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07/08/2002
Ulster Bank half-year profits show 11% rise
Half-year results posted by the Royal Bank of Scotland have revealed that its Ulster Bank subsidiary has seen a massive £25 million hike in pre-tax profits compared to the same period last year.
The results, which were released today, show that Ulster Bank netted a total income of £257 million – a rise of 11% on last year's figure – in the first half of 2002, with net interest income up to £165 million from £149 million last year.
However expenses also grew, but only slightly, at £121 million - up £10 million for the first six month of 2001.
The bank saw an increase in customer deposits, up £900 million to £8.1 billion, reflecting an increase in customer numbers which, since last December, rose by 20,000 to 762,000 at June 2002.
Parent group, the Royal Bank of Scotland, reported a 15% increase in profit, gaining £400 million to £3.15 billion before tax, goodwill amortisation and integration costs.
On the whole, the Group achieved a strong growth in income, up 20% to £8.1 billion.
Sir George Mathewson, Chairman of The Royal Bank of Scotland Group, said: “Strong income growth and improved efficiency are key factors in these results. Our focus on satisfying customers continues to reap rewards with increased customer numbers across the Group..."
Fred Goodwin, Group Chief Executive, said: “Despite the challenging economic environment we continue to make good progress across all areas of the Group, and I am particularly pleased with the level of income generation and the improvement in efficiency."
(GMcG)
The results, which were released today, show that Ulster Bank netted a total income of £257 million – a rise of 11% on last year's figure – in the first half of 2002, with net interest income up to £165 million from £149 million last year.
However expenses also grew, but only slightly, at £121 million - up £10 million for the first six month of 2001.
The bank saw an increase in customer deposits, up £900 million to £8.1 billion, reflecting an increase in customer numbers which, since last December, rose by 20,000 to 762,000 at June 2002.
Parent group, the Royal Bank of Scotland, reported a 15% increase in profit, gaining £400 million to £3.15 billion before tax, goodwill amortisation and integration costs.
On the whole, the Group achieved a strong growth in income, up 20% to £8.1 billion.
Sir George Mathewson, Chairman of The Royal Bank of Scotland Group, said: “Strong income growth and improved efficiency are key factors in these results. Our focus on satisfying customers continues to reap rewards with increased customer numbers across the Group..."
Fred Goodwin, Group Chief Executive, said: “Despite the challenging economic environment we continue to make good progress across all areas of the Group, and I am particularly pleased with the level of income generation and the improvement in efficiency."
(GMcG)
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