Ulster Bank outperforms rivals in profit growth

AN allegedly fictitious and impecunious republican customer of Ulster Bank, dissatisfied with his overdraft arrangement, is said to have suggested that the bank should have as its catchphrase "Ulster - the bank that likes to say no". But the record shows that Ulster Bank, which has 107 branches in the Republic, is more inclined to say "yes" to clients' financial requirements south of the Border. With 17 per cent annual growth, Ulster performed better in terms of profitability than the average 10 per cent achieved by both Allied Irish Banks and TSB Bank.

Ulster Bank last year produced profits of £71 million from operations in the 26 counties, the dominant contributor to the 17 per cent increase in record £120 million overall pre tax profits. The Republic represents 59 per cent of profits, the balance coming from operations in Northern Ireland.

Ulster and its parent, National Westminster, remain interested in evolving into a third Irish banking force through the absorption of TSB Bank. The group will open a new branch in Gorey next week.