We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

Ulster Bank's Irish HQ at the IFSC: The bank made a €201m loss in the months from July to September. Google Maps
Ulster Bank

Ulster Bank loses €201m between July and September

The Irish operations of the Royal Bank of Scotland report significant losses for the third quarter.

ULSTER BANK has reported an operating loss of €201m (£176m) for the third quarter of 2010, citing ‘severe’ losses in charges relating to bad debts.

In a statement this morning the bank, owned by the Royal Bank of Scotland, said its impairment charges were “severe, reflecting the continuing deterioration in credit metrics across the Irish economy.”

The bank had had to write off £286m in loans as impaired, up by £5m on the last quarter, and almost double the £144m written

The bank had increased its customer numbers by 50,000 since the same time last year, aided by the move to open urban branches on Saturday mornings. Deposit balances were up by 16%.

Before impairment losses, Ulster Bank had recorded an operating profit of £110m (€126m), up by £6m on the second quarter and from £59m on the same area of last year. The cumulative operating profit for the year to date had reached £295m.

Ulster Bank chief executive Cormac McCarthy told the Irish Times the bank was committed to supporting its own customers, and would continue responding to client needs.

RBS recorded an overall loss of £132m, compared with a second-quarter profit of a massive £869m (€992m). This was put down, RTÉ reports, to a charge of £858m in relation to movements in the value of RBS’s own debts. Its operating profit had remained strong at £726m.

Readers like you are keeping these stories free for everyone...
A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation.