Profits came in at €364m (£308m) for the first quarter, down 50.3 per cent on the €732m in the same period of 2012.
Group return of tangible equity fell from 7.9 per cent a year ago to 3.2 per cent in the first quarter.
The bank has sold units in countries like Greece in recent years to re-focus on its core markets. But further cost cuts are necessary. It plans to trim expenses by €900m per year by 2015, including by cutting an estimated 600 workers.
The bank is believed to be in talks with unions over chopping the staff at its Paris headquarters.