DVB Bank has posted a consolidated net loss before taxes of €27.3 million for the first nine months of 2016 compared to a net income of €92.2 million in the prior-year period. The bank attributed the performance to the fact that the allowance for credit losses rose to €156.9 million compared to €62.7 million in the previous year, which was largely required for legacy exposures in the shipping finance portfolio and the offshore finance portfolio. “Both have been suffering from the severe and prolonged crisis in their respective markets,” said Ralf Bedranowsky, CEO and Chairman of DVB Bank’s Board of
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