PROVIDENCE – Citizens Financial Group Inc. announced Tuesday a record pre-tax contribution of $2.87 billion for the year 2005, up 46 percent from $1.96 billion for 2004, reflecting strong organic growth and a full-year contribution of Charter One, which was acquired in August 2004, the company said.
Excluding acquisitions, pre-tax contribution increased by 10 percent to $1.79 billion.
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“This was another successful year for Citizens,” said Lawrence K. Fish, chairman and CEO of Citizens Financial Group. “We finished converting the Charter One franchise consisting of more than 750 branches spread over a wide geography at the end of July, five months ahead of schedule and moved 3 million customer accounts to Citizens’ systems.
“Beyond the proven conversion, we are reporting solid organic growth,” Fish said. “In the Charter One franchise, loans and customer deposits grew 18 percent and 10 percent, respectively, during the year.”
Citizens’ earnings are based on International Financial Reporting Standards and are as reported by its parent company, The Royal Bank of Scotland Group plc (RBS), and reflect pre-tax contribution defined as earnings before taxation, amortization of intangibles, and acquisition costs.
