The bank, which operates across Ireland, said it had seen a 48% increase in mortgage lending so far this year.
Ulster Bank is the largest bank in Northern Ireland and the third biggest in the Republic of Ireland. The profits included a 'write back' of £58m in impairment charges.
That means money set aside to cover expected losses can now be released.
The bank's parent company, RBS, said third-quarter net profit rose to £952m from £896m after it booked a £1.1bn gain from its sale of the US bank, Citizens.
RBS, which was was bailed out by the UK government in 2008, and is currently 73% owned by the state, said restructuring costs soared to £847m.
Ulster Bank made a profit of £114m in the third quarter of this year.