Société Générale on Wednesday lowered its profit outlook in the light of the toughening regulatory environment, as it reported net profits for the three months to the end of September of €426m, continuing its gradual recovery from loss-making territory early this year.

Didier Valet, finance director of France’s number three bank, said: “As we await a definitive regulatory outcome [on global capital requirements], a return on equity of around 15 per cent looks more achievable than previous targets.”