Citizens Financial in R.I. Keeps Growing

Providence, R.I.-based Citizens Financial Group continues to use acquisitions to boost earnings. The bank reported a 97% increase in net income, to $24.3 million, for its fiscal third quarter ended June 30.

The bank earned $58.4 million in the first nine months of its fiscal year, up 56% compared with the year-earlier period.

Citizens said earnings gains came from, among other things, tight controls on expenses and a lower loan-loss provision of $4 million, compared with $5.1 million in the same period last year.

"We are beginning to reap the benefits in our income statement ... from our tri-state acquisition strategy," said Citizens chairman, president, and chief executive Lawrence K. Fish. Over the last year, Citizens closed two deals: the acquisition of Old Stone Federal Savings Bank in Rhode Island and Quincy Savings Bank in Massachusetts.

Nonperforming assets of $124.2 million were 1.2% of total assets, down a basis point from last year's third quarter.

Citizens Financial Group, with 10.4 billion in assets, is a wholly owned subsidiary of Royal Bank of Scotland PLC.