Citizens Financial Group Inc. (CFG) reports earnings

The report was filed on February 13, 2025

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Citizens Financial Group Inc. (CFG+2.00%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.

The filing reports a net income of $1.5 billion, a decrease from the previous year's $1.6 billion. Earnings per diluted common share were $3.03, down from $3.13 in 2023.

Total revenue for 2024 was $7.8 billion, reflecting a decrease of $415 million from the prior year, primarily due to a 10% decline in net interest income.

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The efficiency ratio was stable at 67.0%, while the return on tangible common equity (ROTCE) decreased to 9.8% from 10.9% in 2023.

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Average interest-earning assets decreased by $3.6 billion, driven by a decline in total loans and leases, partially offset by an increase in investment securities and cash held in interest-bearing deposits.

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Noninterest income increased by $193 million, with capital markets fees and card fees showing significant growth.

Noninterest expense decreased by $273 million, with notable reductions in other operating expenses, including FDIC deposit insurance costs.

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The provision for credit losses was stable at $687 million, with increased reserves for commercial real estate and unsecured products.

Citizens Financial Group's capital ratios improved, with a CET1 capital ratio of 10.8% and a tier 1 capital ratio of 12.1%, reflecting net income and a decrease in risk-weighted assets.

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The company repurchased $1.1 billion of its common stock and issued $1.25 billion in senior notes during the year.

Citizens Financial Group continues to focus on managing liquidity, with total available liquidity of approximately $83.1 billion, including contingent liquidity and available discount window capacity.

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This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Citizens Financial Group Inc. annual 10-K report dated February 13, 2025. To report an error, please email earnings@qz.com.