Operating loss jumps by 5% to €1.26bn at Ulster Bank

Ulster Bank made a £1.04bn (€1.26bn) operating loss in 2012, which is a 5% increase on the £984m loss in 2011, as mortgage arrears continue to mount.

Operating loss  jumps by 5% to €1.26bn at Ulster Bank

The bank, which is a wholly-owned subsidiary of Royal Bank of Scotland, took an impairment charge of £1,364m last year, which is down marginally on the £1,384m charge it recorded in 2011.

Operating profit before impairment charges was £324m for 2012 compared with £400m the previous year. The bank attributed the lower profit to a scaling back in lending and a reduction in income driven by lower interest earning asset volumes. Total income for the year was £845m compared with £947m for the previous year. However, there has been an improvement in the cost base from £547m in 2011 to £521m last year.

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