Ulster Bank records €441m Q1 loss

ULSTER BANK’S financial woes continued in the first quarter of this year, with the British-owned bank recording an operating loss of £377 million (€441m) - £240m more than for the same period last year.

The bank said that impairment charges for bad loans increased from £376m (€438m) to £461m (€540m) on a year-on-year basis, but are “in line with the operating environment and reflect market trends.”

On a group-wide basis, Ulster’s parent — Royal Bank of Scotland (RBS) — reported a year-on-year rise in operating profit from £882m to £1.05bn, but saw its first quarter annualised losses (on a pre-tax basis) widen from £5m to £116m.