Q3 2026 Daiwa Securities Group Inc Earnings Call Transcript
Key Points
- Net operating revenues in Q3 of FY 2025 reached a record high of JPY194.6 billion, marking a 12.8% increase.
- Asset-based revenues in the wealth management division reached a record high of JPY32.3 billion, indicating strong stable income growth.
- M&A-related commission achieved a record high of JPY18.8 billion, driven by strong performance in overseas M&A.
- The wealth management division saw an increase in net operating revenues to JPY77.1 billion, with a focus on comprehensive asset consulting.
- Real estate asset management achieved a record high AUM of JPY1.73 trillion, showing significant progress towards future targets.
- Selling, general, and administrative expenses increased by 8.2%, driven by higher trading-related and personnel expenses.
- Ordinary income for overseas operations was impacted by the absence of gains from ESG-related funds recorded in the previous quarter.
- Net interest income for Diverex Bank decreased by 9.3%, with ordinary income down 15.5%.
- Global investment banking saw a decrease in ordinary income by 10.8%, despite an increase in net operating revenue.
- Alternative asset management reported relatively low net opening revenue of JPY3.8 billion and ordinary income of CNY1.6 billion.
This is Kotara Yoshida from Diva Securities Group.
Thank you very much for taking the time to join our telephone conference today.
I will now provide an overview of our financial results for the 3rd quarter of FY 2025, which were announced today, referring to the presentation materials available on our website.
Please turn to slide 4.
First, I will explain the summary of our consolidated financial results.
Please note that the percentage changes are in comparison to the second quarter of FY 2025. Net operating revenues in Q3 of FY 2025 were JPY194.6 billion, up 12.8%, and ordinary income was JPY69.5 billion, up 28.4%. Net operating revenues of JPY194.6 billion mark a record high for the third quarter, demonstrating that our revenue base has been further strengthened.
In the wealth management division, asset-based revenues, a source of stable income, reached a record high of JPY32.3 billion, an increase of 8%.
Net asset inflows have continued,
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