IBOS member Ulster Bank announces its financial results for H1 2018

IBOS member Ulster Bank announces its H1 2018 financial results, with an operating profit of €100 million, in comparison to €12 million in H1 2017.

Operating Expenses in H1 2018 also reduced to €285 million, compared to €342 million in H1 2017, and total net income increased to €355 million (in comparison to €341 million in H1 2017). The net impairment release of €30 million, as opposed to a net release of €13 million in H1 2017.

Ulster Bank also reported a positive progress in key areas of strategic focus, such as:

• Announcing the lowest fixed mortgage rate on the market of 2.3$ fixed for two years;
• NIM improved by 18 basis points to 1.85% driven by a funding benefit in H1 2018;
• Staff expenses reduced by €10 million (8.9%) following recent restructuring initiatives;
• A 7.3% reduction in risk weighted assets; and
• Customer deposits increased by €0.6 billion (3.1%) compared to H1 2017, supporting a 7 percentage point reduction in the loan to deposit ration to 108%.

Read Ulster Bank’s H1 2018 Financial Results, as part of the RBS H1 2018 results announcement, here.