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August 4, 2006

Citizens profits rise 4 percent

Citizens Financial Group of Providence today reported a 4-percent increase in first half earnings as business growth helped off set unfavorable interest rate trends.

The holding company for Citizens Bank said its earnings for the first six months of this year totaled $1.45 billion, up from $1.40 billion in the same period last year.

"We are growing our business in the face of the impact that the sustained flattening of the interest rate yield curve is having on the entire banking industry," Citizens chairman and chief executive officer Lawrence K. Fish said in a statement.

Net interest income declined slightly in the first half, but that drop was overcome with an increase in noninterest income from fees and other revenue sources.

Citizens is a subsidiary of the The Royal Bank of Scotland Group PLC, which yesterday reported overall, after-tax profit growth of 21 percent in the first half.

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