Citizens Financial second-quarter profit rose 35 percent to $587m

Net income of $587m. That is what Citizens Financial Group reported for the second quarter, up 35 percent from a year earlier and 14 percent from the first quarter. Diluted earnings were $1.30 a share, up 41 percent year over year. Revenue reached $2.28bn, up 12 percent from a year earlier, and return on tangible common equity rose to 13.9 percent. The bank said net interest income grew 4.4 percent from the first quarter and 14 percent from a year earlier, which it credited to a wider net interest margin and loan growth. Citizens returned $422m to shareholders in the quarter, split between $197m in dividends and $225m in share repurchases, and ended June with a common equity tier 1 ratio of 10.4 percent.