CITIZENS Financial Group, the US bank in which Bank of Ireland has a 23.5 per cent stake, has reported a 43 per cent rise in profits for the three months to end December. Profits after tax rose to $48.3 million. Excluding a once off gain of $12.8 million from the sale of mortgage servicing rights, underlying earnings were 43 per cent ahead of the corresponding previous period.

Profits before tax and exceptional items rose to $61.2 million from $44 million. Profit growth was attributed to strong increase in operating earnings Total assets rose by 48 per cent.