Business Irish

Sunday 23 October 2016

Buy-to-let boosts Ulster profits

Published 31/10/2015 | 02:30

Ulster Bank HQ in Dubin.
Ulster Bank HQ in Dubin.

The sale of Ulster Bank's buy-to-let portfolio helped the bank to an operating profit of £114m (€157m) in the third quarter, up 42.5pc on the previous quarter.

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The bank's total income also experienced a rise up to £214m (€294m), up 20.2pc when compared with the second quarter of the year while its operating expenses in the grew by 5.3pc to £158m (€217m) in the quarter.

Ulster Bank had a net impairment release of £58m (€80m) up 11.5pc on the previous quarter. Interim chief executive Paul Stanley said: "This is underpinned by stronger new business volumes, profit on the sale of a buy-to-let portfolio in the Republic of Ireland and a gain realised on the simplification of our corporate structure."

Irish Independent

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