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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)
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