Citizens Financial Group has reported a net income of $666m for the fourth quarter of 2017, a surge of 136% compared to $282m a year ago.
The bank said that the fourth quarter results include a $317m after-tax net benefit from notable items including a benefit related to the company’s net deferred tax liability in connection with the December 2017 Tax Legislation.
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For the quarter ended 31 December 2017, the bank posted total revenue of $1.48bn, an increase of 8% from $1.36bn posted a year ago.
The bank’s net interest income during the quarter increased to $1.08bn from $986m in the fourth quarter of 2016. Noninterest income rose to $404m from $377 a year ago.
The bank’s Return on Average Tangible Common Equity (ROTCE) was 19.9% compared with 8.4% in the fourth quarter of 2016.
Citizens Financial Group chairman and CEO Bruce Van Saun said: “We are executing well and running the bank better and better, as evidenced by the 6.8% year on year operating leverage, ROTCE reaching 10.4% in the fourth quarter, and consistent progress in delivering well for our customers, colleagues and communities. We enter 2018 with solid momentum, and are pleased to raise our dividend today by a further 22%.”
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