DVB Bank downgrades full-year 2015 forecast

Disappointing development among the BRIC countries, slowing growth and failing freight volumes worldwide have pushed the Frankfurt-based bank to downgrade its outlook for the whole year 2015.

The German shipping bank DVB delivered a third quarter profit of EUR 59.8 million for 2015, against EUR 72.6 million for the same period last year. Although the bank simultaneously downgrades its outlook for the whole of 2015, CEO and Chairman Ralf Bedranowsky describes the result satisfactory, according to a press release.

With the downgraded expectations, the bank expects a 2015 profit in the "the positive low- to mid-double-digit million euro range," a figure far lower than the outlook reported in its 2014 financial statements.

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