Ulster Bank sees losses and arrears increase

Ulster Bank has reported a widening in losses, impairment charges, and mortgage arrears levels for the first quarter of the year, on the back of continuing economic stagnation and further falls in property prices.

The bank yesterday reported operating losses of £310m (€372m) for the three months to the end of March. While down on the £365m loss reported in the first quarter of 2011, the latest figure was up on the £233m loss generated in the fourth quarter of last year.

Similarly, impairment provisions — money set aside to cover non-performing loans — jumped from £327m at the end of December, to £394m as of the end of March; although, on a year-on-year basis, it was down from £461m.