Germany’s DVB Bank has fallen to a loss over the first nine months as shipping weakness hit the bottom line.
Total allowance for credit losses hit EUR 406m ($437m), up 39.1% from the end of 2015, due to “significant” provisions in shipping and offshore finance.
The nine-month net loss was EUR 27.3m, from a profit of EUR 92.2m a year ago.
The bank blamed ongoing and high tonnage over-capacity in numerous international shipping segments.
“In
