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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Noninterest Expense
| Table 4: Noninterest Expense | ||||
|---|---|---|---|---|
| Three Months Ended March 31, | ||||
| (dollars in millions) | 2024 | 2023 | Change | Percent |
| Salaries and employee benefits | $691 | $658 | $33 | 5% |
| Equipment and software | 192 | 169 | 23 | 14 |
| Outside services | 158 | 176 | (18) | (10) |
| Occupancy | 114 | 124 | (10) | (8) |
| Other operating expense | 203 | 169 | 34 | 20 |
| Noninterest expense | $1,358 | $1,296 | $62 | 5% |
The increase in noninterest expense for the three months ended March 31, 2024, compared to the same period in 2023, was driven by salaries and employee benefits reflecting our Private Bank start-up investment, partially offset by lower headcount, equipment and software reflecting technology investments, and other operating expense largely associated with FDIC deposit insurance, reflecting an estimate of CBNA’s incremental special assessment of $35 million recognized in the first quarter of 2024. For more information regarding CBNA’s special assessment, see “Regulation and Supervision - Deposit Insurance” in our 2023 Form 10-K.
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