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23/02/2012
Ulster Bank Reports £1bn Losses In 2011
Ulster Bank’s pre-tax losses have reached £1bn for 2011 it has been revealed.
This marks a £300m increase on the reported losses for the bank in 2010. It is understood that the bank’s losses are mainly due to impairment charges, such as writing off bad debt.
Meanwhile the parent company of the bank, the Royal Bank of Scotland, has also announced an attributable loss of £2bn.
A spokesperson for The Ulster Bank said that: "The bank’s results reflect a continued challenging banking Market."
He went on to say that the bank was now working on implementing a strategy which they hoped would turn business around.
(LB)
This marks a £300m increase on the reported losses for the bank in 2010. It is understood that the bank’s losses are mainly due to impairment charges, such as writing off bad debt.
Meanwhile the parent company of the bank, the Royal Bank of Scotland, has also announced an attributable loss of £2bn.
A spokesperson for The Ulster Bank said that: "The bank’s results reflect a continued challenging banking Market."
He went on to say that the bank was now working on implementing a strategy which they hoped would turn business around.
(LB)
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