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Canadian Banks Mine Balance Sheets for Hidden Riches Nov 99
Standard & Poors, Nov 1999
Abstract
(Editor's note: In the commentary published Nov. 4, 1999, the amount of losses on high-yield securities that Bank of Montreal will take in the fourth quarter was misstated in paragraph 3. A corrected article follows.) Mining their balance sheets for undervalued assets, Canadian banks have struck two rich lodes of equity and real estate gains. Starting to liquidate these hidden reserves, each is trying to earn more bang for the buck. The financial flexibility derived from these moves and the impact on capital adequacy, however, varies widely among the banks. For two of them, The Toronto-Dominion Bank and Canadian Imperial Bank of Commerce (CIBC), these hidden reserves are greater than those enjoyed by most western banks, with the exception of...
Companies mentioned in this report are: Deutsche Bank AG,Royal Bank of Canada,Toronto-Dominion Bank,Bank of Montreal,The Bank of Nova Scotia,Canadian Imperial Bank of Commerce,National Bank of Canada
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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