Matsui Securities booked its strongest quarterly profit in years, with net income up 95.3% year-on-year to ¥5.61bn for the three months to June 2026. Operating revenue rose 51.6% to ¥17.3bn, and ordinary profit nearly doubled to ¥8.86bn.
| Metric | Q1 a year earlier | Latest quarter | Change |
|---|---|---|---|
| Operating revenue | ¥11.4bn | ¥17.3bn | +51.6% |
| Net operating revenue | ¥10.7bn | ¥15.9bn | +48.3% |
| Operating profit | ¥4.7bn | ¥8.8bn | +87.7% |
| Ordinary profit | ¥4.5bn | ¥8.9bn | +95.2% |
| Net income | ¥2.9bn | ¥5.6bn | +95.3% |
The driver was a retail trading boom that tracked the Nikkei 225's wild ride. The index started the quarter around ¥51,000, closed above ¥60,000 for the first time in late April, dipped, climbed to ¥66,000 by the end of May, fell back to ¥62,000 in June, then hit an intraday record of ¥72,000 on June 22 after the Bank of Japan's rate rise and an easing of Middle East tensions, before ending June near ¥70,000. Combined trading value on the Tokyo and Nagoya exchanges rose 103% year-on-year, and individual investors' share of that trading climbed to 26% from 25%, with their own trading value up 113%. Matsui's commissioned stock trading value rose 112%, a quarterly record for the firm, and brokerage commission income climbed 68.9% to ¥8.44bn.
Margin lending added a second engine. Net financial income, revenue from margin trading and deposits minus funding costs, rose 55.0% to ¥5.75bn as margin loan balances jumped 30.4% to ¥552.5bn and rising interest rates lifted returns on client deposits held at trust banks. That lending growth was funded mostly with short-term borrowing, which rose 44.5% to ¥457.9bn, pushing Matsui's equity ratio down to 5.3% from 6.1% at the previous fiscal year-end. Net assets slipped 0.8% to ¥81.69bn after a ¥6.44bn year-end dividend payout exceeded the quarter's profit.
Matsui's investor presentation put a number on the interest-rate tailwind: every 25 basis point rise in the Bank of Japan's policy rate is worth roughly ¥750mn a year in extra net revenue, based on an estimated ¥700bn of invested customer deposits against ¥400bn of borrowings. Its capital adequacy ratio stood at 304% at the end of June, above the 259% average for Japan's five major online brokers as of March. Separately, Matsui disclosed taking a 20.95% voting stake in an independently run active-fund manager, becoming its largest shareholder, as part of a plan to promote the manager's funds through Matsui's YouTube channels.
Matsui does not publish earnings or dividend forecasts because its brokerage business is greatly influenced by stock-market conditions, making projections difficult. The year-end dividend for the fiscal year that ended in March 2026 was ¥25.00 per share, but no forecast has been set for the current year. The quarter's figures also have not yet been reviewed by the company's auditor; a reviewed version of the earnings report is due July 31, 2026.