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
Extracted filing text, with the paragraph anchors used by the comparison.
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Noninterest Income
| Table 3: Noninterest Income | ||||||||
|---|---|---|---|---|---|---|---|---|
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
| (dollars in millions) | 2024 | 2023 | Change | Percent | 2024 | 2023 | Change | Percent |
| Service charges and fees | $109 | $105 | $4 | 4% | $311 | $306 | $5 | 2% |
| Capital markets fees | 94 | 67 | 27 | 40 | 346 | 232 | 114 | 49 |
| Card fees | 93 | 74 | 19 | 26 | 271 | 226 | 45 | 20 |
| Wealth fees(1) | 76 | 63 | 13 | 21 | 219 | 191 | 28 | 15 |
| Mortgage banking fees | 46 | 69 | (23) | (33) | 149 | 185 | (36) | (19) |
| Foreign exchange and derivative products | 36 | 48 | (12) | (25) | 111 | 140 | (29) | (21) |
| Letter of credit and loan fees | 45 | 43 | 2 | 5 | 130 | 126 | 4 | 3 |
| Securities gains, net | 9 | 5 | 4 | 80 | 14 | 19 | (5) | (26) |
| Other income(2) | 24 | 18 | 6 | 33 | 51 | 58 | (7) | (12) |
| Noninterest income | $532 | $492 | $40 | 8% | $1,602 | $1,483 | $119 | 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 nine months ended September 30, 2024, compared to the same periods in 2023, are highlighted below.
Capital markets fees increased given higher underwriting and M&A advisory fees. Higher loan syndication fees are also a driver during the nine-month period.
Card fees increased driven primarily by higher credit card fees, including favorable vendor contract negotiations.
Wealth fees reflect increased sales activity and higher asset management fees.
Mortgage banking fees declined reflecting lower production and servicing fees and a decline in MSR valuation, net of hedge impact.
Foreign exchange and derivative products revenue decreased given reduced client activity related to interest rate and commodities hedging.
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