First-quarter cheer for forex
LONDON - Foreign exchange income grew 65% to £632 million at the Royal Bank of Scotland in the first quarter, but bad debts wiped away profits at the troubled bank.
The bank's interim management statement on May 8 also revealed striking performances by rates, equities, credit markets and commodities, which all saw surges in income. This meant the global banking and markets division made an operating profit of £2 billion, 97% higher that Q1 2008. However, credit market writedowns and impairment
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