Citizens Financial Group Inc. reported net income of $128.2 million, a 61% increase, for its fiscal year ended Sept. 30.

The bank said the jump in earnings was primarily due to its acquisition in April of First New Hampshire Bank in Manchester, and internal growth of deposits, loans, and investment product sales.

Citizens' notched fourth-quarter net income of $28 million, up 31% from the same quarter of last year.

In November, the bank completed its acquisition of Middletown, Conn.- based Farmers and Mechanics Bank. Citizens also said it would purchase Grove Bank in Newton, Mass. That deal will close in early 1997.

The bank noted in October that it had hired Goldman, Sachs & Co. to advise on the sale of its $8.6 billion third-party mortgage servicing portfolio, with steps to leave the wholesale mortgage business. Citizens expects to refocus its efforts on mortgage originations.

"Our expansion into new markets is giving Citizens the scale to reach more customers with high quality products and customer service," said Lawrence K. Fish, the bank's chairman, president, and chief executive.

Citizens has offices in Rhode Island, Connecticut, Massachusetts, and New Hampshire. It is 76.5% owned by the Royal Bank of Scotland, with the remainder owned by Bank of Ireland.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.