Norddeutsche Landesbank hit by shipping crisis

German shipping bank Nord/LB struggled immensely with its shipping loans in the first quarter, where losses from deferred loans amounted to 241 million euros.

Photo: Hapag-Lloyd

Norddeutsche Landesbank is weighed down by its shipping portfolio, according to the bank's financial report for the first quarter of 2013. The banks losses stemming from deferred loans increased to 241 million euros in the first three months of the year, and the loans are primarily focused on ship finance, according to the report. Last year, the figure amounted to 33 million euros. The Group made a 32 million euros deficit after taxes, compared to profits of 118 million euros in the same period 2012.

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