Loading...
•
Mar 31, 2021
Citizens Q1 2021 Earnings Report
Citizens Financial Group reported a net income of $611 million and EPS of $1.37 for Q1 2021.
Key Takeaways
Citizens Financial Group reported a strong start to 2021, with strength in fee businesses, good balance sheet management and excellent credit performance. Net income was reported at $611 million and EPS at $1.37.
Underlying ROTCE of 17.6% and underlying EPS of $1.41 reflects strength across our fee businesses and strong credit results
Underlying PPNR of $661 million down from record levels, reflecting lower mortgage revenue given tightening gain-on-sale margins, but strength in Capital Markets, record results in Wealth, and well-controlled expenses
Net interest margin of 2.76% up slightly QoQ with interest-bearing deposit costs of 20 bps, down 7 bps QoQ
Negative provision for credit losses of $140 million reflects strong credit results and improving macroeconomic outlook
Citizens
Citizens
Forward Guidance
Citizens sees positive signs that the economy is improving rapidly and that life is returning to normal and maintain a confident outlook for the balance of the year.