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Ulster Bank posts E310m loss in Q3

Friday, November 02 10:38:04

Ulster Bank this morning posted an operating loss of £242m (E310m) in its third financial quarter to the end of September and has put by E103m for the computer system melt-down that crippled its services earlier this year.

It recorded a total impairment loss of £329 million (E410 million) which it said were related to its home mortgage portfolio.

The bank recorded a profit of £87 million (E110 million) in the three month period before impairment charges.

The bank has made a loss of £797 million (E994.3 million) in the first three quarters of the year, up from £771 million at the same point in 2011.

"The market remains difficult and we continue to see an elevated level of mortgage arrears," Ulster Bank chief executive Jim Brown said.

"We continue to work with our customers who are in financial difficulty on an individual basis to offer them appropriate support initiatives. We also continue to actively encourage our customers to contact us if they have any concerns about their financial health or are experiencing financial difficulty."