The largest securities firm in JapanNomura HoldingsOn Wednesday, it raised its pre-tax profit target for the fiscal year ending in march by 14%, and most of the growth is expected to come from its wholesale business.

The company expects pre-tax profits in its retail, investment management and wholesale divisions to rise to 320 billion yen ($2.9 billion), up from the 280 billion yen forecast in May last year.

Nomura's wholesale division lost $2.9 billion in March when Archegos, a US hedge fund, burst its positions. However, the company now expects the division's pre-tax profit for the current fiscal year to reach 150 billion yen, more than double the $64.3 billion in the previous fiscal year. Most of that growth is likely to come from consulting, wealth management and private markets.

Kentaro Okada, CEO of Nomura, apologized for the Archegos incident and said the company had closed more than 99 per cent of its trading positions related to the incident as of May 10.