CITIZENS FINANCIAL GROUP INCRI
For the period ended Sep 30, 2024. Filed Nov 4, 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.
Sep 30, 2024 · Filed Nov 4, 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 the “Non-GAAP Financial Measures” section of the “Introduction” on page 7. 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 September 30, · As of and for the Nine Months Ended September 30, | |||||
| (dollars in millions, except per share data) | Ref. | 2024 | 2023 | 2024 | 2023 |
| Noninterest income, Underlying: | |||||
| Noninterest income (GAAP) | A | $532 | $492 | $1,602 | $1,483 |
| Less: Notable items | (2) | — | 5 | — | |
| Noninterest income, Underlying (non-GAAP) | B | $534 | $492 | $1,597 | $1,483 |
| Total revenue, Underlying: | |||||
| Total revenue (GAAP) | C | $1,901 | $2,014 | $5,823 | $6,236 |
| Less: Notable items | (2) | — | 5 | — | |
| Total revenue, Underlying (non-GAAP) | D | $1,903 | $2,014 | $5,818 | $6,236 |
| Noninterest expense, Underlying: | |||||
| Noninterest expense (GAAP) | E | $1,259 | $1,293 | $3,918 | $3,895 |
| Less: Notable items | 11 | 22 | 132 | 161 | |
| Noninterest expense, Underlying (non-GAAP) | F | $1,248 | $1,271 | $3,786 | $3,734 |
| Pre-provision profit: | |||||
| Total revenue (GAAP) | C | $1,901 | $2,014 | $5,823 | $6,236 |
| Less: Noninterest expense (GAAP) | E | 1,259 | 1,293 | 3,918 | 3,895 |
| Pre-provision profit (non-GAAP) | $642 | $721 | $1,905 | $2,341 | |
| Pre-provision profit, Underlying | |||||
| Total revenue, Underlying (non-GAAP) | D | $1,903 | $2,014 | $5,818 | $6,236 |
| Less: Noninterest expense, Underlying (non-GAAP) | F | 1,248 | 1,271 | 3,786 | 3,734 |
| Pre-provision profit, Underlying (non-GAAP) | $655 | $743 | $2,032 | $2,502 | |
| Income before income tax expense, Underlying: | |||||
| Income before income tax expense (GAAP) | G | $470 | $549 | $1,380 | $1,825 |
| Less: Income (expense) before income tax expense (benefit) related to notable items | (13) | (22) | (127) | (161) | |
| Income before income tax expense, Underlying (non-GAAP) | H | $483 | $571 | $1,507 | $1,986 |
| Income tax expense and effective income tax rate, Underlying: | |||||
| Income tax expense (GAAP) | I | $88 | $119 | $272 | $406 |
| Less: Income tax expense (benefit) related to notable items | (3) | (4) | (40) | (41) | |
| Income tax expense, Underlying (non-GAAP) | J | $91 | $123 | $312 | $447 |
| Effective income tax rate (GAAP) | I/G | 18.56% | 21.51% | 19.69% | 22.24% |
| Effective income tax rate, Underlying (non-GAAP) | J/H | 18.75 | 21.69 | 20.68 | 22.55 |
| Net income, Underlying: | |||||
| Net income (GAAP) | K | $382 | $430 | $1,108 | $1,419 |
| Add: Notable items, net of income tax benefit | 10 | 18 | 87 | 120 | |
| Net income, Underlying (non-GAAP) | L | $392 | $448 | $1,195 | $1,539 |
| Net income available to common stockholders, Underlying: | |||||
| Net income available to common stockholders (GAAP) | M | $344 | $400 | $1,005 | $1,332 |
| Add: Notable items, net of income tax benefit | 10 | 18 | 87 | 120 | |
| Net income available to common stockholders, Underlying (non-GAAP) | N | $354 | $418 | $1,092 | $1,452 |
| Return on average common equity and return on average common equity, Underlying: | |||||
| Average common equity (GAAP) | O | $22,380 | $21,177 | $21,838 | $21,721 |
| Return on average common equity | M/O | 6.12% | 7.50% | 6.15% | 8.20% |
| Return on average common equity, Underlying (non-GAAP) | N/O | 6.29 | 7.82 | 6.68 | 8.93 |
| As of and for the Three Months Ended September 30, · As of and for the Nine Months Ended September 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 | $22,380 | $21,177 | $21,838 | $21,721 |
| Less: Average goodwill (GAAP) | 8,187 | 8,188 | 8,187 | 8,182 | |
| Less: Average other intangibles (GAAP) | 140 | 173 | 146 | 182 | |
| Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) | 435 | 422 | 433 | 422 | |
| Average tangible common equity | P | $14,488 | $13,238 | $13,938 | $13,779 |
| Return on average tangible common equity | M/P | 9.45% | 12.00% | 9.63% | 12.93% |
| Return on average tangible common equity, Underlying (non-GAAP) | N/P | 9.71 | 12.51 | 10.46 | 14.09 |
| Return on average total assets and return on average total assets, Underlying: | |||||
| Average total assets (GAAP) | Q | $218,578 | $220,162 | $219,520 | $221,739 |
| Return on average total assets | K/Q | 0.70% | 0.78% | 0.67% | 0.86% |
| Return on average total assets, Underlying (non-GAAP) | L/Q | 0.71 | 0.81 | 0.73 | 0.93 |
| Return on average total tangible assets and return on average total tangible assets, Underlying: | |||||
| Average total assets (GAAP) | Q | $218,578 | $220,162 | $219,520 | $221,739 |
| Less: Average goodwill (GAAP) | 8,187 | 8,188 | 8,187 | 8,182 | |
| Less: Average other intangibles (GAAP) | 140 | 173 | 146 | 182 | |
| Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) | 435 | 422 | 433 | 422 | |
| Average tangible assets | R | $210,686 | $212,223 | $211,620 | $213,797 |
| Return on average total tangible assets | K/R | 0.72% | 0.81% | 0.70% | 0.89% |
| Return on average total tangible assets, Underlying (non-GAAP) | L/R | 0.74 | 0.84 | 0.75 | 0.96 |
| Efficiency ratio and efficiency ratio, Underlying: | |||||
| Efficiency ratio | E/C | 66.23% | 64.21% | 67.28% | 62.45% |
| Efficiency ratio, Underlying (non-GAAP) | F/D | 65.61 | 63.08 | 65.08 | 59.87 |
| Noninterest income as a % of total revenue, Underlying: | |||||
| Noninterest income as a % of total revenue | A/C | 27.95% | 24.44% | 27.51% | 23.78% |
| Noninterest income as a % of total revenue, Underlying (non-GAAP) | B/D | 28.05 | 24.44 | 27.45 | 23.78 |
| Operating leverage and operating leverage, Underlying: | |||||
| (Decrease) increase in total revenue | (5.67)% | (7.47)% | (6.65)% | 7.15% | |
| (Decrease) increase in noninterest expense | (2.69) | 4.20 | 0.57 | 6.67 | |
| Operating leverage | (2.98)% | (11.67)% | (7.22)% | 0.48% | |
| (Decrease) increase in total revenue, Underlying (non-GAAP) | (5.54)% | (7.47)% | (6.73)% | 6.58% | |
| (Decrease) increase in noninterest expense, Underlying (non-GAAP) | (1.75) | 6.31 | 1.38 | 8.77 | |
| Operating leverage, Underlying (non-GAAP) | (3.79)% | (13.78)% | (8.11%) | (2.19)% | |
| Tangible book value per common share: | |||||
| Common shares - at period end (GAAP) | S | 445,216,549 | 466,221,795 | 445,216,549 | 466,221,795 |
| Common stockholders' equity (GAAP) | $22,820 | $20,864 | $22,820 | $20,864 | |
| Less: Goodwill (GAAP) | 8,187 | 8,188 | 8,187 | 8,188 | |
| Less: Other intangible assets (GAAP) | 137 | 167 | 137 | 167 | |
| Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP) | 435 | 421 | 435 | 421 | |
| Tangible common equity | T | $14,931 | $12,930 | $14,931 | $12,930 |
| Tangible book value per common share | T/S | $33.54 | $27.73 | $33.54 | $27.73 |
| 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 | 446,561,996 | 469,481,085 | 453,993,833 | 478,073,507 |
| Average common shares outstanding - diluted (GAAP) | V | 449,913,467 | 471,183,719 | 456,461,330 | 479,733,008 |
| Net income per average common share - basic (GAAP) | M/U | $0.77 | $0.85 | $2.21 | $2.79 |
| Net income per average common share - diluted (GAAP) | M/V | 0.77 | 0.85 | 2.20 | 2.78 |
| Net income per average common share - basic, Underlying (non-GAAP) | N/U | 0.79 | 0.89 | 2.40 | 3.04 |
| Net income per average common share - diluted, Underlying (non-GAAP) | N/V | 0.79 | 0.89 | 2.39 | 3.03 |
| Dividend payout ratio and dividend payout ratio, Underlying: | |||||
| Cash dividends declared and paid per common share | W | $0.42 | $0.42 | $1.26 | $1.26 |
| Dividend payout ratio | W/(M/U) | 55% | 49% | 57% | 45% |
| Dividend payout ratio, Underlying (non-GAAP) | W/(N/U) | 53 | 47 | 53 | 41 |
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