NordLB expects new loss provisions on shipping this year

Germany's NordLB warns of more loss provisions on non-performing shipping loans in the year to come despite positive developments in the efforts to reduce its shipping portfolio in the first quarter.

Photo: PR/NordLB

Even though German bank NordLB is working to significantly reduce its exposure to the shipping sector, the sector has not released its grip on the bank, shows the first quarter interim report.

The bank's result came to EUR 25 million, an improvement from a deficit of EUR 101 million in the same period last year. This development is especially attributed to reversal of loan loss provisions on non-performing loans.

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