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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Noninterest Income
| Table 4: Noninterest Income | ||||
|---|---|---|---|---|
| Year Ended December 31, | ||||
| (dollars in millions) | 2024 | 2023 | Change | Percent |
| Service charges and fees | $420 | $410 | $10 | 2% |
| Capital markets fees | 467 | 319 | 148 | 46 |
| Card fees | 368 | 296 | 72 | 24 |
| Wealth fees(1) | 294 | 259 | 35 | 14 |
| Mortgage banking fees | 209 | 242 | (33) | (14) |
| Foreign exchange and derivative products | 146 | 183 | (37) | (20) |
| Letter of credit and loan fees | 175 | 168 | 7 | 4 |
| Securities gains, net | 18 | 28 | (10) | (36) |
| Other income(2) | 79 | 78 | 1 | 1 |
| Noninterest income | $2,176 | $1,983 | $193 | 10% |
(2) Includes bank-owned life insurance income and other income for all periods presented.
The primary drivers for the change in noninterest income for the year ended December 31, 2024, compared to 2023, are described below.
Capital markets fees increased given higher underwriting, M&A advisory and loan syndication fees.
Card fees increased driven primarily by higher credit card fees, including favorable vendor contract negotiations.
Wealth fees reflect increased sales activity and higher asset management fees.
Foreign exchange and derivative products revenue decreased given reduced client activity related to interest rate and commodities hedging.
Mortgage banking fees declined reflecting lower production and servicing fees and a decline in MSR valuation, net of hedge impact.
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