Citizens Financial Q1 net income $334M, EPS $0.65; underlying EPS $0.79; NIM stable 2.91%

CITIZENS FINANCIAL GROUP INC/RI

2024-Q1 EPS reported $0.65 revenue$1,959,000,000

Net income $334M vs $511M YoY; diluted EPS $0.65 vs $1.00; underlying EPS $0.79 vs $1.10.
Revenue $1,959M down 8% YoY; underlying PPNR $683M vs $898M; NIM flat at 2.91%.
Period-end loans $143.2B (-2% QoQ); deposits $176.4B (+$4.2B YoY); LDR 81%.
CET1 ratio 10.6%; TBV/share $30.19 (-2% QoQ); NCO ratio 0.50% vs 0.34% YoY.
Capital Markets fees recovered; Non-Core portfolio runoff and balance sheet optimization ongoing.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CITIZENS FINANCIAL GROUP INC/RI reported first quarter 2024 results: revenue $ 1,959, net income $334 million, EPS $0.65.

Period: first quarter 2024
Revenue: $ 1,959
Net income: $334 million
EPS: $0.65
Result: reported results

Exact text from the filing

reduced further to $2.0 billion, down 83% YoY ■ Strong CET1 ratio of 10.6%; TCE ratio of 6.5% ■ TBV/share of $30.19, down 2% QoQ reflecting rate impacts on AOCI Total revenue $ 1,959 $ 1,988 $ 2,128 Pre-provision profit 601 376 832 Underlying pre-provision profit 683 721 898 Provision for credit losses 171 171 168 Net income 334 189 511 Underlying net income

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Source: SEC EDGAR

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