Belfast Telegraph

Saturday 27 December 2014

Ulster Bank cuts losses by nearly 50%

Ulster Bank reported operating losses of £164m for the first quarter of 2013
Ulster Bank reported operating losses of £164m for the first quarter of 2013

The improving fortunes of Ulster Bank in this year's first quarter marks "good progress" according to bank bosses.

Ulster Bank reported operating losses of £164m for the first quarter of 2013 compared to the £310m loss reported for the same period last year.

Bank officials attribute the welcome cut in its losses to a 39% reduction in losses on impairments.

They were £240m in the first three months of the year, compared to £394m in the first three months of 2012.

Income at the bank fell by £6m which was blamed on costs associated with trying to raise deposits and lower interest-earning loan volumes.

At the same time, however, the bank witnessed increased deposits, which experienced a rally of some 8% to £22.7bn.

Ulster Bank chairman Philip Hampton said he expected the bank's recovery process to be "substantially complete" in the next 12 to 24 months. This would allow the Government to begin selling its 81% stake from the middle of 2014, if not earlier, he said.

COMMENT RULES: Comments that are judged to be defamatory, abusive or in bad taste are not acceptable and contributors who consistently fall below certain criteria will be permanently blacklisted. The moderator will not enter into debate with individual contributors and the moderator’s decision is final. It is Belfast Telegraph policy to close comments on court cases, tribunals and active legal investigations. We may also close comments on articles which are being targeted for abuse. Problems with commenting? customercare@belfasttelegraph.co.uk

Comment

More

Company Profiles

More

Help & Advice

More

People on the move

More