Ulster Bank first-half profits jump 30%

ULSTER BANK fired a warning shot at competitors yesterday when it reported a 30% surge in first-half profits to £170 million (€258m), driven by its takeover of First Active.

Chief executive Cormac McCarthy said it was "still early days" for the combined group but the results were encouraging and reflected a strong performance. "We have very high expectations but we believe we're achieving a lot," he said.

Total income for the six months to June was up 25% to £351 million, or 9% excluding the First Active acquisition. The combined group added 55,000 new customers during the period, which Mr McCarthy said was down to customer-friendly mortgage, current account and credit card products.