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11/08/2009
Northern Bank Losses Revealed
A second local banking institution has reported a big loss.
The Northern Bank is down £69m in the first six months of 2009 in news that follows similar grim data released by the Ulster Bank earlier this month.
As with the Ulster Bank, the Northern made an operating profit of £35m over the period, but similarly had to set aside substantial funds - in this case £104m - to cover loans it thinks might not be repaid.
Chief Executive Gerry Mallon told BBC Radio Ulster "ongoing difficulties in the property sector" reflected the amount they have set aside for potential bad debt.
However, he said actual loan losses so far remain low at around £3m and the bank is well capitalised.
The underlying profit was level with the same period in 2008.
Total income of £100m was down 9% on 2008, reflecting lower interest rates and reduced activity in the market.
Lending grew by 4%, including a 15% growth in mortgages. Deposits remained stable.
Operating expenses fell by 5% which Mr Mallon said was due to "continued focus on efficiencies."
In general terms, the bank forecasts that the Northern Ireland economy will shrink by about 2.4% in 2009.
The bank was acquired by the Danske Bank Group in 2005, the largest bank in Denmark and a major player in Scandinavian financial markets.
It has 88 branches in Northern Ireland employing 1,275 people.
Danske's unit in the Republic of Ireland, National Irish Bank, reported a loss of €341m for the first half of 2009 after setting aside €379m for loans it thinks might not be repaid.
See: Job Cuts As Ulster Bank Makes Losses
(BMcC/KMcA)
The Northern Bank is down £69m in the first six months of 2009 in news that follows similar grim data released by the Ulster Bank earlier this month.
As with the Ulster Bank, the Northern made an operating profit of £35m over the period, but similarly had to set aside substantial funds - in this case £104m - to cover loans it thinks might not be repaid.
Chief Executive Gerry Mallon told BBC Radio Ulster "ongoing difficulties in the property sector" reflected the amount they have set aside for potential bad debt.
However, he said actual loan losses so far remain low at around £3m and the bank is well capitalised.
The underlying profit was level with the same period in 2008.
Total income of £100m was down 9% on 2008, reflecting lower interest rates and reduced activity in the market.
Lending grew by 4%, including a 15% growth in mortgages. Deposits remained stable.
Operating expenses fell by 5% which Mr Mallon said was due to "continued focus on efficiencies."
In general terms, the bank forecasts that the Northern Ireland economy will shrink by about 2.4% in 2009.
The bank was acquired by the Danske Bank Group in 2005, the largest bank in Denmark and a major player in Scandinavian financial markets.
It has 88 branches in Northern Ireland employing 1,275 people.
Danske's unit in the Republic of Ireland, National Irish Bank, reported a loss of €341m for the first half of 2009 after setting aside €379m for loans it thinks might not be repaid.
See: Job Cuts As Ulster Bank Makes Losses
(BMcC/KMcA)
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Ulster Bank has announced that improving exports and more consumer spending has led to an improving economy, despite yesterday's downgrading of Ireland's credit rating. Ulster Bank said today it was revising its forecasts for Irish economic growth in 2010 upwards, predicts average annual GDP growth of 1%, up from -0.5% previously.
'Economy Improving' Says Bank, Despite Downgrade
Ulster Bank has announced that improving exports and more consumer spending has led to an improving economy, despite yesterday's downgrading of Ireland's credit rating. Ulster Bank said today it was revising its forecasts for Irish economic growth in 2010 upwards, predicts average annual GDP growth of 1%, up from -0.5% previously.
29 May 2018
Ulster Bank Announce New Vertical Bank Notes
Ulster Bank has announced the introduction of two new vertical polymer banknotes, which will enter circulation in 2019. The new £5 and £10 notes are based on the theme 'living in nature' and will feature Strangford Lough, Brent geese, Lough Erne, the Irish hare and Guelder-rose shrubs.
Ulster Bank Announce New Vertical Bank Notes
Ulster Bank has announced the introduction of two new vertical polymer banknotes, which will enter circulation in 2019. The new £5 and £10 notes are based on the theme 'living in nature' and will feature Strangford Lough, Brent geese, Lough Erne, the Irish hare and Guelder-rose shrubs.
14 November 2011
NI Building Jobs Hit As Activity Stalls
The rate of business activity in NI is still stalled, but the speed of the fall has slowed. However, the building sector has again been hardest hit as shown by he release of October data from the Ulster Bank Northern Ireland PMI.
NI Building Jobs Hit As Activity Stalls
The rate of business activity in NI is still stalled, but the speed of the fall has slowed. However, the building sector has again been hardest hit as shown by he release of October data from the Ulster Bank Northern Ireland PMI.
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Northern Bank posts record annual results
The annual results from the Northern Bank have revealed pre-tax profits of £111m up 13% on the previous corresponding year-end figures. The results include a £19.9m profit in relation to the disposal of subsidiary company Northern Bank Insurance Services to Wealth Management Europe Holdings another subsidiary of National Australia Bank.
Northern Bank posts record annual results
The annual results from the Northern Bank have revealed pre-tax profits of £111m up 13% on the previous corresponding year-end figures. The results include a £19.9m profit in relation to the disposal of subsidiary company Northern Bank Insurance Services to Wealth Management Europe Holdings another subsidiary of National Australia Bank.
23 November 2012
Ulster Bank Launches 2012 Business Achievers Awards
Start-ups, food & drink firms, agri-businesses, SMEs, social enterprises and all other companies called on to embrace popular scheme Ulster Bank launches the 19th Ulster Bank Business Achievers Awards with a call to companies to embrace the full benefits of the programme – the networking, the development events and most importantly, the positive pu
Ulster Bank Launches 2012 Business Achievers Awards
Start-ups, food & drink firms, agri-businesses, SMEs, social enterprises and all other companies called on to embrace popular scheme Ulster Bank launches the 19th Ulster Bank Business Achievers Awards with a call to companies to embrace the full benefits of the programme – the networking, the development events and most importantly, the positive pu
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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.
