HSBC’s profits up by a third

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The bank, which is in the process of building its US and European businesses to match its traditional strength in Asia, said FX and derivatives benefited from US dollar volatility, increased customer activity and the continued demand for structured products.

In the UK, the bank said higher client volumes pushed revenues higher, partly as a result of an expansion the bank started in FX in the second half of 2003. While Canada in particular saw strong growth in FX revenues with a 23% rise, "due