CITIZENS FINANCIAL GROUP INC/RI

We have two reportable business segments: Consumer Banking and Commercial Banking. The business segments are determined based on the products and services provided, or the type of customer served. Each business segment is managed by a segment head who reports, directly or indirectly, to the Chief Executive Officer, who has final authority for resource allocation and performance assessment. The business segments reflect this management structure and the manner in which financial information is currently evaluated by the Chief Executive Officer. See Note 16 for more information regarding our business segments.

The following tables present certain financial data of our reportable business segments. Total reportable business segment financial results differ from total consolidated financial results. These differences are reflected in Other non-segment operations, consisting primarily of treasury and community development, and include assets, liabilities, capital, revenues, provision (benefit) for credit losses, expenses, and income tax expense (benefit) not attributed to the Company’s reportable business segments.

(1)Includes LHFS.

Consumer Banking

Net interest income increased $131 million and $377 million for the three and nine months ended September 30, 2026, respectively, compared to the same periods in 2025, driven by higher net interest margin and growth in average interest-earning assets.

Noninterest income increased $6 million for the three months ended September 30, 2026 and decreased $7 million for the nine months ended September 30, 2026, compared to the same periods in 2025. Both periods reflect higher wealth fees, primarily from growth in assets under management driven by net inflows and market appreciation. They also reflect lower mortgage banking fees, as lower net MSR valuation results and production fees were partially offset by higher servicing revenue.

Noninterest expense increased $36 million and $163 million for the three and nine months ended September 30, 2026, respectively, compared to the same periods in 2025, primarily driven by salaries and employee benefits reflecting the continued Private Bank & Wealth build-out.

Net charge-offs decreased $7 million and $31 million for the three and nine months ended September 30, 2026, respectively, compared to the same periods in 2025, driven by other retail during the three-month period, and other retail and education during the nine-month period.

Commercial Banking

Net interest income increased $33 million and $76 million for the three and nine months ended September 30, 2026, respectively, compared to the same periods in 2025, driven by higher net interest margin and growth in average interest-earning assets.

Noninterest income was stable for the three months ended September 30, 2026 and increased $107 million for the nine months ended September 30, 2026, compared to the same periods in 2025. The increase during the nine-month period was driven by capital markets fees reflecting higher M&A, loan syndication, and bond and equity underwriting fees.

Noninterest expense was stable for the three months ended September 30, 2026 and increased $16 million for the nine months ended September 30, 2026, compared to the same periods in 2025, primarily driven by salaries and benefits reflecting compensation associated with growth in capital markets fees.

Net charge-offs decreased $16 million and $50 million for the three and nine months ended September 30, 2026, respectively, compared to the same periods in 2025, driven by CRE, partially offset by an increase in commercial and industrial.