Nordea: Shipping and offshore losses reduced significantly

Net deficits to the shipping sector were reduced significantly, and the bank's lending credit quality improved, according to Nordea's interim report, published Wednesday morning.

Nordea's earnings from Shipping, Offshore and Oil Services increased five percent in the 3rd quarter 2014 compared to the same period last year. And the bank states in its interim report, published Wednesday morning, that net deficits from this business area were reduced significantly, just as the bank's lending credit quality also improved.

"Compared to the third quarter last year, income remained at about the same level as an increase in commission income and loan margins compensated for the reduced loan volumes," says Nordea, the largest banking group in the North and one of the world's biggest shipping banks.

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