BNP Paribas' profits from advisory and capital markets business doubled in the first three months of the year, driving pre-tax corporate and investment banking profits beyond €1bn ($1.3bn) for the first time.

The French bank generated a record €1.1bn of pre-tax profits from its corporate and investment banking arm, up 49% from €716m in the first quarter of 2005. Revenues climbed 46% to €2.3bn, outstripping a 36% hike in costs. The bank said the division had taken advantage of bullish market conditions.