NAB annual results sees FX slip into the red

The bank made A$2 million in forex losses in the year ending September 30, compared with A$12 million profit in the area the previous year. Income from forex derivatives trading slid to A$313 million ($235.7 million) from A$442 million in 2003. The reported drop in forex derivatives trading income was despite the exclusion of the A$360 million in losses suffered by the bank as a result of unauthorised foreign currency options trading revealed earlier in the year (FX Week, January 19).

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