Paris - French bank BNP Paribas said Thursday that its profits fell by 61.4 per cent, to 3.02 billion euros (3.8 billion dollars), in 2008.

The fall in profits was primarily due to a loss of 2 billion euros by its Finance and Investment Bank, because of the effects of the bankruptcy of the American investment bank Lehman Brothers, the bank said in a press statement.

BNP Paribas said it had lost 1.37 billion euros in the fourth quarter of last year, as the financial crisis deepened.

While turnover fell a fraction to 27 billion euros, the bank said it would slash dividend payments from 3.35 euros last year to 1 euro in
2009.

In addition, the provisions for its high-risk debt holding tripled last year, to 5.8 billion euros.

Nonetheless, investors liked what they heard and bid the BNP Paribas share price up more than 2 per cent, to 25.13 euros, in mid- day trading on the Paris Bourse. (dpa)