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Oil crisis puts pressure on DNB's Q3 results

The hard-pressed oil segment dealt a serious blow to Norway's DNB in the third quarter 2016, as the bank's massive exposure to shipping and offshore triggered major loan impairment losses. However, the CEO is optimistic about the prospects for 2017 and beyond.

Prominent Norwegian shipping bank DNB is struggling with massive exposure to the bleak oil and shipping markets where the low oil price has put significant pressure on earnings and investments.

In the third quarter, DNB recorded a net result of USD 486 million, down from USD 765 million in the same period last year, while the bank's losses related to impairments on loans and guarantees in the quarter came to USD 255 million, way down from the positive sum of USD 48 million  in the third quarter last year.

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