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Upending analysts’ estimates for a decline, Nomura Holdings Inc.’s third-quarter profit surged unexpectedly, led by fees from investment banking and asset management.

Net income climbed 45 percent to ¥70 billion for the three months ended Dec. 31 from ¥48.3 billion a year earlier, Japan’s largest brokerage said in a statement Thursday.

That beat the ¥37.2 billion average estimate of eight analysts surveyed by Bloomberg. Nomura said it will buy back shares.

The brokerage continued to benefit from the Tokyo Stock Exchange rally last quarter as the Bank of Japan expanded monetary easing. To secure stable profit, Chief Executive Officer Koji Nagai is bolstering investment banking and electronic trading services abroad and focusing more on asset management at home.

“Nomura’s prospects are looking brighter in the long run,” said Koichi Niwa, an analyst at SMBC Nikko Securities Inc. “The firm is trying to change and develop its business model, and it’s increasingly offering products and services for investment banking and trading abroad.”

Nomura said it will spend as much as ¥30 billion buying back up to 1 percent of its shares during the current quarter.

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