This site uses cookies to improve your experience and to provide services and advertising. By continuing to browse, you agree to the use of cookies described in our Cookies Policy. You may change your settings at any time but this may impact on the functionality of the site. To learn more see our Cookies Policy.
Dublin: 13 °C Monday 6 April, 2020

Ulster Bank lost €1,500 a minute in the first three months of 2013

The British-owned bank continued to post an operating profit – but saw its gains worn away as it wrote off €285m of debts.

Image: Paul Faith/PA Archive

ULSTER BANK has recorded a loss of almost €195 million for the first three months of 2013 – the equivalent of €1,500 every single minute.

The British-owned bank made a profit of €90.25 million in its everyday operations – but saw its gains eroded as it set aside €285 million to offset losses from non-performing loans.

Just over a third of that amount – €106.9 million – in household mortgages, with €54.6 million written off in commercial investments and €16.6 million in commercial developments.

The bank’s parent group, the Royal Bank of Scotland, was pleased with its performance, however, noting that its losses were “a material improvement” on the €289 million it had lost in the final quarter of 2012, and only just over half of the €368 million it lost in the first quarter of 2012.

“Ulster Bank delivered a significant improvement in operating results with reduced impairment charges, in line with the recent stabilisation of the macroeconomic environment in the Republic of Ireland, driving a 33 per cent reduction in operating losses,” RBS said.

It said the falling impairment charges – which were down by 36 per cent compared to the same period in last year – indicated that “credit trends in Ireland are turning a corner”.

That 36 per cent reduction was the best performance of any bank in the RBS group. Ulster Bank had also posted a “material improvement” in its retail and commercial operations, RBS said.

In all, the RBS group reported an operating profit of €1.585 billion (£1.334 billion) for the first three months of the year – good news for the British taxpayer, which owns over 80 per cent of the bank since a series of recapitalisations in 2009.

Read: Ulster Bank drops free banking with €4 monthly charge for current accounts

  • Share on Facebook
  • Email this article

About the author:

Gavan Reilly

Read next: