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DNB notes improvements in offshore and shipping

Norwegian bank DNB raised its profit in the second quarter, as stronger macroeconomic prospects led to better improved performance among the bank's offshore and shipping customers.

Photo: PR-foto: Olav Mellingsæter/DNB

Major Norwegian bank DNB delivered a net profit of NOK 6.1 billion (USD 753.6 million) compared to NOK 5 billion in the same period the year before. This was expected by firm Inquiry Financial, which projected a NOK 6 billion profit for the bank.

The bank also reduced its losses on shipping and offshore, according to the interim report. Developments in the  macroeconomic prospects have resulted in stronger performances among a growing number of companies in the bank's portfolio, where offshore in particular has been hit by the downturn in recent years. And there are still offshore companies in strained situations, though the bank was able to reverse previous impairments.

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