Buoyed by new tax law, Citizens increases profit in 4Q and 2017

CITIZENS BANK is a wholly owned subsidiary of Providence-based Citizens Financial Group Inc. The bank posted net income of $1.7 billion in 2017, a 58.1 percent increase on its 2016 performance. / BLOOMBERG FILE PHOTO/KELVIN MA
CITIZENS BANK is a wholly owned subsidiary of Providence-based Citizens Financial Group Inc. The bank posted net income of $1.7 billion in 2017, a 58.1 percent increase on its 2016 performance. / BLOOMBERG FILE PHOTO/KELVIN MA
PROVIDENCE – Buoyed by a $331 million after-tax benefit from the new tax law, Citizens Financial Group Inc. on Friday reported 2017 profit increasing 58.1 percent to $1.7 billion, or $3.25 per diluted share. Fourth-quarter profit more than doubled to $666 million, or $1.25 per share, compared with $282 million a year earlier. Excluding the…

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