Nordbank to Start Repaying State Aid After Returning to Profit
This article is for subscribers only.
HSH Nordbank AG, the regional German lender that was bailed out during the global financial crisis, will start repaying state guarantees in 2011 after reporting its first annual profit in three years on lower loan losses.
Net income in 2010 reached 48 million euros ($66 million), compared with a net loss of 743 million euros a year earlier, the Hamburg- and Kiel-based bank said in a statement today. The company last posted a profit in 2007.