Citizens Financial (CFG) - 2024 Q4 - Annual Results

Financial Performance - Total revenue for Q4 2024 was $1,986 million, representing a 4$401 million, up 5% from Q3 2024 and significantly higher than $189 million in Q4 2023, marking a 112$0.83, an 8% increase from $0.77 in Q3 2024 and a 144$0.34 in Q4 2023[4] - Total revenue for Q4 2024 increased by $85 million (4$2 million (—) from Q4 2023, totaling $1,986 million[7] - Net income for Q4 2024 was$401 million, an increase of $19 million (5$212 million (112%) from Q4 2023[7] - Noninterest income (GAAP) for Q4 2024 was $574 million, an increase of 8$1,986 million, up 4% from Q3 2024[31] - Net income (GAAP) for Q4 2024 reached $401 million, reflecting a 5$367 million, a 7% increase from Q3 2024[31] Expenses and Efficiency - Noninterest expense for Q4 2024 was $1,316 million, reflecting a 5$1,612 million in Q4 2023[4] - Noninterest expense (GAAP) decreased to $1,316 million in Q4 2024, down 18$684 million, a 4% increase from Q3 2024[31] - The efficiency ratio improved to 66.27% in Q4 2024, a significant decrease of 1,486 basis points from Q4 2023[5] - The underlying efficiency ratio improved to 65.36% in Q4 2024, compared to 66.27% in Q4 2023, indicating enhanced operational efficiency[32] Asset and Liability Management - Total assets decreased by $2,185 million (1$217,521 million as of December 31, 2024[8] - Total liabilities decreased by $1,507 million (1$193,267 million[8] - Stockholders' equity decreased by $678 million (3$24,254 million[8] - Total loans and leases decreased to $140,947 million in Q4 2024 from$147,969 million in Q4 2023, a reduction of $7,022 million or 4.7$162 million, a decrease of 6% from Q3 2024, indicating improved credit quality[4] - Total gross charge-offs for Q4 2024 increased to $238 million, a 16$746 million, representing a 22% increase from $609 million in 2023[24] - The allowance for loan and lease losses decreased to$2,061 million in 4Q24, down 1% from $2,079 million in 3Q24 and down 2$2,098 million in 2023[26] Capital Ratios - CET1 capital ratio stood at 10.8% at the end of Q4 2024, showing stability compared to previous quarters[5] - Total capital ratio was 14.0% in Q4 2024, consistent with the previous quarter[5] - Common stockholders' equity decreased to $22,141 million as of December 31, 2024, a 3$22,820 million in September 2024[27] - Total tangible common equity at the end of 2024 was $14,246 million, down 5$14,931 million in September 2024[27] Segment Performance - Total revenue for Consumer Banking reached $1,507 million in Q4 2024, reflecting a 5$358 million, up 9% from Q3 2024 and 33% from Q4 2023[13] - Total revenue for Commercial Banking was $696 million in Q4 2024, a 2$21 million in Q4 2024, an improvement of 25% from Q3 2024[17] Tax and Regulatory - The effective income tax rate for Q4 2024 was 21.04%, an increase of 1,345 basis points compared to Q4 2023[5] - The effective income tax expense for Q4 2024 was $107 million, an increase of$19 million (22%) from Q3 2024[7]