Buy-to-let boosts Ulster profits
Published 31/10/2015 | 02:30
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.
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."