Operating profit jumps to €88 in Ulster Bank

  • Operating profit jumps to €88 in Ulster Bank
    Independent.t. E.
    Operating profit at Ulster Bank jumped to 100 million euros in the six months to June 30.
    https://www.independent.ie/business/irish/operating-profit-jumps-by-88m-at-ulster-bank-37180802.html
    https://www.independent.ie/incoming/article37180801.ece/fe0c6/AUTOCROP/h342/page13_ulsterbank.jpg

  • Email

Operating profit at Ulster Bank jumped to 100 million euros in the six months to June 30.

This marks a significant increase in operating profit of €12 million reported in the same period last year.

The performance was due to the number of one-off items of income and reduction in operating expenses, the Bank said in a trading update today.

Bank’s operating expenses reduced to €285m, down from £ 342m have been reported in the first half of 2017.

The Bank, which earlier this year launched this year the auction 6,500 Irish mortgages, saw its total income increase to €355 for the six months to 30 June, compared with €341m in the same period last year.

Ulster Bank also reported a net release of impairment losses at 30 million euros.

“We had a positive start to the year with operating profit of € 100 million, increasing €88 m compared with the 1st half of 2017,” the temporary Ulster Bank’s General Director Paul Stanley said.

“Our capital and financing rates continue to be strengthened, primarily by reducing risk-weighted assets and increasing customer deposits, supports a further reduction in our loans to deposits,” he continued.

Net interest margin – the difference between what the Bank earns and what it charges depositors – improved by 18 basis points to 1.85 PC due to the use of financing in the first half of 2018.

Meanwhile, personnel expenses reduced by EUR 10 million or 8.9 PC after the recent restructuring initiatives, the Bank said.

Ulster Bank earlier this year launched this year the auction 6,500 Irish mortgage loans, combined with a debt of 1.6 billion euros. Selling, launched in may, is divided between 2900 to buy-to-let loans of the investor and 3600 primary homes – standard mortgage holders. Owner-occupier mortgages in deep arrears by an average of 44 months.

Online Business Classes