The investment banking business of French bank BNP Paribas posted an 18% increase in profits in 2000, its first full year since the acrimonious takeover battle which created the firm.

The advisory and capital markets business generated €1.23bn ($1.1bn) in pre-tax profits last year, compared with €1.04bn in 1999. The increase in profits has been achieved in spite of the departure of more than 1,000 staff in the six months after BNP beat off Société Générale for control of Paribas in the summer of 1999.