HBOS profits up 10% on corporate growth

Although HBOS last week reported FX dealing profits of £61 million in its annual report -- a rise of 3% on 2002’s figure of £59 million ($105 million) -- the underlying growth in its FX business was actually greater than that, said Steven Pearson, chief currency strategist at HBOS in London. The bank this year reclassified its FX forwards earnings under interest rate-related dealing profits on its balance sheet, due to the liquidity-related flows in the forwards business, whereas before, forex

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