IBOS member Ulster Bank announces its Full Year 2019 financial results

IBOS member Ulster Bank reports its Full Year 2019 financial results, as it moves towards becoming a digitally-focused bank, and building to be a stronger and more sustainable bank.

Throughout 2019, Ulster Bank actively supported SMEs across a range of sectors, including agriculture, food and drink, healthcare and asset finance, which lead to strong customer activity.

The Bank is keen to continue investing in its products and services, such as Clearspend, which gives corporate customers more control over their credit card spending and a new fixed rate loan produce that delivers simpler and efficient fixed rate loans to SME customers.

Please find below Ulster Bank’s financial highlights for Full Year 2019:

  • Operating Profit of €55m (compared to €15m in 2018)
  • Operating Expenses reduced to €630m (€657m in 2018)
  • Total income reduced to €647m (€689m in 2018) – This is mainly due to reduced income from non-performing loans that Ulster Bank sold in 2018, as well as a few accounting changes
  • Net impairment release of €38m (net charge of €17m 2018)
  • Gross New lending increased 13.0% to €3.0bn
    • New mortgage lending of €1.4bn
    • New lending to businesses of €1.6bn
  • Net loans to customers have increased to €21.4bn (from €21.0bn in 2018)
  • Announced a sale of a portfolio of non-performing loans in Q4 2019
  • Further dividend of €0.5bn paid to Ulster Bank’s shareholder in Q4 2019
  • CET1 Ratio of 26.5%

 

Access the full press release via Ulster Bank here