Like its larger rival, Ulster Bank saw profits rise healthily in the first half of the year - up 7.6 per cent to £81.7 million (€124.5 million) - and like AIB, it also suffered a marked decline in treasury profits due to the end of foreign exchange services for currency dealings within the European Economic and Monetary Union area.

At the results announcement, chairman George Quigley was coy about the extent, if any, of Ulster's interest in acquiring ICC Bank. However for a bank that claims to have a 17 per cent share of the market in loans - although only 4 per cent in mortgages - it seems ICC would be a classic target at the right price given its strength in the small and medium-sized enterprise sector.