DVB Bank Group posts half-yearly results for 2017

DVB, the specialist in international transport finance, reported a consolidated net loss before taxes of €506.3m in the first six months of 2017 (previous year: net income of €14.1m). The net figure was dominated by a significant increase in allowance for credit losses, to €445.3m (previous year: €83.4m), reflecting market developments. Moreover, due to the continued narrowing of spreads for euro/US dollar cross-currency swaps, the net result from financial instruments in accordance with IAS 39 fell to €–67.9m (previous year: €10.0m).