Citizens Financial Group, Inc. Reports Fourth Quarter 2024 Net Income of $401 million and EPS of $0.83

Rhea-AI Summary

Citizens Financial Group (CFG) reported Q4 2024 net income of $401 million and EPS of $0.83, with underlying net income of $412 million and EPS of $0.85. The company achieved full-year 2024 net income of $1.5 billion and EPS of $3.03, with underlying EPS of $3.24.

The bank maintained strong financial metrics with a CET1 ratio of 10.8% and loan-to-deposit ratio of 79.6%. The Private Bank division reached significant milestones with $7 billion in deposits, $3.1 billion in loans, and $4.7 billion in assets under management.

The board declared a quarterly dividend of $0.42 per share, payable on February 14, 2025. As of December 31, 2024, Citizens reported total assets of $217.5 billion and maintains approximately 1,000 branches across 14 states and DC.

Positive

• Q4 2024 net income of $401 million with $0.83 EPS
• Strong CET1 ratio at 10.8%
• Improved net interest margin
• Private Bank growth with $7B deposits, $3.1B loans, $4.7B AUM
• Maintained quarterly dividend of $0.42 per share

Negative

• None.

Insights

Financial Analyst

Citizens Financial Group's Q4 2024 results demonstrate resilient performance with net income of $401 million and EPS of $0.83. The bank's underlying metrics show strength, with CET1 ratio at 10.8% and loan-to-deposit ratio at 79.6%, indicating robust capital position and conservative lending practices. The improved net interest margin and return to positive operating leverage signal effective management of interest rate challenges.

The Private Bank's growth trajectory is particularly noteworthy, reaching $7 billion in deposits, $3.1 billion in loans and $4.7 billion in AUM. This diversification into wealth management services could provide a stable revenue stream less dependent on interest rate fluctuations. The maintained quarterly dividend of $0.42 per share reflects management's confidence in sustained profitability.

With total assets of $217.5 billion, Citizens maintains a strong market position. The favorable credit metrics trend suggests prudent risk management, important for maintaining stability in the current economic environment.

Market Research Analyst

The bank's strategic positioning across 14 states with approximately 1,000 branches and 3,100 ATMs provides a solid foundation for retail banking operations. The integrated consumer banking approach, combining digital capabilities with physical presence, aligns well with evolving customer preferences. The Commercial Banking segment's comprehensive suite of services positions Citizens competitively in high-margin business segments.

The year-over-year performance shows steady progress with full-year 2024 net income of $1.5 billion and EPS of $3.03. The underlying EPS of $3.24 suggests core business strength despite market challenges. The bank's focus on tailored solutions and relationship banking should support continued growth in both consumer and commercial segments.

Underlying Net Income of $412 million and EPS of $0.85

CET1 ratio of 10.8%; LDR 79.6%

2024 Net Income of $1.5 billion and EPS of $3.03; Underlying EPS of $3.24

PROVIDENCE, R.I.--(BUSINESS WIRE)-- Citizens Financial Group, Inc. (NYSE: CFG or “Citizens”) today reported fourth quarter and full year 2024 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 were pleased to post solid performance in Q4 given strong execution of our key initiatives and nice improvement in our net interest margin,” said Chairman and CEO Bruce Van Saun. “Good sequential growth in revenues delivered a return to positive operating leverage, and our balance sheet remains strong with CET1 at 10.8%, LDR below 80% and credit metrics all trending favorably. Our Private Bank hit year end balances of $7 billion in deposits, $3.1 billion in loans, and $4.7 billion AUM, tracking very well to targets. I would like to thank our colleague base for their fine effort and dedication in continuing to serve our customers well and in positioning us for a strong 2025 and bright future.”

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, 2025 to shareholders of record at the close of business on January 31, 2025.

As previously announced, Citizens will host a live conference call to review its fourth quarter and full year 2024 financial results. Interested parties may access the call and related materials through the following details:

Conference Call

Time:	9:00 am ET
Dial-in:	(800) 369-1703, conference ID 1679767
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, 2025 through February 17, 2025. 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 $217.5 billion in assets as of December 31, 2024. 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 3,100 ATMs and approximately 1,000 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 X (formerly 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,” “prospects,” “outlook,” “guidance” or similar expressions or future or conditional verbs such as “may,” “will,” “likely,” ”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, 2023 as filed with the United States Securities and Exchange Commission.

CFG-IR

View source version on businesswire.com: https://www.businesswire.com/news/home/20250117102925/en/

Media: Peter Lucht — 781.655.2289

Investors: Kristin Silberberg — 203.900.6854

Source: Citizens Financial Group, Inc.

FAQ

What was Citizens Financial Group's (CFG) Q4 2024 earnings per share?

Citizens Financial Group reported Q4 2024 EPS of $0.83, with underlying EPS of $0.85.

What is Citizens Financial Group's (CFG) current dividend payment?

CFG declared a quarterly dividend of $0.42 per share, payable on February 14, 2025 to shareholders of record as of January 31, 2025.

What was CFG's total asset value as of December 31, 2024?

Citizens Financial Group reported total assets of $217.5 billion as of December 31, 2024.

What is Citizens Financial Group's (CFG) current CET1 ratio?

Citizens Financial Group reported a CET1 ratio of 10.8% in Q4 2024.

How much did Citizens Financial Group (CFG) earn in full-year 2024?

CFG reported full-year 2024 net income of $1.5 billion with EPS of $3.03 and underlying EPS of $3.24.