The investment banking business at Société Générale returned to profit in the first quarter after a dramatic improvement in its equities and advisory business, which posted its best results for a year.

The combined corporate and investment banking division at SG posted a 153% increase in net profits to €167m ($147.8m) in the first three months of the year compared with the previous quarter, but was still 34% down on the group's first quarter in 2001. The firm also posted a record increase in assets under management.