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Bleak Outlook For Large German Banks Despite Better Q2 Performance, Report Says Aug 08
Standard & Poors, Aug 2008
Abstract
FRANKFURT (Standard & Poor's) Aug. 26, 2008--Given the fundamental changes in market conditions, it's no surprise that the German banking industry has experienced a pronounced drop in earnings in the first half of 2008 compared with the same period of 2007. However, earnings expectations for the months and years ahead are likely to be more meaningful than a comparison with the unsustainable record results of recent years, Standard & Poor's Ratings Services said in report entitled 'Large Private-Sector German Banks Performed Better In Q2, But Full-Year Prospects Still Look Bleak,' published today on RatingsDirect. Indeed, markdowns resulting from market turbulence accounted for much of the decline in earnings in the first half of the year, and those markdowns should decrease...
Companies mentioned in this report are: Deutsche Bank AG,Dresdner Bank AG,Commerzbank AG,UniCredit Bank AG,Deutsche Postbank AG
Action: S&P Event
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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