• Daiwa Securities Group average return on tangible equity for 2023 was 5.17, a 1.52% increase from 2022.
• Daiwa Securities Group average return on tangible equity for 2022 was 5.25, a 38.88% decline from 2021.
• Daiwa Securities Group average return on tangible equity for 2021 was 8.59, a 56.75% decline from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.