Citizens Q2 2021 Earnings Report
Key Takeaways
Citizens Financial Group reported a net income of $648 million and EPS of $1.44 for the second quarter of 2021. The company's underlying ROTCE was 17.7% and underlying EPS was $1.46.
Underlying ROTCE of 17.7% and underlying EPS of $1.46 reflects diversity of fee businesses and excellent credit results
Underlying PPNR of $629 million reflects lower Mortgage revenue, record results in Capital Markets and Wealth, net interest income up 1%, and well-controlled expenses.
Credit provision benefit of $213 million driven by macroeconomic improvement and strong credit performance
Strong capital position with CET1 at 10.3%
Citizens
Citizens
Forward Guidance
The company expects loan growth to accelerate in the second half of the year as the economy continues to grow and excess liquidity is redeployed. They have commenced work on a TOP 7 program, with details to be announced later this year.