Business World

Wednesday 17 January 2018

Ulster Bank makes first profit since financial collapse

The headquarters of Ulster Bank on Dublin's quays
The headquarters of Ulster Bank on Dublin's quays
Royal Bank of Scotland. Photo: PA

Ulster Bank has made its first profit since the financial crisis in 2008

The bank made and operating profit of €752m for 2014, according to its full-year results - it made a loss of €1.7bn in 2013.

The bank also reduced its operating expenses by €130m.

Ulster Bank chief executive Jim Brown described the results as a "clear signal” the bank's strategy was working.

“In 2014, our new lending activity increased by 38 per cent to €2.3bn. €1.4bn of new loan facilities were made available to business customers, an increase of 46 per cent on 2013 and a further €1.9 billion will be made available to business in 2015. We saw a 41 per cent increase in mortgage drawdowns in 2014 and in the Republic of Ireland we have recently reduced our variable and fixed mortgage rates for new and existing customers.

It parent,Royal Bank of Scotland reported a 2014 loss of £3.5bn hit by a writedown on the value of its U.S. business Citizens and new charges relating to foreign exchange investigations and mis-selling.

The loss compared with an attributable loss of 9 billion pounds the previous year.

RBS, which is 79 percent-owned by the British taxpayer, also announced the appointment of ex-financial regulator Howard Davies as its new chairman.

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