DVB Bank Group posts first quarter 2017 net loss of €-72.9m

DVB Bank Group (DVB), the specialist in international transport finance, reported a consolidated net loss before taxes of €83.8m in the first quarter of 2017 (previous year: net income of €25.9m). This was heavily influenced by a negative net result from financial instruments in accordance with IAS 39 (€-61.3m). Furthermore, reflecting market developments, additional allowance for credit losses was recognised in the amount of €65.9m. DVB’s consolidated net loss (after taxes) amounted to €-72.9m (previous year: €19.2m). Total assets increased to €27.8bn as at 31 March 2017, up 0.4% from the 2016 year-end (31 December 2016: €27.7bn).