FRANKFURT (Standard & Poor's) Aug. 6, 2008--Standard & Poor's Ratings Services said today its ratings and outlook on Commerzbank AG (A/Stable/A-1) and related entities remain unchanged, following the announcement of the bank's results for the first half of 2008. The related entities include bank subsidiaries Eurohypo AG (A/Stable/A-1) and Hypothekenbank in Essen AG (EssenHyp; A/Stable/A-1). Commerzbank reported a pretax profit of about €900 million in the first half of 2008. This is 55% less than the record result posted in the first half of 2007, which benefited from a more favorable environment and one-time gains. Conversely, the first half of 2008 suffered from manageable impairments on asset-backed securities and collateralized debt obligations (€414 million), high loan loss provisions on one...
Companies mentioned in this report are:
- Commerzbank AG
- Hypothekenbank in Essen AG
- Hypothekenbank Frankfurt AG
Action: S&P Event
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Research type: News
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