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 Income
| Table 3: Noninterest Income | ||||
|---|---|---|---|---|
| Three Months Ended March 31, | ||||
| (dollars in millions) | 2024 | 2023 | Change | Percent |
| Service charges and fees | $96 | $100 | ($4) | (4%) |
| Capital markets fees | 118 | 83 | 35 | 42 |
| Card fees | 86 | 72 | 14 | 19 |
| Trust and investment services fees | 68 | 63 | 5 | 8 |
| Mortgage banking fees | 49 | 57 | (8) | (14) |
| Foreign exchange and derivative products | 36 | 48 | (12) | (25) |
| Letter of credit and loan fees | 42 | 40 | 2 | 5 |
| Securities gains, net | 5 | 5 | — | — |
| Other income(1) | 17 | 17 | — | — |
| Noninterest income | $517 | $485 | $32 | 7% |
(1) Includes bank-owned life insurance income and other income for all periods presented.
The primary drivers for the change in noninterest income for the three months ended March 31, 2024, compared to the same period in 2023, are highlighted below.
Capital markets fees increased reflecting higher bond and equity underwriting fees, and M&A advisory fees.
Card fees increased primarily reflecting higher credit card fees, including favorable vendor contract negotiations.
Trust and investment services fees reflect increased sales activity and asset management fees.
Foreign exchange and derivative products revenue decreased given reduced client activity related to interest rate and commodities hedging.
Mortgage banking fees declined reflecting lower servicing and production fees.
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