CITIZENS FINANCIAL GROUP INCRI
For the period ended Dec 31, 2024. Filed Feb 13, 2025.
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FY2024 · Filed Feb 13, 2025
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Business Operating Segments
We have three business operating segments: Consumer Banking, Commercial Banking, and Non-Core. See Note 26 for more information regarding our business operating segments.
The following table presents certain financial data of our business operating segments. Total business operating segment financial results differ from total consolidated financial results. These differences are reflected in Other non-segment operations.
| Table 6: Selected Financial Data for Business Operating Segments | ||||||
|---|---|---|---|---|---|---|
| Consumer Banking · Commercial Banking · Non-Core | ||||||
| Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | ||||
| (dollars in millions) | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 |
| Net interest income | $4,565 | $4,187 | $1,950 | $2,292 | ($117) | ($129) |
| Noninterest income | 1,131 | 1,067 | 908 | 784 | — | — |
| Total revenue | 5,696 | 5,254 | 2,858 | 3,076 | (117) | (129) |
| Noninterest expense | 3,678 | 3,542 | 1,241 | 1,295 | 98 | 123 |
| Profit (loss) before credit losses | 2,018 | 1,712 | 1,617 | 1,781 | (215) | (252) |
| Net charge-offs | 331 | 280 | 353 | 250 | 61 | 78 |
| Income (loss) before income tax expense (benefit) | 1,687 | 1,432 | 1,264 | 1,531 | (276) | (330) |
| Income tax expense (benefit) | 434 | 373 | 291 | 378 | (70) | (86) |
| Net income (loss) | $1,253 | $1,059 | $973 | $1,153 | ($206) | ($244) |
| Average Balances: | ||||||
| Total assets | $75,037 | $72,693 | $68,478 | $76,028 | $8,942 | $13,745 |
| Total loans and leases(1) | 68,681 | 66,356 | 65,481 | 72,937 | 8,902 | 13,669 |
| Deposits | 121,745 | 116,980 | 44,472 | 47,155 | — | — |
| Interest-earning assets | 69,272 | 66,999 | 65,982 | 73,321 | 8,902 | 13,675 |
(1)Includes LHFS.
Consumer Banking
Net interest income increased $378 million compared to 2023, driven by higher net interest margin reflecting higher interest-earning asset yields and growth in average interest-earning assets. These increases were partially offset by higher funding costs.
Noninterest income increased $64 million compared to 2023, driven by wealth fees reflecting increased sales activity and higher asset management fees, higher credit card fees, and service charges and fees given higher overdraft and cash management fees. These increases were partially offset by mortgage banking fees reflecting lower production and servicing fees and a decline in MSR valuation, net of hedge impact.
Noninterest expense increased $136 million compared to 2023, driven primarily by salaries and benefits reflecting our Private Bank and Private Wealth build-out.
Net charge-offs increased $51 million compared to 2023, driven primarily by other retail and education.
Citizens Financial Group, Inc. | 45
Commercial Banking
Net interest income decreased $342 million compared to 2023, driven by lower net interest margin, a decline in average interest-earning assets and higher funding costs.
Noninterest income increased $124 million compared to 2023, driven by capital markets fees reflecting higher underwriting, M&A advisory and loan syndication fees, partially offset by foreign exchange and derivative products revenue given reduced client activity related to interest rate and commodities hedging.
Noninterest expense decreased $54 million compared to 2023, driven primarily by salaries and employee benefits reflecting lower headcount.
Net charge-offs increased $103 million compared to 2023, driven by the office segment of CRE, partially offset by a decline in commercial and industrial.
Non-Core
Net interest income increased $12 million compared to 2023, driven by a decline in funding costs relative to the highest-cost marginal funding sources during 2024, including secured borrowings collateralized by auto loans and FHLB advances.
Average loans and leases decreased $4.8 billion compared to 2023, driven by planned Non-Core portfolio runoff.
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