Citizens raises dividend as quarterly profit grows 29 per cent
Citizens Financial Group earned third-quarter net income of 636 million dollars, up 29 per cent annually. Higher net interest income accompanied lower credit-loss provisions. The US bank raised its quarterly dividend to 0.52 dollars per share and expanded remaining buyback capacity to 1.95 billion dollars. Its net charge-off rate was unchanged from the previous quarter.
Economics & Markets··Evening
Net income reaches 636 million dollars
Citizens Financial Group, a US bank, reported third-quarter net income of 636 million dollars, up 29 per cent from a year earlier. The quarterly earnings release came on October 16.[1], [2]
Net income had been 494 million dollars a year earlier and 587 million dollars in the second quarter. Diluted earnings per share reached 1.41 dollars, compared with 1.05 dollars a year earlier and 1.30 dollars in the preceding quarter. Income available to common shareholders was 599 million dollars.[1]
Interest income rises as credit-loss provisions fall
Revenue increased from 2118 million dollars a year earlier to 2322 million dollars. Net interest income rose 13 per cent to 1675 million dollars, while noninterest income reached 647 million dollars. Noninterest expenses were 1393 million dollars, against 1335 million dollars a year earlier. Pre-provision net revenue reached 929 million dollars.[1]
Credit-loss provisions declined from 154 million dollars a year earlier to 125 million dollars. Net charge-offs remained at 0.37 per cent, unchanged from the second quarter and below the year-earlier 0.46 per cent. Average loans were 147.4 billion dollars and average deposits 183.7 billion dollars. The preliminary common equity tier-one capital ratio was 10.5 per cent.[1]
Dividend rises to 0.52 dollars per share
Citizens raised its quarterly common dividend by 0.06 dollars to 0.52 dollars per share. It also added 1.3 billion dollars to its remaining repurchase authorization, bringing available capacity to 1.95 billion dollars. The board’s authorization defines the remaining amount available for future share repurchases.[1]
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