Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

NordLB Reports Profit as Interest Income Offsets Shipping Losses

Nov. 29 (Bloomberg) -- Norddeutsche Landesbank Girozentrale, the world’s fifth-largest shipping lender, returned to profit in the third quarter after higher interest income offset a jump in loan losses.

Net income advanced 8.2 percent to 66 million euros ($86 million), from 61 million euros in the year-earlier period, Hanover, Germany-based NordLB said in a statement today.

NordLB reported a loss in the second quarter as Europe’s debt crisis sapped demand for seaborne goods and overcapacity put pressure on freight rates. HSH Nordbank AG, the world’s largest shipping lender, said on Nov. 6 that it expects loan-loss provisioning and default rates at its ship-financing unit to be “much higher” than previously planned into 2014.

“In the shipping markets there is still no sign of an end to the crisis that has now lasted several years,” NordLB Chief Executive Officer Gunter Dunkel said in the statement. “We know the cycles and have the staying power to overcome the crisis. With our know-how in this area, ship financing will remain a core business segment of NordLB.”

NordLB’s net interest income climbed 16 percent to 531 million euros in the third quarter, while loan-loss provisions more than doubled to 206 million euros.

While NordLB reiterated that it will post a full-year profit, earnings will be “well below” last year’s result.

To contact the reporter on this story: Niklas Magnusson in Hamburg at

To contact the editor responsible for this story: Frank Connelly at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.