Citizens Financial Group, Inc. - CFG STOCK NEWS

Citizens Financial Group, Inc. (NYSE: CFG) reported its Q1 2023 financial results, showcasing an Underlying Net Income of $560 million and an EPS of $1.10. The bank maintained a strong capital, liquidity, and funding position, with stable deposits in March. The quarterly common stock dividend is set at $0.42 per share, payable on May 17, 2023. Despite facing unexpected challenges, CEO Bruce Van Saun expressed confidence in the bank's adaptability and resilience, projecting a mid-teens Return on Tangible Common Equity (ROTCE) for the year. Citizens will host a conference call at 9:00 am ET on the results, with replay options available post-call.

CFG Investment S.A.C. has announced the expiration and final results of its offers to redeem its Variable Rate Senior Secured Notes and purchase its 10.00% Second Lien Notes, with a total maximum payment amount increased to $75,445,319.21. The Offers saw the redemption of $4,644,274.21 of Senior Secured Notes and acceptance of $29,662,784.00 of Second Lien Notes on a pro-rata basis. The final results indicate that the Extended Offers expired on April 14, 2023, with settlement expected around April 20, 2023. Post-settlement, the Company is expected to maintain approximately $43 million in cash and equivalents. The Offers were made to Eligible Holders under specific terms outlined in the Offer Memorandum dated March 13, 2023.

Citizens Financial Group, Inc. (NYSE: CFG) will appoint Richard Stein as Chief Risk Officer following the retirement of Malcolm Griggs in early 2024. Stein joins from Fifth Third Bancorp, where he served as Chief Credit Officer, managing enterprise-wide credit risk. He brings over 25 years of experience, having held senior risk management positions at Comerica and Bank of America. Griggs, a 34-year banking veteran, has significantly contributed to Citizens since 2014, leading risk management efforts that supported the bank's growth. CEO Bruce Van Saun expressed confidence in Stein’s abilities to enhance risk leadership, ensuring continued success in risk management and performance improvement.

Citizens Financial Group has announced that 150 nonprofit organizations will receive support through its Citizens Helping Citizens Manage Money program. A total of $2 million will be distributed to assist with financial literacy initiatives, aimed at promoting economic empowerment and reducing the wealth gap. This initiative aligns with Financial Literacy Month, highlighting the importance of financial education. Citizens, headquartered in Providence, Rhode Island, manages $226.7 billion in assets.

New research from Citizens and Wakefield reveals that 78% of Americans will experience a major life milestone in the next decade, with many feeling financial stress greater than emotional stress. Key milestones include weddings (18%) and home purchases (15%). A significant 60% of surveyed individuals seek financial flexibility for better experiences. Among Gen Z, 42% plan to move into new apartments and 11% are getting married. Over 90% plan to make large purchases in the next year, with installment financing gaining traction as an effective solution to manage costs. Citizens Pay aims to assist consumers in achieving their financial goals.

The Citizens Charitable Foundation announced a $1.25 million grant to the LISC aimed at enhancing digital literacy in marginalized communities. This funding will support services at eight Financial Opportunity Centers, addressing barriers to employment. CEO Bruce Van Saun emphasized the importance of digital skills for job competitiveness. This grant builds upon a pilot program and aims to provide tailored training in growth sectors like IT. The initiative targets underrepresented groups, with over 83% of clients being people of color. Citizens has committed over $4 million to LISC since 2018 to foster workforce development.

Citizens Financial Group (NYSE: CFG) will announce its Q1 2023 earnings on April 19, 2023. A live conference call will be held at 9:00 am ET on the same day, accessible via 877-336-4440 with conference ID 6086305. The call will also be available through a webcast at the investor relations website. A replay option will be offered post-call until May 19, 2023. As of December 31, 2022, Citizens Financial reported $226.7 billion in assets, providing a wide range of banking services across retail and commercial sectors.

Citizens Financial Group, Inc. (NYSE: CFG) announced an increase in its prime lending rate from 7.75% to 8.00%, effective March 23, 2023. This change reflects ongoing adjustments in the financial sector and may impact borrowing costs for consumers and businesses alike. Citizens Financial Group, one of the largest financial institutions in the U.S. with $226.7 billion in assets as of December 31, 2022, offers comprehensive banking products and services across retail and commercial sectors. The decision to raise rates signals a strategic response to market conditions and evolving economic factors.

Citizens Financial Group has noted a surge in interest from potential customers amid recent market turmoil. To cater to this demand, the bank will extend branch hours starting March 14, ensuring staff are available to assist with inquiries and account openings. The company, headquartered in Providence, Rhode Island, has $226.7 billion in assets as of December 31, 2022, and serves a diverse clientele including retail, small businesses, and corporate clients. Citizens aims to provide tailored financial advice and solutions through its extensive branch and ATM network.