Hongkong Shanghai Posts Big Rise In Foreign Exchange Trading Gains
BANKS
Hongkong and Shanghai Banking Corp., in its first earnings announcement as a U.K.-incorporated bank, reported a 40 percent rise in FX gains for 1992, excluding the contribution from newly acquired Midland Bank. The FX gains came as the bank reported that groupwide pre-tax profits climbed 73 percent--again excluding Midland.
With gains from Midland included for the second half of the year, FX earnings contributed £394 million for full-year 1992, more than double the £183 million the bank reported
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