PROVIDENCE, R.I. - Citizens Financial Group reported net income of $28.7 million for the fiscal year ended Sept. 30, a 63.3% increase over the $17.5 million earned last year.
Citizens' assets grew 18.1%, to $5.2 billion at Sept. 30, up from $4.4 billion at Sept. 30, 1992, mostly through acquisition of the former New England Savings Bank in New London, Conn., from the Federal Deposit Insurance Corp. in May.
Two other acquisitions - of the former Boston Five Bancorp, which was completed in October, and Neworld Bancorp, which is set to be completed in the spring - will raise assets to about $8.1 billion.
Nonperforming loans were $56.4 million, compared with $66.9 million last year, a 15.8% decrease.
Net interest income for the fiscal year was $172.4 million, compared with $139.7 million last year. Noninterest income was $72.4 million for the fiscal year, compared with $59.7 million in fiscal 1992.
The 21.3% increase in noninterest income reflects increases of 35.1% in income from the company's mortgage banking operation, a 14.9% increase in trust income, and a 28.9% increase in service operations.
Gains on the sale of portfolio securities decreased 31.1%.
The provision for credit losses was $21.1 million for the year, compared with a provision of $28.7 million last fiscal year, a 26.7%, or $7.7 million, decrease.
Citizens Financial Group Inc., a wholly owned subsidiary of Royal Bank of Scotland PLC, is comprised of Citizens Savings Bank and Citizens Trust Co.