DNB’s Shipping Impairment Losses Down in 2014

Norway’s biggest lender DNB said that its shipping impairment losses declined in 2014 when compared with the previous year.

The bank’s overall loan and guarantee impairments amounted to NOK 821m in the last quarter of 2014.

The net profit for the period totaled in NOK 4.96bn, against NOK 5.7bn in 2013, mostly due to market volatility.

The group’s revenue reached NOK 12.05bn.

DNB said that at year-end 2014, the situation remained challenging in some shipping segments, which, however, showed divergent trends.

“While there was a generally positive trend in the tanker segment, the dry bulk and container segments were sluggish,” according to DNB.

The group believes that this is expected to prevail in 2015.