CITIZENS FINANCIAL GROUP INCRI
For the period ended Dec 31, 2024. Filed Feb 13, 2025.
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FY2024 · Filed Feb 13, 2025
CFG$64.82-0.4%Stored close · as of Nov 10, 2026
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Non-GAAP Financial Measures and Reconciliations
For more information on the computation of non-GAAP financial measures, see “Introduction — Non-GAAP Financial Measures,” included in this Report. The following table presents computations of non-GAAP financial measures representing our “Underlying” results used in the MD&A:
Table 31: Reconciliations of Non-GAAP Measures
| Year Ended December 31, | |||
|---|---|---|---|
| (dollars in millions, except per share data) | Ref. | 2024 | 2023 |
| Noninterest income, Underlying: | |||
| Noninterest income (GAAP) | A | $2,176 | $1,983 |
| Less: Notable items | 15 | — | |
| Noninterest income, Underlying (non-GAAP) | B | $2,161 | $1,983 |
| Total revenue, Underlying: | |||
| Total revenue (GAAP) | C | $7,809 | $8,224 |
| Less: Notable items | 15 | — | |
| Total revenue, Underlying (non-GAAP) | D | $7,794 | $8,224 |
| Noninterest expense, Underlying: | |||
| Noninterest expense (GAAP) | E | $5,234 | $5,507 |
| Less: Notable items | 156 | 506 | |
| Noninterest expense, Underlying (non-GAAP) | F | $5,078 | $5,001 |
| Pre-provision profit: | |||
| Total revenue (GAAP) | C | $7,809 | $8,224 |
| Less: Noninterest expense (GAAP) | E | 5,234 | 5,507 |
| Pre-provision profit (non-GAAP) | $2,575 | $2,717 | |
| Pre-provision profit, Underlying: | |||
| Total revenue, Underlying (non-GAAP) | D | $7,794 | $8,224 |
| Less: Noninterest expense, Underlying (non-GAAP) | F | 5,078 | 5,001 |
| Pre-provision profit, Underlying (non-GAAP) | $2,716 | $3,223 | |
| Income before income tax expense, Underlying: | |||
| Income before income tax expense (GAAP) | G | $1,888 | $2,030 |
| Less: Income (expense) before income tax expense (benefit) related to notable items | (141) | (506) | |
| Income before income tax expense, Underlying (non-GAAP) | H | $2,029 | $2,536 |
| Income tax expense and effective income tax rate, Underlying: | |||
| Income tax expense (GAAP) | I | $379 | $422 |
| Less: Income tax expense (benefit) related to notable items | (43) | (149) | |
| Income tax expense, Underlying (non-GAAP) | J | $422 | $571 |
| Effective income tax rate (GAAP) | I/G | 20.06% | 20.76% |
| Effective income tax rate, Underlying (non-GAAP) | J/H | 20.80 | 22.48 |
| Net income, Underlying: | |||
| Net income (GAAP) | K | $1,509 | $1,608 |
| Add: Notable items, net of income tax benefit | 98 | 357 | |
| Net income, Underlying (non-GAAP) | L | $1,607 | $1,965 |
| Net income available to common stockholders, Underlying: | |||
| Net income available to common stockholders (GAAP) | M | $1,372 | $1,491 |
| Add: Notable items, net of income tax benefit | 98 | 357 | |
| Net income available to common stockholders, Underlying (non-GAAP) | N | $1,470 | $1,848 |
| Return on average common equity and return on average common equity, Underlying: | |||
| Average common equity (GAAP) | O | $21,881 | $21,592 |
| Return on average common equity | M/O | 6.27% | 6.90% |
| Return on average common equity, Underlying (non-GAAP) | N/O | 6.72 | 8.56 |
Citizens Financial Group, Inc. | 78
| Year Ended December 31, | |||
|---|---|---|---|
| (dollars in millions, except per share data) | Ref. | 2024 | 2023 |
| Return on average tangible common equity and return on average tangible common equity, Underlying: | |||
| Average common equity (GAAP) | O | $21,881 | $21,592 |
| Less: Average goodwill (GAAP) | 8,187 | 8,184 | |
| Less: Average other intangibles (GAAP) | 143 | 177 | |
| Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) | 433 | 422 | |
| Average tangible common equity | P | $13,984 | $13,653 |
| Return on average tangible common equity | M/P | 9.81% | 10.92% |
| Return on average tangible common equity, Underlying (non-GAAP) | N/P | 10.51 | 13.53 |
| Return on average total assets and return on average total assets, Underlying: | |||
| Average total assets (GAAP) | Q | $219,024 | $222,221 |
| Return on average total assets | K/Q | 0.69% | 0.72% |
| Return on average total assets, Underlying (non-GAAP) | L/Q | 0.73 | 0.88 |
| Return on average total tangible assets and return on average total tangible assets, Underlying: | |||
| Average total assets (GAAP) | Q | $219,024 | $222,221 |
| Less: Average goodwill (GAAP) | 8,187 | 8,184 | |
| Less: Average other intangibles (GAAP) | 143 | 177 | |
| Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) | 433 | 422 | |
| Average tangible assets | R | $211,127 | $214,282 |
| Return on average total tangible assets | K/R | 0.71% | 0.75% |
| Return on average total tangible assets, Underlying (non-GAAP) | L/R | 0.76 | 0.92 |
| Efficiency ratio and efficiency ratio, Underlying: | |||
| Efficiency ratio | E/C | 67.03% | 66.97% |
| Efficiency ratio, Underlying (non-GAAP) | F/D | 65.15 | 60.81 |
| Noninterest income as a % of total revenue, Underlying: | |||
| Noninterest income as a % of total revenue | A/C | 27.86% | 24.12% |
| Noninterest income as a % of total revenue, Underlying (non-GAAP) | B/D | 27.73 | 24.12 |
| Operating leverage and operating leverage, Underlying: | |||
| (Decrease) increase in total revenue | (5.04)% | 2.53% | |
| (Decrease) increase in noninterest expense | (4.95) | 12.58 | |
| Operating Leverage | (0.09)% | (10.05)% | |
| (Decrease) increase in total revenue, Underlying (non-GAAP) | (5.22)% | 2.13% | |
| Increase in noninterest expense, Underlying (non-GAAP) | 1.54 | 8.00 | |
| Operating Leverage, Underlying (non-GAAP) | (6.76)% | (5.87)% | |
| Tangible book value per common share: | |||
| Common shares - at period end (GAAP) | S | 440,543,381 | 466,418,055 |
| Common stockholders’ equity (GAAP) | $22,141 | $22,329 | |
| Less: Goodwill (GAAP) | 8,187 | 8,188 | |
| Less: Other intangible assets (GAAP) | 146 | 157 | |
| Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP) | 438 | 433 | |
| Tangible common equity | T | $14,246 | $14,417 |
| Tangible book value per common share | T/S | $32.34 | $30.91 |
| Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying: | |||
| Average common shares outstanding - basic (GAAP) | U | 450,678,038 | 475,089,384 |
| Average common shares outstanding - diluted (GAAP) | V | 453,510,245 | 476,693,148 |
| Net income per average common share - basic (GAAP) | M/U | $3.05 | $3.14 |
| Net income per average common share - diluted (GAAP) | M/V | 3.03 | 3.13 |
| Net income per average common share-basic, Underlying (non-GAAP) | N/U | 3.26 | 3.89 |
| Net income per average common share-diluted, Underlying (non-GAAP) | N/V | 3.24 | 3.88 |
Citizens Financial Group, Inc. | 79
| Year Ended December 31, | |||
|---|---|---|---|
| (dollars in millions, except per share data) | Ref. | 2024 | 2023 |
| Dividend payout ratio and dividend payout ratio, Underlying: | |||
| Cash dividends declared and paid per common share | W | $1.68 | $1.68 |
| Dividend payout ratio | W/(M/U) | 55% | 54% |
| Dividend payout ratio, Underlying (non-GAAP) | W/(N/U) | 52 | 43 |
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