The shipping lender said net earnings to 31March were EUR 92m ($125.55m), against EUR 32m in 2013.

Provisions for loan losses dropped to EUR100m, down 59% from 2013.

Risk provisions, however, rose EUR 50m toEUR 2.3bn, as it increased valuation allowances for ship financing.

It said the better result had been achieveddespite the “crisis in the shipping sector”.