Canadian Banks' 1st Quarter FX Trading Results CIBC Leads Pack, Up 50 Percent To C$75 Million

BANKS

All the large Canadian banks, stymied by increased loan loss reserves, posted lower net income in the first quarter 1991 than they did in the first quarter of 1990, but foreign exchange trading results were decidedly mixed for the period that ended January 31. FX trading revenues at the six most active Canadian banks ranged from gains of 50 percent to modest declines.

Some analysts weren't surprised by the numbers given the dramatic slowdown that chilled foreign exchange trading activity in D

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