banking

Citizens back in black for 2011

COURTESY CITIZENS BANK
CITIZENS Financial Group Inc.’s largest division, RBS Citizens N.A., the holding company for most Citizens and Charter One banks, posted a $345.13 million profit in 2011. The figure is a stark contrast to the $39.17 million in losses it reported in 2010 and the $600.40 million loss in 2009.
Posted 2/24/12

PROVIDENCE – Citizens Financial Group Inc.’s largest division, RBS Citizens N.A., the holding company for most Citizens and Charter One banks, posted a $345.13 million profit in 2011. The figure is a stark contrast to the $39.17 million in losses it reported in 2010 and the $600.40 million loss in 2009.

According to figures provided by the Federal Deposit Insurance Corp., Citizens’ assets stabilized in 2011. RBS Citizens’ total assets stood at $106.94 billion at the end of the year, as opposed to $107.84 billion a year earlier and $116.92 billion at the end of 2009.

The bank said it had $4.71 billion in interest and non-interest income for 2011, a 5.6 percent reduction from $4.99 billion the year before. Total deposits, however, increased 8 percent to $75.69 billion in 2011, compared with the $69.81 billion reported in 2010.

Helping to offset that drop in revenue in past years and build back the bank’s foundation was a reduction in money set aside to help absorb bad loans. Citizens put $1.47 billion into its loan-loss provision in 2010 but reduced that allotment to $815 million last year, an indicator of the improving credit quality in the bank’s loan portfolio.

Charge-offs, loans and leases that the bank has deemed uncollectable totaled $1.26 billion in 2011, a 32 percent improvement from the $1.85 billion reported in 2010. The bank recovered $193.75 million of these funds last year, a figure less than the $209.89 million it recovered in 2010.

Citizens Financial Group is owned by the British financial giant Royal Bank of Scotland Plc – which is 84 percent owned by the United Kingdom government. On Thursday, the bank reported a bigger-than-expected loss of $3.2 billion for 2011, partly because of its exposure to Greek government bonds.

Calendar
PBN Hosted
Events

Two Great Programs...One Great Event. PBN's Annual Celebration of Growth and Innovation is now underway. 2014 applications are now available. Deadline August 1st.
  • Healthiest Employers
    Celebrate with the Healthiest Employers in RI on August 14th at the Providence M ...
  • 40 Under Forty
    Thank you to our sponsors and to all those who attended the 10th Anniversary of ...
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement