Forex Trading Profits Up At Credit Lyonnais In 1991 Altus Finance Gains From Accounting Changes
BANKS
Credit Lyonnais, the state-owned French banking group, reported that operating income rose a respectable 14.2 percent in 1991, to FrF 13.3 billion, but was slammed by a whopping 47.9 percent increase in loan loss provisions. As a result, net profits for the group declined 10.6 percent to FrF 4.1 billion in 1991, though foreign exchange trading revenues were up on the year, officials at the bank confirm.
Chantalle Lanchon, executive vice president of capital markets trading, declined to specify
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