Ulster sees first quarterly profit since ’09

Ulster Bank has posted its first quarterly profit since 2009 on the back of an 80% reduction in impairment losses.

The bank recorded an operating profit of €21m for the first three months of the year.

“Impairment losses have decreased by 80% with significant reductions across the mortgage, SME, and corporate portfolios reflecting progress made in addressing legacy issues including a significant investment in programmes to support customers in financial difficulty,” the company said in a statement.