NordLB logs loss after new shipping impairments

New provisions to the value of EUR 435 million sent Germany's second-largest shipping lender, Nord LB, into a deficit in the first three months of the year. And the outlook is not looking very positive.

German shipping bank Nord LB delivered a loss in before tax of EUR 98 million in the first quarter of the year. The reason is primarily a worsening of the international shipping markets, writes the bank in its quarterly report, published Wednesday.

The bank has in the quarter increased its provisions on shipping loans by EUR 435 million.

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