Ulster Bank reported a 22 per cent rise in operating profits this morning to €750 million.
The bank's total income grew to €1.7 billion last year, up 15 per cent on 2006, and loans and advances to customers grew 24 per cent to €64.1 billion last year, with business lending particularly strong.
Despite the housing slowdown, Ulster Bank saw mortgage advances rising 22 per cent to €24.9 billion. Customer deposits grew by 20 per cent to €29.7 billion over the same period.
Ulster Bank's parent company, Royal Bank of Scotland, today reported a 9 per cent rise in underlying profit, in line with expectations, and lifted its dividend by 10 per cent.
Royal Bank of Scotland today raised its writedown on assets tarnished by the impact of the US subprime housing crisis and credit crunch to £2.13 billion ($4.2 billion), including ABN's wholesale banking business.
The bank had flagged a writedown of £1.25 billion through to the end of November, which included a £250 million gain on the carrying value of debt held on the balance sheet.
RBS said its underlying operating profit in 2007 reached £10.28 billion, up from £9.41 billion in 2007.