...In H### the major German banks Deutsche Bank AG (Deutsche, rated AA\## ), Commerzbank AG (C ommerz, rated A ), Bayerische Hypo\## und Vereinsbank AG (H VB, rated A ), Dresdner Bank AG (Dresdner, rated A+ ) and Deutsche Postbank AG (Postbank, rated A ) track record of steadily improving operating profitability was hampered b y the prevailing financial marke t crisis. Benefiting from a benign market environment and a solid operating profitability in the first half of the year, the banks operating profit for FY## was overall only modestly below FY## results, despite the negative impact from impairments and mark\##to\##market (MTM) valuation losses on structured credit and lending products booked in H###. Commerz s and HVB s operating profit even increased compared with FY##. However, in light of a further massive widening of credit spreads observed in the first few m onths of #### and a market environment that remains...

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