Nord/LB loan loss provisions hit $1.13bn

German lender Nord/LB has posted huge loan loss provisions of EUR 1bn ($1.13bn) for the first six months as shipping markets continued to struggle.

This compares to EUR 210m a year ago, while its net loss was EUR 406m, against a profit of EUR 290m in 2015.

“Due to the severe deterioration in the situation on the shipping markets, the bank increased its risk provisioning from ship financing significantly,” it said.

“The