GMP Capital Corp. today reported that its first-quarter profit more than doubled to a record $21.1 million.

Earnings for the three months ended April 30 amounted to 75¢ a share and compared with $9.8 million or 35¢ per share a year earlier.

Revenue reached a record $73.4 million, up from $42.1 million.

“Our first quarter represents an excellent start to fiscal 2006 with new record highs in both revenue and net income,” CEO Kevin Sullivan said in a news release.

“The continued strength in the Canadian economy and strong equity performance combined with our unique entrepreneurial culture and focus on targeted sectors of the market allowed us to once again deliver record revenue, profitability and industry-leading returns on our shareholders’ equity.”

Investment banking was the strongest-performing division in the quarter, with revenue increasing 85.7% to $48.1 million on a rise in merger-acquisition and equity underwriting.

“Oil and gas remained the strongest-performing sector, representing 51.6% of our total investment banking revenue, compared with 36.1% in the same period last year. We ranked No.1 among Canadian investment dealers in value of common equity issuance, up from third position in the same period last year.”