Citizens Financial Group said net income decreased $86 million and $263 million for the 3-month and 6-month periods ended June 30, 2024, respectively, and diluted earnings per common share fell $0.14 to $0.78 and $0.48 to $1.44.

1. 01

   Citizens Financial Group said net income decreased $86 million and $263 million for the 3-month and 6-month periods ended June 30, 2024, respectively, and diluted earnings per common share fell $0.14 to $0.78 and $0.48 to $1.44.

2. 02

   The company said net interest income fell $178 million (11%) over 3 months and $379 million (12%) over 6 months, and that FTE net interest margin declined 30 basis points and 34 basis points. It attributed this to higher funding and swap costs and the impact of building liquidity.

3. 03

   Provision for credit losses was $182 million for the 3-month period and $353 million for the 6-month period, and the company cited higher reserves against the CRE office portfolio as the driver. Net charge-offs rose $32 million over 3 months and $80 million over 6 months.

4. 04

   As of June 30, 2024, total borrowed funds were $13.1 billion, down $888 million from December 31, 2023, the company said. It also said total loans and leases decreased $2.5 billion in commercial and $1.6 billion in retail.

Key figures

Quarter ended June 30, 2024

Revenue

$2.0B

Net income

$392M

EPS

$0.78

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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