Despite Olympia & York, Canadian Banks Post Solid FX Gains In Second Quarter

BANKS

The top five Canadian banks reported impressive gains in terms of foreign exchange trading revenues for the three months ended April 30. Although most of the banks reported that overall earnings were badly dented by loan loss provisions in the wake of the Olympia & York debacle, foreign exchange trading revenues don't appear to have been affected, officials surveyed say.

Four of the five banks, Canadian Imperial Bank of Commerce (CIBC) and Royal Bank of Canada, Bank of Nova Scotia and Bank of

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