Citizens Financial Group said net income for 2024 decreased $99 million compared to 2023, with earnings per diluted common share down $0.10 to $3.03. Total revenue decreased $415 million to $7.8 billion.

1. 01

   Citizens Financial Group said net income for 2024 decreased $99 million compared to 2023, with earnings per diluted common share down $0.10 to $3.03. Total revenue decreased $415 million to $7.8 billion.

2. 02

   The company said net interest income for 2024 decreased $608 million, or 10%, compared to 2023. It explained that net interest margin on a FTE basis decreased 25 basis points and average interest-earning assets decreased $3.6 billion.

3. 03

   Citizens Financial Group cited other operating expense related to FDIC deposit insurance as the primary driver of the decrease in noninterest expense for 2024. The company said the estimated special assessment of CBNA was $31 million in 2024 and $225 million in 2023.

4. 04

   The company said provision expense for credit losses of $687 million for 2024 was stable compared to 2023. It cited a decrease in commercial loans and leases of $4.7 billion and a decrease in retail of $2.1 billion as of December 31, 2024 as factors.

Key figures

Fiscal year ended December 31, 2024

Revenue

$7.8B

Net income

$1.5B

EPS

$3.03

Operating cash flow

$2.0B

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

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.