Aggressive cost control and a strong performance in equity derivatives and financing saw BNP Paribas increase corporate and investment banking profits by 12% in the first quarter, trumping record results in the same period last year.

BNP Paribas said investment banking pre-tax profits hit €1.19bn ($1.61bn) after expenses grew just 2.2% compared with last year. Revenues at the investment bank were up 5% to €2.4bn.