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NordLB First-Quarter Profit Rises 55% on Higher Lending Income

May 31 (Bloomberg) -- Norddeutsche Landesbank Girozentrale, the world’s fifth-largest shipping lender, said first-quarter profit increased 55 percent after lending income jumped.

Net income rose to 118 million euros ($147 million) from 76 million euros in the year-earlier period, the Hanover, Germany-based company said in an e-mailed statement today. Net interest income, the difference between what the bank makes from lending and pays on deposits, climbed 28 percent to 494 million euros.

NordLB, which managed to steer through the global financial crisis without a bailout, reiterated that full-year profit will probably be lower than in 2011 as an economic slowdown increases loan losses. Profit will be “respectable,” the bank said.

“In view of the continuing uncertainty in the markets and in particular the national debt crisis in the euro zone, which is far from over, we look cautiously towards the future,” Chief Executive Officer Gunter Dunkel said in the statement.

To contact the reporter on this story: Niklas Magnusson in Hanover at nmagnusson1@bloomberg.net

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net

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