Ulster Bank, a subsidiary of Royal Bank of Scotland, is to pay a €0.5 billion dividend to its parent group, NatWest Holdings, as it further normalises its capital structure. 

This latest dividend takes to €3.5 billion the total it has paid back to its parent in the last three years.

In January 2018, Ulster Bank paid its parent a dividend of €1.5 billion, and in November 2016, it paid a dividend of €1.5 billion. 

Ulster Bank received almost £15 billion in a bailout from RBS after the financial crash.

Ulster Bank's chief executive Jane Howard said the payment of the latest dividend is another important milestone for Ulster Bank here.

Ms Howard said the bank continues "to focus on building a stronger, sustainable, simpler bank for our customers and shareholder".

"Our CET1 ratio will be 27% post payment of this dividend which leaves us in a strong capital position and well-placed to continue to support customers' ambitions through excellent products and service," the CEO added.