Nordea's shipping, offshore and oil profit jumps 148%

Net loan losses at the bank have been falling every quarter for the past year, from EUR40m in Q1 2013, with the last quarter recording the first positive figure since Q3 2008 when the financial crisis took hold causing a collapse in shipping markets and asset values..

A decrease in loan volumes was offset by increasing margins and income across the sector was increased by 2%. Nordea's lending to shipping totalled EUR10.7bn at the end of the quarter, down from EUR13.1bn at the same point last year.

The company reported moderate activity across the sector, with stronger business in bond and debt security creation.

Across the banking group, net profit for the first quarter rose 4% to EUR831m.