RBS 2003 Annual Report Download - page 43
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Citizens now ranks as the 13th
largest commercial banking
organisation in the US by deposits.
Last year was the 11th consecutive
year of record profits, fuelled by
organic growth and a further three
bank acquisitions. Our total income
grew by 16% to $2,984 million.
Loans increased by $12.1 billion or 39%
and deposits grew $11.7 billion or 23%.
We are now the No. 2 commercial banking
organisation in New England and No. 3 in Pennsylvania,
based on deposit share.
In 2003, we increased our personal customer
base by 376,000 (18%) and our business customers
by 36,000 (18%) due to growth through both
traditional and supermarket branches and our three
bank acquisitions.
Citizens Bank announced a further three bank
acquisitions in 2003, Port Financial Corporation and
Community Bancorp Inc. both in Massachusetts
and Roxborough Manayunk Bank in Pennsylvania.
We made a record 379,000 consumer loans
and lines of credit totalling $20.4 billion during the year.
We continued to grow our supermarket
banking programme in the Mid Atlantic region,
adding 26 branches, an increase of 34%.
We expanded our successful in-store
supermarket banking franchise into a large part
of the affluent Cape Cod area.
During 2003, the number of Citizens'
on-line banking customers and on-line banking
transactions both grew by more than 70%.
We brought seven-day banking to our entire
four-county Greater Philadelphia retail region.
Citizens received the highest rating,
“outstanding,” this year in each of its state bank
Community Reinvestment Act reviews in New
England. The Delaware and Pennsylvania banks
are being evaluated for the first time in 2004.
We were named the No.1 Small Business
Administration (SBA) lender in both the Mid Atlantic
and New England regions for the second consecutive
year, making 5,800 SBA-backed loans totalling more
than $167 million.
The US Small Business Administration
honoured four Citizens executives in 2003 for their
efforts on behalf of small business entrepreneurs
throughout our franchise.
Citizens
Annual Report and Accounts 2003
41