Societe Generale’s global markets and investor services division posted its highest revenues for five years in 2015 as investor risk aversion late in the year failed to dampen equity trading growth over the 12 months as a whole, while new acquisitions drove prime services revenues higher.

The unit's results came as SocGen's shares dropped 11% to €27.85 by 14:45 GMT on February 11 from the previous day's close after the French bank said in a presentation accompanying its fourth-quarter and full-year results that it was not confirming its 10% return-on-equity target for 2016 because of "current headwinds".