• Nomura Research Institute average return on tangible equity for 2022 was 30.11, a 36.68% increase from 2021.
• Nomura Research Institute average return on tangible equity for 2021 was 22.03, a 38.9% increase from 2020.
• Nomura Research Institute average return on tangible equity for 2020 was 15.86, a 17.48% increase from 2019.

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.