Ulster Bank today reported half-year profits of £119 million sterling, an increase of 24 per cent on last year’s interim figure.
The profit figure for the six months to June 30th, 2001, does not include the costs of integrating Ulster Bank’s business with its new parent, Royal Bank of Scotland (RBoS), which took over the NatWest group last year.
RBoS reported total pre-tax profits of euro 3.34 billion in the first half of 2000.
Net interest income climbed by 13 per cent to £3.253 billion sterling. Good growth was achieved in both corporate and personal lending and deposits, RBoS said.
"We are pleased with these results as they demonstrate our continuing strong income growth and a cost:income ratio that has been substantially reduced in the last 12 months," said chairman Sir George Mathewson.
"Provisions have increased largely as a consequence of growth in our lending," he said in a statement.
But the bank declined to give an outlook, saying it was faced with a wide range of economic scenarios.
RBoS's share price rose 0.2 per cent to £16.43 in early trade - on a market 0.7 per cent weaker overall.