European banks add to profits surge

NEWS

FRANKFURT -- A raft of European banks announced improved 2002 interim FX profits last week, adding to an uptrend already reported by other eurozone and UK players.

Dutch bank ABN Amro topped last week’s list with group-wide profits for FX up 25% year-on-year to e280 million for first-half 2002. "We had another strong quarter and we’re on course to meet our full-year targets," said an ABN Amro spokesperson in London.

Meanwhile, Dresdner Bank, parent of investment banking unit Dresdner Kleinwort

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