Societe Generale felt the absence of further stimulus from the European Central Bank in the second quarter, with revenues in the fixed income, currencies and commodities business down by a half from the first quarter.

The French bank reported revenues of €476m for the three months to 30 June, which is 52% down on the €993m achieved in the first quarter. The first quarter figure was the highest achieved in SocGen's FICC activities since the third quarter of 2009.