Dividend outlook darkens for Ulster Bank owner RBS

Royal Bank of Scotland —owner of Ulster Bank — reported a sharp rise in losses in the first quarter yesterday and cautioned on the timing of a return to dividend payouts as lower income, restructuring costs, and sluggish asset sales underscored the challenges still facing the lender.

The Edinburgh-based bank, which was rescued with a £46bn (€59bn) UK state bailout during the financial crisis, has still not made an annual profit since 2007.

RBS is still 73% owned by the British government.