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Ulster Bank's income up during H1
30 Jul 2015 08:08
Ulster Bank has reported an operating profit of £131m (€178m) for the first half of its financial year, compared to £55m (€67m) in the same period of last year.
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Of that £80m (€109m) was earned in the second quarter alone – almost double the operating profit recorded in the April to June period of 2014.
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This was despite a fall in the bank’s revenue, with net interest income falling 18% to £265m (€362m).
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Ulster Bank said that while its results were affected by the weak euro it saw higher profit, lower costs and lower impairment charges.
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This was driven by proactive debt management and improving economic conditions across Ireland, the bank said.
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Mortgage drawdowns were 45% higher than in the first six months of 2014, it said, while lending to business customers was up 57% to £800m (€1.02 billion).
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