Muraki's questions to Nomura Holdings Inc (NMR) leadership • Q1 2026
Question
Muraki of SMBC Nikko Securities asked about the new CFO's capital policy priorities and his view on the pro-forma CET1 ratio post-Macquarie acquisition. He also requested updates on the Macquarie deal's timeline and the reasons for the increase in risk-weighted assets (RWA).
Answer
CFO Hiroyuki Moriuchi prioritized strategic business investments over shareholder returns, while maintaining a payout commitment of over 50%. He described the pro-forma 12.5% CET1 ratio as potentially 'thinning the capital'. He confirmed the Macquarie deal is proceeding smoothly and attributed the RWA increase to growing business exposure and a strong pipeline in Global Markets.