a second consecutive year of record profitability, driven by its strategic focus on stable fee-based income and strong performance in its wholesale division.
This sentence uses a past participle phrase ('driven by...') as a passive structure to explain the cause of the achievement. It organizes the idea by placing the result first and then clarifying the reasons, which is effective for formal reporting.這個句子使用了過去分詞短語（'driven by...'）作為被動結構來解釋成就的原因。它通過先陳述結果然後說明原因來組織想法，這對於正式報導非常有效。