CITIZENS FINANCIAL GROUP INCRI
For the period ended Jun 30, 2024. Filed Aug 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.
Jun 30, 2024 · Filed Aug 6, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Financial Performance
Key Highlights
Net income decreased $86 million and $263 million for the three and six months ended June 30, 2024, respectively, with earnings per diluted common share down $0.14 to $0.78 and down $0.48 to $1.44 compared to the same periods in 2023.
Results reflect notable items of $16 million or $0.04 per diluted common share, net of tax benefit, for the three months ended June 30, 2024, compared to $53 million or $0.12 per diluted common share, net of tax benefit, for the same period in 2023. For the six months ended June 30, 2024, notable items were $77 million or $0.16 per diluted common share, net of tax benefit, as compared to $102 million or $0.22 per diluted common share, net of tax benefit, for the same period in 2023.
| Table 1: Notable Items | |||||
|---|---|---|---|---|---|
| Three Months Ended June 30, 2024 | |||||
| Less: notable items | |||||
| (dollars in millions) | Reported results (GAAP) | Integration related costs(1) | TOP and other(2) | FDIC special assessment(3) | Underlying results (non-GAAP) |
| Noninterest income | $553 | $— | $4 | $— | $549 |
| Noninterest expense | 1,301 | 3 | 28 | 5 | 1,265 |
| Income tax expense | 88 | (1) | (14) | (1) | 104 |
| Three Months Ended June 30, 2023 | |||||
|---|---|---|---|---|---|
| Less: notable items | |||||
| (dollars in millions) | Reported results (GAAP) | Integration related costs(1) | TOP and other(2) | FDIC special assessment | Underlying results (non-GAAP) |
| Noninterest income | $506 | $— | $— | $— | $506 |
| Noninterest expense | 1,306 | 39 | 34 | — | 1,233 |
| Income tax expense | 134 | (11) | (9) | — | 154 |
| Six Months Ended June 30, 2024 | |||||
|---|---|---|---|---|---|
| Less: notable items | |||||
| (dollars in millions) | Reported results (GAAP) | Integration related costs(1) | TOP and other(2) | FDIC special assessment(3) | Underlying results (non-GAAP) |
| Noninterest income | $1,070 | $— | $7 | $— | $1,063 |
| Noninterest expense | 2,659 | 6 | 75 | 40 | 2,538 |
| Income tax expense | 184 | (2) | (25) | (10) | 221 |
| Six Months Ended June 30, 2023 | |||||
|---|---|---|---|---|---|
| Less: notable items | |||||
| (dollars in millions) | Reported results (GAAP) | Integration related costs(1) | TOP and other(2) | FDIC special assessment | Underlying results (non-GAAP) |
| Noninterest income | $991 | $— | $— | $— | $991 |
| Noninterest expense | 2,602 | 91 | 48 | — | 2,463 |
| Income tax expense | 287 | (24) | (13) | — | 324 |
(1) Includes integration related costs associated with acquisitions.
(2)Includes our TOP transformational and revenue and efficiency initiatives for the three and six months ended June 30, 2024 and 2023, and net fee-related components associated with a credit card processor arrangement and a one-time deferred tax benefit for the three and six months ended June 30, 2024.
(3)Represents an industry-wide FDIC special assessment. For more information, see “Regulation and Supervision - Deposit Insurance” in our 2023 Form 10-K.
Net income available to common stockholders decreased $87 million and $271 million for the three and six months ended June 30, 2024, respectively, compared to the same periods in 2023.
On an Underlying basis, which excludes notable items, net income available to common stockholders of $373 million and $738 million for the three and six months ended June 30, 2024, respectively, compared with $497 million and $1.0 billion for the same periods in 2023.
On an Underlying basis, earnings per diluted common share of $0.82 and $1.60 for the three and six months ended June 30, 2024, respectively, compared to $1.04 and $2.14 for the same periods in 2023.
Total revenue decreased $131 million and $300 million for the three and six months ended June 30, 2024, respectively, compared to the same periods in 2023, driven by decreases of 11% and 12%, respectively, in net interest income.
The efficiency ratio of 66.3% and 67.8% for the three and six months ended June 30, 2024, respectively, compared to 62.3% and 61.6% for the same periods in 2023.
On an Underlying basis, the efficiency ratio of 64.6% and 64.8% for the three and six months ended June 30, 2024, respectively, compared to 58.9% and 58.3% for the same periods in 2023.
ROTCE of 10.6% and 9.7% for the three and six months ended June 30, 2024, respectively, compared to 12.4% and 13.4% for the same periods in 2023.
On an Underlying basis, ROTCE of 11.1% and 10.9% for the three and six months ended June 30, 2024, respectively, compared to 13.9% and 14.8% for the same periods in 2023.
Tangible book value per common share of $30.61 decreased 1% from December 31, 2023.
For additional information regarding our financial performance, see “Results of Operations.”
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.