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DVB hit by fierce competition on shipping loans

DVB Group, which specializes in shipping and transport financing, took a hit on profits due to an overabundance of capital in the market.

European shipping and transport bank DVB Group, which is listed in Frankfurt, saw its net result dive 37.7 percent after the first six months of the year, down to EUR 41.4 million, compared to EUR 66.4 million in the same period last year. This development is especially caused by the increasing competition between banks and other capital suppliers in the transport market, says the bank's CEO Wolfgang F. Driese on Thursday in relation to the bank's 2nd quarter interim report.

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