Ulster Bank Q3 losses hit €203m

THIRD-QUARTER losses more than doubled at Ulster Bank to over €200 million on a year-on-year basis, according to figures published yesterday.

The Royal Bank of Scotland (RBS) owned institution posted an operating loss of £176 million (€203m) for the three months to the end of September. While down by just £1m on the second quarter of the year, the loss figure was up from £85m for the same period last year. Ulster’s losses for the first nine months of 2010 jumped from £93m to £490m, when measured on a year-on-year basis.

The driving force behind the losses was an increase in impairment charges for non-performing loans; which surged from £144m to £286m on a year-on -year basis. The first nine months of the year saw, on a like-for-like basis, the bank’s impairment charge jump from £301m to £785m.