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Citizens Financial Group, Inc. Reports Fourth Quarter 2022 Net Income of $653 million and EPS of $1.25

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Citizens Financial Group, Inc. (CFG) reported a solid performance for Q4 2022, with an underlying net income of $685 million and earnings per share (EPS) of $1.32. For the full year 2022, net income reached $2.1 billion, translating to an EPS of $4.10 and $4.84 on an underlying basis. The company achieved a return on tangible common equity (ROTCE) of 19.4% and announced a quarterly dividend of $0.42 per share, payable on February 14, 2023. Citizens remains well-prepared for the economic environment ahead and has raised its medium-term ROTCE target to between 16% and 18%.

Positive
  • Underlying net income of $685 million and EPS of $1.32 for Q4 2022.
  • Full-year 2022 net income of $2.1 billion, with EPS of $4.10.
  • Achieved ROTCE of 19.4% and lowered efficiency ratio to 54.4%.
  • Quarterly dividend declared at $0.42 per share, payable on February 14, 2023.
  • Raised medium-term ROTCE target range to 16-18%.
Negative
  • None.

Underlying Net Income of $685 million and EPS of $1.32

2022 Net Income of $2.1 billion and EPS of $4.10, $4.84 on an Underlying basis

PROVIDENCE, R.I.--(BUSINESS WIRE)-- Citizens Financial Group, Inc. (NYSE: CFG or “Citizens”) today reported fourth quarter and full year 2022 financial results. The earnings press release, investor presentation, and financial supplement are available at http://investor.citizensbank.com. In addition, these materials will be furnished to the Securities and Exchange Commission (SEC) on a Form 8-K and will be available on the SEC website at www.sec.gov.

“We are pleased to deliver another solid quarterly performance, with ROTCE of 19.4% and an efficiency ratio of 54.4%, which caps a strong year overall for Citizens,“ said Chairman and CEO Bruce Van Saun. “We continue to focus on managing the balance sheet and interest rate position well given the macro environment, and we ended the year with a strong credit and capital position. We continue to up our game and deliver better and better for our stakeholders, which includes raising our medium-term ROTCE target range to 16 to 18%. I’d like to thank our colleagues for their tremendous effort during 2022. We look forward to continuing our momentum in 2023, we are well prepared for the challenging and uncertain economic environment.”

Citizens also announced today that its board of directors declared a quarterly common stock dividend of $0.42 per share. The dividend is payable on February 14, 2023 to shareholders of record at the close of business on January 31, 2023.

As previously announced, Citizens will host a live conference call to review its fourth quarter and full year 2022 financial results. Interested parties may access the call and related materials through the following details:

Conference Call

Time: 9:00 am ET

Dial-in: (877) 336-4440, conference ID 6086305

Webcast/Presentation: The live webcast will be available at http://investor.citizensbank.com under Events & Presentations.

Replay Information: A replay of the conference call will be available beginning at 12:00 pm ET on January 17, 2023 through February 17, 2023. Please dial (866) 207-1041 and enter access code 6496917. The webcast replay will be available at http://investor.citizensbank.com under Events & Presentations.

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $226.7 billion in assets as of December 31, 2022. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,400 ATMs and approximately 1,100 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.

Cautionary Statement About Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement that does not describe historical or current facts is a forward-looking statement. These statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “goals,” “targets,” “initiatives,” “potentially,” “probably,” “projects,” “outlook,” “guidance” or similar expressions or future or conditional verbs such as “may,” “will,” “should,” “would,” and “could.” Forward-looking statements are based upon the current beliefs and expectations of management, and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021 and our Quarterly Report on Form 10-Q for the period ended March 31, 2022 as filed with the United States Securities and Exchange Commission.

CFG-IR

Media: Peter Lucht 781.655.2289

Investors: Kristin Silberberg — 203.900.6854

Source: Citizens Financial Group, Inc.

FAQ

What are the Q4 2022 earnings results for Citizens Financial Group (CFG)?

Citizens Financial Group reported an underlying net income of $685 million and an EPS of $1.32 for Q4 2022.

What was Citizens Financial Group's total net income for 2022?

The total net income for Citizens Financial Group in 2022 was $2.1 billion.

What is the dividend amount declared by Citizens Financial Group for Q1 2023?

Citizens Financial Group declared a quarterly dividend of $0.42 per share, payable on February 14, 2023.

What is the new ROTCE target for Citizens Financial Group?

Citizens Financial Group has raised its medium-term ROTCE target range to 16-18%.

When is the conference call to review CFG's financial results?

The conference call to review CFG's financial results will be held at 9:00 am ET.

Citizens Financial Group, Inc.

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