Citizens Bank reports $34M profit in Q1 after increasing funds for credit losses

CITIZENS FINANCIAL GROUP posted a $34 million profit in the first quarter of 2020. / BLOOMBERG NEWS FILE PHOTO/SCOTT EISEN
PROVIDENCE – After adding $463 million in reserve funds for anticipated COVID-19 credit losses, Citizens Financial Group Inc. saw its quarter-one profit drop 92%, the company reported on Friday. The holding company for Citizens Bank brought in $34 million in the first quarter of 2020, a $405 million decrease over its profits from quarter one…

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