Ulster Bank reports €1.1bn loss

on 28/02/2013 08:16:51

Ulster Bank has reported a loss of just over £1bn (€1.1bn) for 2012.

That's up £56m (€64m) on the previous year.

It is due to falling interest income and higher charges for bad loans.

The bank set aside £1.3bn (€1.5bn) for bad loans in 2012, roughly unchanged on the previous year.

Chief Executive Jim Brown also said Ulster Bank is making good progress on the restructuring of the business, as the economic environment in Ireland begins to stabilise.