(Bloomberg) -- Nomura Holdings Inc.’s profit rose more than analysts expected last quarter, buoyed by strong results across its businesses including wealth management, trading and investment banking.

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Net income more than doubled from a year earlier to ￥98.4 billion ($645 million) in the three months ended Sept. 30, Japan’s largest brokerage said in a statement Friday. That exceeded the ￥63 billion average of four analysts’ estimates compiled by Bloomberg.

Nomura’s earnings have been on a recovery path that is now in doubt after revelations of market manipulation came to light in late September. Chief Executive Officer Kentaro Okuda agreed to take a pay cut for the incident, which prompted some clients to take their bond trading and underwriting business elsewhere. Nomura’s reputation may take a further hit following reports this week that a former employee was arrested on suspicion of robbery and attempted murder of elderly clients.

Okuda has been trying to cement an earnings revival and move beyond past stumbles including an almost $3 billion loss from the collapse of US family office Archegos Capital Management in 2021.

Chief Financial Officer Takumi Kitamura expressed regret for the market manipulation case as well as the former employee’s arrest. He said it was too early to measure the potential impact of the arrest on its wealth business, while the effect on profits from the bond trading breach would probably be limited.

Still, the CFO was able to bask in second-quarter results that he described as “very strong.”

The earnings growth came in a quarter of extreme volatility that saw Japanese stocks hit a record high in July before plunging during a panic selloff in early August. At one point, the local stock market lost $1.1 trillion in three days when a mass retreat from so-called yen carry trades caused the currency to soar. Equities have since rebounded.

Despite the turmoil, Nomura reaped fees from individual clients turning to investment trust products. Revenue from the wealth-management division — which serves domestic retail customers — rose 18% from a year earlier. Its pretax profit reached a nine-year high.

Trading Boom

The wholesale business, which houses Nomura’s trading and investment banking operations, saw revenue climb 29%.