PROVIDENCE – Citizens Financial Group Inc.’s largest division lost $67.53 million in the first half of 2010, a significant improvement over the $263.76 million loss it recorded in the same period last year, the bank said in a Federal Deposit Insurance Corporation filing.
RBS Citizens N.A., the holding company for most Citizens and Charter One banks, posted $2.74 billion in interest and non-interest income for the first six months of this year, 15.4 percent less than the $3.24 billion the bank posted in the same period a year ago.
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But that decline in revenue was offset partially by the lower interest rates RBS Citizens is paying on products such as savings accounts and certificates of deposit.
The bank’s total interest expense was $697.18 million in the first half of the year, down 32.9 percent from the $1.04 billion in the same period of 2009.
Also helping to improve the bank’s bottom line: It reduced its loan-loss provisions – money aside in anticipation of bad loans – to $862.15 billion between January and June, down from $1.27 billion in the first six months of last year.
The bank wrote off $1.05 billion in loans in the first half of 2010, up slightly from the $1.02 billion in loan charge-offs in the same period last year.
RBS Citizens, Rhode Island’s largest bank by deposits, reported $112.31 billion in total assets as of June 30, down nearly 8 percent from $121.92 billion a year ago. The bank saw a similar slide in deposits, dropping from $77.98 billion at the end of June 2009 to $71.28 billion at the end of June this year.
Citizens Financial Group is owned by the British financial giant Royal Bank of Scotland, which posted its first profit since 2007 in reporting its half-year results Friday.
Additional information is available at www.CitizensBank.com.
