Ulster Bank said its total income, including discontinued operations, for the three months to the end of March fell to €118m from €142m the same time last year.
The bank, which is in the process of leaving the Irish market, reported a zero level of operating profits compared to operating profits of €13m in the first quarter of 2021.
Today's results from Ulster Bank show its first quarter income - from continuing operations - fell by 28.1% to €46m, which it said reflected lower lending levels and fee income as a result of its decision to leave Ireland.
It reported an operating loss, from continuing operations, of €51m compared to an operating loss of €56m the same time last year.
The bank said it continues to make progress on its phased withdrawal from the market here and notice of formal account closure were sent to the first tranche of customers in April.
Customers have six months' notice to move or close their current and deposit accounts.
The Competition and Consumer Protection Commission (CCPC) yesterday granted clearance for AIB's proposed purchase of Ulster Bank's €4.2 billion performing commercial loan book and this morning it emerged that AIB has started exclusive talks on the acquisition of about €6 billion of Ulster Bank performing tracker and linked mortgages.
The proposed sale of the bank's performing non-tracker mortgage book, its performing SME/Business Direct business, the Lombard Asset Finance loan business of Ulster Bank and 25 branch locations in Ulster Bank's network to Permanent TSB remains subject to competition, regulatory and other approvals.
Ulster Bank said the loan sales agreed in 2021 are expected to occur in phases between the fourth quarter of this year and the first quarter of 2023.
Te majority of loans are still expected to transfer by the end of the 2022.
In today's results, Ulster Bank said other operating expenses were €14m (11.7%) higher than the same time last year with higher withdrawal-related programme costs and higher VAT costs being partially offset by lower regulatory levies and a 5.3% reduction in headcount.
Ulster Bank said it incurred €12m of withdrawal-related direct costs in the first quarter of the year.
Net loans to customers decreased by €0.4 billion (5.1%) compared to the first quarter of 2021 as repayments continue to exceed gross new lending, while customer deposits decreased by €1.5 billion, or 6.8%, as customers begin to close accounts.
