HSBC Cites Customer Business Behind Higher Forex Revenues

BANKS

HSBC Holdings reports a slight year-on-year improvement in its annual foreign exchange dealing profits, to £362 million, up 5.5 per cent from the £343 million reported for 1994. HSBC Midland treasurer Guy Heald says the increase was due mainly to "improved customer volumes."

The first half proved harder than the second, dragging down profits overall, says Heald. In the second half, HSBC pulled in £208 million from FX, a 35 per cent rise over the first half's £154 million. Most U.K. banks repo

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