Wachovia yesterday said profits in the first three months of 2006 rose 7% from one year ago, thanks to gains in business loans and higher trading profits at the US bank.

The bank reported a net income of $1.73bn (€1.41bn), or $1.09 per share, in the first quarter of 2006 compared with $1.62bn, or $1.01 per share, in the first quarter of 2005.