Société Générale’s corporate and investment banking unit returned to profit in the fourth quarter, as advisory and fixed income revenues strengthened and a recovery in the value of toxic assets boosted the bottom line.

The French investment banking unit, which is trying to pull back from record trading losses during the credit crunch to narrow the gap with arch-rival BNP Paribas, today posted a fourth-quarter profit of €311m, compared with a €562m loss over the same period last year.