Midland FX Gains Recede But Overall Earnings Rise
BANKS
Midland Bank, the last of the four British clearing banks to report earnings, reversed the trend set by the three others, which posted lower profits overall but improved forex gains. Instead, contrary to City expectations, lower bad-debt provisions pushed Midland's overall earnings up more than 200 percent from £11 million in 1990 to £36 million last year. But its 1991 foreign gains fell 11 percent from £181 million in 1990 to £162 million in 1991.
Despite the slide, Midland's director of
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