Citizens net income up 69% as ROTCE rises

Citizens net income up 69% as ROTCE rises

Citizens net income up 69% as ROTCE rises

This article has been updated with third-quarter figures after an earlier version inadvertently contained second-quarter numbers.

Citizens Financial Group Inc.
CFG,
+3.50%

said Wednesday its third-quarter net income rose to $530 million, or $1.18 a share, from $314 million, or 68 cents a share, in the year-ago quarter. Adjusted earnings rose to $1.22 a share from 73 cents a share. Revenue fell to $1.66 billion from $1.75 billion. Analysts expected the regional bank to earn $1.16 a share on revenue of $1.64 billion, according to data from FactSet. The company’s adjusted return on total capital employed rose to 14.2% from 9% — a measure that’s been a focus of CEO Bruce Van Saun. Shares of Citizens are up 3.4%. Prior to Wednesday’s gains, the shares had gained 37.3% so far this year, compared to an increase of 41.8% by the KBW Nasdaq Bank Index
kbw.