Ulster profit surge on new mortgages

ULSTER Bank has posted a 15% rise in pre-tax profits for 2005 following a surge in lending to mortgage and business customers.

The bank, which also owns First Active, said profits jumped to €775 million in 2005.

Mortgage lending was ahead by 31% at €19.2 billion, higher than the overall rise in credit growth in the Irish market, helped by the introduction of 100% mortgages and switcher products, chief executive Cormac McCarthy said.