On 16 July 2002, BCR reported on The Royal Bank of Scotland Commercial’s Annual Financial Statement for year ended 2001. Although the financial data given was obtained directly from the Financial Statement, the article did not give a true indication of the how the company performed that year.
Following the integration of Royal Bank Invoice Finance Limited and Lombard Natwest, the group structure is not straightforward. As a result of this our announcement omitted the results for The Royal Bank of Scotland Invoice Discounting Ltd., the largest contributor to the group’s bottom line performance for the year.
Also, the 2000 results for RBIF covered a 15 month period, so the 2001 figures compared with the 2002 figures is a distorted comparison.
