Crédit Lyonnais posted its best results for three years in investment and corporate banking, boosting group profits by 4.6% to €236m ($271.4m) for the first quarter of this year.

Profits in the corporate and investment banking division grew 87.8% to €106m on the back of an improved performance in capital markets, a 7% improvement in the cost-to-income ratio for financing activities and a fall in the provision charge for the USA to €47m for the first quarter of 2003 compared with €86m for the same period last year.