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HSH Nordbank expects to return to profit in 2014
April 10, 2014 / 8:52 AM / 4 years ago

HSH Nordbank expects to return to profit in 2014

FRANKFURT, April 10 (Reuters) - HSH Nordbank expects to return to profit this year after seeing its loss widen to 814 million euros ($1.13 billion)in 2013 as the shipping crisis weighed on the troubled German public-sector bank.

Provisions for bad loans - mainly ship loans - increased 34 percent to 882 million euros, HSH said in a statement on Thursday, adding it now does not expect the shipping industry to recover before 2015.

The bank also said it will need to make use of 1.6 billion euros of guarantees it received from it public owners in the financial crises, 300 million more than planned until now.

HSH’s core tier 1 capital ratio stood at 11.7 percent at the end of 2013 versus 9.9 percent in 2012. ($1 = 0.7234 Euros) (Reporting by Arno Schuetze; Editing by Victoria Bryan)

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