The year-on-year decline is largely due to the bank's sale of UK aero engine specialist TES Holdings Ltd last year.
Shipping accounted for EUR65.3m of new allowances for credit losses, but EUR30m of allowances were reversed for the shipping sector. Overall the bank's net allowances totalled EUR45m for the first nine months, improving on last years figure of EUR53.3m and bringing total allowances up 18.2% to EUR176.7m.
Wolfgang Driese, ceo and chairman of the board of managing directors of DVB Bank, commented, "even though we see signs of vessel values and charter rates bottoming out in the troubled shipping sectors, the shipping finance business remains challenging in 2013, and will continue to do so into next year.
"Against this background, we are satisfied with the Bank's results as at 30 September 2013. Excluding last year's non-recurring effect, we anticipate being able to once again present a solid set of full-year results."
Shipping finance accounts for 44.3% of the banks lending and offshore makes up a further 10.6% of their portfolio.
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