Ulster Bank profits jump by 12% to €406m

ULSTER BANK profits rose to €406 million last year, according to results from parent company Royal Bank of Scotland.

Ulster, the third-largest bank in Ireland, said profits here were ahead by 12%. Total income was up to €863 million from €773m in 2002 driven by strong mortgage lending ahead by 43% and customer loans. Net interest income rose from €589m, a 16% rise.

Chief executive Cormac McCarthy said the results were evidence that its new operating model has delivered real volume growth, during a period of generally moderate economic activity.