Shipping loans keep NordLB in an iron grip

Shipping bank NordLB closed the first nine months of the year with a significant deficit, largely due to loans to the shipping sector. The bank projects a total loss for 2016 of more than EUR 1 billion.

Norddeutsche Landesbank, NordLB, is still being weighed down by its large-scale exposure to the weak shipping sector.

The bank, Germany's second-largest lender to shipping, booked a net deficit in the first nine months of the year of EUR 736 million, down from a profit of EUR 539 million in the same period last year, according to the NordLB interim report Thursday.

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