Ulster Bank reports £51m pre-tax profit for 2018

Richard Donnan, head of Ulster Bank Northern Ireland
Richard Donnan, head of Ulster Bank Northern Ireland

Ulster Bank in Northern Ireland has generated a profit before tax of £51 million for the 12 months to the end of December 2018.

The figure, down £8m on the year before, was generated from revenues of £191m total income, up from £184m.

Across the board, the bank reported a 15% increase in new corporate lending, a 27% rise in new small business lending and a rise of more than 30% in new mortgage lending year-on-year.

Recognising an ‘uncertain broader climate’, Richard Donnan, head of Ulster Bank, Northern Ireland, said the bank would continue to support customers.

“Our renewed focus on the way we serve customers in Northern Ireland is working and the positive momentum we have had over recent years shows in our results.

“Our core business in Northern Ireland continues to show a positive performance of £51m profit, with this being driven by improved underlying performance across all areas of our business - our profit before impairments and taxes has risen by over 80% in the last two years (2016 - £31m).”

Stating that the strength of the bank was put to use in supporting the local economy, he said that focus would continue to change and evolve.

“Of course, the broader climate is uncertain - but we have worked with our customers to help them plan for all eventualities and we’ll support them through change. So our plan is to get on with getting stuck into the things that we know we can proactively contribute towards.

“We are the leading bank for entrepreneurship, and we intend to enhance that position in 2019.

“The Ulster Bank Entrepreneur Accelerator offers a fully funded programme for entrepreneurs, of which 53% of last year’s cohorts were female.

“We care deeply about what Ulster Bank can do to make people proud of Northern Ireland, and one example of this will be the support we’ll be putting into campaigning for female entrepreneurship in 2019.”