Ulster Bank group reports 76% fall in profits

The Ulster Bank group has reported a 76% decrease in its operating profits last year.

The group, which includes First Active, says its profit for 2008 was €147m.

It also says its impaired losses have risen to €440m.

Ulster Bank is owned by Royal Bank of Scotland, which has announced losses of £24.1bn (€26.8bn) for 2008, a record for corporate losses in the UK.