National Irish Bank's sister operation in Northern Ireland, Northern Bank, has reported a strong performance in the 12 months to the end of September, with pre-tax profits up 22 per cent to £1 billion sterling (€1.57 billion). The good results follow a major restructuring at the bank in line with the implementation of a new business model throughout the National Australia Bank Group. Chief executive Mr Don Price said the new structure would enable the bank to offer a better service to customers.

During the 12 months, total income grew by 3.7 per cent to £198 million sterling. Aftertax profits were up 21 per cent to £68.7 million.

Looking to the future, Mr Price said Northern Bank would introduce an Internet banking operation in the spring.