Ulster Bank €97m in the red in Q3
Friday, 6 November 2009 13:57Ulster Bank has reported a loss of €97m for the third quarter of this year, affected by loan losses of €160.6m in the three months.
The figures were contained in a trading update from its parent bank Royal Bank of Scotland. Operating profits before the loan losses were down around 40% to £59m sterling, with the results also affected by the higher costs of holding on to deposits from customers.
RBS reports £1.5 billion Q3 loss
Ulster Bank said total loans to customers were 2% lower compared with three months earlier, blaming lower demand, while deposits rose by 5% in the quarter.
Chief executive Cormac McCarthy said the results reflected continuing difficult conditions in the market. He also said that the bank remained a 'core part' of RBS, following the parent bank's announcement earlier this week that it would sell off some businesses to ease EU competition concerns.
