Dutch shipping lender ING has logged a big increase in loan loss provisions in the first quarter.
Additions to provisions were EUR 207m ($231m) to 31 March, from EUR 85m in the same period of 2018.
These provisions are across the whole group and not specifically shipping.
The ratio of loans at the highest level of risk, stage three, was stable at 1.5%, however, against the year-end figure.
Total first quarter risk costs were 14 basis points of average customer lending, versus only six basis points a year ago.
But the figure for the fourth quarter was 16 basis points.
The first quarter total was "in line with the amounts reported in the last two quarters of 2018 and remained well below ING’s through-the-cycle average of approximately 25 basis points of average customer lending," it said.
Net interest income was up EUR 3.48bn from EUR 3.4bn, while net profit dipped to EUR 1.12bn from EUR 1.22bn.
