Equities mask bond pain at SG

Net profits from corporate and investment banking at Société Générale surged 29% to €643m ($826m) in the first quarter as record equity and advisory revenues outshone a flat performance in fixed income and aggressive recruitment drove costs up 25%.

Net equity and advisory profits surged more than three-quarters to €388m in the three months to March as revenues climbed 55% to €1.1bn.

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