Ulster Bank’s first profit in 6 years

A huge reduction in the cost of mortgages in arrears helped Ulster Bank to its first profit in six years, it was announced yesterday.

The bank’s impairment losses improved by almost €550m in the first six months of 2014 compared with the previous year — a reduction in costs of just under 90%.

The bank recorded an adjusted operating profit of €84m for the first half of the year, while net interest income has increased by €26m.