Citizens Financial (CFG) - 2025 Q1 - Quarterly Results

Financial Performance - Total revenue for Q1 2025 was $1,935 million, a decrease of 3$373 million, down 7% from Q4 2024 but up 12% compared to Q1 2024[4] - Basic earnings per share for Q1 2025 were $0.78, a decrease of 6$2,352 million, a decrease of 4% from Q4 2024 and 10% from Q1 2024[7] - Net interest income for Q1 2025 was $1,391 million, down 1$544 million in Q1 2025, a decline of 5% from Q4 2024, but an increase of 5% from Q1 2024[7] - Total revenue for consumer banking was $1.490 billion, a slight decrease of 1$1.507 billion in Q4 2024, but a 10% increase from $1.351 billion in Q1 2024[12] - Net income for consumer banking was$336 million, down 6% from $358 million in Q4 2024, but up 24$272 million in Q1 2024[12] - Total revenue in commercial banking was $656 million, a 6$696 million in Q4 2024, and an 11% decrease from $741 million in Q1 2024[14] Asset and Liability Management - Total assets as of March 31, 2025, were$220,148 million, reflecting a 1% increase from December 31, 2024[8] - Total deposits rose to $177,576 million, a 2$1,568 million (1%) from December 31, 2024, to $137,635 million as of March 31, 2025[9] - Total deposits increased by$2,800 million (2%) from December 31, 2024, to $177,576 million as of March 31, 2025[9] - Average interest-earning assets decreased by$1,555 million (0.79%) from the previous quarter to $195,058 million in Q1 2025[10] - Total interest-bearing liabilities decreased by$994 million (0.66%) from the previous quarter to $149,494 million in Q1 2025[10] - Total assets in the non-core segment decreased by 12$6.536 billion from $7.428 billion in Q4 2024, and decreased by 38$10.554 billion in Q1 2024[16] Capital and Equity - The CET1 capital ratio at the end of Q1 2025 was 10.6%, down from 10.8% in Q4 2024[5] - Total stockholders' equity increased to $24,866 million, a 3$14,867 million, marking a 4% increase from December 31, 2024[8] - Common stockholders' equity increased to $22.753 billion in Q1 2025, reflecting a 3$22.141 billion in Q4 2024[24] - Total capital decreased to $23.156 billion in Q1 2025, a decline of 0.3$23.232 billion in Q4 2024[24] - Total allowance for credit losses decreased to $2.212 billion at the end of Q1 2025, down 2$2.259 billion in Q4 2024[23] Efficiency and Ratios - The efficiency ratio for Q1 2025 was 67.91%, an increase from 66.27% in Q4 2024[5] - Return on average common equity for Q1 2025 was 6.21%, a decrease of 43 basis points from Q4 2024[28] - Noninterest income as a percentage of total revenue (non-GAAP) for Q1 2025 was 28.14%, a decrease of 76 basis points from Q4 2024[28] - Dividend payout ratio increased to 54% in Q1 25 from 51% in Q4 2024, reflecting a 325 basis points increase[30] Credit Quality - The provision for credit losses in Q1 2025 was $153 million, a decrease of 6$1,582 million, down 5% from Q4 2024[18] - Allowance for loan and lease losses to loans and leases was 1.46% as of March 31, 2025, a decrease of 2 basis points from December 31, 2024[19] - Gross charge-offs for commercial and industrial loans increased to $34 million in Q1 2025, a 143$155 million, a 21% decline from Q4 2024[19] Noninterest Expenses - Noninterest expense (GAAP) for Q1 2025 was $1,314 million, a slight decrease of$2 million (0%) from Q4 2024[27] - Salaries and employee benefits (GAAP) increased by 3% to $696 million in Q1 25 compared to$674 million in Q4 2024[30]