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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Loans and Leases
| Table 9: Composition of Loans and Leases, Excluding LHFS | ||||
|---|---|---|---|---|
| December 31, | ||||
| (dollars in millions) | 2024 | 2023 | Change | Percent |
| Commercial and industrial | $42,551 | $44,974 | ($2,423) | (5)% |
| Commercial real estate | 27,225 | 29,471 | (2,246) | (8) |
| Total commercial | 69,776 | 74,445 | (4,669) | (6) |
| Residential mortgages | 32,726 | 31,332 | 1,394 | 4 |
| Home equity | 16,495 | 15,040 | 1,455 | 10 |
| Automobile | 4,744 | 8,258 | (3,514) | (43) |
| Education | 10,812 | 11,834 | (1,022) | (9) |
| Other retail | 4,650 | 5,050 | (400) | (8) |
| Total retail | 69,427 | 71,514 | (2,087) | (3) |
| Total loans and leases | $139,203 | $145,959 | ($6,756) | (5%) |
See Note 1 for a description of changes made to the Company’s loans and leases presentation during 2024.
The decrease in total loans and leases as of December 31, 2024 compared to December 31, 2023 reflects a $4.7 billion decrease in commercial given market conditions resulting in relatively low client demand and lower line of credit utilization, partially offset by growth in the Private Bank. Retail decreased $2.1 billion, primarily driven by planned Non-Core portfolio runoff, partially offset by growth in home equity and mortgage, including the Private Bank.
Citizens Financial Group, Inc. | 48
| Table 10: Fixed and Variable Rate Loans and Leases by Maturity | |||||
|---|---|---|---|---|---|
| December 31, 2024 | |||||
| (dollars in millions) | 1 Year or Less(1) | After 1 Year Through 5 Years(1) | After 5 Years Through 15 Years(1) | After 15 Years(1) | Total Loans and Leases |
| Fixed rate: | |||||
| Commercial and industrial | $1,075 | $2,376 | $527 | $22 | $4,000 |
| Commercial real estate | 1,557 | 3,143 | 2,586 | 30 | 7,316 |
| Total commercial fixed rate | 2,632 | 5,519 | 3,113 | 52 | 11,316 |
| Variable rate: | |||||
| Commercial and industrial | 10,208 | 26,012 | 2,321 | 10 | 38,551 |
| Commercial real estate | 9,581 | 9,095 | 1,206 | 27 | 19,909 |
| Total commercial variable rate(2) | 19,789 | 35,107 | 3,527 | 37 | 58,460 |
| Total commercial | 22,421 | 40,626 | 6,640 | 89 | 69,776 |
| Fixed rate: | |||||
| Residential mortgages | 657 | 2,630 | 7,005 | 8,911 | 19,203 |
| Home equity | 74 | 146 | 180 | 14 | 414 |
| Automobile | 1,735 | 3,003 | 6 | — | 4,744 |
| Education | 793 | 3,193 | 5,774 | 182 | 9,942 |
| Other retail | 910 | 1,016 | 94 | 67 | 2,087 |
| Total retail fixed rate | 4,169 | 9,988 | 13,059 | 9,174 | 36,390 |
| Variable rate: | |||||
| Residential mortgages | 188 | 771 | 3,465 | 9,099 | 13,523 |
| Home equity | 403 | 3,223 | 11,989 | 466 | 16,081 |
| Automobile | — | — | — | — | — |
| Education | 101 | 347 | 408 | 14 | 870 |
| Other retail | 2,556 | 7 | — | — | 2,563 |
| Total retail variable rate | 3,248 | 4,348 | 15,862 | 9,579 | 33,037 |
| Total retail | 7,417 | 14,336 | 28,921 | 18,753 | 69,427 |
| Total loans and leases | $29,838 | $54,962 | $35,561 | $18,842 | $139,203 |
(1) Maturity is based on scheduled principal repayment date.
(2) Includes floating-rate commercial loans hedged to fixed rate to manage our exposure to the variability in interest cash flows. See “Market Risk” for additional information regarding our use of interest rate derivatives to hedge our loan portfolio.
Citizens Financial Group, Inc. | 49
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