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08/11/2002
Northern Bank posts record annual results
The annual results from the Northern Bank have revealed pre-tax profits of £111m up 13% on the previous corresponding year-end figures.
The results include a £19.9m profit in relation to the disposal of subsidiary company Northern Bank Insurance Services to Wealth Management Europe Holdings another subsidiary of National Australia Bank.
The figures also include costs of £8.4m incurred in relation to the recent 'Positioning for Growth' restructuring programme. This streamlining programme introduced by National Australia Bank was designed to allow quick and effective action in all market areas, as part of an initiative aimed at introducing clearer accountability, greater customer focus, simpler reporting and reduced bureaucracy. The restructuring provision included the costs of an early retirement scheme and property rationalisation.
Don Price, Chief Executive, Northern Bank said: “This is another satisfactory performance, achieved despite an increasingly competitive environment. Net interest income increased by 5% reflecting the success of new product launches and more focus on customer needs.”
Northern Bank became the first high street bank in Northern Ireland to introduce a Current Account Mortgage. The bank said that the Rapid Repay product launched in April had been well received by an "increasingly financially sophisticated market".
Within ongoing operations, tight cost controls were maintained to give a cost to income ratio improving to almost 50% and growth in costs were pinned to 2%. Also overall bad debt level remained low, highlighting the quality of the bank’s lending.
“The customer continues to be at the heart of our strategy. The implementation of our programme to improve service and facilities across our branches enhances our ability to provide customers with the right products accessed through a choice of channels,” added Mr. Price.
(SP)
The results include a £19.9m profit in relation to the disposal of subsidiary company Northern Bank Insurance Services to Wealth Management Europe Holdings another subsidiary of National Australia Bank.
The figures also include costs of £8.4m incurred in relation to the recent 'Positioning for Growth' restructuring programme. This streamlining programme introduced by National Australia Bank was designed to allow quick and effective action in all market areas, as part of an initiative aimed at introducing clearer accountability, greater customer focus, simpler reporting and reduced bureaucracy. The restructuring provision included the costs of an early retirement scheme and property rationalisation.
Don Price, Chief Executive, Northern Bank said: “This is another satisfactory performance, achieved despite an increasingly competitive environment. Net interest income increased by 5% reflecting the success of new product launches and more focus on customer needs.”
Northern Bank became the first high street bank in Northern Ireland to introduce a Current Account Mortgage. The bank said that the Rapid Repay product launched in April had been well received by an "increasingly financially sophisticated market".
Within ongoing operations, tight cost controls were maintained to give a cost to income ratio improving to almost 50% and growth in costs were pinned to 2%. Also overall bad debt level remained low, highlighting the quality of the bank’s lending.
“The customer continues to be at the heart of our strategy. The implementation of our programme to improve service and facilities across our branches enhances our ability to provide customers with the right products accessed through a choice of channels,” added Mr. Price.
(SP)
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Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
