UPDATE: Citizens Financial Group Posts Higher Q4 Earnings

reported better-than-expected fourth-quarter earnings. The Providence, Rhode Island-based company posted quarterly earnings of $197 million, compared to $152 million, in the year-ago period. On a per-share basis, its earnings climbed to $0.36 from $0.27. Excluding special items, the company's earnings gained to $0.39 per share from $0.30 per share. Its revenue rose to $1.18 billion from $1.16 billion. However, analysts were projecting earnings of $0.34 per share on revenue of $1.17 billion. Consumer Banking net income rose to $52 million from $50 million in the year-ago quarter, while commercial banking net income climbed to $140 million from $123 million. For the quarter, the company's net interest income rose 2.4% to $840 million. Average loans and leases gained 3%, while average deposits rose 3%. Net interest margin narrowed to 2.80% from 2.83% in the year-ago quarter. Citizens reported that its board declared a quarterly cash dividend of $0.10 per common share. "2014 was a pivotal year for Citizens as we took decisive steps to enhance our business model, grow our balance sheet and improve our financial performance,” said Bruce Van Saun, Chairman and Chief Executive Officer. Citizens Financial shares dropped 1.78% to close at $23.71 on Friday.