Ulster Bank reports £164m loss for first quarter 2013
ULSTER Bank has reported an operation loss of £164m (€195m) for the first three months of 2013, compared with £310m in the same period last year.
According to the bank, the reduction in losses on impairments of £240m.
Income fell by £6m (€7.1m) due to costs associated with trying to raise deposits as well as lower interest-earning loan volumes.
However, deposits were up 8pc to £22.7bn.
RBS – Ulster Bank’s parent which is majority owned by the British state - said credit trends in Ireland were "turning a corner", with impairment charges at the Irish arm down 27pc compared with last year.
Meanwhile, RBS said the British government may have to take a hit when it starts selling its stake in the bank as soon as the beginning of next year.
Britain pumped £45.5bn into RBS to keep it afloat during the 2008 financial crisis, leaving it with an 82pc stake.