FX earnings uptick for Aussies

NEWS

SYDNEY -- Two Australian banks reported much improved foreign exchange results for their 2001 financial year, which ended on September 30.

Westpac Banking Corp’s trading income for foreign exchange was up 63% to A$317 million ($156 million) from A$194 million in 2000.

A spokesman for the bank in London told FX Week the bank had concentrated on its niche markets -- in the Aussie and Kiwi dollars -- "and it is paying dividends". He added that while the results represented a return to form for t