Performance-related compensation rose for BNP Paribas’ capital markets staff in the first quarter as unprecedented fixed income revenues and an equities and advisory recovery drove a fourfold jump in pre-tax profits from corporate and investment banking.

First-quarter profits from corporate and investment banking soared to a record €1.2bn ($1.6bn) from €318m over the same period last year. The division bounced back from a hefty loss in the final three months of last year, according to BNP Paribas' quarterly results statement today.