Hambros And Warburg Report Drop In Profits

BANKS

Hambros Bank and S.G. Warburg Group both reported lower interim earnings last week, but cited foreign exchange and treasury operations as a bright spot. The two have fiscal years with the half ending September 30--which enabled September's huge volumes and volatility to be included.

Hambros, a wholesale bank with a well-regarded foreign exchange division, reported that pretax profits fell by one third in its first half, from £37.6 million in 1991 to £25 million this year, chiefly due to a hig