CITIZENS FINANCIAL GROUP INCRI
For the period ended Dec 31, 2023. Filed Feb 16, 2024.
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FY2023 · Filed Feb 16, 2024
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Noninterest Income
| Table 4: Noninterest Income | ||||
|---|---|---|---|---|
| Year Ended December 31, | ||||
| (dollars in millions) | 2023 | 2022 | Change | Percent |
| Service charges and fees | $410 | $420 | ($10) | (2%) |
| Capital markets fees | 319 | 368 | (49) | (13) |
| Card fees | 296 | 273 | 23 | 8 |
| Trust and investment services fees | 259 | 249 | 10 | 4 |
| Mortgage banking fees | 242 | 261 | (19) | (7) |
| Foreign exchange and derivative products | 183 | 188 | (5) | (3) |
| Letter of credit and loan fees | 168 | 159 | 9 | 6 |
| Securities gains, net | 28 | 9 | 19 | 211 |
| Other income(1) | 78 | 82 | (4) | (5) |
| Noninterest income | $1,983 | $2,009 | ($26) | (1%) |
(1) Includes bank-owned life insurance income and other income for all periods presented.
The primary drivers for the change in noninterest income for the year ended December 31, 2023, compared to 2022, are highlighted below.
The decline in capital markets fees reflects lower loan syndication, underwriting and M&A advisory fees.
Mortgage banking fees declined driven by lower production and servicing fees and a decline in MSR valuation, net of hedge impact.
The decline in service charges and fees reflects the elimination of the non-sufficient funds fee in Consumer Banking.
Card fees increased given higher transaction volumes.
Trust and investment services fees reflect increased sales activity and asset management fees.
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