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Sep 30, 2021
Citizens Q3 2021 Earnings Report
Citizens reported strong results driven by revenue growth and expense management.
Key Takeaways
Citizens Financial Group reported a net income of $530 million and EPS of $1.18 for the third quarter of 2021. The results reflect broad-based strength across the businesses, including a rebound in mortgage, along with excellent credit results.
Underlying ROTCE was 14.2% and underlying EPS was $1.22.
Underlying PPNR was $671 million, reflecting strong results in Capital Markets, Wealth and Mortgage.
Net interest income increased 2% QoQ due to interest-earning asset growth.
Credit provision benefit of $33 million reflects strong credit performance and macroeconomic improvement.
Forward Guidance
Citizens maintains a positive outlook for a gradual, strong recovery through next year.
Positive Outlook
- Integration planning for recent acquisitions is going well.
- Excited about the franchise and synergy benefits as we look forward to 2022.
- Delivered strong results in the third quarter.
- Solid revenue growth across both net interest income and fees.
- Excellent expense discipline resulted in positive sequential operating leverage in excess of 2%.
Challenges Ahead
- Economic growth and loan demand in the second half have been affected by the pandemic.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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