CITIZENS FINANCIAL GROUP INC/RI

We have two reportable business segments: Consumer Banking and Commercial Banking. 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 table presents 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 $116 million for the three months ended March 31, 2026, compared to the same period in 2025, driven by higher net interest margin and growth in average interest-earning assets.

Noninterest income increased $2 million for the three months ended March 31, 2026, compared to the same period in 2025. An increase in wealth fees primarily driven by growth in assets under management, largely from net inflows, was partially offset by a decline in mortgage banking fees reflective of lower MSR valuation results, net of hedge impact, lower servicing revenue, and higher production revenue.

Noninterest expense increased $74 million for the three months ended March 31, 2026, compared to the same period in 2025, driven primarily by salaries and benefits reflecting hiring related to the Private Bank and Private Wealth build-out.

Net charge-offs decreased $15 million for the three months ended March 31, 2026, compared to the same period in 2025, driven by education and other retail.

Commercial Banking

Net interest income increased $15 million for the three months ended March 31, 2026, compared to the same period in 2025, driven by growth in average interest-earning assets and slightly higher net interest margin.

Noninterest income increased $48 million for the three months ended March 31, 2026, compared to the same period in 2025, driven by capital markets fees reflecting higher M&A, loan syndication, and equity underwriting fees.

Noninterest expense increased $7 million for the three months ended March 31, 2026, compared to the same period in 2025, driven primarily by salaries and benefits given strong capital markets fee performance.

Net charge-offs decreased $13 million for the three months ended March 31, 2026, compared to the same period in 2025, driven by CRE, partially offset by an increase in commercial and industrial.