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

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 our non-GAAP financial measures, see “Introduction — Non-GAAP Financial Measures.” The following table presents computations of non-GAAP financial measures representing our “Underlying” results used in the MD&A:

Table 26: Reconciliations of Non-GAAP Measures
As of and for the Three Months Ended June 30, · As of and for the Six Months Ended June 30,
(dollars in millions, except per share data)	Ref.	2024	2023	2024	2023
Noninterest income, Underlying:
Noninterest income (GAAP)	A	$553	$506	$1,070	$991
Less: Notable items		4	—	7	—
Noninterest income, Underlying (non-GAAP)	B	$549	$506	$1,063	$991
Total revenue, Underlying:
Total revenue (GAAP)	C	$1,963	$2,094	$3,922	$4,222
Less: Notable items		4	—	7	—
Total revenue, Underlying (non-GAAP)	D	$1,959	$2,094	$3,915	$4,222
Noninterest expense, Underlying:
Noninterest expense (GAAP)	E	$1,301	$1,306	$2,659	$2,602
Less: Notable items		36	73	121	139
Noninterest expense, Underlying (non-GAAP)	F	$1,265	$1,233	$2,538	$2,463
Pre-provision profit:
Total revenue (GAAP)	C	$1,963	$2,094	$3,922	$4,222
Less: Noninterest expense (GAAP)	E	1,301	1,306	2,659	2,602
Pre-provision profit (non-GAAP)		$662	$788	$1,263	$1,620
Pre-provision profit, Underlying
Total revenue, Underlying (non-GAAP)	D	$1,959	$2,094	$3,915	$4,222
Less: Noninterest expense, Underlying (non-GAAP)	F	1,265	1,233	2,538	2,463
Pre-provision profit, Underlying (non-GAAP)		$694	$861	$1,377	$1,759
Income before income tax expense, Underlying:
Income before income tax expense (GAAP)	G	$480	$612	$910	$1,276
Less: Income (expense) before income tax expense (benefit) related to notable items		(32)	(73)	(114)	(139)
Income before income tax expense, Underlying (non-GAAP)	H	$512	$685	$1,024	$1,415
Income tax expense and effective income tax rate, Underlying:
Income tax expense (GAAP)	I	$88	$134	$184	$287
Less: Income tax expense (benefit) related to notable items		(16)	(20)	(37)	(37)
Income tax expense, Underlying (non-GAAP)	J	$104	$154	$221	$324
Effective income tax rate (GAAP)	I/G	18.49%	22.09%	20.28%	22.55%
Effective income tax rate, Underlying (non-GAAP)	J/H	20.33	22.51	21.59	22.89
Net income, Underlying:
Net income (GAAP)	K	$392	$478	$726	$989
Add: Notable items, net of income tax benefit		16	53	77	102
Net income, Underlying (non-GAAP)	L	$408	$531	$803	$1,091
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)	M	$357	$444	$661	$932
Add: Notable items, net of income tax benefit		16	53	77	102
Net income available to common stockholders, Underlying (non-GAAP)	N	$373	$497	$738	$1,034
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP)	O	$21,427	$22,289	$21,563	$21,997
Return on average common equity	M/O	6.70%	8.00%	6.16%	8.54%
Return on average common equity, Underlying (non-GAAP)	N/O	7.00	8.97	6.88	9.48

As of and for the Three Months Ended June 30, · As of and for the Six Months Ended June 30,
(dollars in millions, except per share data)	Ref.	2024	2023	2024	2023
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)	O	$21,427	$22,289	$21,563	$21,997
Less: Average goodwill (GAAP)		8,188	8,182	8,188	8,179
Less: Average other intangibles (GAAP)		144	181	149	186
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		432	422	433	421
Average tangible common equity	P	$13,527	$14,348	$13,659	$14,053
Return on average tangible common equity	M/P	10.61%	12.42%	9.73%	13.37%
Return on average tangible common equity, Underlying (non-GAAP)	N/P	11.09	13.93	10.87	14.84
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP)	Q	$219,222	$222,373	$219,996	$222,541
Return on average total assets	K/Q	0.72%	0.86%	0.66%	0.90%
Return on average total assets, Underlying (non-GAAP)	L/Q	0.75	0.96	0.73	0.99
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)	Q	$219,222	$222,373	$219,996	$222,541
Less: Average goodwill (GAAP)		8,188	8,182	8,188	8,179
Less: Average other intangibles (GAAP)		144	181	149	186
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		432	422	433	421
Average tangible assets	R	$211,322	$214,432	$212,092	$214,597
Return on average total tangible assets	K/R	0.75%	0.89%	0.69%	0.93%
Return on average total tangible assets, Underlying (non-GAAP)	L/R	0.78	0.99	0.76	1.03
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio	E/C	66.27%	62.34%	67.79%	61.62%
Efficiency ratio, Underlying (non-GAAP)	F/D	64.59	58.86	64.82	58.34
Noninterest income as a % of total revenue, Underlying:
Noninterest income as a % of total revenue	A/C	28.16%	24.14%	27.29%	23.47%
Noninterest income as a % of total revenue, Underlying (non-GAAP)	B/D	28.00	24.14	27.16	23.47
Operating leverage and operating leverage, Underlying:
(Decrease) increase in total revenue		(6.26)%	4.77%	(7.12)%	15.88%
(Decrease) increase in noninterest expense		(0.36)	0.06	2.19	7.93
Operating leverage		(5.90)%	4.71%	(9.31)%	7.95%
(Decrease) increase in total revenue, Underlying (non-GAAP)		(6.48)%	3.16%	(7.29)%	14.90%
Increase in noninterest expense, Underlying (non-GAAP)		2.63	4.39	3.01	10.08
Operating leverage, Underlying (non-GAAP)		(9.11)%	(1.23)%	(10.30%)	4.82%
Tangible book value per common share:
Common shares - at period end (GAAP)	S	452,961,853	474,682,759	452,961,853	474,682,759
Common stockholders' equity (GAAP)		$21,757	$21,571	$21,757	$21,571
Less: Goodwill (GAAP)		8,187	8,188	8,187	8,188
Less: Other intangible assets (GAAP)		139	175	139	175
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)		435	422	435	422
Tangible common equity	T	$13,866	$13,630	$13,866	$13,630
Tangible book value per common share	T/S	$30.61	$28.72	$30.61	$28.72
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	454,142,489	479,470,543	457,750,585	482,440,926
Average common shares outstanding - diluted (GAAP)	V	456,561,022	480,975,281	460,009,546	484,252,103
Net income per average common share - basic (GAAP)	M/U	$0.79	$0.93	$1.44	$1.93
Net income per average common share - diluted (GAAP)	M/V	0.78	0.92	1.44	1.92
Net income per average common share - basic, Underlying (non-GAAP)	N/U	0.82	1.04	1.61	2.14
Net income per average common share - diluted, Underlying (non-GAAP)	N/V	0.82	1.04	1.60	2.14
Dividend payout ratio and dividend payout ratio, Underlying:
Cash dividends declared and paid per common share	W	$0.42	$0.42	$0.84	$0.84
Dividend payout ratio	W/(M/U)	53%	45%	58%	44%
Dividend payout ratio, Underlying (non-GAAP)	W/(N/U)	51	40	52	39

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