March 2, 2007
Citizens earnings up 2 percent
By Christina Davis
Citizens Financial Group, the parent of Citizens Bank of Massachusetts, reported that its earnings totaled $2.92 billion in 2006, an increase of 2 percent over the previous year.
Average loans and advances to customers grew by 10 percent, while average corporate lending rose 15 percent.
"This was our 14th consecutive year of profit growth," said Lawrence K. Fish, chairman and CEO of Providence, R.I.-based Citizens Financial. "We are particularly pleased with our performance and growth in our lending and deposit businesses despite continued interest rate margin pressure that is impacting the entire banking industry."
Average loans and advances to customers grew by 10 percent, while average corporate lending rose 15 percent.
"This was our 14th consecutive year of profit growth," said Lawrence K. Fish, chairman and CEO of Providence, R.I.-based Citizens Financial. "We are particularly pleased with our performance and growth in our lending and deposit businesses despite continued interest rate margin pressure that is impacting the entire banking industry."
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