NordLB Boosts Shipping Provisions Five-Fold, Warns of High Loss

  • German lender sets aside 1 billion euros to cover defaults
  • Bank sees first loss in seven years on slump in shipping

Norddeutsche Landesbank boosted provisions for bad loans nearly fivefold to 1 billion euros ($1.1 billion), as Germany’s biggest shipping lender prepares for its first full-year loss since 2009.

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