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08/08/2001
Ulster Bank announces healthy profit rise
The Ulster Bank has announced a 24 per cent increase in profits of £119 million.
The Bank’s overall income increased by 12 per cent to £255 million, while costs increased by 5 per cent to £126 million.
Overall, the Royal Bank of Scotland Group, posted interim six-month profit figures that were up 37 per cent to £2,751 million.
The RBS said that the improvement in profits reflected substantial growth across the range of the Group’s businesses. In particular the Group were benefiting from the integration of NatWest, which reduced manufacturing costs by 9 per cent and reduced technology costs down 25 per cent.
The Group’s total income had increased by 14 per cent, increasing £848 million to £6,822 million, while operating costs had dropped one per cent, down £46 million at £3,284 million.
RBS Group Chairman, Sir George Mathewson, said: "All our businesses are performing well, and integration is fully on track. We are pleased with these results as they demonstrate our continuing strong income growth and a cost:income ratio that has been substantially reduced in the last twelve months.
“Provisions have increased largely as a consequence of growth in our lending. Credit quality remains strong in absolute terms and we continue to see a flow of business with a good credit profile at attractive margins
As a result the Group announced an interim dividend increase of 16 per cent taking share dividends from 9.5 pence per share to 11 pence per share.
(SP)
The Bank’s overall income increased by 12 per cent to £255 million, while costs increased by 5 per cent to £126 million.
Overall, the Royal Bank of Scotland Group, posted interim six-month profit figures that were up 37 per cent to £2,751 million.
The RBS said that the improvement in profits reflected substantial growth across the range of the Group’s businesses. In particular the Group were benefiting from the integration of NatWest, which reduced manufacturing costs by 9 per cent and reduced technology costs down 25 per cent.
The Group’s total income had increased by 14 per cent, increasing £848 million to £6,822 million, while operating costs had dropped one per cent, down £46 million at £3,284 million.
RBS Group Chairman, Sir George Mathewson, said: "All our businesses are performing well, and integration is fully on track. We are pleased with these results as they demonstrate our continuing strong income growth and a cost:income ratio that has been substantially reduced in the last twelve months.
“Provisions have increased largely as a consequence of growth in our lending. Credit quality remains strong in absolute terms and we continue to see a flow of business with a good credit profile at attractive margins
As a result the Group announced an interim dividend increase of 16 per cent taking share dividends from 9.5 pence per share to 11 pence per share.
(SP)
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Economy has made impressive improvements says Trimble
Northern Ireland First Minister David Trimble has delivered the Annual Lecture to the Institute of Directors in London. Reviewing the prospects for the local economy in the province Mr Trimble delivered an up-beat assessment of Northern Ireland’s political prospects.
Economy has made impressive improvements says Trimble
Northern Ireland First Minister David Trimble has delivered the Annual Lecture to the Institute of Directors in London. Reviewing the prospects for the local economy in the province Mr Trimble delivered an up-beat assessment of Northern Ireland’s political prospects.
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Northern Ireland WeatherToday:Early mist and fog clearing to leave a dry and mainly sunny day, although patchy cloud possible through County Down. Warmest in the west with light east or northeast winds. Maximum temperature 20 °C.Tonight:Dry and bright at first but some areas of low cloud developing through the evening and overnight, particularly over southern counties and the north Antrim hills. Minimum temperature 10 °C.
