Ulster Bank swings into first quarter loss on back of €32m loan charge

Ulster Bank has reported a €25m operating loss for the first quarter of the year due to the costs of preparing itself for a potential increase in losses on bad loans arising from the economic downturn prompted by the Covid-19 outbreak.

The first quarter loss compares to a profit of €23m for the same period last year. The bank reported an impairment loss of €32m for the first three months of the year; comprising a €38m charge “reflecting a more uncertain economic outlook” and a €12m charge for “other post-model adjustments”.