Nomura’s wholesale division fell to a loss in its financial year ended March 31, despite its global markets unit posting its strongest quarterly results for 18 months.

The Japanese bank posted an almost 60% fall in pre-tax profits to ¥12.5bn, or $155.2m, at the wholesale division in its fourth quarter, which runs to March 31, against the same period last year. Nomura's financial year ends three months later than its US and European rivals.