26/02/2015

Ulster Bank Reports £600m Profit

Ulster Bank has recorded its first annual profit since 2008.

The bank welcomed the figures, which revealed an operating profit of just over £600m last year.

In 2013, the bank recorded a loss of £1.6bn.

In its annual results for 2014, the bank said its performance was helped by a number of factors including an improving economy.
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In a statement, Jim Brown, Chief Executive of Ulster Bank, said: "Ulster Bank today announced annual profits of £606m for 2014, a clear signal that our strategy is working and evidence of sustained progress across all areas of the Bank.

"This performance was driven by the underlying strength of the core Ulster Bank franchise and increased lending to customers across personal and business coupled with our proactive debt management and rising asset prices in a recovering economy."

Ulster Bank is the largest bank in Northern Ireland and the third largest in the Republic of Ireland.

(JP/MH)

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