Ulster Bank returns to profit

Ulster Bank has reported its first yearly profit since the financial crash in 2008.

Full-year results published this morning show the bank made an operating profit of €752m in 2014.

The subsidiary of Royal Bank of Scotland says its operating expenses fell by €130m last year and new lending activity increased by 38% to €2.3bn.

In a statement, Ulster Bank chief executive Jim Brown said the results were "evidence of sustained progress" across all areas of the bank.