BNP Paribas Q1 profits fell by 44.8%

BNP Paribas, one of the biggest French banks, Friday announced first quarter profit fall by 44.8 percent. BNP attributed, in a statement, the fall to weak investment revenues and economic recession in Europe in general. It added that net profits in the first three months this year dropped to around 1.6 billion euros (USD two billion). Analysts predicted the fall by around 1.4 billion euros. Although personal banking services witnessed an improvement in the first quarter, it added, the services for companies and investments fell to around 21 percent. BNP Paribas has recently anncounced a three-year plan aimed at saving two billion euros a year.