Bad loans in shipping and offshore weigh down on Danske Bank

Loan impairments increased at Danske Bank in 2019, which is due to higher losses or expected losses on select major clients – within shipping and offshore, for instance – according to the bank's annual report on last year.

Photo: Ida Guldbæk Arentsen//

Danish bank Danske Bank saw higher loan impairments for its business clients in 2019 than the year before, according to its financial report on last year. Among other things, this is due to engagements with a handful of major clients within shipping and the oil and gas sector.

"In 2019, loan impairments amounted to DKK 1,348 million [USD 198.6 million, -ed.], against DKK 278 million in 2018. This development is due primarily to single-name charges in the shipping, oil & gas and retailing industries," the bank writes in the report, not mentioning any specific names, however.

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