10-KPeriod: FY2024

CITIZENS FINANCIAL GROUP INC/RI Annual Report, Year Ended Dec 31, 2024

Filed February 13, 2025For Securities:CFGCFG-PHCFG-PECFG-PI

Summary

Citizens Financial Group, Inc. (CFG) reported a net income of $1.51 billion for the fiscal year ended December 31, 2024, a decrease from $1.61 billion in the prior year. This decline was attributed primarily to a 10% decrease in net interest income, influenced by higher funding costs and balance sheet optimization efforts, despite an increase in noninterest income driven by strong performance in capital markets and card fees. The company's strategic focus remains on customer-centricity, digital transformation, and operational efficiency, evidenced by the ongoing "Tapping our Potential" (TOP) initiatives. CFG maintained a strong capital position, with its CET1 capital ratio at 10.8% for the parent company and 12.3% for its banking subsidiary, CBNA, both well above regulatory minimums. The company also returned $1.1 billion to shareholders through share repurchases and $769 million in common stock dividends during the year, demonstrating a commitment to shareholder value while navigating a dynamic economic and regulatory landscape.

Financial Highlights

39 data points
Beta

Revenue

$7.81B

Net Income

$1.51B

19.3% Net Margin

EPS (Diluted)

$3.03

Total Assets

$217.52B

Cash & Equivalents

$10.60B

Free Cash Flow

$2.00B

Financial Statements
Beta
Revenue$7.81B
Net Income$1.51B
EPS (Basic)$3.05
EPS (Diluted)$3.03
Shares Outstanding (Basic)450.68M
Shares Outstanding (Diluted)453.51M

Key Highlights

  • 1Net income for the fiscal year ended December 31, 2024, was $1.51 billion, a decrease from $1.61 billion in 2023.
  • 2Total revenue decreased by $415 million to $7.8 billion, primarily due to a 10% decline in net interest income.
  • 3Noninterest income increased by $193 million to $2.18 billion, driven by higher capital markets fees and card fees.
  • 4Noninterest expense decreased by $273 million to $5.23 billion, largely due to a reduction in other operating expenses, including a lower FDIC special assessment compared to the prior year.
  • 5The company's CET1 capital ratio remained robust at 10.8% for the parent and 12.3% for CBNA, exceeding regulatory requirements.
  • 6Citizens Financial Group repurchased $1.1 billion of its common stock and paid $769 million in common stock dividends during the year.
  • 7The allowance for credit losses remained stable at $2.26 billion, with a slight increase in the net charge-off ratio to 0.52% due to increases in commercial real estate and other retail segments.

Frequently Asked Questions

Citizens Financial Group reported a net income of $1.51 billion for the fiscal year ended December 31, 2024. This represents a decrease from the $1.61 billion reported for the fiscal year ended December 31, 2023.

Total revenue decreased by $415 million to $7.8 billion. The primary driver for this decrease was a 10% decline in net interest income, influenced by higher funding costs and strategic balance sheet optimization. This was partially offset by a significant increase in noninterest income, particularly from capital markets fees and card fees.

Citizens Financial Group maintained a strong capital position. Its CET1 capital ratio was 10.8% for the parent company and 12.3% for its banking subsidiary, CBNA, both well above regulatory minimums. The company's total capital ratio was 14.0% for the parent and 14.2% for CBNA. These ratios reflect the company's commitment to capital adequacy and regulatory compliance.

Citizens Financial Group returned $1.1 billion to shareholders through common stock repurchases and paid $769 million in common stock dividends during the fiscal year 2024. All future capital distributions, including dividends and share repurchases, are subject to Board of Directors approval and consideration of capital position, financial performance, market conditions, and regulatory requirements.