Nomura’s wholesale division was one of the few investment banking businesses to post pre-tax profits in the three months to the end of September that were higher than both a quarter earlier and a year earlier, as equity revenues doubled, driving overall net revenues at the division up more than a third from a year ago.

The wholesale unit, which comprises Nomura's global markets, or sales and trading, and investment banking businesses, turned in a 34% year-on-year rise in net revenues in its fiscal second quarter, hitting ¥183.3 billion ($1.87 billion) the bank said in its results statement today.