Matsui’s half-year profit rises 60% as financing income cushions lower commission yields

Matsui Securities reported net profit of ¥10.435 billion for April–September 2026, up 59.7% from a year earlier. The non-consolidated Japanese-GAAP results, released on 28 October, show revenue rising 42.8% to ¥34.048 billion.[1]

Stock-trading turnover doubled, while brokerage commissions rose 42.5% to ¥15.421 billion. Matsui attributed the lower commission yield partly to a larger share of one-day margin trading, which generally carries no commission. More trading therefore generated less fee income per yen of turnover.[1]

Net financing income increased 48.1% to ¥11.735 billion. Higher distributions from segregated client-money trusts and increased margin-financing income supported the gain, even as funding interest costs rose. Selling, general and administrative expenses increased 19.2% to ¥14.374 billion. The interim release is outside independent accountant review.[1]

How the intraday tariff changes the revenue mix

Matsui’s current one-day margin rules make the commission waiver conditional on internet transactions being completed within the day. Clients are asked to close positions by the market close or settle them by taking or delivering shares by 15:45. If they do neither, Matsui closes the positions at its discretion on the next business day and charges ¥3,575 including tax per order.[3]

July–September commissions retreat

The sequential comparison in Matsui’s presentation is less buoyant than the half-year headline. Its stock brokerage commission yield fell from 2.5 basis points in April–June to 2.1 in July–September, while stock-trading value declined only 3%.[2]

The larger average margin book helped financing income rise, but that improvement did not offset lower commissions and higher operating expenses. Net profit declined 14% sequentially.[2]

Report an error or submit an update