Menu
27/02/2014
Ulster Bank Records £1.5bn Loss
Ulster Bank has announced a loss of almost £1.5bn for 2013.
This compares with a loss of around £1bn in 2012.
The news comes as the bank's parent group, Royal Bank of Scotland (RBS) confirmed losses of more than £8bn for last year.
In a statement, the organisation said the loss was reflective of a one-off charge relating to bad property loans, but insisted that its underlying performance was continuing to improve.
For 2013, the bank had an operating profit of £317m, but this was eradicated by bad load charges of almost £1.8bn. It is understood that around £1bn of these charges relate to the establishment of an internal bad bank, that will run off property loans over a three-year period.
Commenting on the findings, Chief Executive Jim Brown, said: "Today's results demonstrate our continued progress toward returning to profitability in 2014 through an improved operational performance across the Bank.
"The transfer of non-performing loads to RCR and the associated one-off impairment charge, will enable us to focus on building a really good core bank that serves our customers well."
In addition to the above, RBS said it was to establish a "closer integration" between its franchises in Northern Ireland and Great Britain. It said the Ulster Bank will benefit from the move and will create "meaningful synergies in terms of investment, costs and customer experiences".
Mr Brown added: "We have been part of the fabric of Ireland for the past 178 years and we are now looking forward to the next phase as we continue to build a customer-focused but simplified and more agile banking model.
"While Ulster Bank will continue to operate across the island of Ireland, in Northern Ireland a closer alignment of our infrastructure with the bank in Britain will bring more efficient service and product improvements to our customers.
"Already this year we have stated our intention to make £1.7bn available in funding for business and personal customers across the island of Ireland, demonstrating a clear commitment to customers new and existing."
Ulster Bank is the largest banking institution in Northern Ireland and one of the largest in the Republic of Ireland, but it has suffered massive losses since the recession and the property crash in 2007/08.
(JP)
This compares with a loss of around £1bn in 2012.
The news comes as the bank's parent group, Royal Bank of Scotland (RBS) confirmed losses of more than £8bn for last year.
In a statement, the organisation said the loss was reflective of a one-off charge relating to bad property loans, but insisted that its underlying performance was continuing to improve.
For 2013, the bank had an operating profit of £317m, but this was eradicated by bad load charges of almost £1.8bn. It is understood that around £1bn of these charges relate to the establishment of an internal bad bank, that will run off property loans over a three-year period.
Commenting on the findings, Chief Executive Jim Brown, said: "Today's results demonstrate our continued progress toward returning to profitability in 2014 through an improved operational performance across the Bank.
"The transfer of non-performing loads to RCR and the associated one-off impairment charge, will enable us to focus on building a really good core bank that serves our customers well."
In addition to the above, RBS said it was to establish a "closer integration" between its franchises in Northern Ireland and Great Britain. It said the Ulster Bank will benefit from the move and will create "meaningful synergies in terms of investment, costs and customer experiences".
Mr Brown added: "We have been part of the fabric of Ireland for the past 178 years and we are now looking forward to the next phase as we continue to build a customer-focused but simplified and more agile banking model.
"While Ulster Bank will continue to operate across the island of Ireland, in Northern Ireland a closer alignment of our infrastructure with the bank in Britain will bring more efficient service and product improvements to our customers.
"Already this year we have stated our intention to make £1.7bn available in funding for business and personal customers across the island of Ireland, demonstrating a clear commitment to customers new and existing."
Ulster Bank is the largest banking institution in Northern Ireland and one of the largest in the Republic of Ireland, but it has suffered massive losses since the recession and the property crash in 2007/08.
(JP)
Related Northern Ireland News Stories
Click here for the latest headlines.
25 June 2013
New NI Bank Notes In Circulation
New bank notes have been released into circulation in Northern Ireland. The £10 and £20 notes are being issued from Danske Bank and will gradually replace the existing Northern Bank notes. The design of the notes remains the same, the only difference is the Danske Bank logo has replaced the Northern Bank logo.
New NI Bank Notes In Circulation
New bank notes have been released into circulation in Northern Ireland. The £10 and £20 notes are being issued from Danske Bank and will gradually replace the existing Northern Bank notes. The design of the notes remains the same, the only difference is the Danske Bank logo has replaced the Northern Bank logo.
03 March 2014
£469m Loss For Bank Of Ireland
Bank of Ireland (BOI) has recorded a pre-tax loss of £468m (€569m) in 2013. However, the banking organisation said the result was an improvement in its performance from the previous year. In 2012, the bank said it had a £1.2bn (€1.4bn) pre-tax loss.
£469m Loss For Bank Of Ireland
Bank of Ireland (BOI) has recorded a pre-tax loss of £468m (€569m) in 2013. However, the banking organisation said the result was an improvement in its performance from the previous year. In 2012, the bank said it had a £1.2bn (€1.4bn) pre-tax loss.
15 November 2012
Northern Bank Becomes Danske
Today the Northern Bank officially becomes Danske Bank. The new name comes from the bank’s Danish parent and will see branches across Ireland, Norway, Finland, Latvia, Estonia and Lithuania adopt the new title.
Northern Bank Becomes Danske
Today the Northern Bank officially becomes Danske Bank. The new name comes from the bank’s Danish parent and will see branches across Ireland, Norway, Finland, Latvia, Estonia and Lithuania adopt the new title.
15 November 2017
Ulster Bank To Close 11 NI Branches
Ulster Bank has confirmed it plans to close 11 branches next year in Northern Ireland. The bank confirmed it will be seeking 40 voluntary redundancies as a result of the closures. The branches to close are: Ballyclare, Dromore, Moira, Draperstown, Dungiven, Portrush, Killyleagh, Rathfriland, Castlederg, Irvinestown and Stewartstown.
Ulster Bank To Close 11 NI Branches
Ulster Bank has confirmed it plans to close 11 branches next year in Northern Ireland. The bank confirmed it will be seeking 40 voluntary redundancies as a result of the closures. The branches to close are: Ballyclare, Dromore, Moira, Draperstown, Dungiven, Portrush, Killyleagh, Rathfriland, Castlederg, Irvinestown and Stewartstown.
10 May 2013
Queen's Festival Announces New Director
The Belfast festival at Queen's has announced arts programmer and producer Richard Wakely as its new director. Mr Wakely is a former Managing Director of the Abbey Theatre in Dublin, while his role as Commissioner for the China-Ireland Cultural Exchange Programme for the Irish government saw him tour throughout Europe, the UK and South America.
Queen's Festival Announces New Director
The Belfast festival at Queen's has announced arts programmer and producer Richard Wakely as its new director. Mr Wakely is a former Managing Director of the Abbey Theatre in Dublin, while his role as Commissioner for the China-Ireland Cultural Exchange Programme for the Irish government saw him tour throughout Europe, the UK and South America.
-
Northern Ireland WeatherThis Evening and Tonight:Rain clearing away east by early evening with some clear spells but a few showers likely to affect the North coast and other areas towards dawn, remaining breezy and mild overnight. Minimum temperature 9 °C.
