Year-to-date profits rise for Citizens Bank parent

Citizens Financial Group Inc. reported a 4 percent increase in earnings for the first half of 2006.

The Providence, R.I., company, parent to Citizens Bank, had net income for the six months of $1.45 billion.

"We continue to grow our personal and commercial banking business, as well as our other business segments, including mortgage, credit card services, and equipment leasing," said Lawrence Fish, chairman and CEO of Citizens Financial. "We have made especially good progress in growing our small business and corporate lending, while continuing to expand our 13-state retail branch footprint. Our supermarket banking franchise, now No. 2 in the country, continues to grow through a partnership with Stop & Shop Supermarkets that will add 75 new in-store branches across New York state over the next three years."

Citizens' earnings are based on International Financial Reporting Standards and are as reported by its parent company, The Royal Bank of Scotland Group plc. They reflect pre-tax operating profit defined as earnings before taxation, amortization of intangibles, and acquisition costs.

Citizens Bank has its New York headquarters in Albany.

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.