Corporate and investment banking has emerged as the most profitable part of Société Générale in the first quarter of this year helping drive group profits up 66% to €801m ($950m) on a 6% rise in total income to €3.96bn.

Jean-Pierre Mustier, head of corporate and investment banking, has delivered a 36% return on equity, up from 22% in the first three months of 2003, and profits up two-thirds to €329m. Group return on equity was 20%.