Citizens reports 2 percent earnings increase

PROVIDENCE – Citizens Financial Group Inc. announced earnings of $1.48 billion for the first half of 2007, an increase of 2 percent over the first half of 2006.
According to a news release from the company, net interest income totaled $1.93 billion. Average loans and advances to customers increased by 4 percent, showing strong growth in corporate and commercial lending offsetting weaker demand for mortgage and auto loans.
The average corporate and commercial loans – excluding finance leases – increased by 12 percent. Citizens said that it reflected the company’s success in adding new “mid-corporate customers.”
The number of total business customers increased by 3 percent to 473,000, while average customer deposits increased by 1 percent.