The Royal Bank of Scotland Commercial Services (Holdings) Limited (RBS Commercial Services) announced a record performance for the year ending 31 December 2003, with profit before tax reaching Ј59.9m, an increase of 19% compared to the previous year’s result.
The client sales turnover factored or discounted by RBS Commercial Services grew to Ј26.1bn in the year, and the funding provided to clients averaged more than Ј1.7bn through the year.
Commenting on the results, Stuart Holloway, RBS Commercial Services managing director, said: “I am delighted with the progress we made during 2003 and our financial results are starting to benefit from the transformation we have achieved within the business over the past few years. In 2003, over 1,500 new clients chose RBS Commercial Services as their preferred invoice finance partner, which is a record for our business and a credit to the quality of our people and systems.”
Source: BCR
