Citizens Financial Group preliminary SCB 4.5%; increases buyback authorization to $1.25B

CITIZENS FINANCIAL GROUP INC/RI

Federal Reserve communicated preliminary Stress Capital Buffer of 4.5%, effective Oct 1, 2024; implied regulatory minimum CET1 now 9.0%.
Company expects Q2 2024 CET1 ratio ~160 bps above regulatory minimum, indicating strong capital position.
Board increased common share repurchase program capacity to $1.25B, an increase of $656M over prior remaining capacity.
CFO cited improvement in modeled credit losses vs 2023 stress test, but noted PPNR decline inconsistent with company-run test.

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