NordLB chops loan-loss

German bank NordLB has cut loan losses as its first quarter profit rose.

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

Provisions for loan losses dropped to EUR 100m, down 59% from 2013.

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

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