German lender HSH Nordbank has blamed continued difficulties in shipping markets for annual loan loss provisions of EUR 1.99bn ($2.15bn).
It said this was a "high" figure, but general loan loss provisions of EUR 237m were simultaneously reversed, leaving a balance of EUR 1.76bn.
A total of 98% of the losses related to legacy shipping loans in the non-core bank (NCB).
Non-performing exposure (NPE) stood at EUR 13.6bn,
