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
Extracted filing text, with the paragraph anchors used by the comparison.
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Noninterest Income
| Table 3: Noninterest Income | ||||||||
|---|---|---|---|---|---|---|---|---|
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||
| (dollars in millions) | 2024 | 2023 | Change | Percent | 2024 | 2023 | Change | Percent |
| Service charges and fees | $106 | $101 | $5 | 5% | $202 | $201 | $1 | —% |
| Capital markets fees | 134 | 82 | 52 | 63 | 252 | 165 | 87 | 53 |
| Card fees | 92 | 80 | 12 | 15 | 178 | 152 | 26 | 17 |
| Wealth fees(1) | 75 | 65 | 10 | 15 | 143 | 128 | 15 | 12 |
| Mortgage banking fees | 54 | 59 | (5) | (8) | 103 | 116 | (13) | (11) |
| Foreign exchange and derivative products | 39 | 44 | (5) | (11) | 75 | 92 | (17) | (18) |
| Letter of credit and loan fees | 43 | 43 | — | — | 85 | 83 | 2 | 2 |
| Securities gains, net | — | 9 | (9) | (100) | 5 | 14 | (9) | (64) |
| Other income(2) | 10 | 23 | (13) | (57) | 27 | 40 | (13) | (33) |
| Noninterest income | $553 | $506 | $47 | 9% | $1,070 | $991 | $79 | 8% |
(2) Includes bank-owned life insurance income and other income for all periods presented.
The primary drivers for the changes in noninterest income for the three and six months ended June 30, 2024, compared to the same periods in 2023, are highlighted below.
Capital markets fees increased given higher bond and equity underwriting, loan syndication, and M&A advisory fees.
Card fees increased primarily reflecting higher credit card fees, including favorable vendor contract negotiations.
Wealth fees reflect increased sales activity and asset management fees given a constructive market environment and contribution from the Private Bank.
Foreign exchange and derivative products revenue decreased given reduced client activity related to interest rate and commodities hedging.
Mortgage banking fees declined reflecting lower production fees, partially offset by a higher MSR valuation, net of hedge impact. Lower servicing fees are also a driver during the six-month period.
Other income decreased driven primarily by higher operational losses.
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