The Royal Bank of Scotland Commercial Services Ltd, one of the leading players in the UK invoice discounting and factoring industry, has released its financial statements for the period ended 31 December 2001.
Recent acquisitions by the Group mean that some detailed explanation is necessary to allow these results to be clearly understood.
A profit before tax of Ј36.593m was recorded by the company for the year ended 31 December 2001. The group’s total profit before tax for year ended 31 December 2000, given in the table below, of Ј34.832m includes subsidiary company’s, Royal Bank Invoice Finance Limited, profit of 15 months. With Royal Bank Invoice Finance’s total annualised, the profit for year ended 31 December 2000 stands at Ј31.829m. Therefore profit grew by 15%.
