UK Banks' Forex Profits Up Despite Narrowing Spreads

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LONDON--UK banks reported modest increases in forex profits last week, despite claiming increased competition is making it harder for them to make the profits they used to.

HSBC Holdings, still very much in the lead in the UK in terms of FX, reported earnings of £478 million, a 6 per cent increase in FX profits for the year to date. This was despite "intensifying competition and narrowing market spreads", according to the bank.

According to a spokesperson at the bank, HSBC performed well in th