BNP Paribas more than doubled the pre-tax profits of its wealth and asset management arms for the first quarter this year as the business edged its assets back into a recovering equity market.

Pre-tax profits were up €98m ($119m) from just €45m in the first quarter of 2003 for wealth and asset management. This is a 32% increse on the fourth quarter of last year when the business made a €74m profit.