Ulster Bank reports over €1bn in losses
LOSSES at Ulster Bank hit just over €1.18bn last year in challenging market conditions, the bank said today.
The 35pc increase in losses came on a 19pc hike in impairment charges of £1.38bn for the year ended December compared with £1.16bn in 2010.
Operating profits before impairment losses was £360m with income down 7pc.
"2011 was another difficult year for the business due to the continued challenging economic environment," the bank said in a statement.
"This was reflected in the financial performance, with ongoing pressure on income and a further increase in impairment losses."
Parent Royal Bank of Scotland reported a wider full-year loss that was bigger than expected but it still forked out nearly £1bn in staff bonuses.
RBS is 82pc owned by the British Government after it was bailed out during the 2008 credit crisis.