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Jun 30, 2022
Citizens Q2 2022 Earnings Report
Citizens' Q2 2022 net income was reported as $364 million, and EPS as $0.67.
Key Takeaways
Citizens Financial Group reported strong results in the second quarter of 2022, with a net income of $364 million and EPS of $0.67. The acquisition of Investors Bancorp was completed on April 6, 2022. Underlying EPS was $1.14, and ROTCE was 15.5%.
Investors Bancorp (“ISBC”) acquisition completed on April 6, 2022
Underlying EPS of $1.14 and ROTCE of 15.5%
Underlying PPNR of $850 million, up 45% QoQ, includes ~$150 million contribution from the HSBC/ISBC transactions
Excellent credit performance with NCOs of 13 bps down 6 bps QoQ
Forward Guidance
The company looks forward to continuing its momentum in the second half of the year.
Positive Outlook
- Strong results in the second quarter, which featured the completion of the Investors Bancorp acquisition
- Navigated well through a period marked by higher than expected inflation
- The Fed’s aggressiveness in raising short-term rates and tightening liquidity
- Capital, liquidity and funding position remains strong - funding attractive loan growth and have raised our dividend
- Fee businesses are proving to be diversified and resilient, and our credit metrics all remain very favorable
Historical Earnings Impact
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Avg. Return Before/After Earnings
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