The profitability of German ship finance bank DVB has increased despite tough times in the maritime world and general economic uncertainty.

Frankfurt based DVB reports a headline pretax income of EUR 74.9m ($106.3m) for the first half of 2011, up almost 27% on the same period of last year. Post tax income amounted to EUR 56.4m a near 18% increase on the same period of 2010.

Wolfgang Driese
Bank chief, Wolfgang Driese, is upbeat about the outlook although allowance for credit losses in the first half accounts soared to EUR 18.4m