Citizens Financial Group said it reported net income of $382 million and diluted EPS of $0.77 for Q3 2024. Excluding notable items, Underlying net income was $392 million and Underlying EPS was $0.79.

1. 01

   Citizens Financial Group said it reported net income of $382 million and diluted EPS of $0.77 for Q3 2024. Excluding notable items, Underlying net income was $392 million and Underlying EPS was $0.79.

2. 02

   The company said net interest income for Q3 was $1,369 million, down 3% from the prior quarter. Net interest margin, FTE, was 2.77%, down 10 basis points. It attributed the impact of forward starting swaps to 9 basis points.

3. 03

   The company said its CET1 ratio was 10.6% as of September 30, 2024, compared with 10.7% at the end of the prior quarter, and that tangible book value per common share was $33.54, up 10% from the prior quarter. It cited the decline in unrealized losses in AOCI from lower interest rates as the driver.

4. 04

   The company said net charge-offs for Q3 were $192 million (54 basis points of average loans), and its allowance for credit losses ratio was 1.61%, down from 1.63% in the prior quarter. Nonaccrual loans were $1.7 billion, up 10% from the prior quarter.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the opening part of the filing body and confirmed exhibits, within a length limit. This is not a review of other exhibits, investor presentations or the full earnings call.

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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