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Citizens Financial Group Inc. (CFG+2.50%) 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.
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.
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.
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.
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.
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.
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.