Royal Bank of Scotland owned Ulster Bank increased its income by 12% and its contribution to the parent group by 12% to £273 million in 2003. The bank said the results were driven by strong volume growth. Ulster Bank increased its customers base by 36,000 in the period.
In January last, Royal Bank of Scotland - the UK's second biggest bank - completed the acquisition of First Active which will significantly expand Ulster Bank's customer base and range of products. In a statement the bank said it would 'create major positions in key markets in the Republic of Ireland.'
Overall the group reported annual profit up 29% on strong revenue growth. Pre-tax profit for 2003 rose to £6.16 billion from £4.76 billion a year earlier.
Group revenue rose 14% to £19.23 billion. Pre-tax profit before goodwill and integration costs (of NatWest) rose 11% to £7.15 billion.
Fred Goodwin, group chief executive said: 'A recurring theme of our results in recent years has been the strength of organic growth within our businesses and our performance in 2003 continued that trend.'
