Ulster Bank has reported its first annual profit since 2008 - making €752m. This is a turnaround from a €1.7bn loss in 2013.

During the year the bank’s new lending activity increased by 38 percent - amounting to €2.3bn - lending to businesses was up by 46 percent.

Mortgage drawdowns increased by 41 percent - the bank has recently reduced its variable and fixed mortgage rates for new and existing customers.

Chief Executive Jim Brown welcomed the results - he says that it is a "clear signal" that the bank's strategy is working.

He adds: "This performance was driven by the underlying strength of the core Ulster Bank franchise and increased lending to customers across personal and business coupled with our proactive debt management and rising asset prices in a recovering economy."

Its parent company, Royal Bank of Scotland reported a loss of £3.5bn (€4.8bn) - it lost £9bn in the previous year.