Ulster Bank said today that its total income for the first three months of the year fell by 9.6% to €16m.

The bank, which is owned by Royal Bank of Scotland, reported impairment losses of €32m, which included a €38m charge due to the more uncertain economic outlook and a €12m charge for other adjustments. 

Net loans to customers were €0.2 billion lower compared to the fourth quarter due to the sale of a non-performing loan portfolio.

"The business maintained a prudent approach to risk and pricing in a competitive market, with gross new lending of €0.7 billion in the quarter," the bank said.

Ulster Bank said that, in conjunction with the Government and other banks here, it had responded quickly to help customers who have been financially impacted by the outbreak of Covid-19. 

It said it has introduced the option for payment breaks on mortgages and loans, early closure of fixed savings accounts without penalty while it also increased overdraft, credit card, cash withdrawal and contactless payment limits. 

In its commercial business, Ulster Bank said it had launched a €0.5 billion support fund for businesses, increased revolving credit facilities and introduced the option for loan payment breaks for up to six months. 

Ulster Bank also said that its branches have remained open and it has in place a support team dedicated to support frontline workers.