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Sam Boal/Photocall Ireland
Back in black

Ulster Bank made €752 million in profit last year

That marks its first profit since 2008.

ULSTER BANK HAS reported its first profit since 2008.

The bank’s parent company Royal Bank of Scotland has released its annual results for 2014, showing that Ulster Bank made a €752 million profit last year.

The bank turned in the results on the back of increases in net interest and reducing expenses by €130 million.

Lending activity rose to £1.8 billion, with £1.1 billion in new loans made available. The bank saw a 41% increase in mortgage drawdowns in 2014

Chief Executive Jim Brown said that the bank saw a strong performance due to debt management and rising asset prices.

“In 2015 we will continue to focus on the needs of our customers and we have stated our ambition to become Ireland’s number one bank for customer service, trust and advocacy.

“We have appointed our first Director of Customer Experience and Products, reporting directly to me and responsible for making it easier for customers to do business with us.”

He added that the bank hopes to make €1.9 billion available to lend this year.

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