Japan · Delayed Price · Currency is JPY Daiwa Securities Group Earnings Call Transcripts
Fiscal Year 2026
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Q4 FY2025 delivered record profits and strong growth in Wealth Management and Asset Management, with annualized ROE at 11.5%. The acquisition of ORIX Bank is set to boost stable revenues and enhance synergies, while capital adequacy remains robust.
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Q3 FY2025 saw record net operating revenues and strong growth across Wealth Management, Asset Management, and Global Markets, with robust M&A activity and improved FICC performance. Asset inflows and AUM reached new highs, while risk management enhancements supported stable earnings.
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Q2 FY2025 saw double-digit revenue and profit growth, record wealth management income, and robust M&A and equity market activity. Asset management and global markets rebounded, while provisions were made for renewable energy investments. Interim dividend reached a record high.
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Q1 FY2025 saw a decline in revenues and profits due to fewer large deals and market volatility, but base income remained strong and asset management segments achieved record AUM. System improvements followed a major unauthorized access incident, and July showed signs of recovery in market activity.
Fiscal Year 2025
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Q4 FY2024 saw net operating revenues rise 7.9% sequentially, but ordinary income fell 19.1% due to fewer deal exits. Wealth Management and Investment Banking posted strong inflows and record revenues, while market volatility and impairments impacted alternatives and FICC.
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Q3 FY2024 saw modest revenue growth and strong underlying profit, with record base income and robust performance across Wealth Management, Asset Management, and Investment Banking. Management expects positive momentum to continue, outpacing medium-term targets.
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Q2 FY2024 saw strong sequential growth in revenues and profits, with record-high ordinary income and robust asset inflows, especially from existing clients. Asset management, real estate, and alternative segments posted significant gains, while market volatility and strategic investments shaped capital policy and outlook.
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Q1 FY2024 saw declines in revenue and profit, but record highs in asset-based revenues and Wrap Account Service contracts. Base income rose 20% year-over-year, and July sales trends are strong. Management remains confident in medium-term targets despite market and segment headwinds.