Ulster Bank has reported an operating loss of €276m for the first half of the year, largely driven by impairment charges based on an anticipated spike in bad loans. Even ahead of any spike in arrears, the bank's income decreased to €285m for the six months from €324m in the same period last year. With interest rates at historic low that will further squeeze the bank's key net interest income ratio. Ulster Bank CEO Jane Howard said cost pressure is being worsened by the effects of the pandemic. Ulster Bank's losses fed into parent NatWest's pre-tax loss of £770m in the first half of the year.

Source: Irish Independent July 31, 2020 07:30 UTC