FX Week

FX growth at HVB

NEWS

MUNICH -- German banking group HVB saw significant growth in trading profit for the first half this year, despite poor market conditions and "challenging" overall results.

The bank would not break out FX figures, but trading profits, which include foreign exchange transactions, rose 75% to e435 million for H1, 2002, up from e248 million in the first half of 2001. This was mainly due to interest rate and FX operations, "whose contributions to results more than doubled", said the bank.

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