Ulster Bank has reported operating profits of €750m for 2007, up 22% on the previous year. Total income at the bank, owned by Royal Bank of Scotland, rose by 15% to €1.7 billion.
The bank's contribution to its UK parent rose by 15% to top the €1 billion mark for the first time.
The bank said that average loans and advances to customers rose by 24% to €64.1 billion last year, with particular strength in business lending. This division saw a 29% increase spread across a variety of industrial sectors.
Despite the slowdown in the housing market, Ulster Bank said its mortgage book saw 'good growth' last year with mortgage advances up by 22% to €24.9 billion. Customer deposits rose by 20% to €29.7 billion.
