Profits at Ulster Bank rose by 21 per cent to €389 million in 2001.
Ulster Bank's parent, Royal Bank of Scotland, reported a 32 per cent rise in full-year profits of £5.8 billion.
Total income increased by 15 per cent to €862 million. Average loans and advances to customers increased by 24 per cent to €14.1 billion.
Non-interest income was up 8 per cent to €297 million mainly due to higher card, lending and transmission fees.
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Other expenses increased by 20 per cent as a result of higher depreciation on operating lease assets, marketing costs to support business expansion, and expenditure related to the preparation for the issue of euro notes and coins in the Republic.