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Mortgage Business Improves at Citizens Financial

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Home lending, mortgage earnings and residential assets all increased on both a quarter-over-quarter and year-over-year basis at Citizens Financial Group Inc.

In its third-quarter 2016 earnings results, Citizens reported that
income before income tax expense came to $427 million in the three months ended last month.

Earnings at the
Providence, Rhode Island-based financial institution increased from the prior period’s $361 million and $335 million in the same period last year.

Mortgage-banking fees climbed to $33 million from $25 million and were much better than $18 million in the third-quarter 2015.

Mortgage originations during the period that began on July 1, 2016, and ended on Sept. 30 totaled $2.187 billion. Lending activity increased from the prior period’s $1.964 billion and the year-prior period’s $1.561 billion.

During all nine months that have completed so far this year, Citizen’s mortgage production came to $5.537 billion.

Fourth-quarter originations are positioned for further improvement based on the origination pipeline, which expanded to $2.8 billion from $2.5 billion.

While Citizens didn’t report its mortgage servicing portfolio in the earnings report, it did report in its second-quarter 10Q filing with the Securities and Exchange Commission that is serviced $17.2 billion in home loans for others as of June 30.

Nestled in Citizens’ investment
portfolio were $31.934 billion in residential assets. Residential investments were nudged up from $31.583 billion at the end of June and $31.836 billion at the end of September 2015.

Last month’s total included
$14.602 billion in residential mortgages, $2.027 billion in home-equity loans and $14.271 billion in home-equity lines of credit. Additionally included were $0.796 billion in HELs serviced by others and $0.238 billion in HELOCs serviced by others.

Commercial real estate loans on the balance sheet finished the latest period at $10.152 billion, growing from $9.825 billion as of mid-year 2016 and $8.678 billion as of the same date in 2015.

Across the entire organization, staffing stood at 17,625 full-time equivalent employees as of the end of last month. Headcount was reduced from 17,828 people three months earlier and 17,817 one year earlier.

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