Expansion Strategy - Citizens Financial Group, Inc. (CFG) is advancing its West Coast expansion strategy by adding a Private Banking team in Southern California and opening new office locations [1][4] - The expansion is part of CFG's integrated growth approach across Private Banking, Wealth Management, and Corporate & Investment Banking [2] Market Presence - CFG has a strong and growing presence in California, particularly in Commercial Banking, supported by investment banking, equity research, sales, and trading services [3] - The newly created Private Banking team will focus on the San Diego and Newport Beach markets, led by Victor Mena, who has significant regional expertise [4] New Office Openings - CFG has opened two new Private Banking offices in Mill Valley and Downtown San Francisco, marking its first branches in these areas [5] - Additional offices are planned in Newport Beach, San Diego, and Silicon Valley, expected to open by mid-2025 [4] Client Services - The new offices will provide personalized Private Banking and wealth management services to high-net-worth individuals, families, businesses, and philanthropic organizations [5][6] - CFG aims to deepen its presence and offer a comprehensive suite of banking and wealth management services with a focus on personal relationships and tailored solutions [6] Strategic Rationale - The CEO of Citizens JMP highlighted California's economic significance, noting it would be the fifth largest economy globally if it were a country [7] - CFG's expansion diversifies its geographic footprint and strengthens its competitive position in the financial services landscape, potentially increasing client acquisition and revenue generation [7] Stock Performance - Over the past six months, CFG's shares have increased by 17.5%, outperforming the industry's growth of 12.6% [8]

Citizens Financial Group, Inc. (CFG) remains well-poised for growth on the back of rising loans and deposit balances, along with efforts to improve its wealth management offerings. Additionally, strategic initiatives like Tapping Our Potential (TOP) will further support its financials. However, a rising cost base is likely to limit its bottom-line growth, and limited diversification in its loan portfolio presents an additional concern. Key Growth Drivers for CFG Efforts to Improve Wealth Management Unit: Ci ...

Core Viewpoint - Citizens Financial's shares have significantly outperformed the industry and the S&P 500 Index year to date, indicating strong market performance and investor confidence [1]. Financial Performance - The Zacks Consensus Estimate for earnings per share has increased by 1.6% and 1% for 2024 and 2025, respectively, suggesting a growth of 3.5% for this year and 21.9% for 2025 [3]. - The company's second-quarter 2024 earnings per share of 78 cents fell short of the Zacks Consensus Estimate of 79 cents, marking a decline from 92 cents in the previous year [9]. - The net interest margin decreased by 30 basis points to 2.86%, influenced by rising funding and swap costs [10]. Strategic Initiatives - Citizens Financial's long-term strategy includes expanding wealth management offerings and enhancing capabilities in the high-net-worth segment, with the launch of Citizens Private Bank in October 2023 [4]. - The company has implemented a series of revenue and efficiency initiatives through the 'Tapping Our Potential' (TOP) program, achieving significant pre-tax benefits over the years [5]. Acquisitions and Growth - The company has pursued growth through acquisitions, including College Raptor, Inc. and branches from HSBC, which have strengthened its presence in key markets [6]. - These acquisitions have bolstered the company's balance sheet and expanded its product and fee-generation capabilities [6]. Financial Stability - As of June 30, 2024, Citizens Financial reported total borrowed funds of $13.1 billion and total available liquidity of $12.3 billion, indicating a strong liquidity position [7]. - The company's capital ratios, including a Common Equity Tier 1 (CET1) ratio of 10.7%, support its capital distribution activities, including a recent increase in the share repurchase program [8]. Challenges - The company's non-interest expenses have grown at a CAGR of 11.3% over the past three years, with continued upward pressure expected due to expansion and technological investments [11]. - A high concentration of commercial loans, comprising 50.7% of total loans, poses a risk in a changing economic environment, potentially affecting credit quality [12].

Part I. Financial Information [Financial Statements](index=39&type=section&id=Item%201.%20Financial%20Statements) The company's financial position showed a decrease in total assets and stockholders' equity, while net income and diluted earnings per share declined in the second quarter of 2024 Consolidated Balance Sheet Highlights (Unaudited) | (in millions) | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total Assets** | **$219,938** | **$221,964** | | Net Loans and Leases | $139,717 | $143,861 | | Total Debt Securities | $40,833 | $38,961 | | Goodwill | $8,187 | $8,188 | | **Total Liabilities** | **$196,069** | **$197,622** | | Total Deposits | $176,352 | $177,342 | | Total Borrowed Funds | $13,084 | $13,972 | | **Total Stockholders' Equity** | **$23,869** | **$24,342** | Consolidated Statement of Operations Highlights (Unaudited) | (in millions, except per share data) | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | $1,410 | $1,588 | $2,852 | $3,231 | | Provision for Credit Losses | $182 | $176 | $353 | $344 | | Noninterest Income | $553 | $506 | $1,070 | $991 | | Noninterest Expense | $1,301 | $1,306 | $2,659 | $2,602 | | **Net Income** | **$392** | **$478** | **$726** | **$989** | | **Diluted Earnings Per Share** | **$0.78** | **$0.92** | **$1.44** | **$1.92** | Consolidated Statement of Cash Flows Highlights (Unaudited) | (in millions) | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | | Net change due to operating activities | $1,388 | $1,276 | | Net change due to investing activities | $1,218 | $4,641 | | Net change due to financing activities | ($2,463) | ($4,897) | | **Net change in cash and cash equivalents** | **$143** | **$1,020** | [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=5&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) The company's financial performance in the first half of 2024 was characterized by decreased net interest income and net income, alongside balance sheet optimization and stable capital ratios [Financial Performance](index=8&type=section&id=Financial%20Performance) Second quarter 2024 financial performance saw a year-over-year decline in net income and diluted EPS, alongside a worsening efficiency ratio and decreased Return on Average Tangible Common Equity Q2 2024 vs Q2 2023 Performance Highlights | Metric | Q2 2024 (Reported) | Q2 2023 (Reported) | Q2 2024 (Underlying) | Q2 2023 (Underlying) | | :--- | :--- | :--- | :--- | :--- | | Net Income (millions) | $392 | $478 | $408 | $531 | | Diluted EPS | $0.78 | $0.92 | $0.82 | $1.04 | | ROTCE | 10.6% | 12.4% | 11.1% | 13.9% | | Efficiency Ratio | 66.3% | 62.3% | 64.6% | 58.9% | - Notable items for Q2 2024 totaled **$16 million** after tax, primarily related to TOP initiatives and integration costs, compared to **$53 million** in Q2 2023[14](index=14&type=chunk) [Results of Operations](index=10&type=section&id=Results%20of%20Operations) Operating results were primarily affected by an 11% decline in net interest income due to higher funding costs, partially offset by a 9% increase in noninterest income and stable noninterest expenses - **Net Interest Income (NII):** Decreased **11%** year-over-year to **$1.41 billion** in Q2 2024, with Net Interest Margin (NIM) contracting by **30 basis points** to **2.86%** due to higher funding costs[19](index=19&type=chunk) - **Noninterest Income:** Increased **9%** year-over-year to **$553 million** in Q2 2024, driven by a **63%** rise in capital markets fees and a **15%** increase in card fees[23](index=23&type=chunk) - **Noninterest Expense:** Remained stable year-over-year at **$1.301 billion** in Q2 2024, with a **2%** increase for the first six months due to Private Bank investments and a **$40 million** FDIC special assessment[24](index=24&type=chunk) - **Provision for Credit Losses:** Was **$182 million** in Q2 2024, up from **$176 million** year-over-year, mainly due to increased reserves for the CRE office portfolio[25](index=25&type=chunk) - **Income Tax Expense:** The effective tax rate for Q2 2024 was **18.5%**, down from **22.1%** year-over-year, due to lower pre-tax income and benefits from tax-advantaged investments[26](index=26&type=chunk) [Business Operating Segments](index=13&type=section&id=Business%20Operating%20Segments) Second quarter 2024 saw Consumer Banking net income grow, Commercial Banking net income decline, and the Non-Core segment continue its planned portfolio runoff Segment Net Income (Loss) - Q2 2024 vs Q2 2023 | Segment (in millions) | Q2 2024 | Q2 2023 | Change | | :--- | :--- | :--- | :--- | | Consumer Banking | $296 | $257 | $39 | | Commercial Banking | $259 | $305 | ($46) | | Non-Core | ($50) | ($55) | $5 | - **Consumer Banking:** Net Interest Income increased due to higher asset yields and growth, partially offset by higher funding costs, while noninterest income rose slightly from wealth and card fees[29](index=29&type=chunk) - **Commercial Banking:** Net Interest Income decreased due to lower Net Interest Margin and a decline in average assets, despite growth in noninterest income from M&A advisory, loan syndication, and underwriting fees[32](index=32&type=chunk)[33](index=33&type=chunk) - **Non-Core:** Average loans and leases decreased by **$5.0 billion** year-over-year, reflecting the planned portfolio runoff[34](index=34&type=chunk) [Analysis of Financial Condition](index=16&type=section&id=Analysis%20of%20Financial%20Condition) As of June 30, 2024, total loans and leases decreased due to balance sheet optimization, while credit quality showed stress with rising nonaccrual loans, and deposits remained stable - Total loans and leases decreased by **$4.1 billion (3%)** to **$141.8 billion** since December 31, 2023, reflecting a **$2.5 billion** decrease in commercial loans and a **$1.6 billion** decrease in retail loans[35](index=35&type=chunk) - Nonaccrual loans increased by **$163 million (12%)** to **$1.53 billion** since year-end 2023, primarily driven by a **$201 million** increase in nonaccrual Commercial Real Estate loans[38](index=38&type=chunk) - Total deposits decreased slightly by **$1.0 billion** to **$176.4 billion** since year-end 2023, with an estimated **70%** of deposits insured or secured[46](index=46&type=chunk)[47](index=47&type=chunk) - Total borrowed funds decreased by **$888 million** to **$13.1 billion** since year-end 2023, mainly due to a **$3.7 billion** decline in FHLB advances[47](index=47&type=chunk) [Capital and Regulatory Matters](index=21&type=section&id=Capital%20and%20Regulatory%20Matters) The company maintained strong capital ratios, with the CET1 ratio increasing to **10.7%**, and continued its capital return program through common stock repurchases Regulatory Capital Ratios (CFG) | Ratio | June 30, 2024 | Dec 31, 2023 | Required Minimum | | :--- | :--- | :--- | :--- | | CET1 Capital Ratio | 10.7% | 10.6% | 8.5% | | Tier 1 Capital Ratio | 12.0% | 11.8% | 10.0% | | Total Capital Ratio | 14.0% | 13.7% | 12.0% | | Tier 1 Leverage Ratio | 9.4% | 9.3% | 4.0% | - The Federal Reserve communicated a preliminary Stress Capital Buffer (SCB) of **4.5%** associated with the 2024 CCAR supervisory stress test, effective October 1, 2024[49](index=49&type=chunk) - In H1 2024, the company repurchased **$500 million** of common stock, and on June 28, 2024, the Board increased the share repurchase program capacity to **$1.25 billion**[53](index=53&type=chunk) [Liquidity](index=25&type=section&id=Liquidity) The company maintains a robust liquidity position with **$80.4 billion** in total available liquidity, supported by strong contingent liquidity and a healthy loan-to-deposit ratio Available Liquidity as of June 30, 2024 | Liquidity Source (in billions) | Amount | | :--- | :--- | | Unencumbered high-quality liquid securities | $32.1 | | Unused FHLB capacity | $19.8 | | Cash balances at the FRB | $10.5 | | **Total Contingent Liquidity** | **$62.4** | | Available discount window capacity | $18.0 | | **Total Available Liquidity** | **$80.4** | - Organically generated deposits are the primary funding source, resulting in a consolidated period-end loans-to-deposits ratio of **80.4%**[65](index=65&type=chunk) - The Parent Company's cash and cash equivalents totaled **$3.2 billion** as of June 30, 2024[60](index=60&type=chunk) [Critical Accounting Estimates](index=28&type=section&id=Critical%20Accounting%20Estimates) Critical accounting estimates, including the Allowance for Credit Losses, are based on a mild recession forecast, with sensitivity analysis indicating potential increases under more pessimistic scenarios - The Allowance for Credit Losses (ACL) economic forecast as of June 30, 2024, assumes a mild recession with peak unemployment of approximately **5.0%** and a real GDP decline of about **0.4%** over two years[69](index=69&type=chunk) - A sensitivity analysis using a more pessimistic forecast (peak unemployment of **5.8%**) would result in a quantitative lifetime loss estimate approximately **1.2 times** the current modeled ACL, an increase of about **$392 million**, before qualitative adjustments[70](index=70&type=chunk) [Market Risk](index=31&type=section&id=Market%20Risk) The company's market risk primarily stems from non-trading interest rate risk, which is actively hedged using derivatives, with the balance sheet remaining marginally asset-sensitive Net Interest Income Sensitivity (Instantaneous Change) | Basis Points Change | % Change in NII (June 30, 2024) | | :--- | :--- | | +200 | 0.3% | | +100 | 0.5% | | -100 | (1.1)% | | -200 | (2.8)% | - The company uses interest rate derivatives to manage non-trading risk, including **$39.0 billion** notional of receive-fixed/pay-SOFR cash flow hedges and **$7.7 billion** of pay-fixed/receive-SOFR fair value hedges as of June 30, 2024[79](index=79&type=chunk) - For trading risk, the average total Value at Risk (VaR) for Q2 2024 was **$5 million**, and the total Stressed VaR was **$7 million**, with total market risk regulatory capital at **$58 million**[86](index=86&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=81&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) This section incorporates by reference the detailed disclosures about market risk from the Management's Discussion and Analysis of Financial Condition and Results of Operations - Disclosures about market risk are presented in the "Market Risk" section of the MD&A (Part I, Item 2)[199](index=199&type=chunk) [Controls and Procedures](index=81&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2024, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the quarter[200](index=200&type=chunk) - No material changes to internal control over financial reporting were identified during the quarter[200](index=200&type=chunk) Part II. Other Information [Legal Proceedings](index=81&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings and regulatory matters, with management not expecting a materially adverse effect on financial statements - Information regarding legal proceedings is presented in Note 11 of the financial statements[201](index=201&type=chunk) - Management does not expect the outcome of current legal proceedings to have a materially adverse effect on the company's financial condition[175](index=175&type=chunk) [Risk Factors](index=81&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2023 - The company refers to the risk factors described in its 2023 Form 10-K[202](index=202&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=81&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2024, the company repurchased approximately **5.8 million** shares of common stock and increased its share repurchase program authorization to **$1.25 billion** Share Repurchases for Q2 2024 | Period | Total Shares Repurchased | Average Price Paid | | :--- | :--- | :--- | | April 2024 | 4,765,352 | $34.77 | | May 2024 | 177 | $34.11 | | June 2024 | 989,720 | $34.75 | - On June 28, 2024, the Board of Directors increased the capacity of the common share repurchase program to **$1.25 billion**[203](index=203&type=chunk)

2Q24 GAAP summary Total: $ (32) $ (0.04) Forward-looking statements and use of non-GAAP financial measures In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, capital impacts of strategic initiatives, market conditions, and regulatory considerations, as well as any other factors that our Board of Directors deems relevant in maki ...

Financial Data and Key Metrics Changes - The company expects net interest income (NII) to come in at the upper end of the down 6% to 9% range, reflecting lower loan balances, with net interest margin (NIM) trending modestly better [1] - The company anticipates a rebound in NII and NIM in the fourth quarter due to swap costs peaking in the third quarter [1] - The target Common Equity Tier 1 (CET1) ratio is expected to be approximately 10.5% by year-end [1] Business Line Data and Key Metrics Changes - The private bank has diversified its loan book, with consumer loans now representing 36% of the loan book, up from the low 20s earlier in the year [6] - Fees were up 7% linked quarter, driven by strong results in capital markets and record card and wealth results [14] - The capital markets business improved 14% linked quarter, with higher bond underwriting and loan syndication fees due to strong refinancing activity [14] Market Data and Key Metrics Changes - Customer activities in the commercial space are picking up, particularly in M&A advisory-related finance and retail sectors [4] - There has been a significant increase in new money activity over the last six to eight weeks as the interest rate cycle appears to be abating [5] - The company is seeing strong growth in deposits, particularly in the private bank, which has generated $4 billion of deposits and $3.6 billion of assets under management (AUM) [13] Company Strategy and Development Direction - The company aims to build a premier bank-owned private bank and wealth franchise, focusing on transforming its consumer bank and enhancing its commercial banking capabilities [19] - The strategy includes reducing commercial real estate (CRE) exposure by at least 25% over the medium term while maintaining a strong capital position [92] - The company is optimistic about the recovery of the private capital ecosystem and is positioned to serve this market effectively [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the overall level of pre-provision net revenue (PPNR) and expects a positive operating leverage return in the fourth quarter [1] - The management noted that the Fed's potential rate cuts could help improve the economic environment and reduce losses in the office portfolio [28] - There is a belief that the risk of recession is less than it was a couple of quarters ago, which may reduce the need to add to reserves [63] Other Important Information - The company has reduced its period-end Federal Home Loan Bank (FHLB) borrowings by about $1.5 billion linked quarter [12] - The allowance for credit losses (ACL) coverage ratio stands at 1.63%, reflecting stable reserves and lower loan balances [18] - The company is executing well against its multi-year strategic initiatives, including the buildout of its private bank [11] Q&A Session Summary Question: Plans to reassess businesses to drive a lower stress capital buffer - Management acknowledged disappointment in the stress capital buffer result but stated that it does not hinder their strategy and significant changes to the business model are not necessary [8] Question: Update on the office portfolio and assumptions - Management indicated that the office sector remains uncertain, and they are maintaining a conservative approach with a high reserve while working through the portfolio [56] Question: Fee-based outlook and investment banking pipeline - Management expects a seasonal decline in capital markets in Q3 but believes the floor for this decline is higher than in previous years due to investments made [48] Question: Growth in the private banking side and AUM increase - Management confirmed that the recent increase in AUM is driven by stable, predictable deposits from private equity and venture capital firms, which are expected to grow further [88]

Citizens Financial Group (CFG) reported $1.96 billion in revenue for the quarter ended June 2024, representing a year-over-year decline of 6.3%. EPS of $0.78 for the same period compares to $0.92 a year ago. The reported revenue represents a surprise of +0.65% over the Zacks Consensus Estimate of $1.95 billion. With the consensus EPS estimate being $0.79, the EPS surprise was -1.27%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to W ...

Company Performance - Citizens Financial Group reported quarterly revenues of $1.96 billion for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 0.65%, but down from $2.09 billion year-over-year [2] - The company posted quarterly earnings of $0.78 per share, missing the Zacks Consensus Estimate of $0.79 per share, and down from $0.92 per share a year ago [8] - Over the last four quarters, Citizens Financial Group has not been able to surpass consensus EPS estimates [9] Stock Performance - Citizens Financial Group shares have increased approximately 19.5% since the beginning of the year, compared to the S&P 500's gain of 18.8% [3] - The current consensus EPS estimate for the upcoming quarter is $0.79 on revenues of $1.96 billion, and for the current fiscal year, it is $3.19 on revenues of $7.87 billion [5] Industry Outlook - The Financial - Savings and Loan industry, to which Citizens Financial Group belongs, is currently ranked in the bottom 36% of over 250 Zacks industries, indicating potential challenges ahead [13] - The estimate revisions trend for Citizens Financial Group is mixed, resulting in a Zacks Rank 3 (Hold) for the stock, suggesting it is expected to perform in line with the market in the near future [12]

Financial Performance - Total interest income for Q2 2024 was $2,575 million, a decrease of 1% from Q1 2024 and an increase of 5% from Q2 2023[4] - Net interest income decreased by 2% to $1,410 million in Q2 2024 compared to Q1 2024, and decreased by 11% from Q2 2023[4] - Noninterest income increased by 7% to $553 million in Q2 2024 compared to Q1 2024, and increased by 9% from Q2 2023[4] - Total revenue for Q2 2024 was $1,963 million, remaining stable compared to Q1 2024 but down 6% from Q2 2023[4] - Net income for Q2 2024 was $392 million, representing a 17% increase from Q1 2024, but a decrease of 18% from Q2 2023[4] - The company reported a net income available to common stockholders of $357 million in Q2 2024, a 17% increase from Q1 2024[4] - The underlying net income available to common stockholders was $373 million in Q2 2024, a 2% increase from Q1 2024[4] Asset and Liability Management - Total assets decreased to $219,222 million in Q2 2024 from $220,770 million in Q1 2024, a decrease of $1,548 million[6] - Total liabilities decreased to $195,739 million in Q2 2024 from $197,057 million in Q1 2024, a decline of $1,318 million[6] - Stockholders' equity decreased to $23,483 million in Q2 2024 from $23,713 million in Q1 2024, a decrease of $230 million[6] - Total interest-earning assets decreased to $198,465 million in Q2 2024 from $200,068 million in Q1 2024, a decline of $1,603 million[6] - Total loans and leases amounted to $143,067 million in Q2 2024, down from $144,822 million in Q1 2024, a decrease of $1,755 million[6] - Total interest-bearing deposits decreased to $137,465 million in Q2 2024 from $139,420 million in Q1 2024, a decline of $1,955 million[6] Credit Quality and Losses - Provision for credit losses increased by 6% to $182 million in Q2 2024 compared to Q1 2024[4] - Total loans and leases 90 days or more past due and accruing decreased to $228 million, down 24% from the previous quarter[21] - Total commercial nonaccrual loans reached $939 million, a 5% increase from the previous quarter and a 48% increase year-over-year[44] - The allowance for loan and lease losses increased slightly to $2.125 billion, compared to $2.086 billion in the previous quarter[13] - Total gross charge-offs for Q2 2024 were $223 million, a decrease of 3% from Q1 2024 and an increase of 18% from Q2 2023[47] Efficiency and Ratios - The efficiency ratio for Q2 2024 was 66.27%, an improvement of 306 basis points from Q2 2023[30] - Return on average common equity for Q2 2024 was 6.70%, an increase of 107 basis points from Q1 2024 but a decrease of 130 basis points from Q2 2023[30] - The effective income tax rate for Q2 2024 was 18.49%, down 379 basis points from Q2 2023[30] - Return on average total tangible assets improved to 1.61% in Q2 2024, compared to 1.49% in Q1 2024[8] Segment Performance - Net income available to common stockholders for Consumer Banking was $296 million, up from $272 million in the previous quarter, reflecting a 8.8% increase[33] - Total revenue for the consolidated entity was $1,963 million, slightly up from $1,959 million in the previous quarter, showing a marginal increase of 0.2%[33] - Net income for the commercial banking segment was a loss of $50 million, an improvement of $10 million from the previous quarter[69] - Net interest income for the commercial banking segment showed a loss of $31 million, improving by $6 million from the previous quarter[69] Dividends and Shareholder Returns - Dividend payout ratio was 53% in Q2 2024, down from 64% in Q1 2024 and significantly lower than 124% in Q4 2023[54] - Cash dividends declared and paid per common share remained stable at $0.42 in Q2 2024, consistent with previous quarters[54] - Basic earnings per share were $0.93, reflecting a 20% increase from the previous quarter[62] - Diluted earnings per share were $0.92, also a 20% increase from the prior quarter[62]

Core Insights - Citizens Financial Group (CFG) is expected to report quarterly earnings of $0.79 per share, reflecting a 14.1% decline year-over-year. Revenue is forecasted at $1.95 billion, down 6.8% from the previous year [1]. Financial Metrics Summary - The 'Efficiency Ratio' is anticipated to be 66.3%, an increase from 62.3% reported in the same quarter last year [4]. - The 'Return on average common equity' is estimated at 6.6%, down from 8% a year ago [5]. - 'Net charge-offs' are projected to reach $180.45 million, compared to $152 million in the previous year [6]. - The 'Common Equity Tier 1 Capital Ratio (CET1 Capital Ratio)' is expected to be 10.6%, slightly up from 10.3% reported last year [7]. - The 'Tier 1 Capital Ratio' is forecasted at 11.8%, compared to 11.4% a year ago [8]. - 'Nonaccrual loans and leases and repossessed assets' are estimated to reach $1.49 billion, up from $1.20 billion in the same quarter last year [9]. - 'Average Balances - Total interest-earning assets' are expected to be $199.03 billion, down from $201.50 billion a year ago [12]. - The 'Net Interest Margin' is projected at 2.9%, down from 3.2% reported in the same quarter last year [13]. - 'Book value per common share' is expected to be $48.41, compared to $45.44 in the same quarter last year [14]. - The 'Tangible book value per common share' is forecasted at $30.85, up from $28.72 a year ago [15]. - The 'Tier 1 Leverage Ratio' is estimated at 9.3%, slightly down from 9.4% last year [16]. - The 'Total Capital Ratio' is projected to be 13.7%, compared to 13.3% a year ago [17]. Stock Performance - CFG shares have increased by 10.8% over the past month, outperforming the Zacks S&P 500 composite, which rose by 4.3% [10].