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February 28, 2006

Citizens earnings rise on acquisitions and growth

The Royal Bank of Scotland Group today reported earnings at its main U.S. subsidiary, Citizens Financial Group Inc. of Providence, rose 46 percent thanks to a major acquisition and strong organic growth.

RBS said Citizens' pre-tax contribution to its parent company last year totaled $2.87 billion, up from $1.96 billion in 2004.

A big part of the earnings increase resulted from the impact of Citizens' 2004 purchase of Cleveland-based Charter One Bank. Excluding that and other acquisitions, Citizens' earnings in 2005 rose 10 percent over the previous year.

The Citizens results are included in the 2005 earnings announced today by The Royal Bank of Scotland. It posted 2005 net income of 5.4 billion pounds, a 16.7-percent gain over last year's 4.6 billion figure.

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