CITIZENS FINANCIAL GROUP INCRI
For the period ended Mar 31, 2024. Filed May 6, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 6, 2024
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Financial Performance
Key Highlights
Net income decreased $177 million for the three months ended March 31, 2024, with earnings per diluted common share down $0.35 to $0.65 compared to the same period in 2023.
Results reflect notable items of $61 million or $0.14 per diluted common share, net of tax benefit, for the three months ended March 31, 2024, compared to $49 million or $0.10 per diluted common share, net of tax benefit, for the same period in 2023.
| Table 1: Notable Items | |||||
|---|---|---|---|---|---|
| Three Months Ended March 31, 2024 | |||||
| Less: notable items | |||||
| (dollars in millions) | Reported results (GAAP) | Integration related costs(1) | TOP and other(2) | FDIC special assessment(3) | Underlying results (non-GAAP) |
| Noninterest income | $517 | $— | $3 | $— | $514 |
| Noninterest expense | 1,358 | 3 | 47 | 35 | 1,273 |
| Income tax expense | 96 | (1) | (11) | (9) | 117 |
| Three Months Ended March 31, 2023 | |||||
|---|---|---|---|---|---|
| Less: notable items | |||||
| (dollars in millions) | Reported results (GAAP) | Integration related costs(1) | TOP and other(2) | FDIC special assessment | Underlying results (non-GAAP) |
| Noninterest income | $485 | $— | $— | $— | $485 |
| Noninterest expense | 1,296 | 52 | 14 | — | 1,230 |
| Income tax expense | 153 | (13) | (4) | — | 170 |
(1) Includes integration related costs associated with acquisitions.
(2)Includes our TOP transformational and revenue and efficiency initiatives for the three months ended March 31, 2024 and 2023, and net fee-related components associated with a credit card processor arrangement for the three months ended March 31, 2024.
(3)Represents an industry-wide FDIC special assessment. For more information, see “Regulation and Supervision - Deposit Insurance” in our 2023 Form 10-K.
Net income available to common stockholders decreased $184 million for the three months ended March 31, 2024, compared to the same period in 2023.
On an Underlying basis, which excludes notable items, net income available to common stockholders of $365 million for the three months ended March 31, 2024, compared with $537 million for the same period in 2023.
On an Underlying basis, earnings per diluted common share of $0.79 for the three months ended March 31, 2024, compared to $1.10 for the same period in 2023.
Total revenue decreased $169 million for the three months ended March 31, 2024, compared to the same period in 2023, driven by a decrease of 12% in net interest income.
The efficiency ratio of 69.3% for the three months ended March 31, 2024, compared to 60.9% for the same period in 2023.
On an Underlying basis, the efficiency ratio of 65.1% for the three months ended March 31, 2024, compared to 57.8% for the same period in 2023.
ROTCE of 8.9% for the three months ended March 31, 2024, compared to 14.4% for the same period in 2023.
On an Underlying basis, ROTCE of 10.6% for the three months ended March 31, 2024, compared to 15.8% for the same period in 2023.
Tangible book value per common share of $30.19 decreased 2% from December 31, 2023.
For additional information regarding our financial performance, see “Results of Operations.”
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.