CITIZENS FINANCIAL GROUP INCRI
For the period ended Dec 31, 2024. Filed Feb 13, 2025.
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FY2024 · Filed Feb 13, 2025
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Financial Performance
Key Highlights
Net income decreased $99 million, with earnings per diluted common share down $0.10 to $3.03 compared to 2023.
Results reflect notable items of $98 million or $0.21 per diluted common share, net of tax benefit, compared to $357 million or $0.75 per diluted common share, net of tax benefit, in 2023.
| Table 1: Notable Items | |||||
|---|---|---|---|---|---|
| Year Ended December 31, 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 | $2,176 | $— | $15 | $— | $2,161 |
| Noninterest expense | 5,234 | 10 | 115 | 31 | 5,078 |
| Income tax expense | 379 | (3) | (33) | (7) | 422 |
| Year Ended December 31, 2023 | |||||
|---|---|---|---|---|---|
| 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 | $1,983 | $— | $— | $— | $1,983 |
| Noninterest expense | 5,507 | 104 | 177 | 225 | 5,001 |
| Income tax expense | 422 | (28) | (63) | (58) | 571 |
(1) Includes integration related costs associated with acquisitions.
(2)Primarily includes our TOP revenue and efficiency initiatives for the years ended December 31, 2024 and 2023.
(3)Represents an industry-wide FDIC special assessment. For more information, see “Regulation and Supervision - Deposit Insurance” in Item 1.
Net income available to common stockholders decreased $119 million to $1.4 billion compared to 2023.
On an Underlying basis, net income available to common stockholders of $1.5 billion compared to $1.8 billion in 2023.
On an Underlying basis, earnings per diluted common share of $3.24 compared to $3.88 in 2023.
Total revenue decreased $415 million to $7.8 billion compared to 2023, driven by a decrease of 10% in net interest income.
The efficiency ratio of 67.0% was stable compared to 2023.
On an Underlying basis, the efficiency ratio of 65.2% compared to 60.8% in 2023.
ROTCE of 9.8% compared to 10.9% in 2023.
On an Underlying basis, ROTCE of 10.5% compared to 13.5%.
Tangible book value per common share of $32.34 increased 5% from 2023.
For additional information regarding our financial performance, see “Results of Operations — 2024 compared with 2023” included in this report.
Citizens Financial Group, Inc. | 40
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