Menu
08/08/2001
Ulster Bank announces healthy profit rise
The Ulster Bank has announced a 24 per cent increase in profits of £119 million.
The Bank’s overall income increased by 12 per cent to £255 million, while costs increased by 5 per cent to £126 million.
Overall, the Royal Bank of Scotland Group, posted interim six-month profit figures that were up 37 per cent to £2,751 million.
The RBS said that the improvement in profits reflected substantial growth across the range of the Group’s businesses. In particular the Group were benefiting from the integration of NatWest, which reduced manufacturing costs by 9 per cent and reduced technology costs down 25 per cent.
The Group’s total income had increased by 14 per cent, increasing £848 million to £6,822 million, while operating costs had dropped one per cent, down £46 million at £3,284 million.
RBS Group Chairman, Sir George Mathewson, said: "All our businesses are performing well, and integration is fully on track. 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 twelve months.
“Provisions have increased largely as a consequence of growth in our lending. Credit quality remains strong in absolute terms and we continue to see a flow of business with a good credit profile at attractive margins
As a result the Group announced an interim dividend increase of 16 per cent taking share dividends from 9.5 pence per share to 11 pence per share.
(SP)
The Bank’s overall income increased by 12 per cent to £255 million, while costs increased by 5 per cent to £126 million.
Overall, the Royal Bank of Scotland Group, posted interim six-month profit figures that were up 37 per cent to £2,751 million.
The RBS said that the improvement in profits reflected substantial growth across the range of the Group’s businesses. In particular the Group were benefiting from the integration of NatWest, which reduced manufacturing costs by 9 per cent and reduced technology costs down 25 per cent.
The Group’s total income had increased by 14 per cent, increasing £848 million to £6,822 million, while operating costs had dropped one per cent, down £46 million at £3,284 million.
RBS Group Chairman, Sir George Mathewson, said: "All our businesses are performing well, and integration is fully on track. 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 twelve months.
“Provisions have increased largely as a consequence of growth in our lending. Credit quality remains strong in absolute terms and we continue to see a flow of business with a good credit profile at attractive margins
As a result the Group announced an interim dividend increase of 16 per cent taking share dividends from 9.5 pence per share to 11 pence per share.
(SP)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
30 August 2001
Hilton Group report 33 per cent rise in profits
The UK hotels and leisure company Hilton Group has reported a one thid rise in profits for the first six months of the year. The company’s profits, which rose by 33 per cent to £144.3 million, improved despite the recent problems besetting the British tourist industry such as an economic slowdown and the outbreak of foot-and-mouth disease.
Hilton Group report 33 per cent rise in profits
The UK hotels and leisure company Hilton Group has reported a one thid rise in profits for the first six months of the year. The company’s profits, which rose by 33 per cent to £144.3 million, improved despite the recent problems besetting the British tourist industry such as an economic slowdown and the outbreak of foot-and-mouth disease.
17 April 2002
Economy has made impressive improvements says Trimble
Northern Ireland First Minister David Trimble has delivered the Annual Lecture to the Institute of Directors in London. Reviewing the prospects for the local economy in the province Mr Trimble delivered an up-beat assessment of Northern Ireland’s political prospects.
Economy has made impressive improvements says Trimble
Northern Ireland First Minister David Trimble has delivered the Annual Lecture to the Institute of Directors in London. Reviewing the prospects for the local economy in the province Mr Trimble delivered an up-beat assessment of Northern Ireland’s political prospects.
15 March 2002
London still most expensive city for office space
London remains the world's most expensive city to rent office space, with average annual occupancy costs of around £1,072 per square metre. International property consultants Healey & Baker looked at 45 countries around the world, analysing the total costs of occupying office space in 100 locations.
London still most expensive city for office space
London remains the world's most expensive city to rent office space, with average annual occupancy costs of around £1,072 per square metre. International property consultants Healey & Baker looked at 45 countries around the world, analysing the total costs of occupying office space in 100 locations.
11 October 2001
Motorola cuts a further 7,000 jobs
Mobile phone maker Motorola is set to axe a further 7,000 jobs worldwide bringing the company’s total job cuts to 39,000 since the start of the year. Motorola chief Robert Growney revealed that around 4,000 of the latest losses were associated with sold businesses, with a further 3,000 earmarked for loss through cuts and attrition.
Motorola cuts a further 7,000 jobs
Mobile phone maker Motorola is set to axe a further 7,000 jobs worldwide bringing the company’s total job cuts to 39,000 since the start of the year. Motorola chief Robert Growney revealed that around 4,000 of the latest losses were associated with sold businesses, with a further 3,000 earmarked for loss through cuts and attrition.
04 March 2002
Top Consignia directors decline 10 per cent pay hike
Two senior directors of postal company Consignia have decided not to accept a 10 per cent pay rise following anger among postal unions.
Top Consignia directors decline 10 per cent pay hike
Two senior directors of postal company Consignia have decided not to accept a 10 per cent pay rise following anger among postal unions.
-
Northern Ireland WeatherThis Evening and Tonight:Showers, scattered in the evening, will clear by midnight leaving the night dry with clear spells. Perhaps a touch of ground frost. Cloud will spread east towards morning. Minimum temperature 2 °C.
