Matsui Securities, the Tokyo Prime-listed online broker, reported net income of ¥10.44bn for the six months to September 2026, up 59.7% from a year earlier. Operating revenue rose 42.8% to ¥34.05bn. The company said its equity brokerage trading value rose 100% over the period.
| Metric | Six months to Sep 2025 | Six months to Sep 2026 | Change |
|---|---|---|---|
| Operating revenue | ¥23.84bn | ¥34.05bn | +42.8% |
| Net operating revenue | ¥22.32bn | ¥30.86bn | +38.2% |
| Operating profit | ¥10.26bn | ¥16.48bn | +60.6% |
| Ordinary profit | ¥10.15bn | ¥16.53bn | +62.8% |
| Net income | ¥6.54bn | ¥10.44bn | +59.7% |
Volume did the work
Trading value across the Tokyo and Nagoya exchanges rose 88% from the same half-year a year earlier, and individual investors' brokerage trading rose 89%. Individuals' share of that trading stayed at 26%, the same as a year earlier.
Brokerage commissions rose 42.5% to ¥15.42bn. The company said the commission rate fell because one-day margin trading, which generally carries no fee, made up a larger share of trading value, but total volume more than made up for it.
The financial balance, financial income less financial expense, rose 48.1% to ¥11.74bn. Interest payments rose with higher rates, offset by larger income from customer segregated trust funds and from margin lending. Financial expense was ¥3.19bn, against ¥1.52bn a year earlier. Selling, general and administrative costs rose 19.2% to ¥14.37bn, led by advertising and exchange fees. A special loss of ¥1.30bn was mostly a ¥1.26bn addition to the financial instruments transaction reserve.
A cooler second quarter
The results deck shows the pace slowing within the half. Second-quarter ordinary profit was ¥7.67bn, down 13% from the first quarter, and net income was ¥4.83bn, down 14%. Matsui's equity trading value was ¥31.2tn in the quarter, against ¥32.2tn in the first.
Rates and balance sheet
Margin loans stood at ¥509.49bn at the end of September, up 20.3% from March. Short-term borrowings and margin-trading borrowings together rose 20.2% to ¥445.83bn. The company funds margin loans largely with short-term borrowing.
The deck estimates that each 25 basis point rise in the policy rate would add about ¥750mn a year to income. That assumes ¥700bn of customer deposits invested and ¥400bn of borrowings, with both yields and funding costs moving by the full 25 basis points.
The capital adequacy ratio was 304% at the end of September 2026. The deck compares this with an average of 251% for five online brokers at the end of June 2026, a different date.
Dividend held at ¥28
The board declared an interim dividend of ¥28 per share, unchanged from the August forecast and up from ¥25 a year earlier. The total is ¥7.22bn, against ¥6.44bn, payable from 24 November 2026 to holders of record at 30 September.
Matsui's stated policy sets payouts at 70% or more of earnings. The results deck puts the interim payout ratio at 69%. The company has not set a forecast for the second-half or full-year dividend.
Matsui does not publish an earnings forecast, saying securities earnings depend heavily on market conditions. It discloses key business figures monthly. The interim earnings release is outside the scope of review by a certified public accountant or audit firm.