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Mar 31, 2022
Citizens Q1 2022 Earnings Report
Citizens Financial Group reported net income and EPS for Q1 2022.
Key Takeaways
Citizens Financial Group reported a solid financial performance for Q1 2022, with net income of $420 million and EPS of $0.93. The company completed acquisitions of HSBC East Coast branches and Investors Bancorp, and benefited from strong net interest income, good expense discipline, and excellent credit quality.
Completed acquisitions of HSBC East Coast branches and Investors Bancorp.
Underlying EPS of $1.07 and ROTCE of 13.0%.
Underlying PPNR of $587 million reflects lower fees, partly offset by higher net interest income.
Underlying credit benefit of $21 million; NCOs up slightly QoQ at 19 bps.
Citizens
Citizens
Forward Guidance
Citizens is well-positioned to benefit from market expectations for significant rate rises and expects a strong 2022.