CITIZENS FINANCIAL GROUP INCRI
For the period ended Mar 31, 2024. Filed May 6, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 6, 2024
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Loans and Leases
| Table 7: Composition of Loans and Leases, Excluding LHFS | ||||
|---|---|---|---|---|
| (dollars in millions) | March 31, 2024 | December 31, 2023 | Change | Percent |
| Commercial and industrial | $43,951 | $44,974 | ($1,023) | (2)% |
| Commercial real estate | 28,872 | 29,471 | (599) | (2) |
| Total commercial | 72,823 | 74,445 | (1,622) | (2) |
| Residential mortgages | 31,512 | 31,332 | 180 | 1 |
| Home equity | 15,113 | 15,040 | 73 | — |
| Automobile | 7,277 | 8,258 | (981) | (12) |
| Education | 11,646 | 11,834 | (188) | (2) |
| Other retail | 4,817 | 5,050 | (233) | (5) |
| Total retail | 70,365 | 71,514 | (1,149) | (2) |
| Total loans and leases | $143,188 | $145,959 | ($2,771) | (2)% |
See Note 1 for a description of changes made to the Company’s loans and leases presentation during the first quarter of 2024.
The decrease in total loans and leases as of March 31, 2024 compared to December 31, 2023 reflects a $1.6 billion decrease in commercial given balance sheet optimization actions, paydowns and market conditions driving lower client demand. Retail decreased $1.1 billion, primarily driven by planned Non-Core portfolio runoff.
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