Tuesday 25 April 2017

Ulster Bank profits up in first half

Ulster Bank Logo
Ulster Bank Logo

ULSTER Bank has reported an increase in operating profits to £131m (€178m) in the first half of the year, up from £55m last year.

The lion's share of the profits were made in the second quarter, while the bank's revenues fell to $265m.

Ulster Bank said the increase in profits, lower costs and lower impairment charges came against a backdrop of a weaker euro.

The better economic environment and active debt management boosted the results.

Ulster Bank parent, Royal Bank of Scotland, reported a rise in second quarter profit despite booking a £1.1bn charge for restructuring after accelerating the overhaul of its business.

RBS said on Thursday it also set aside 459 million in the second quarter to deal with conduct and litigation issues.

The bank made an attributable profit of 293 million pounds, up 27 percent on the same period last year. Analysts had expected a loss of 260 million pounds, according forecasts provided by the bank.

RBS said it planned to return capital to shareholders by paying dividends or buying back shares, but said it would not be in a position to do so until the first quarter of 2017 at the earliest.

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