Nomura Holdings increased its net profit by 27% in the fourth quarter, finishing the fiscal year with a record result — 72 billion yen ($501 million) compared to 56.8 billion yen a year earlier.

CFO Takumi Kitamura stated that the bank is prepared for market turbulence triggered by U.S. tariffs in April. “A certain degree of volatility actually works in our favor,” he said, adding that there has been no mass sell-off by clients since April. Volatility in equity and forex markets has widened margins, boosting trading revenue.

Nomura also announced a share buyback of up to 60 billion yen and acquired the U.S. and European public asset management businesses of Macquarie Group for $1.8 billion. This marks the bank’s largest international deal since acquiring Lehman Brothers’ assets in 2008.

Despite reduced activity from retail investors, Nomura remains a leader among Japanese brokers, outperforming Daiwa and Mizuho Securities. While equity issuance and M&A have slowed due to market uncertainty, management expects business activity to resume once stability returns.