Nomura’s global markets arm swung back into the black for the first time since the Japanese bank took over parts of collapsed US rival Lehman Brothers late last year, as ¥120.9bn (€896m) in trading gains, particularly in Europe and Asia, powered the division to a ¥62.3bn pre-tax profit in the three months to June.

Net revenues from global markets ballooned to ¥187.1bn in Nomura's fiscal first quarter from just ¥9.4bn in the previous quarter and ¥11bn in the first quarter last year. The revenue rise far outstripped a near three-quarter year-on-year rise in the unit's costs, which increased to ¥124.9bn, and helped turn a ¥61.6bn pre-tax quarterly loss last year into a similar-sized profit.