The weak rouble, growing uncertainty concerning the environment and delayed performances prompted the bank to write down goodwill on Russian activities, the group said in a statement.
Read MoreBNP Paribas profit beats, warns of legal charges
The bank said it remained confident about Rosbank's medium- and long-term prospects in Russia and confirmed its long-term view of the potential of the Russian banking market.
On May 13, the group will present its three-year development strategy for Russia, where it will outline how it intends to achieve satisfactory profitability in 2016 in a scenario of "gradually easing tensions", adding that Russia represents 3 percent of its global exposure and that it has no material exposure to Ukraine.
Revenue in the quarter rose 14 percent to 5.68 billion euros from 4.98 billion a year earlier, lifted in part by a strong financial services business.
Read MoreFrance's speciality? Demonizing globalization: Lamy
At the same time, fellow French bank Credit Agricole, France's third largest bank by assets saw net income rise 29.6 percent in the first quarter of the year compared to the same period last year, as cost cutting measures imposed by the group came into effect.
The bank's operating expenses fell by 1.2 percent in the quarter and loan loss provisions were down 20 percent. The group also announced it has finalized the sale of its stake in brokerage Newedge to Societe Generale.
Chief executive Jean-Paul Chifflet said he was "committed to a serious and controlled management of costs".
Correction: A breaking news alert for this story provided an incorrect figure for SocGen Q1 net income. The correct figure is 315 million euros