Ulster Bank reports pre-tax profits of £18m

Ulster Bank is a subsidiary of the Royal Bank of Scotland

Ulster Bank has reported pre-tax profits of £18m in 2019, down from £51m in 2018.

Turnover improved slightly, rising from £184m to £189m last year.

The bank says these figures reflect the majority, but not all of the profits generated in Northern Ireland.

Head of Ulster Bank NI Mark Crimmins said that despite a "challenging external environment" it "increased corporate lending in 2019 by 12%".

He added that the bank also saw an "8% increase in small business drawdowns".

Ulster Bank recently announced it is creating over 100 new jobs in Belfast between now and the end of April.

The roles will be in its Belfast customer contact centre, which is re-locating from south Belfast to the bank's city centre headquarters this summer.

Ulster Bank is one of the "big four" banks in Northern Ireland, it has 44 branches and is a subsidiary of the Royal Bank of Scotland.

Royal Bank of Scotland (RBS) Group has said it plans to change its name later this year, as it reported a near doubling of annual profits.

The Edinburgh-based bank, which owns RBS, NatWest and Ulster Bank, said it would rename itself as NatWest Group.