Citizens Financial Group, in which Bank of Ireland has a 23.5 per cent stake, has reported a rise in pre-tax profits from $115.8 million (£81 million) to $151 million for the six months to March 31st, 1998.

Net earnings rose from $97 million to $100.5 million, although the 1997 figure included an after tax gain of $27.8 million from the sale of mortgage servicing rights.

Total assets were $16.8 billion, up 8 per cent on March 1997, reflecting strong asset growth and the acquisition of the Bank of New Haven in August 1997.