Canadian Banks Report Lower Q3 Forex Trading Revenues
BANKS
Canadian banks reported mostly lower foreign exchange trading revenues for the third quarter, citing a non-volatile market and an inactive Canadian dollar as the major causes of the drop in profits. However, year-to-date, the Canadian banks are showing mostly higher returns than a year ago.
Royal Bank of Canada (RBC) was the top performer for the period, outpacing its nearest competitor by more than two-fold.
RBC reports total FX earnings (trading and other income) of C$99 million, up 17 per cent
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