Profits and revenues at Nomura’s wholesale division have risen over the last 12 months, as improving conditions in its home market and a cost-cutting plan continuing ahead of schedule combined to deliver a strong finish to the Japanese bank’s fiscal year.

Nomura this morning published results for the first three months of 2013 - its fiscal fourth quarter - and its fiscal full year to March 31. The wholesale division, which comprises Nomura's investment banking and global markets businesses, posted annual net revenues of ¥645bn ($6.53bn), up 16% year-on-year.