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23/02/2012
Ulster Bank Reports £1bn Losses In 2011
Ulster Bank’s pre-tax losses have reached £1bn for 2011 it has been revealed.
This marks a £300m increase on the reported losses for the bank in 2010. It is understood that the bank’s losses are mainly due to impairment charges, such as writing off bad debt.
Meanwhile the parent company of the bank, the Royal Bank of Scotland, has also announced an attributable loss of £2bn.
A spokesperson for The Ulster Bank said that: "The bank’s results reflect a continued challenging banking Market."
He went on to say that the bank was now working on implementing a strategy which they hoped would turn business around.
(LB)
This marks a £300m increase on the reported losses for the bank in 2010. It is understood that the bank’s losses are mainly due to impairment charges, such as writing off bad debt.
Meanwhile the parent company of the bank, the Royal Bank of Scotland, has also announced an attributable loss of £2bn.
A spokesperson for The Ulster Bank said that: "The bank’s results reflect a continued challenging banking Market."
He went on to say that the bank was now working on implementing a strategy which they hoped would turn business around.
(LB)
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Northern Ireland WeatherToday:A mostly cloudy day with outbreaks of rain, most persistent and occasionally heavy across southern and western counties this afternoon. Risk of low cloud and fog patches affecting the Down coast. Light winds. Maximum temperature 15 °C.Tonight:Continuing cloudy through the evening with further outbreaks of rain, the rain turning lighter and patchier from the south overnight. Winds remain light. Minimum temperature 8 °C.
