Corporate and investment banking at BNP Paribas has returned to record levels of profitability last seen at the peak of the bull market in 2000, despite "difficult but improving" market conditions in 2003.

Operating income at BNP Paribas' corporate and investment banking division rose by 55.3% to €1.8bn, which helped to increase pre-tax return on equity by 12 points to 27%. At group level, net profits rose by 33.2% in the fourth quarter, while full year net profits were up 14.1% on 2002.