Citizens Financial Group, Inc. (CFG) has reported a 43.50 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $320 million, or $0.61 a share in the quarter, compared with $223 million, or $0.41 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $320 million, or $0.61 a share compared with $223 million or $0.41 a share, a year ago.
Revenue during the quarter grew 12.16 percent to $1,384 million from $1,234 million in the previous year period. Net interest income for the quarter rose 11.17 percent over the prior year period to $1,005 million. Non-interest income for the quarter rose 14.85 percent over the last year period to $379 million.
Citizens Financial Group, Inc. has made provision of $96 million for loan losses during the quarter, up 5.49 percent from $91 million in the same period last year.
Net interest margin improved 10 basis points to 2.96 percent in the quarter from 2.86 percent in the last year period. Efficiency ratio for the quarter improved to 61.68 percent from 65.66 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
Deposits stood at $112,112 million as on Mar. 31, 2017, up 9.26 percent compared with $102,606 million on Mar. 31, 2016.
Loans to deposits ratio was 97.03 percent for the quarter, down from 99.16 percent for the previous year quarter.
Noninterest-bearing deposit liabilities were $27,713 million or 24.72 percent of total deposits on Mar. 31, 2017, compared with $27,186 million or 26.50 percent of total deposits on Mar. 31, 2016.
Investments stood at $25,414 million as on Mar. 31, 2017, up 4.89 percent or $1,185 million from year-ago. Shareholders equity was at $19,847 million as on Mar. 31, 2017.
Return on average assets moved up 22 basis points to 0.87 percent in the quarter from 0.65 percent in the last year period. At the same time, return on average equity increased 207 basis points to 6.52 percent in the quarter from 4.45 percent in the last year period.
Nonperforming assets moved down 2.84 percent or $32 million to $1,095 million on Mar. 31, 2017 from $1,127 million on Mar. 31, 2016. Meanwhile, nonperforming assets to total assets was 0.73 percent in the quarter, down from 0.80 percent in the last year period.
Tier-1 leverage ratio stood at 9.90 percent for the quarter, down from 10.40 percent for the previous year quarter. Book value per share was $38.47 for the quarter, up 3.19 percent or $1.19 compared to $37.28 for the same period last year.
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