SocGen’s prime services unit posted an 11% rise in first quarter revenue this week.

The division, which offers a bundle of services to hedge funds, made €161m between January and March.

That was an 11% improvement compared to the same period a year ago, driven by “healthy commercial momentum”.

Performance was helped by the ongoing integration of Newedge, a derivatives brokerage subsidiary the French bank acquired in 2014.

Meanwhile, SocGen’s securities services division saw assets under custody reach €4bn during the first three months of 2016, slightly higher than December.

Overall though, securities services revenues were down by 15.9% to €574bn.

The bank blamed an uncertain and declining market, leading to a reduction in trading volumes and the asset bases, as well as a negative interest rate environment.

SocGen’s total net income, with all business units combined, rose almost 7% to €924m, or about $1.1bn, in the three months from the same period a year earlier.

Frédéric Oudéa, chief exec, described the figures as "sound results", illustrating the benefits of a diversified and integrated business model/