Profits up, provisions down at Nord LB
Nord LB this week reported a 158% rise in pre-tax profits to Eu137m in the first quarter of 2011, from Eu53m a year earlier. This was driven by a big change in the outlook for loan losses, with a positive figure of Eu11m for the quarter compared to a loss provision of Eu149m in the same period in 2010.
In a presentation to investors on Wednesday, the bank said that an economic recovery in core business areas had reduced the pressure on provisions. Some Eu46m was released from portfolio-based loan loss provisions, although this was mitigated by a net allocation of Eu35m in specific loan loss provisions
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