Ulster Bank has hired 100 people so far this year

Royal Bank of Scotland has reported its interim results this morning and its Irish subsidiary, Ulster Bank, continues to be a drag on profitability.

In its core unit, impairment losses on its property portfolio decreased to 269m (€309m) in the second quarter, down from 461m in Q1, but they rose to 977m in its non-core division. Overall, Ulster Bank posted a loss of 566m for the first six months of 2011 - 252m higher than this point last year.

From an employment perspective, however, it's looking relatively positive at Ulster Bank. Across the group, headcount has generally headed south, but within the Republic it has increased.

Ulster Bank now employs 4,300 people, which is an rise of 100 since the beginning of the year.

Staff expenses decreased by 3m on this point last year, however, to 57m for the first half of 2011. This works out as an average cost fof 132k per employee.

According to our sources, the bank has been an active hirer throughout 2011, with the bulk of recruitment taking place for loan workout specialists (understandably).

However, Ulster Bank has been touted by many as the 'third-force' in Irish banking, to challenge to domestic duopoly of Bank of Ireland and AIB.

We understand, therefore, that it's also recruiting for risk, finance and relationship management professionals in Ireland.