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IBOS member Ulster Bank has announced its financial results for H1 2017, in a report released on 4 August 2017.

Ulster Bank reported an adjusted operating profit of €104 million for H1 2017 (€155 million in H1 2016) and an operating profit of £12 million (€9 million in H1 2016). Operating expenses were reduced to €342 million from €402 million in H1 2016, and a total income of €341 million (€377 million in H1 2016) was reported. 

Gerry Mallon, Chief Executive at Ulster Bank, commented:

“We have made significant progress in building a more sustainable bank for the future when we compare our performance to H1 2016. Customer deposit balances have increased 10.3% and supported a 14 ppt improvement in our loan to deposit ratio. We have reduced the risk on our loan book as evidenced by a 17.7% reduction in risk weighted assets, significantly reduced the volume of under performing loans and hence achieved a 23.1% decrease in risk elements in lending (REILs) year on year.”

Below are the highlights of Ulster Bank’s H1 2017 financial results:

  • Adjusted operating profit of €104m (€155m in H1 2016) – Operating profit of €12m (€9m in H1 2016)
  • Total income of €341m (€377m in H1 2016) impacted by reduced hedge income on share capital and current accounts, however underlying business performance was positive
  • Positive progress in the key areas of strategic focus:
    • Direct staff expenses down 9.7% (to €112m in H1 2017)
    • New lending increased by 11% (€1.3bn in H1 2017)
    • 17.7% reduction in risk weighted assets
    • 10.3% increase in customer deposit balances, compared to H1 2016 supporting a 14 ppt reducation in the loan to deposit ratio
  • Consumer engagement transformation ongoing:
    • Apple Pay and Android Pay introduced
    • Continued improvement in trust and advocacy scores

Access the full report via Ulster Bank’s website, here.