CITIZENS FINANCIAL GROUP INC/RI

We have three reportable business segments: Consumer Banking, Commercial Banking, and Non-Core. The business segments are determined based on the products and services provided, or the type of customer served. Each business segment has a segment head that reports directly to the Chief Executive Officer, who has final authority over resource allocation decisions and performance assessment. The business segments reflect this management structure and the manner in which financial information is currently evaluated by the Chief Executive Officer. See Note 16 for more information regarding our business segments.

The following tables present certain financial data of our reportable business segments. Total business segment financial results differ from total consolidated financial results. These differences are reflected in Other non-segment operations, consisting primarily of treasury and community development, and include assets, liabilities, capital, revenues, provision (benefit) for credit losses, expenses, and income tax expense (benefit) not attributed to the Company’s reportable business segments.

(1)Includes LHFS.

Consumer Banking

Net interest income increased $106 million and $304 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024, driven by higher net interest margin and growth in average interest-earning assets.

Noninterest income increased $26 million and $117 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024, driven by wealth fees, mortgage banking fees, and service charges and fees, reflecting growth in assets under management, primarily from the Private Bank, higher MSR valuation, net of hedging, and higher overdraft and cash management fees.

Noninterest expense increased $63 million and $162 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024, driven primarily by salaries and benefits reflecting hiring related to the Private Bank and Private Wealth build-out, as well as an increase in medical benefit costs, and outside services given investments across the enterprise.

Net charge-offs were stable for the three and nine months ended September 30, 2025 compared to the same periods in 2024.

Commercial Banking

Net interest income decreased $30 million and $158 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024, driven by lower net interest margin and a decline in average interest-earning assets.

Noninterest income increased $79 million and $57 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024, driven by capital markets fees reflecting higher M&A, loan syndication, and equity underwriting fees during the three-month period, and by higher loan syndication and equity underwriting fees during the nine-month period.

Noninterest expense increased $33 million and $49 million for the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024, driven primarily by salaries and benefits given strong Capital Markets fee performance and increased medical benefit costs, and outside services given investments across the enterprise.

Net charge-offs decreased $23 million for the nine months ended September 30, 2025 compared to the same period in 2024, driven by CRE, partially offset by an increase in commercial and industrial.

Non-Core

Net interest income increased $69 million for the nine months ended September 30, 2025, compared to the same period in 2024, driven by a decline in funding costs relative to the highest-cost marginal funding sources during 2025, including secured borrowings collateralized by auto loans and FHLB advances.

Net charge-offs were stable for the nine months ended September 30, 2025 compared to the same period in 2024.

Average loans and leases decreased $4.4 billion and $4.2 billion for the three and nine months ended September 30, 2025, respectively, compared to the same periods in 2024, driven by expected runoff of the Non-Core portfolio.