U.K. Banks Report FX Trading Gains But First Half Proves Disappointing

BANKS

Despite optimistic predictions from officials about first half results (FX Week, July 27), the U.K. banks, with the exception of National Westminster Bank, have reported disappointing numbers for foreign exchange earnings--although overall profits rose for some.

Lloyds Bank posted a £369 million pretax profit overall, up from £331 million for the same period in 1991. But forex trading revenue remained static, dropping from £40 million in June 1991 to £39 million for the first six months of

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