Ulster Bank posts operating loss of €372m in first quarter
ULSTER Bank has reported an operating loss €372m for the first three months of 2012, lower than the same period in 2011.
Provisions for bad loans increased to €472m - as property values continued to increase, the bank was forced to increase the provisions as the level of arrears also grew.
Ulster Bank said that 4.3pc if its home loans are now categorised as impaired.
It added that it was continuing to work with its customers who are in financial troubles by offering a range of support initiatives.
Before the impairment charge, Ulster Bank said its operating profits came in at €101m, according to the bank’s parent Royal Bank of Scotland.
RBS, which is over 82pc owned by the British government after being bailed out, after posting a first quarter loss of £528m.
"As RBS's credit spreads tightened during the quarter, a charge of £2.456 billion was booked for own credit adjustments," RBS said in a statement.
"The start of 2012 has shown pleasing progress at RBS within the context of a flat economic environment," chief executive Stephen Hester said in the statement.