DNB makes new impairments on shipping, oil and gas activities

The Norwegian bank increases its impairments on prominent customers in shipping, oil and gas, though the bank noted an improved bottom line for both the full year and the fourth quarter. The crisis in the oil service sector is expected to spread further in Norway.

Photo: PR-foto: Olav Mellingsæter/DNB

Major customers in shipping, oil and gas account for an increasing part of Norwegian bank DNB's impairments, which amount to a total USD 167.2 million in the fourth quarter 2015.

"Compared with the fourth quarter of 2014, individual impairment losses were up NOK 123 million, with an increase within shipping, offshore and energy in the large corporate and international customers segment and a decline in the small and medium-sized enterprises segment," notes DNB in the bank's annual report 2015, published Thursday.

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