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Mar 31, 2024
Citizens Q1 2024 Earnings Report
Citizens Financial Group reported a solid first quarter, featuring a recovery in capital markets fees and stable net interest margin.
Key Takeaways
Citizens Financial Group reported a solid first quarter with underlying EPS of $0.79 and ROTCE of 10.6%. The company saw a recovery in capital markets fees, stable NIM, and further improvement in its loan-to-deposit ratio. Expenses were managed tightly, and the company maintained a strong capital and credit reserve position.
Underlying EPS was $0.79 and ROTCE was 10.6%.
Underlying PPNR was $683 million, with NII down 3% QoQ and NIM stable at 2.91%.
Fees were up 3% QoQ, driven by higher Capital Markets and Card fees.
The CET1 ratio remained strong at 10.6%.
Forward Guidance
Citizens remains comfortable with its full year guidance and is excited by its medium-term prospects.
Positive Outlook
- Strong capital position
- Solid credit reserve
- Execution on key strategic initiatives
- Growth in the Private Bank
- Expansion in NYC Metro
Challenges Ahead
- Potential negative economic conditions
- Changes in interest rates
- Financial services reform
- Geopolitical instability
- Cybersecurity risks
Historical Earnings Impact
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Avg. Return Before/After Earnings
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