CITIZENS FINANCIAL GROUP INCRI
For the period ended Dec 31, 2023. Filed Feb 16, 2024.
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FY2023 · Filed Feb 16, 2024
CFG$64.82-0.4%Stored close · as of Nov 10, 2026
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Non-GAAP Financial Measures and Reconciliations
For more information on the computation of non-GAAP financial measures, see “Introduction — Non-GAAP Financial Measures,” included in this Report. The following table presents computations of non-GAAP financial measures representing our “Underlying” results used in the MD&A:
Table 32: Reconciliations of Non-GAAP Measures
| Year Ended December 31, | |||
|---|---|---|---|
| (dollars in millions, except per share data) | Ref. | 2023 | 2022 |
| Noninterest income, Underlying: | |||
| Noninterest income (GAAP) | A | $1,983 | $2,009 |
| Less: Notable items | — | (31) | |
| Noninterest income, Underlying (non-GAAP) | B | $1,983 | $2,040 |
| Total revenue, Underlying: | |||
| Total revenue (GAAP) | C | $8,224 | $8,021 |
| Less: Notable items | — | (31) | |
| Total revenue, Underlying (non-GAAP) | D | $8,224 | $8,052 |
| Noninterest expense, Underlying: | |||
| Noninterest expense (GAAP) | E | $5,507 | $4,892 |
| Less: Notable items | 506 | 262 | |
| Noninterest expense, Underlying (non-GAAP) | F | $5,001 | $4,630 |
| Pre-provision profit: | |||
| Total revenue (GAAP) | C | $8,224 | $8,021 |
| Less: Noninterest expense (GAAP) | E | 5,507 | 4,892 |
| Pre-provision profit (non-GAAP) | $2,717 | $3,129 | |
| Pre-provision profit, Underlying: | |||
| Total revenue, Underlying (non-GAAP) | D | $8,224 | $8,052 |
| Less: Noninterest expense, Underlying (non-GAAP) | F | 5,001 | 4,630 |
| Pre-provision profit, Underlying (non-GAAP) | $3,223 | $3,422 | |
| Provision (benefit) for credit losses, Underlying: | |||
| Provision (benefit) for credit losses (GAAP) | $687 | $474 | |
| Less: Notable items | — | 169 | |
| Provision (benefit) for credit losses, Underlying (non-GAAP) | $687 | $305 | |
| Income before income tax expense, Underlying: | |||
| Income before income tax expense (GAAP) | G | $2,030 | $2,655 |
| Less: Income (expense) before income tax expense (benefit) related to notable items | (506) | (462) | |
| Income before income tax expense, Underlying (non-GAAP) | H | $2,536 | $3,117 |
| Income tax expense and effective income tax rate, Underlying: | |||
| Income tax expense (GAAP) | I | $422 | $582 |
| Less: Income tax expense (benefit) related to notable items | (149) | (110) | |
| Income tax expense, Underlying (non-GAAP) | J | $571 | $692 |
| Effective income tax rate (GAAP) | I/G | 20.76% | 21.93% |
| Effective income tax rate, Underlying (non-GAAP) | J/H | 22.48 | 22.19 |
| Net income, Underlying: | |||
| Net income (GAAP) | K | $1,608 | $2,073 |
| Add: Notable items, net of income tax benefit | 357 | 352 | |
| Net income, Underlying (non-GAAP) | L | $1,965 | $2,425 |
| Net income available to common stockholders, Underlying: | |||
| Net income available to common stockholders (GAAP) | M | $1,491 | $1,960 |
| Add: Notable items, net of income tax benefit | 357 | 352 | |
| Net income available to common stockholders, Underlying (non-GAAP) | N | $1,848 | $2,312 |
| Return on average common equity and return on average common equity, Underlying: | |||
| Average common equity (GAAP) | O | $21,592 | $21,724 |
| Return on average common equity | M/O | 6.90% | 9.02% |
| Return on average common equity, Underlying (non-GAAP) | N/O | 8.56 | 10.64 |
Citizens Financial Group, Inc. | 75
| Year Ended December 31, | |||
|---|---|---|---|
| (dollars in millions, except per share data) | Ref. | 2023 | 2022 |
| Return on average tangible common equity and return on average tangible common equity, Underlying: | |||
| Average common equity (GAAP) | O | $21,592 | $21,724 |
| Less: Average goodwill (GAAP) | 8,184 | 7,872 | |
| Less: Average other intangibles (GAAP) | 177 | 181 | |
| Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) | 422 | 413 | |
| Average tangible common equity | P | $13,653 | $14,084 |
| Return on average tangible common equity | M/P | 10.92% | 13.91% |
| Return on average tangible common equity, Underlying (non-GAAP) | N/P | 13.53 | 16.41 |
| Return on average total assets and return on average total assets, Underlying: | |||
| Average total assets (GAAP) | Q | $222,221 | $215,061 |
| Return on average total assets | K/Q | 0.72% | 0.96% |
| Return on average total assets, Underlying (non-GAAP) | L/Q | 0.88 | 1.13 |
| Return on average total tangible assets and return on average total tangible assets, Underlying: | |||
| Average total assets (GAAP) | Q | $222,221 | $215,061 |
| Less: Average goodwill (GAAP) | 8,184 | 7,872 | |
| Less: Average other intangibles (GAAP) | 177 | 181 | |
| Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) | 422 | 413 | |
| Average tangible assets | R | $214,282 | $207,421 |
| Return on average total tangible assets | K/R | 0.75% | 1.00% |
| Return on average total tangible assets, Underlying (non-GAAP) | L/R | 0.92 | 1.17 |
| Efficiency ratio and efficiency ratio, Underlying: | |||
| Efficiency ratio | E/C | 66.97% | 60.99% |
| Efficiency ratio, Underlying (non-GAAP) | F/D | 60.81 | 57.51 |
| Noninterest income as a % of total revenue, Underlying: | |||
| Noninterest income as a % of total revenue | A/C | 24.12% | 25.04% |
| Noninterest income as a % of total revenue, Underlying (non-GAAP) | B/D | 24.12 | 25.33 |
| Operating leverage and operating leverage, Underlying: | |||
| Increase in total revenue | 2.53% | 20.68% | |
| Increase in noninterest expense | 12.58 | 19.88 | |
| Operating Leverage | (10.05)% | 0.80% | |
| Increase in total revenue, Underlying (non-GAAP) | 2.13% | 21.15% | |
| Increase in noninterest expense, Underlying (non-GAAP) | 8.00 | 16.46 | |
| Operating Leverage, Underlying (non-GAAP) | (5.87)% | 4.69% | |
| Tangible book value per common share: | |||
| Common shares - at period end (GAAP) | S | 466,418,055 | 492,282,158 |
| Common stockholders’ equity (GAAP) | $22,329 | $21,676 | |
| Less: Goodwill (GAAP) | 8,188 | 8,173 | |
| Less: Other intangible assets (GAAP) | 157 | 197 | |
| Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP) | 433 | 422 | |
| Tangible common equity | T | $14,417 | $13,728 |
| Tangible book value per common share | T/S | $30.91 | $27.88 |
| Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying: | |||
| Average common shares outstanding - basic (GAAP) | U | 475,089,384 | 475,959,815 |
| Average common shares outstanding - diluted (GAAP) | V | 476,693,148 | 477,803,142 |
| Net income per average common share - basic (GAAP) | M/U | $3.14 | $4.12 |
| Net income per average common share - diluted (GAAP) | M/V | 3.13 | 4.10 |
| Net income per average common share-basic, Underlying (non-GAAP) | N/U | 3.89 | 4.86 |
| Net income per average common share-diluted, Underlying (non-GAAP) | N/V | 3.88 | 4.84 |
Citizens Financial Group, Inc. | 76
| Year Ended December 31, | |||
|---|---|---|---|
| (dollars in millions, except per share data) | Ref. | 2023 | 2022 |
| Dividend payout ratio and dividend payout ratio, Underlying: | |||
| Cash dividends declared and paid per common share | W | $1.68 | $1.62 |
| Dividend payout ratio | W/(M/U) | 54% | 39% |
| Dividend payout ratio, Underlying (non-GAAP) | W/(N/U) | 43 | 33 |
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