Commerzbank takes €111m of XVA losses in H1

Adjustments to the valuation of derivatives (XVAs) cost Commerzbank €111 million ($132 million) over the first six months of the year. A year ago, these added €71 million to revenues.

Credit, debit and funding valuation adjustments (CVA, DVA and FVA) took €160 million out of first-quarter income as credit spreads widened, elevating the risk of counterparty defaults and pumping up the cost of funding margin payments. These same adjustments added €49 million to second-quarter income, though, as

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