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Nordbank reports ?2.8bn net loss

Nordbank reports ?2.8bn net loss
HSH Nordbank, the world?s largest ship financing bank, has reported a net loss of ?2.8bn ($3.6bn) for 2008.

HSH Nordbank, the world"s largest ship financing bank, has reported a net loss of ?2.8bn ($3.6bn) for 2008.

HSH Nordbank, the world"s largest ship financing bank, has reported a net loss of ?2.8bn ($3.6bn) for 2008.

The amount includes impairments of some some ?1.6bn on its credit investment portfolio and further writedowns of ?900m, which became necessary after the Lehman Brothers insolvency and the collapse of Icelandic banks. The figures are preliminary and non-audited. In 2007, the bank had reported a net profit of ?285m.

HSH Nordbank said that it has increased loan loss provisions that cover the risk of credit defaults to ?1.4bn. In 2008, the bank achieved an income from interests and commissions of some ?2bn, compared to ?1.9bn in 2007.

For the first nine months of 2008 HSH reported losses of ?360m and had to ask the government bailout fund for guarantees of some ?30bn. In turn, the bank has to increase its equity and reduce its total assets.

The bank is negotiating with its owners over a strategic realignment, which will likely see the bank concentrate on regional German business. However, the bank stressed that it will keep shipping and transport finance as core business.

www.TurkishMaritime.com.tr

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