Citizens Financial Group Inc. Thursday reported net income of $54.3 million for the quarter ended March 31, a 61% increase from the year-earlier period.

Assets for the four-state bank holding company rose to $16.8 billion, from $15.5 billion a year earlier, reflecting continued consumer and commercial loan and deposit growth. The August acquisition of Bank of New Haven, Conn., which had $300 million of assets, also helped boost earnings.

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