28/02/2002

Ulster Bank profits boost in 2001

The Ulster Bank has reported profits of £242m for 2001.

The figure is an increase of 21 per cent on the previous year, while net interest income rose by 19 per cent to £351m due to strong growth in customer loans and deposits.

Advances were up by just under 25 per cent while deposits grew 11 per cent to £7.3bn. Bad debt provisions were also 21 per cent higher at £23m.

However, cost's rose 10 per cent to £271m, mainly due to marketing costs and preparation for the euro changeover which occurred on January 1, 2002.

Parent bank Royal Bank of Scotland, which has recently been mentioned as a possible buyer for AIB, also reported on Thursday February 28 a 32 per cent leap in profits for last year to £5.8bn. (MB)

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