Net profits plunged at Nomura in the first three months of the year as the Japanese bank set aside millions in provisions linked to legacy transactions in the Americas that masked a rebound in trading.

The Japanese bank said on Thursday that net profits fell 63% to ¥22.7bn ($207m) in iats fiscal fourth quarter, despite an 8% rise in revenues. Over its full-year to March 31, net profits were down 8% at ¥219.3bn.