Commerzbank FX profits up 70%

NEWS

FRANKFURT -- Commerzbank's forex profits were up 70% year-on-year in 2001, according to the bank's annual report, released last week.

The bank earned profits of e273 million ($242 million) from trading foreign exchange, precious metals and foreign notes and coins for the year -- a record for the bank. The figure compares with e161 million ($151 million) in 2000.

Edward Voorhees, global head of FX sales and trading at Commerzbank in London, said the uptick was due to a change in business philo