CITIZENS FINANCIAL GROUP INCRI
For the period ended Sep 30, 2024. Filed Nov 4, 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.
Sep 30, 2024 · Filed Nov 4, 2024
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Noninterest Expense
| Table 4: Noninterest Expense | ||||||||
|---|---|---|---|---|---|---|---|---|
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
| (dollars in millions) | 2024 | 2023 | Change | Percent | 2024 | 2023 | Change | Percent |
| Salaries and employee benefits | $647 | $659 | ($12) | (2%) | $1,983 | $1,932 | $51 | 3% |
| Equipment and software | 194 | 191 | 3 | 2 | 576 | 541 | 35 | 6 |
| Outside services | 146 | 160 | (14) | (9) | 469 | 513 | (44) | (9) |
| Occupancy | 108 | 107 | 1 | 1 | 335 | 367 | (32) | (9) |
| Other operating expense | 164 | 176 | (12) | (7) | 555 | 542 | 13 | 2 |
| Noninterest expense | $1,259 | $1,293 | ($34) | (3%) | $3,918 | $3,895 | $23 | 1% |
The decrease in noninterest expense for the three months ended September 30, 2024, compared to the same period in 2023, was driven by salaries and employee benefits reflecting lower headcount and other operating expense reflecting lower marketing-related expenses.
The increase in noninterest expense for the nine months ended September 30, 2024, compared to the same period in 2023, was driven by salaries and employee benefits reflecting our Private Bank build-out, 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 marketing and travel-related expenses.
For more information regarding CBNA’s special assessment, see “Regulation and Supervision - Deposit Insurance” in our 2023 Form 10-K.
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