CITIZENS FINANCIAL GROUP INCRI
For the period ended Jun 30, 2024. Filed Aug 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.
Jun 30, 2024 · Filed Aug 6, 2024
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Noninterest Expense
| Table 4: Noninterest Expense | ||||||||
|---|---|---|---|---|---|---|---|---|
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||
| (dollars in millions) | 2024 | 2023 | Change | Percent | 2024 | 2023 | Change | Percent |
| Salaries and employee benefits | $645 | $615 | $30 | 5% | $1,336 | $1,273 | $63 | 5% |
| Equipment and software | 190 | 181 | 9 | 5 | 382 | 350 | 32 | 9 |
| Outside services | 165 | 177 | (12) | (7) | 323 | 353 | (30) | (8) |
| Occupancy | 113 | 136 | (23) | (17) | 227 | 260 | (33) | (13) |
| Other operating expense | 188 | 197 | (9) | (5) | 391 | 366 | 25 | 7 |
| Noninterest expense | $1,301 | $1,306 | ($5) | —% | $2,659 | $2,602 | $57 | 2% |
The increase in noninterest expense for the six months ended June 30, 2024, compared to the same period in 2023, was driven by salaries and employee benefits reflecting our Private Bank start-up investment, equipment and software given technology investments and maintenance, and other operating expense largely associated with FDIC deposit insurance, reflecting an estimate of CBNA’s incremental special assessment of $40 million recognized in 2024. These increases were partially offset by lower advertising and travel-related expenses. Noninterest expense was stable for the three months ended June 30, 2024 compared to the same period in 2023.
For more information regarding CBNA’s special assessment, see “Regulation and Supervision - Deposit Insurance” in our 2023 Form 10-K.
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