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.