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August 3, 2007

Citizens sees 2-percent increase in period earnings

PROVIDENCE -- The Citizens Financial Group earned $1.48 billion in the first half of the year, a 2-percent increase over the same period last year, the Providence-based bank announced today.

Citizens, owned by the Royal Bank of Scotland Group, said it had made "good progress" in credit card issuing and experienced "strong growth" in corporate and commercial lending that compensated for decreased demand for mortages.

In March, the Royal Bank reorganized its North American operations, replacing Lawrence K. Fish, the chief executive officer of Citizens, with Stephen D. Steinour. Fish was named chairman of RBS America, a new organizational unit.

--Journal Staff Writer Benjamin N. Gedan

Posted by Mike McKinney  at 1:48 PM | Permalink

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