CITIZENS FINANCIAL GROUP INC/RI0000759944false00007599442024-10-162024-10-160000759944us-gaap:CommonStockMember2024-10-162024-10-160000759944us-gaap:SeriesEPreferredStockMember2024-10-162024-10-160000759944us-gaap:SeriesHPreferredStockMember2024-10-162024-10-16


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 16, 2024

citizenslogoa05.jpg
 (Exact name of the registrant as specified in its charter)
Delaware001-3663605-0412693
(State or Other Jurisdiction of
Incorporation)		(Commission File Number)(I.R.S. Employer
Identification Number)
One Citizens Plaza
Providence,RI02903
(Address of principal executive offices)(Zip Code)
 

Registrant’s telephone number, including area code: (203) 900-6715

Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common stock, $0.01 par value per shareCFGNew York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 5.000% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series ECFG PrENew York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 7.375% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series HCFG PrHNew York Stock Exchange





Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under the Exchange Act (17 CFR 240.12b-2).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
   
Item 2.02   Results of Operations and Financial Condition.
On October 16, 2024, Citizens Financial Group, Inc. (the “Company”) issued a press release announcing its third quarter 2024 earnings and posted on its website the press release and a financial supplement. Copies of the press release and financial supplement are being furnished as Exhibits 99.1 and 99.3, respectively.

Item 7.01 Regulation FD Disclosure.

For the benefit of investors, the Company has posted on its website an investor presentation in connection with its earnings conference call. A copy of the investor presentation is being furnished as Exhibit 99.2.

The information in this Form 8-K and Exhibits attached hereto are being furnished pursuant to Items 2.02 and 7.01, respectively, and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall this information be deemed incorporated by reference into any filings under the Securities Act of 1933, as amended.
Item 9.01   Financial Statements and Exhibits.
 Exhibit NumberDescription
(d)Exhibit 99.1  
Exhibit 99.2  
Exhibit 99.3  
Exhibit 104Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
CITIZENS FINANCIAL GROUP, INC.
By: /s/ John F. Woods
 John F. Woods
 Vice Chair and Chief Financial Officer
Date:  October 16, 2024






citizenslogoa05.jpg

Citizens Financial Group, Inc. Reports Third Quarter 2024 Net Income of
$382 million and EPS of $0.77
Underlying Net Income of $392 million and EPS of $0.79*
CET1 ratio of 10.6%; LDR 80.8%
Key Financial Data3Q242Q243Q23
Third Quarter 2024 Highlights
 
Income
Statement		($s in millions)
■Underlying EPS of $0.79 and ROTCE of 9.7%
■Underlying PPNR of $655 million
–NII down 2.9% QoQ, driven by a 10 bp decline in NIM primarily related to the impact of forward starting swaps
–Fees down 2.7% QoQ reflecting seasonally lower Capital Markets; solid results in Card and Wealth
–Expenses down 1.3% QoQ notwithstanding continued investment in the Private Bank
■Strong ACL coverage of 1.61%, down 2 bps QoQ
■Period-end loans broadly stable with Non-Core run off offset by Core loan growth, namely Private Bank and retail; period-end Private Bank loans up $634 million to $2.0 billion
■Average deposits stable QoQ; Private Bank spot deposits up $1.6 billion to $5.6 billion
■Strong liquidity profile; spot LDR of 80.8%; FHLB reduced to $553 million, down $6.5 billion YoY on a spot basis
–Pro forma LCR of 122% exceeds Category 1 Bank requirement of 100%
■Net charge-offs of 54 bps, up 2 bps QoQ
■Strong CET1 ratio of 10.6%; TCE ratio of 7.0%
■TBV/share of $33.54, up 9.6% QoQ reflects net AOCI benefit
Total revenue$1,901 $1,963 $2,014 
Pre-provision profit642 662 721 
Underlying pre-provision profit655 694 743 
Provision for credit losses172 182 172 
Net income382 392 430 
Underlying net income392 408 448 
Balance Sheet
&
Credit Quality		($s in billions)
Period-end loans and leases$141.6 $141.8 $149.7 
Average loans and leases142.0 143.1 150.8 
Period-end deposits175.2 176.4 178.2 
Average deposits174.1 173.7 176.5 
Period-end loan-to-deposit ratio80.8 %80.4 %84.0 %
NCO ratio0.54 %0.52 %0.40 %
Financial MetricsDiluted EPS$0.77 $0.78 $0.85 
Underlying Diluted EPS0.79 0.82 0.89 
ROTCE9.5 %10.6 %12.0 %
Underlying ROTCE9.7 11.1 12.5 
Net interest margin, FTE2.77 2.87 3.03 
Efficiency ratio66.2 66.3 64.2 
Underlying efficiency ratio65.6 64.6 63.1 
CET110.6 %10.7 %10.4 %
TBV/Share$33.54 $30.61 $27.73 

Notable Items3Q24
($s in millions except per share data)Pre-tax $EPS
Integration-related
$(2)$— 
TOP and Other items(11)(0.02)
Total
$(13)$(0.02)
Comments from Chairman and CEO Bruce Van Saun
“We continue to be pleased with the strong execution of our key initiatives during the third quarter,” said Chairman and CEO Bruce Van Saun. “Our Private Bank reached $5.6 billion in deposits and $4.1 billion in AUM, our NYC Metro region continues to achieve strong growth, and we are close to launching a TOP 10 program with $100 million plus impact. Our balance sheet
*Results presented on an Underlying basis are non-GAAP Financial Measures. See page 15 for additional information on our use of Non-GAAP Financial Measures.
Citizens Financial Group, Inc.
remains strong across capital, liquidity, funding and loan loss reserves. While Q3 was impacted by the drag from forward-starting swaps that commenced in July, as well as some fees that pushed out to Q4, we project a strong fourth quarter and launch into 2025.”
Citizens also announced today that its board of directors declared a quarterly common stock dividend of $0.42 per share. The dividend is payable on November 13, 2024 to shareholders of record at the close of business on October 30, 2024.
2
Citizens Financial Group, Inc.
Earnings highlights(1):
Quarterly Trends
 3Q24 change from
($s in millions, except per share data)3Q242Q243Q232Q243Q23
Earnings$/bps%$/bps%
Net interest income$1,369 $1,410 $1,522 $(41)(3) %$(153)(10) %
Noninterest income532 553 492 (21)(4)40 8 
Total revenue1,901 1,963 2,014 (62)(3)(113)(6)
Noninterest expense1,259 1,301 1,293 (42)(3)(34)(3)
Pre-provision profit642 662 721 (20)(3)(79)(11)
Provision for credit losses172 182 172 (10)(5)— —
Net income382 392 430 (10)(3)(48)(11)
Preferred dividends38 35 30 3 9 8 27 
Net income available to common stockholders$344 $357 $400 $(13)(4) %$(56)(14) %
After-tax notable Items10 16 18 (6)(38)(8)(44)
Underlying net income$392 $408 $448 $(16)(4) %$(56)(13) %
Underlying net income available to common stockholders354 373 418 (19)(5)(64)(15)
Average common shares outstanding
Basic (in millions)446.6 454.1 469.5 (7.6)(2)(22.9)(5)
Diluted (in millions)449.9 456.6 471.2 (6.6)(1)(21.3)(5)
Diluted earnings per share$0.77 $0.78 $0.85 $(0.01)(1) %$(0.08)(9) %
Underlying diluted earnings per share0.79 0.82 0.89 (0.03)(4)(0.10)(11)
Performance metrics
Net interest margin2.76 %2.86 %3.03 %(10) bps(27) bps
Net interest margin, FTE2.77 2.87 3.03 (10)(26)
Effective income tax rate18.6 18.5 21.5 7 (295)
Efficiency ratio66.2 66.3 64.2 (4)202 
Underlying efficiency ratio65.6 64.6 63.1 102 253 
Return on average tangible common equity9.5 10.6 12.0 (116)(255)
Underlying return on average tangible common equity9.7 11.1 12.5 (138)(280)
Return on average total tangible assets0.72 0.75 0.81 (3)(9)
Underlying return on average total tangible assets0.74 %0.78 %0.84 %(4) bps(10) bps
Capital adequacy(2,3)
Common equity tier 1 capital ratio10.6 %10.7 %10.4 %
Total capital ratio13.9 14.0 13.4 
Tier 1 leverage ratio9.4 9.4 9.4 
Tangible common equity ratio7.0 6.5 5.9 
Allowance for credit losses to loans and leases1.61 %1.63 %1.55 %(2) bps6  bps
Asset quality(3)
Nonaccrual loans and leases to loans and leases1.19 %1.08 %0.87 %11  bps32  bps
Allowance for credit losses to nonaccrual loans and leases136 151 179 (15)(43)
Net charge-offs as a % of average loans and leases0.54 %0.52 %0.40 %2  bps14  bps

(1) Unless otherwise noted, references to balance sheet items are on an average basis, loans exclude loans held for sale, earnings per share
represent fully diluted per common share and references to NIM are on a FTE basis.
(2) Current reporting-period regulatory capital ratios are preliminary.
(3) Capital adequacy and asset-quality ratios calculated on a period-end basis, except net charge-offs.







3
Citizens Financial Group, Inc.
The following table provides information on Underlying results which exclude the impact of notable items.

Underlying results:

Quarterly Trends
 3Q24 change from
($s in millions, except per share data)3Q242Q243Q232Q243Q23
$/bps%$/bps%
Net interest income$1,369 $1,410 $1,522 $(41)(3) %$(153)(10) %
Noninterest income534 549 492 (15)(3)42 9 
Total revenue$1,903 $1,959 $2,014 $(56)(3) %$(111)(6) %
Noninterest expense1,248 1,265 1,271 (17)(1)(23)(2)
Provision for credit losses172 182 172 (10)(5)— — 
Net income available to common stockholders$354 $373 $418 $(19)(5)%$(64)(15)%
Performance metrics
EPS$0.79 $0.82 $0.89 $(0.03)(4) %$(0.10)(11) %
Efficiency ratio65.6  %64.6  %63.1  %102  bps253  bps
Return on average tangible common equity9.7  %11.1  %12.5  %(138) bps(280) bps




Consolidated balance sheet summary(1):

 3Q24 change from
($s in millions)3Q242Q243Q232Q243Q23
$/bps%$/bps%
Total assets$219,706 $219,938 $225,270 $(232)—  %$(5,564)(2) %
Total loans and leases141,632 141,842 149,746 (210)— (8,114)(5)
Total loans held for sale663 683 848 (20)(3)(185)(22)
Deposits175,188 176,352 178,197 (1,164)(1)(3,009)(2)
Stockholders' equity24,932 23,869 22,878 1,063 4 2,054 9 
Stockholders' common equity22,819 21,757 20,864 1,062 5 1,955 9 
Tangible common equity$14,930 $13,866 $12,930 $1,064 8  %$2,000 15  %
Loan-to-deposit ratio (period-end)(2)
80.8 %80.4  %84.0  %42  bps(318) bps
Loan-to-deposit ratio (average)(2)
81.6 %82.4 %85.5 %(79) bps(387) bps
(1) Represents period-end unless otherwise noted.
(2) Excludes loans held for sale.

4
Citizens Financial Group, Inc.
Notable items:
Quarterly results reflect notable items primarily related to integration costs associated with recent acquisitions, as well as TOP revenue and efficiency initiatives and other items. In addition, second quarter 2024 includes a notable item for an industry-wide FDIC special assessment. These notable items have been excluded from reported results to better reflect Underlying operating results.
Notable items - Integration-related3Q242Q243Q23
($s in millions, except per share data)Pre-taxAfter-taxPre-taxAfter-taxPre-taxAfter-tax
Salaries & benefits$(2)$(2)$(3)$(2)$(4)$(3)
Equipment and software— — — — — — 
Outside services— — — — (4)(3)
Occupancy— — — — — — 
Other expense— — — — — — 
   Noninterest expense$(2)$(2)$(3)$(2)$(8)$(6)
EPS Impact - Noninterest expense $— $(0.01)$(0.02)
Total integration related$(2)$(2)$(3)$(2)$(8)$(6)
EPS Impact - Total Integration-related$— $(0.01)$(0.02)
Other notable items - TOP & Other3Q242Q243Q23
($s in millions, except per share data)Pre-taxAfter-taxPre-taxAfter-taxPre-taxAfter-tax
Tax notable items$— $— $— $7 $— $— 
  Noninterest income(2)(1)4 3 — — 
Salaries & benefits(2)(2)(5)(4)(1)— 
Equipment and software(2)(2)(4)(3)(6)(5)
Outside services(2)(2)(10)(7)(3)(3)
Occupancy(1)— (6)(4)(2)(2)
FDIC special assessment(1)
— — (5)(4)— — 
Other expense(2)(1)(3)(2)(2)(2)
   Noninterest expense$(9)$(7)$(33)$(24)$(14)$(12)
Total Other Notable Items$(11)$(8)$(29)$(14)$(14)$(12)
EPS Impact - Other Notable Items $(0.02)$(0.03)$(0.02)
Total Notable Items$(13)$(10)$(32)$(16)$(22)$(18)
Total EPS Impact$(0.02)$(0.04)$(0.04)
(1) The FDIC special assessment earnings per share impact is $(0.01) for second quarter 2024.

















5
Citizens Financial Group, Inc.
Discussion of results:
Net interest income 3Q24 change from
($s in millions)3Q242Q243Q232Q243Q23
$/bps%$/bps%
Interest income:
Interest and fees on loans and leases and loans held for sale$1,995 $2,028 $2,194 $(33)(2) %$(199)(9) %
Investment securities423 417 290 6 1 133 46 
Interest-bearing deposits in banks121 130 111 (9)(7)10 9
Total interest income$2,539 $2,575 $2,595 $(36)(1) %$(56)(2) %
Interest expense:
Deposits$990 $965 $898 $25 3  %$92 10  %
Short-term borrowed funds3 4 8 (1)(25)(5)(63)
Long-term borrowed funds177 196 167 (19)(10)10 6 
Total interest expense$1,170 $1,165 $1,073 $5 —  %$97 9  %
Net interest income$1,369 $1,410 $1,522 $(41)(3) %$(153)(10) %
Net interest margin, FTE2.77  %2.87  %3.03  %(10) bps(26) bps
Third quarter 2024vs.second quarter 2024
Net interest income of $1.4 billion decreased 2.9%, primarily reflecting lower net interest margin and slightly lower interest-earning assets.
•Net interest margin of 2.77% was down 10 basis points, largely reflecting the impact of forward starting swaps (9 basis points) and low-cost deposit migration, partly offset by the benefit of higher fixed-rate repricing and Non-Core run off.
•Interest-bearing deposit costs were up 4 basis points; total deposit costs were up 2 basis points, while total cost of funds was stable at 2.48%.
Third quarter 2024vs.third quarter 2023
Net interest income of $1.4 billion decreased 10%, reflecting lower net interest margin and a 1% decline in average interest-earning assets.
•Net interest margin of 2.77% decreased 26 basis points, as an increase in swap and funding costs, and the impact of building liquidity were partly offset by higher interest-earning-asset yields and the benefit of Non-Core run off.





6
Citizens Financial Group, Inc.
Noninterest Income 3Q24 change from
($s in millions)3Q242Q243Q232Q243Q23
$%$%
Service charges and fees$109 $106 $105 $3 3  %$4 4  %
Capital markets fees94 134 67 (40)(30)27 40 
Card fees93 92 74 1 1 19 26 
Wealth fees(1)
76 75 63 1 1 13 21 
Mortgage banking fees46 54 69 (8)(15)(23)(33)
Foreign exchange and derivative products36 39 48 (3)(8)(12)(25)
Letter of credit and loan fees45 43 43 2 5 2 5 
Securities gains, net9 — 5 9 1004 80
Other income(2)
24 10 18 14 1406 33
Noninterest income$532 $553 $492 $(21)(4) %$40 8  %
Underlying, as applicable
Card fees$87 $88 $74 $(1)(1)$13 18 
Other income(2)
$32 $10 $18 $22 220 $14 78 
Underlying noninterest income$534 $549 $492 $(15)(3) %$42 9  %
(1) Effective for 2Q24, Trust and Investment services fees was renamed to Wealth Fees to better reflect the broad range of wealth-related management fees and services provided to our customers.
(2) Includes bank-owned life insurance income and other miscellaneous income for all periods presented.
Third quarter 2024vs.second quarter 2024
Underlying noninterest income of $534 million decreased $15 million, or 2.7%.
•Service charges increased $3 million reflecting higher overdraft and cash management fees.
•Capital markets fees decreased $40 million, largely driven by seasonally lower loan syndication and debt underwriting fees. Additionally, several meaningful expected 3Q M&A fees pushed into 4Q.
•Wealth fees increased $1 million, reflecting higher asset management fees, largely offset by lower transaction sales activity.
•Mortgage banking fees decreased $8 million, driven by lower MSR valuation, net of hedging. This drop in MSR revenue was offset by securities gains in the quarter which resulted from investment portfolio repositioning actions.
•Foreign exchange and derivative products revenue decreased $3 million, primarily reflecting lower client hedging activity given the commencement of Fed rate cuts and the shift lower of the forward curve.
•Other income increased $22 million from second quarter levels that included higher operational losses.
Third quarter 2024vs.third quarter 2023
Underlying noninterest income of $534 million increased $42 million, or 9%.
•Service charges and fees increased $4 million, primarily driven by higher overdraft and cash management fees.
•Capital markets fees increased $27 million, given higher bond underwriting and M&A advisory, partly offset by lower loan syndication fees.
•Card fees increased $13 million, largely due to favorable vendor contract negotiations.
•Wealth fees increased $13 million, reflecting increased sales activity and higher asset management fees.
•Mortgage banking fees decreased $23 million, primarily reflecting lower MSR valuation, net of hedging.
•FX and derivative products revenue decreased $12 million given lower client activity in interest rate and commodities hedging.
7
Citizens Financial Group, Inc.
Noninterest Expense 3Q24 change from
($s in millions)3Q242Q243Q232Q243Q23
$%$%
Salaries and employee benefits$647 $645 $659 $2 — %$(12)(2)%
Equipment and software194 190 191 4 2 3 2 
Outside services146 165 160 (19)(12)(14)(9)
Occupancy108 113 107 (5)(4)1 1 
Other operating expense164 188 176 (24)(13)(12)(7)
Noninterest expense$1,259 $1,301 $1,293 $(42)(3)%$(34)(3)%
Notable items$11 $36 $22 $(25)(69)%$(11)(50)%
Underlying, as applicable
Salaries and employee benefits$643 $637 $654 $6 1 %$(11)(2)%
Equipment and software192 186 185 6 3 7 4 
Outside services144 155 153 (11)(7)(9)(6)
Occupancy107 107 105 — — 2 2 
Other operating expense162 180 174 (18)(10)(12)(7)
Underlying noninterest expense$1,248 $1,265 $1,271 $(17)(1)%$(23)(2)%
Third quarter 2024vs.second quarter 2024
Underlying noninterest expense of $1.2 billion decreased 1.3%.
•Salaries and employee benefits increased $6 million, primarily reflecting hiring related to the Private Bank build-out.
•Equipment and software increased $6 million given technology investments and maintenance.
•Outside services decreased $11 million, largely driven by vendor efficiencies.
•Other operating expense decreased $18 million, primarily reflecting lower marketing-related costs and miscellaneous items.
Reported noninterest expense of $1.3 billion decreased $42 million, reflecting a reduction in Notable items.
The effective tax rate was 18.6% in third quarter 2024. On an underlying basis, the effective tax rate of 18.7% decreased modestly compared to 20.3% in second quarter 2024, primarily reflecting a higher benefit from tax-advantaged investments.
Third quarter 2024vs.third quarter 2023
Underlying noninterest expense of $1.2 billion decreased 2%.
•Salaries and employee benefits decreased $11 million, primarily reflecting lower headcount, partly offset by hiring related to the Private Bank build-out.
•Equipment and software increased $7 million given technology investments and maintenance.
•Other operating expense decreased $12 million, primarily related to lower marketing-related costs.
The effective tax rate was 18.6% in third quarter 2024. On an underlying basis, the effective tax rate of 18.7% compared with 21.7% in third quarter 2023.
8
Citizens Financial Group, Inc.
Interest-earning assets 3Q24 change from
($s in millions)3Q242Q243Q232Q243Q23
Period-end interest-earning assets$%$%
Investments$42,428 $41,677 $35,547 $751 2  %$6,881 19  %
Interest-bearing deposits in banks10,584 11,139 14,329 (555)(5)(3,745)(26)
Commercial loans and leases71,808 71,934 77,457 (126)— (5,649)(7)
Retail loans69,824 69,908 72,289 (84)— (2,465)(3)
Total loans and leases141,632 141,842 149,746 (210)— (8,114)(5)
Loans held for sale, at fair value614 591 749 23 4 (135)(18)
Other loans held for sale49 92 99 (43)(47)(50)(51)
Total loans and leases and loans held for sale142,295 142,525 150,594 (230)— (8,299)(6)
Total period-end interest-earning assets$195,307 $195,341 $200,470 $(34)—  %$(5,163)(3) %
Average interest-earning assets
Investments(1)
$45,084 $44,692 $39,273 $392 1  %$5,811 15  %
Interest-bearing deposits in banks8,896 9,650 8,005 (754)(8)891 11 
Commercial loans and leases72,280 72,955 78,261 (675)(1)(5,981)(8)
Retail loans69,723 70,112 72,530 (389)(1)(2,807)(4)
Total loans and leases142,003 143,067 150,791 (1,064)(1)(8,788)(6)
Loans held for sale, at fair value1,108 896 1,204 212 24 (96)(8)
Other loans held for sale73 160 321 (87)(54)(248)(77)
Total loans and leases and loans held for sale143,184 144,123 152,316 (939)(1)(9,132)(6)
Total average interest-earning assets$197,164 $198,465 $199,594 $(1,301)(1) %$(2,430)(1) %
(1) Total average interest-earning assets excludes the mark-to-market on investment securities and unsettled purchases or sales of loans and investments.

Third quarter 2024vs.second quarter 2024
Period-end interest-earning assets of $195.3 billion were relatively stable reflecting a $210 million decrease in loans and leases and a $555 million decrease in cash held in interest-bearing deposits, partly offset by a $751 million increase in investments in securities. The decrease in loans and leases reflects a $126 million decline in commercial driven by paydowns and balance sheet optimization actions as well as market conditions resulting in lower client demand. Results also reflect an $84 million decrease in retail, given $1.0 billion of Non-Core portfolio run off, partly offset by growth in home equity and mortgage.
Average interest-earning assets of $197.2 billion decreased $1.3 billion, or 1%, reflecting a $1.1 billion decrease in total loans and leases and a $754 million decrease in cash held in interest-bearing deposits, partly offset by a $392 million increase in investments. The decrease in loans and leases reflects a $675 million decrease in commercial given paydowns and balance sheet optimization actions as well as market conditions driving lower client demand. Retail decreased $389 million driven by Non-Core portfolio run off, partly offset by growth in home equity and mortgage.
The average effective duration of the securities portfolio was 3.3 years, compared with 3.7 years at June 30, 2024 and 5.2 years at September 30, 2023.
Third quarter 2024vs.third quarter 2023
Period-end interest-earning assets of $195.3 billion decreased $5.2 billion, or 3%, reflecting a $8.3 billion decrease in total loans and leases and loans held for sale and a $3.7 billion decrease in investments in cash held in interest-bearing deposits, partly offset by a $6.9 billion increase in investments in securities. The decrease in loans and leases reflects a $5.6 billion decline in commercial given paydowns, balance sheet optimization actions and lower client demand, and a $2.5 billion decline in retail given $4.5 billion of Non-Core portfolio run off, partly offset by growth in home equity and mortgage.
Average interest-earning assets of $197.2 billion decreased $2.4 billion, or 1%, reflecting a $9.1 billion decrease in total loans and leases and loans held for sale, partly offset by a $5.8 billion increase in investments in securities and a $891 million increase in cash held in interest-bearing deposits.
9
Citizens Financial Group, Inc.
Deposits 3Q24 change from
($s in millions)3Q242Q243Q232Q243Q23
Period-end deposits$%$%
Demand
$35,978 $36,927 $38,561 $(949)(3) %$(2,583)(7) %
Money market54,654 52,599 53,517 2,055 4 1,137 2 
Checking with interest33,680 34,421 33,355 (741)(2)325 1 
Savings26,489 27,240 29,139 (751)(3)(2,650)(9)
Term24,387 25,165 23,625 (778)(3)762 3 
Total period-end deposits$175,188 $176,352 $178,197 $(1,164)(1) %$(3,009)(2) %
Average deposits
Demand
$36,236 $36,205 $39,728 $31 —  %$(3,492)(9) %
Money market53,152 51,570 52,057 1,582 3 1,095 2 
Checking with interest33,090 33,659 33,545 (569)(2)(455)(1)
Savings26,868 27,560 29,516 (692)(3)(2,648)(9)
Term24,705 24,676 21,604 29 — 3,101 14 
Total average deposits$174,051 $173,670 $176,450 $381 —  %$(2,399)(1) %
Third quarter 2024vs.second quarter 2024
Total period-end deposits of $175.2 billion decreased 1% reflecting a reduction in higher-cost Treasury deposits, largely offset by $1.6 billion of growth in the Private Bank.
Average deposits of $174.1 billion are broadly stable reflecting $1.7 billion growth in Private Bank deposits, as well as stable Retail and Commercial deposits, largely offset by reduced higher-cost Treasury deposits.
Third quarter 2024vs.third quarter 2023
Average deposits of $174.1 billion decreased 1%. Total period-end deposits of $175.2 billion decreased 2% driven by a reduction in higher-cost Treasury deposits, as well as rate-driven migration in Commercial and Retail, largely offset by growth in Private Bank deposits of $5.4 billion.

10
Citizens Financial Group, Inc.
Borrowed Funds 3Q24 change from
($s in millions)3Q242Q243Q232Q243Q23
Period-end borrowed funds$%$%
Short-term borrowed funds$15 $2 $232 $13 NM$(217)(94) %
Long-term borrowed funds
FHLB advances553 553 7,036 — —(6,483)(92)
Senior debt7,766 6,512 5,258 1,254 19 2,508 48 
Subordinated debt and other debt1,824 1,827 1,815 (3)— 9 — 
Auto collateralized borrowings3,801 4,190 3,245 (389)(9)556 17 
Total borrowed funds$13,959 $13,084 $17,586 $875 7  %$(3,627)(21) %
Average borrowed funds
Short-term borrowed funds$150 $325 $506 $(175)(54) %$(356)(70) %
Long-term borrowed funds
FHLB advances477 2,375 4,023 (1,898)(80)(3,546)(88)
Senior debt7,462 6,684 5,259 778 12 2,203 42 
Subordinated debt and other debt1,758 1,826 1,814 (68)(4)(56)(3)
Auto collateralized borrowings3,993 4,207 2,106 (214)(5)1,887 90 
Total average borrowed funds$13,840 $15,417 $13,708 $(1,577)(10) %$132 1  %
Third quarter 2024vs.second quarter 2024
Period-end borrowed funds increased by $875 million. Senior debt increased by $1.3 billion, reflecting new issuance. This was partly offset by a $389 million decrease in collateralized borrowings on auto loans given run off of the associated portfolio.
Average borrowed funds decreased $1.6 billion, largely driven by a $1.9 billion decrease in FHLB advances. Senior debt increased by $778 million, reflecting new issuance, and collateralized borrowings on auto loans decreased by $214 million.
Third quarter 2024vs.third quarter 2023
Period-end borrowed funds decreased by $3.6 billion, primarily due to a decrease in FHLB advances of $6.5 billion, partly offset by the $2.5 billion increase in senior debt issuances and $556 million increase in auto collateralized borrowings.
Average borrowed funds increased by $132 million, reflecting a $3.5 billion decrease in FHLB advances driven by the run off of the Non-Core portfolio and re-mixing of funding to auto collateralized borrowings, up $1.9 billion, and senior debt issuances, up $2.2 billion.


11
Citizens Financial Group, Inc.
Capital 3Q24 change from
($s and shares in millions, except per share data)3Q242Q243Q232Q243Q23
Period-end capital$%$%
Stockholders' equity$24,932 $23,869 $22,878 $1,063 4  %$2,054 9  %
Stockholders' common equity22,819 21,757 20,864 1,062 5 1,955 9 
Tangible common equity14,930 13,866 12,930 1,064 8 2,000 15 
Tangible book value per common share$33.54 $30.61 $27.73 $2.93 10  %$5.81 21  %
Common shares - at end of period445.2 453.0 466.2 (7.7)(2)(21.0)(5)
Common shares - average (diluted)449.9 456.6 471.2 (6.6)(1) %(21.3)(5) %
Common equity tier 1 capital ratio(1)
10.6 %10.7 %10.4 %
Total capital ratio(1)
13.9 14.0 13.4 
Tangible common equity ratio7.0 6.5 5.9 
Tier 1 leverage ratio(1)
9.4 9.4 9.4 
(1) Current reporting-period regulatory capital ratios are preliminary.
Third quarter 2024
•The CET1 capital ratio of 10.6% as of September 30, 2024 compares with 10.7% at June 30, 2024 and 10.4% at September 30, 2023.
•Total capital ratio of 13.9% compares with 14.0% at June 30, 2024 and 13.4% as of September 30, 2023.
•Tangible common equity ratio of 7.0% compares with 6.5% at June 30, 2024 and 5.9% as of September 30, 2023.
•Tangible book value per common share of $33.54 increased 10% compared with second quarter 2024 reflecting the AOCI benefit from lower unrealized losses associated with the impact of lower rates.
•Paid $191 million in common dividends to shareholders during third quarter 2024. This compares with $193 million in common dividends during second quarter 2024 and $200 million during third quarter 2023.
•Repurchased $325 million of common shares during third quarter 2024, compared with $200 million in second quarter 2024 and $250 million in third quarter 2023.
12
Citizens Financial Group, Inc.
Credit quality review 3Q24 change from
($s in millions)3Q242Q243Q232Q243Q23
$/bps%$/bps%
Nonaccrual loans and leases(1)
$1,687 $1,527 $1,296 $160 10  %$391 30  %
90+ days past due and accruing(2)
169 228 248 (59)(26)(79)(32)
Net charge-offs192 184 153 8 4 39 25 
Provision for credit losses172 182 172 (10)(5)— — 
Allowance for credit losses $2,286 $2,306 $2,318 $(20)(1) %$(32)(1) %
Nonaccrual loans and leases to loans and leases1.19  %1.08  %0.87  %11  bps32 
Net charge-offs as a % of total loans and leases0.54 0.52 0.40 2 14 
Allowance for credit losses to loans and leases1.61 1.63 1.55 (2)6 
Allowance for credit losses to nonaccrual loans and leases136  %151  %179  %(15) bps(43) bps
(1) Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.
(2) 90+ days past due and accruing includes $145 million, $168 million, and $216 million of loans fully or partially guaranteed by the FHA, VA, and USDA for September 30, 2024, June 30, 2024, and September 30, 2023, respectively.
Third quarter 2024vs.second quarter 2024
•The nonaccrual loans to total loans ratio of 1.19% compares with 1.08% at June 30, 2024. Nonaccrual loans of $1.7 billion increased $160 million, or 10%, primarily reflecting a $132 million increase in Commercial, given an increase in General Office as we proceed with workout actions.
•Net charge-offs of $192 million, or 54 basis points of average loans and leases, increased 2 basis points compared with the prior quarter. The increase primarily reflects seasonality in Auto. A sequential decline in commercial real estate charge-offs was offset by the resolution of several nonperforming credits in C&I.
•The third quarter 2024 provision for credit losses of $172 million compares with $182 million for second quarter 2024. The ratio of allowance for credit losses to total loans of 1.61% decreased from 1.63% as of June 30, 2024, primarily reflecting an improved macroeconomic outlook and loan mix given Non-Core run off and high quality originations.
•The allowance for credit losses to nonaccrual loans and leases ratio of 136% compares with 151% as of June 30, 2024.
Third quarter 2024vs.third quarter 2023
•The nonaccrual loans to total loans ratio of 1.19% increased from 0.87% at September 30, 2023.
•Nonaccrual loans increased $391 million, or 30%, primarily reflecting an increase in the General Office segment of commercial real estate.
•Net charge-offs of $192 million, or 54 basis points of average loans and leases, increased $39 million, primarily reflecting a $28 million increase in commercial.
•Provision for credit losses of $172 million compares with a $172 million provision in third quarter 2023.
•Allowance for credit losses of $2.3 billion decreased $32 million compared with September 30, 2023. Allowance for credit losses ratio of 1.61% as of September 30, 2024, compares with 1.55% as of September 30, 2023.
•The allowance for credit losses to nonaccrual loans and leases ratio of 136% compares with 179% as of September 30, 2023.
13
Citizens Financial Group, Inc.

Corresponding Financial Tables and Information
Investors are encouraged to review the foregoing summary and discussion of Citizens’ earnings and financial condition in conjunction with the detailed financial tables and other information available on the Investor Relations portion of the company’s website at www.citizensbank.com/about-us.
Media:    Peter Lucht - (781) 655-2289
Investors: Kristin Silberberg - (203) 900-6854
Conference Call
CFG management will host a live conference call today with details as follows:
Time:    9:00 am ET
Dial-in: (877) 336-4440, conference ID 4816160
Webcast/Presentation: The live webcast will be available at http://investor.citizensbank.com under Events & Presentations.
Replay Information: A replay of the conference call will be available beginning at 1:00 pm ET on October 16, 2024 through November 16, 2024. Please dial (866) 207-1041 and enter access code 2124050. The webcast replay will be available at http://investor.citizensbank.com under Events & Presentations.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $219.7 billion in assets as of September 30, 2024. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,100 ATMs and more than 1,000 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on X (formerly Twitter), LinkedIn or Facebook.

14
Citizens Financial Group, Inc.

Non-GAAP Financial Measures and Reconciliations
Non-GAAP Financial Measures:
This document contains non-GAAP financial measures denoted as Underlying. Underlying results for any given reporting period exclude certain items that may occur in that period which Management does not consider indicative of the Company’s on-going financial performance. We believe these non-GAAP financial measures provide useful information to investors because they are used by our Management to evaluate our operating performance and make day-to-day operating decisions. In addition, we believe our Underlying results in any given reporting period reflect our on-going financial performance in that period and, accordingly, are useful to consider in addition to our GAAP financial results. We further believe the presentation of Underlying results increases comparability of period-to-period results. See the following pages for reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures.
Other companies may use similarly titled non-GAAP financial measures that may be calculated differently from the way we calculate such measures. Accordingly, our non-GAAP financial measures may not be comparable to similar measures used by such companies. We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP measures. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our results reported under GAAP.
15
Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS
3Q24 Change
3Q242Q243Q232Q243Q23
$%$%
Noninterest income, Underlying:
Noninterest income (GAAP)$532 $553 $492 ($21)(4 %)$40 8 %
Less: Notable items(2)4 — (6)(150)(2)(100)
Noninterest income, Underlying (non-GAAP)$534 $549 $492 ($15)(3 %)$42 9 %
Total revenue, Underlying:
Total revenue (GAAP)A$1,901 $1,963 $2,014 ($62)(3 %)($113)(6 %)
Less: Notable items(2)4 — (6)(150)(2)(100)
Total revenue, Underlying (non-GAAP)B$1,903 $1,959 $2,014 ($56)(3 %)($111)(6 %)
Noninterest expense, Underlying:
Noninterest expense (GAAP)C$1,259 $1,301 $1,293 ($42)(3 %)($34)(3 %)
Less: Notable items11 36 22 (25)(69)(11)(50)
Noninterest expense, Underlying (non-GAAP)D$1,248 $1,265 $1,271 ($17)(1 %)($23)(2 %)
Pre-provision profit:
Total revenue (GAAP)A$1,901 $1,963 $2,014 ($62)(3 %)($113)(6 %)
Less: Noninterest expense (GAAP)C1,259 1,301 1,293 (42)(3)(34)(3)
Pre-provision profit (non-GAAP)
$642 $662 $721 ($20)(3 %)($79)(11 %)
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)B$1,903 $1,959 $2,014 ($56)(3 %)($111)(6 %)
Less: Noninterest expense, Underlying (non-GAAP)D1,248 1,265 1,271 (17)(1)(23)(2)
Pre-provision profit, Underlying (non-GAAP)$655 $694 $743 ($39)(6 %)($88)(12 %)
Income before income tax expense, Underlying:
Income before income tax expense (GAAP)E$470 $480 $549 ($10)(2 %)($79)(14 %)
Less: Income (expense) before income tax expense (benefit) related to notable items(13)(32)(22)19 599 41
Income before income tax expense, Underlying (non-GAAP)F$483 $512 $571 ($29)(6 %)($88)(15 %)
Income tax expense, Underlying:
Income tax expense (GAAP)G$88 $88 $119 $— — %($31)(26 %)
Less: Income tax expense (benefit) related to notable items(3)(16)(4)13 811 25
Income tax expense, Underlying (non-GAAP)H$91 $104 $123 ($13)(13 %)($32)(26 %)
Net income, Underlying:
Net income (GAAP)I$382 $392 $430 ($10)(3 %)($48)(11 %)
Add: Notable items, net of income tax benefit10 16 18 (6)(38)(8)(44)
Net income, Underlying (non-GAAP)J$392 $408 $448 ($16)(4 %)($56)(13 %)
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)K$344 $357 $400 ($13)(4 %)($56)(14 %)
Add: Notable items, net of income tax benefit10 16 18 (6)(38)(8)(44)
Net income available to common stockholders, Underlying (non-GAAP)L$354 $373 $418 ($19)(5 %)($64)(15 %)
16
Citizens Financial Group, Inc.
Non-GAAP financial measures and reconciliations (continued)
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS
3Q24 Change
3Q242Q243Q232Q243Q23
$/bps%$/bps%
Operating leverage:
Total revenue (GAAP)A$1,901 $1,963 $2,014 ($62)(3.23 %)($113)(5.67 %)
Less: Noninterest expense (GAAP)C1,259 1,301 1,293 (42)(3.28)(34)(2.69)
Operating leverage0.05 %(2.98 %)
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)B$1,903 $1,959 $2,014 ($56)(2.88 %)($111)(5.54 %)
Less: Noninterest expense, Underlying (non-GAAP)D1,248 1,265 1,271 (17)(1.35)(23)(1.75)
Operating leverage, Underlying (non-GAAP)(1.53 %)(3.79 %)
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio C/A66.23 %66.27 %64.21 %(4) bps202  bps
Efficiency ratio, Underlying (non-GAAP)D/B65.61 64.59 63.08 102  bps253  bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rateG/E18.56 %18.49 %21.51 %7  bps(295) bps
Effective income tax rate, Underlying (non-GAAP)H/F18.75 20.33 21.69 (158) bps(294) bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)M$22,380 $21,427 $21,177 $953 4 %$1,203 6 %
Less: Average goodwill (GAAP)8,187 8,188 8,188 (1)— (1)— 
Less: Average other intangibles (GAAP)140 144 173 (4)(3)(33)(19)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)435 432 422 3 1 13 3 
Average tangible common equityN$14,488 $13,527 $13,238 $961 7 %$1,250 9 %
Return on average tangible common equity K/N9.45 %10.61 %12.00 %(116) bps(255) bps
Return on average tangible common equity, Underlying (non-GAAP)L/N9.71 11.09 12.51 (138) bps(280) bps
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)O$218,578 $219,222 $220,162 ($644)— %($1,584)(1 %)
Less: Average goodwill (GAAP)8,187 8,188 8,188 (1)— (1)— 
Less: Average other intangibles (GAAP)140 144 173 (4)(3)(33)(19)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)435 432 422 3 1 13 3 
Average tangible assetsP$210,686 $211,322 $212,223 ($636)— %($1,537)(1 %)
Return on average total tangible assets I/P0.72 %0.75 %0.81 %(3) bps(9) bps
Return on average total tangible assets, Underlying (non-GAAP)J/P0.74 0.78 0.84 (4) bps(10) bps





















17
Citizens Financial Group, Inc.
Non-GAAP financial measures and reconciliations (continued)
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS
3Q24 Change
3Q242Q243Q232Q243Q23
$/bps%$/bps%
Tangible book value per common share:
Common shares - at period-end (GAAP)Q445,216,549 452,961,853 466,221,795 (7,745,304)(2 %)(21,005,246)(5 %)
Common stockholders' equity (GAAP)$22,819 $21,757 $20,864 $1,062 5 $1,955 9 
Less: Goodwill (GAAP)8,187 8,187 8,188 — — (1)— 
Less: Other intangible assets (GAAP)137 139 167 (2)(1)(30)(18)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)435 435 421 — — 14 3 
Tangible common equityR$14,930 $13,866 $12,930 $1,064 8 %$2,000 15 %
Tangible book value per common shareR/Q$33.54 $30.61 $27.73 $2.93 10 %$5.81 21 %
Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying:
Average common shares outstanding - basic (GAAP)S446,561,996 454,142,489 469,481,085 (7,580,493)(2 %)(22,919,089)(5 %)
Average common shares outstanding - diluted (GAAP)T449,913,467 456,561,022 471,183,719 (6,647,555)(1)(21,270,252)(5)
Net income per average common share - basic (GAAP)K/S$0.77 $0.79 $0.85 ($0.02)(3)($0.08)(9)
Net income per average common share - diluted (GAAP)K/T0.77 0.78 0.85 (0.01)(1)(0.08)(9)
Net income per average common share - basic, Underlying (non-GAAP)L/S0.79 0.82 0.89 (0.03)(4)(0.10)(11)
Net income per average common share - diluted, Underlying (non-GAAP)L/T0.79 0.82 0.89 (0.03)(4)(0.10)(11)


18
Citizens Financial Group, Inc.
Non-GAAP financial measures and reconciliations (continued)
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS
3Q24 Change
3Q242Q243Q232Q243Q23
$/bps%$/bps%
Card fees, Underlying:
Card fees (GAAP)$93 $92 $74 $1 1$19 26%
Less: Notable items6 4 — 2 50 6 100 
Card fees, Underlying (non-GAAP)$87 $88 $74 ($1)(1)$13 18 %
Other income, Underlying:
Other income (GAAP)$24 $10 $18 $14 140$6 33%
Less: Notable items(8)— — (8)(100)(8)(100)
Other income, Underlying (non-GAAP)$32 $10 $18 $22 220 $14 78 %
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)$647 $645 $659 $2 — %($12)(2 %)
Less: Notable items4 8 5 (4)(50)(1)(20)
Salaries and employee benefits, Underlying (non-GAAP)$643 $637 $654 $6 1 %($11)(2 %)
Equipment and software, Underlying:
Equipment and software (GAAP)
$194 $190 $191 $4 2 %$3 2 %
Less: Notable items2 4 6 (2)(50)(4)(67)
Equipment and software, Underlying (non-GAAP)$192 $186 $185 $6 3 %$7 4 %
Outside services, Underlying:
Outside services (GAAP)$146 $165 $160 ($19)(12 %)($14)(9 %)
Less: Notable items2 10 7 (8)(80)(5)(71)
Outside services, Underlying (non-GAAP)$144 $155 $153 ($11)(7 %)($9)(6 %)
Occupancy, Underlying:
Occupancy (GAAP)$108 $113 $107 ($5)(4 %)$1 1 %
Less: Notable items1 6 2 (5)(83)(1)(50)
Occupancy, Underlying (non-GAAP)$107 $107 $105 $— — %$2 2 %
Other operating expense, Underlying:
Other operating expense (GAAP)$164 $188 $176 ($24)(13 %)($12)(7 %)
Less: Notable items2 8 2 (6)(75)— —
Other operating expense, Underlying (non-GAAP)$162 $180 $174 ($18)(10 %)($12)(7 %)


























19
Citizens Financial Group, Inc.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement that does not describe historical or current facts is a forward-looking statement. These statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “goals,” “targets,” “initiatives,” “potentially,” “probably,” “projects,” “outlook,” “guidance” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would,” and “could.”

Forward-looking statements are based upon the current beliefs and expectations of management, and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation:
•Negative economic, business and political conditions, including as a result of the interest rate environment, supply chain disruptions, inflationary pressures and labor shortages, that adversely affect the general economy, housing prices, the job market, consumer confidence and spending habits;
•The general state of the economy and employment, as well as general business and economic conditions, and changes in the competitive environment;
•Our capital and liquidity requirements under regulatory standards and our ability to generate capital and liquidity on favorable terms;
•The effect of changes in our credit ratings on our cost of funding, access to capital markets, ability to market our securities, and overall liquidity position;
•The effect of changes in the level of commercial and consumer deposits on our funding costs and net interest margin;
•Our ability to execute on our strategic business initiatives and achieve our financial performance goals across our Consumer and Commercial businesses, including our Private Bank;
•The effects of geopolitical instability, including the wars in Ukraine and the Middle East, on economic and market conditions, inflationary pressures and the interest rate environment, commodity price and foreign exchange rate volatility, and heightened cybersecurity risks;
•Our ability to comply with heightened supervisory requirements and expectations as well as new or amended regulations;
•Liabilities and business restrictions resulting from litigation and regulatory investigations;
•The effect of changes in interest rates on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgages held for sale;
•Changes in interest rates and market liquidity, as well as the magnitude of such changes, which may reduce interest margins, impact funding sources and affect the ability to originate and distribute financial products in the primary and secondary markets;
•Financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses;
•Environmental risks, such as physical or transition risks associated with climate change, and social and governance risks, that could adversely affect our reputation, operations, business, and customers;
•A failure in or breach of our compliance with laws, as well as operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; and
•Management’s ability to identify and manage these and other risks.

In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, capital impacts of strategic initiatives, market conditions, and regulatory considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares from or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends.

More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found in the “Risk Factors” section in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 as filed with the Securities and Exchange Commission.
Note: Per share amounts and ratios presented in this document are calculated using whole dollars.
20
Citizens Financial Group, Inc.
CFG-IR
21
3Q24 Financial Results October 16, 2024

 
2 Forward-looking statements and use of non-GAAP financial measures This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement that does not describe historical or current facts is a forward- looking statement. These statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “goals,” “targets,” “initiatives,” “potentially,” “probably,” “projects,” “outlook,” “guidance” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would,” and “could.” Forward-looking statements are based upon the current beliefs and expectations of management, and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation: • Negative economic, business and political conditions, including as a result of the interest rate environment, supply chain disruptions, inflationary pressures and labor shortages, that adversely affect the general economy, housing prices, the job market, consumer confidence and spending habits; • The general state of the economy and employment, as well as general business and economic conditions, and changes in the competitive environment; • Our capital and liquidity requirements under regulatory standards and our ability to generate capital and liquidity on favorable terms; • The effect of changes in our credit ratings on our cost of funding, access to capital markets, ability to market our securities, and overall liquidity position; • The effect of changes in the level of commercial and consumer deposits on our funding costs and net interest margin; • Our ability to execute on our strategic business initiatives and achieve our financial performance goals across our Consumer and Commercial businesses, including our Private Bank; • The effects of geopolitical instability, including the wars in Ukraine and the Middle East, on economic and market conditions, inflationary pressures and the interest rate environment, commodity price and foreign exchange rate volatility, and heightened cybersecurity risks; • Our ability to comply with heightened supervisory requirements and expectations as well as new or amended regulations; • Liabilities and business restrictions resulting from litigation and regulatory investigations; • The effect of changes in interest rates on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgages held for sale; • Changes in interest rates and market liquidity, as well as the magnitude of such changes, which may reduce interest margins, impact funding sources and affect the ability to originate and distribute financial products in the primary and secondary markets; • Financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses; • Environmental risks, such as physical or transition risks associated with climate change, and social and governance risks, that could adversely affect our reputation, operations, business, and customers; • A failure in or breach of our compliance with laws, as well as operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; and • Management’s ability to identify and manage these and other risks. In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, capital impacts of strategic initiatives, market conditions, and regulatory considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares from or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends. More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found in the “Risk Factors” section in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 as filed with the Securities and Exchange Commission. Non-GAAP Financial Measures: This document contains non-GAAP financial measures denoted as Underlying. Underlying results for any given reporting period exclude certain items that may occur in that period which Management does not consider indicative of the Company’s on-going financial performance. We believe these non-GAAP financial measures provide useful information to investors because they are used by our Management to evaluate our operating performance and make day-to-day operating decisions. In addition, we believe our Underlying results in any given reporting period reflect our on-going financial performance in that period and, accordingly, are useful to consider in addition to our GAAP financial results. We further believe the presentation of Underlying results increases comparability of period- to-period results. The Appendix presents reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures. Other companies may use similarly titled non-GAAP financial measures that may be calculated differently from the way we calculate such measures. Accordingly, our non-GAAP financial measures may not be comparable to similar measures used by such companies. We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP measures. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our results reported under GAAP.

 
3 3Q24 GAAP summary 3Q24 2Q24 3Q23 Q/Q Y/Y $s in millions $/bps % $/bps % Net interest income $ 1,369 $ 1,410 $ 1,522 $ (41) (3) % $ (153) (10) % Noninterest income 532 553 492 (21) (4) 40 8 Total revenue 1,901 1,963 2,014 (62) (3) (113) (6) Noninterest Expense 1,259 1,301 1,293 (42) (3) (34) (3) Pre-provision profit 642 662 721 (20) (3) (79) (11) Provision for credit losses 172 182 172 (10) (5) — — Income before income tax expense 470 480 549 (10) (2) (79) (14) Income tax expense 88 88 119 — — (31) (26) Net income $ 382 $ 392 $ 430 $ (10) (3) % $ (48) (11) % Preferred dividends 38 35 30 3 9 8 27 Net income available to common stockholders $ 344 $ 357 $ 400 $ (13) (4) % $ (56) (14) % $s in billions Average interest-earning assets $ 197.2 $ 198.5 $ 199.6 $ (1.3) (1) % $ (2.4) (1) % Average deposits $ 174.1 $ 173.7 $ 176.5 $ 0.4 — % $ (2.4) (1) % Performance metrics Net interest margin(1) 2.76 % 2.86 % 3.03 % (10) bps (27) bps Net interest margin, FTE(1) 2.77 2.87 3.03 (10) (26) Loan-to-deposit ratio (period-end) 80.8 80.4 84.0 42 (318) ROTCE 9.5 10.6 12.0 (116) (255) Efficiency ratio 66.2 66.3 64.2 (4) 202 Noninterest income as a % of total revenue 28 % 28 % 24 % (21) bps 351 bps Full-time equivalent colleagues 17,329 17,510 18,214 (181) (1) (885) (5) Operating leverage 0.05 % (2.98) % Per common share Diluted earnings $ 0.77 $ 0.78 $ 0.85 $ (0.01) (1) % $ (0.08) (9) % Tangible book value $ 33.54 $ 30.61 $ 27.73 $ 2.93 10 % $ 5.81 21 % Average diluted shares outstanding (in millions) 449.9 456.6 471.2 (6.6) (1) % (21.3) (5) % See pages 34-35 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 33.

 
4 3Q24 Underlying financial summary(1) Q/Q Y/Y $s in millions 3Q24 $/bps % $/bps % Net interest income $ 1,369 $ (41) (3) % $ (153) (10) % Noninterest income 534 (15) (3) 42 9 Total revenue 1,903 (56) (3) (111) (6) Noninterest expense 1,248 (17) (1) (23) (2) Pre-provision profit 655 (39) (6) (88) (12) Provision for credit losses 172 (10) (5) — — Net income available to common stockholders $ 354 $ (19) (5) % $ (64) (15) % Performance metrics Diluted EPS $ 0.79 $ (0.03) (4) % $ (0.10) (11) % Efficiency ratio 65.6 102 bps 253 bps Noninterest income as a % of total revenue 28 % 5 bps 361 bps ROTCE 9.7 % (138) bps (280) bps Tangible book value per share $ 33.54 $ 2.93 10 % $ 5.81 21 % 3Q24 Notable items impacts Pre-tax EPS ($s in millions except per share data) Integration-related $ (2) $ — TOP and Other items (11) (0.02) Total $ (13) $ (0.02) See pages 34-35 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 33.

 
5 ■ CFG performance reflects stabilizing Legacy Core results, less drag from the Private Bank investment and continued loss in Non-Core ■ Private Bank reached break-even mid-quarter, expected to be profitable in 4Q ■ Non-Core portfolio run off of $1.0 billion in 3Q24 ($3.2 billion YTD) 3Q24 Underlying financial performance detail(1) (A) (B) (C) = (A) + (B) (D) (E) = (C) + (D) $s in millions Legacy Core(2) Private Bank Core Non-Core(3) Total CFG Net interest income $1,356 $41.2 $1,397 $(28) $1,369 Noninterest income 525 8.5 534 — 534 Total revenue 1,881 49.7 1,931 (28) 1,903 Noninterest Expense 1,174 50.8 1,225 23 1,248 Pre-provision profit 707 (1.1) 706 (51) 655 Provision for credit losses 155 — 155 17 172 Income before income tax expense 552 (1.1) 551 (68) 483 Income tax expense 108 (0.3) 108 (17) 91 Net income 444 (0.8) 443 (51) 392 Preferred dividends 38 — 38 — 38 Net income available to common stockholders $406 $(0.8) $405 $(51) $354 Contribution to total CFG Diluted EPS $0.90 $— $0.90 $(0.11) $0.79 $s in billions Interest-earning assets (spot) $185 $2.0 $187 $7.9 $195 Loans (spot) 132 2.0 134 7.9 142 Deposits (spot) 169 5.6 175 — 175 Risk-weighted assets (spot) 158 2.3 161 7.9 169 Performance metrics: Net interest margin, FTE(4) 2.89% NM 2.95% (1.30)% 2.77% Loan-to-deposit ratio (spot) 77.7 36.1 76.4 NM 80.8 CET1 capital ratio(5) 11.4 NM 11.2 NM 10.6 ROTCE 11.1 NM 11.1 NM 9.7 Efficiency ratio 62.4 NM 63.5 NM 65.6 Noninterest income as a % of total revenue 27.9 17.0 27.7 NM 28.0 See pages 34-35 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 33.

 
6 ■ CET1 ratio of 10.6%(2); 9.2% adjusted for AOCI opt-out removal ■ Strong liquidity profile; Spot LDR of 80.8%; pro forma LCR of 122% exceeds Category I Bank requirement of 100% – Average deposits stable QoQ; Private Bank spot deposits up $1.6 billion to $5.6 billion – Continued to increase structural funding; issued $1.25 billion of senior debt in 3Q; reduced FHLB advances to $553 million, down $6.5 billion YoY on a spot basis ■ Underlying EPS of $0.79; ROTCE of 9.7% ■ PPNR of $655 million – NII down 2.9% QoQ driven by a 10 bp decline in NIM primarily related to the impact of forward starting swaps – Fees down 2.7% QoQ reflecting seasonally lower Capital Markets; solid results in Card and Wealth – Expenses down 1.3% QoQ notwithstanding continued investment in the Private Bank 3Q24 Overview(1) Underlying PPNR drivers 3Q24 QoQ NII $ 1,369 (2.9) % Fees 534 (2.7) % Expenses 1,248 (1.3) % See pages 34-35 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 33. 3Q24 Underlying results Credit and loan trends Well positioned for the medium term Maintaining strong capital and liquidity position ■ Net charge-offs of 54 bps, up 2 bps QoQ reflecting slightly higher retail charge-offs given seasonality in Auto ■ ACL coverage decreased 2 bps QoQ to 1.61%; reflects improved macroeconomic outlook and loan mix; General Office reserve of 12.1% ■ Period-end loans broadly stable with Non-Core run off offset by Core loan growth, namely Private Bank and retail ■ Strategic initiatives progressing well: Private Bank, NYC Metro, serving private capital, Balance Sheet Optimization, TOP 9; preparing for launch of TOP 10 ■ Significant NII tailwind from Non-Core and swaps over the medium term given run off and lower rates; target NIM range of 3.25 to 3.40% $s in millions

 
7 2.87% 0.02% 0.01% (0.01)% (0.03)% (0.09)% 2.77% 2Q24 Non-Core Impact Asset yields & mix Day count Funding Pricing/Mix Receive-fixed Swaps 3Q24 $199.6B $203.1B $200.1B $198.5B $197.2B $1,522 $1,488 $1,442 $1,410 $1,369 3.03% 2.91% 2.91% 2.87% 2.77% 3Q23 4Q23 1Q24 2Q24 3Q24 ■ NII down 2.9%, primarily reflecting lower NIM and slightly lower interest-earning assets – NIM of 2.77%, down 10 bps QoQ, given the impact of forward-starting swaps and low-cost deposit migration, partly offset by the benefit of fixed-rate repricing and Non-Core run off ■ Interest-earning assets yield of 5.09%, down 8 bps, reflects the increase in swap expense, partly offset by the benefit of fixed-rate repricing ■ Interest-bearing deposit costs increased 4 bps to 2.86% reflecting deposit migration ■ Total deposit costs were up 2 basis points to 2.26%, while total cost of funds was stable at 2.48% Net interest income NII and NIM Average interest-earning assets Net interest income NIM, FTE Linked Quarter NIM 2Q24 to 3Q24 $s in millions, except earning assets

 
8 ■ Underlying noninterest income decreased 2.7% with the following key business drivers: – Capital markets fees decreased $40 million, largely driven by seasonally lower loan syndication and debt underwriting fees. Additionally, several meaningful M&A fees pushed into 4Q – Wealth fees increased $1 million, reflecting higher asset management fees, largely offset by lower sales activity – Mortgage banking fees decreased $8 million driven by lower MSR valuation, net of hedging. This drop in MSR revenue was offset by securities gains in the quarter which resulted from investment portfolio repositioning actions – Foreign exchange and derivative products revenue decreased $3 million, primarily reflecting lower client hedging activity given the commencement of Fed rate cuts and the shift lower of the forward curve – Other income increased $22 million from second quarter levels that included higher operational losses $492 $500 $517 $553 $532 $492 $500 $514 $549 $534 Underlying Notable items 3Q23 4Q23 1Q24 2Q24 3Q24 Noninterest income(1) $s in millions ■ Underlying noninterest income increased 9%, with the following key business drivers: – Capital markets fees increased $27 million, given higher bond underwriting and M&A advisory, partially offset by lower loan syndication fees – Card fees increased $13 million, largely due to favorable vendor contract negotiations – Wealth fees increased $13 million, reflecting increased sales activity and higher asset management fees – Mortgage banking fees decreased $23 million, primarily reflecting lower MSR valuation, net of hedging – FX and derivative products revenue decreased $12 million given lower client activity in interest rate and commodities hedging See pages 34-35 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 33. Linked Quarter Year-Over-YearNoninterest income $s in millions 3Q24 2Q24 3Q23 $ Q/Q Y/Y Service charges and fees $ 109 $ 106 $ 105 $ 3 $ 4 Capital markets fees 94 134 67 (40) 27 Card fees 87 88 74 (1) 13 Wealth fees(2) 76 75 63 1 13 Mortgage banking fees 46 54 69 (8) (23) FX and derivative products 36 39 48 (3) (12) Letter of credit and loan fees 45 43 43 2 2 Securities gains, net 9 — 5 9 4 Other income(3) 32 10 18 22 14 Noninterest income, underlying $ 534 $ 549 $ 492 $ (15) $ 42 Notable items (4) (2) 4 — (6) (2) Noninterest income, reported $ 532 $ 553 $ 492 $ (21) $ 40 * Noninterest Income details *3Q24 has notable items of ($2MM)

 
9 ■ Underlying noninterest expense of $1.2 billion, down 1.3% – Salaries and benefits increased $6 million, primarily reflecting hiring related to the Private Bank build-out – Equipment and software increased $6 million given technology investments and maintenance – Outside services decreased $11 million largely driven by vendor efficiencies – Other operating expense decreased $18 million, primarily reflecting lower marketing-related costs and miscellaneous items Noninterest expense(1) See pages 34-35 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 33. Efficiency ratio Underlying expense down 1.3% QoQ reflecting expense discipline while strategically investing Linked Quarter Year-Over-Year 64.2% 81.1% 69.3% 66.3% 66.2% 63.1% 63.8% 65.1% 64.6% 65.6% Underlying Notable items 3Q23 4Q23 1Q24 2Q24 3Q24 3Q24 2Q24 3Q23 $ $s in millions Q/Q Y/Y Salaries & employee benefits $ 643 $ 637 $ 654 $ 6 $ (11) Equipment & software 192 186 185 6 7 Outside services 144 155 153 (11) (9) Occupancy 107 107 105 — 2 Other operating expense 162 180 174 (18) (12) Noninterest expense, underlying $ 1,248 $ 1,265 $ 1,271 $ (17) $ (23) Notable items (1) 11 36 22 (25) (11) Noninterest expense, reported $ 1,259 $ 1,301 $ 1,293 $ (42) $ (34) Full-time equivalents (FTEs) 17,329 17,510 18,214 (181) (885) ■ Underlying noninterest expense of $1.2 billion decreased 2% – Salaries and benefits decreased $11 million, reflecting lower headcount, partly offset by hiring related to the Private Bank build-out – Equipment and software increased $7 million given technology investments and maintenance – Other operating expense decreased $12 million, primarily related to lower marketing-related costs

 
10 $150.8 $148.0 $144.8 $143.1 $142.0 $137.8 $136.3 $134.3 $133.7 $133.6 $13.0 $11.7 $10.5 $9.4 $8.4 Core Non-Core Loan yield 3Q23 4Q23 1Q24 2Q24 3Q24 ~11% QoQ ■ Period-end loans broadly stable with Non-Core portfolio run off of $1.0 billion offset by Core loan growth – Private Bank growth of $0.6 billion – Retail* up $0.7 billion driven by home equity and mortgage – Commercial* down $0.6 billion reflecting paydowns, continued BSO actions, and low client demand ■ Average loans down 1%; Core loans stable ■ Loan yield of 5.50%, down 10 bps QoQ; up 2 bps excluding swaps Loans and leases $s in billions Period-end loans stable QoQ with Core loan growth offset by Non-Core run off Average loans and leases $149.7 $146.0 $143.2 $141.8 $141.6 $137.4 $134.9 $133.3 $132.9 $133.7 $12.3 $11.1 $9.9 $8.9 $7.9 Core Non-Core 3Q23 4Q23 1Q24 2Q24 3Q24 $s in billions Period-end loans and leases 5.66% 5.71% 5.64% 5.60% 5.50% Linked Quarter Year-Over-Year ~11% QoQ ~1% QoQ stable QoQ *Excludes Non-Core portfolio and Private Bank. See page 42 for details. ■ Period-end loans down $8.1 billion, or 5%, reflecting – Non-Core portfolio run off of $4.5 billion – Private Bank growth of $2.0 billion – Retail* up $1.3 billion driven by home equity and mortgage – Commercial* down $7.0 billion reflecting paydowns, continued BSO, and low client demand ■ Average loans down $8.8 billion, or 6%

 
11 $176.5 $177.1 $176.1 $173.7 $174.1 3Q23 4Q23 1Q24 2Q24 3Q24 Deposit performance and cost of funds Strong growth in franchise deposits driven by the Private Bank $s in billions 3Q24 Average deposits 2.02% 2.18% 2.25% 2.24% 2.26% 2.60% 2.79% 2.85% 2.82% 2.86% Total deposit costs Interest-bearing deposit costs CommercialConsumer Treasury/Other Year-Over-Year 3Q24 Period-end deposits Linked Quarter ■ Period-end deposits down 1%, driven by a reduction in higher- cost Treasury deposits, partially offset by Private Bank growth – Private Bank deposits of $5.6 billion increased $1.6 billion – Citizens Access period-end deposits slightly lower at $10.9 billion ■ Average deposits broadly stable reflecting $1.7 billion growth in Private Bank, as well as stable Retail and Commercial deposits, largely offset by a reduction in higher-cost Treasury deposits ■ Interest-bearing deposit costs increased 4 bps; total deposit costs increased 2 bps, while total cost of funds was stable – Terminal interest-bearing deposit beta of 53% $s in billions ■ Average deposits down 1%; Period-end deposits down $3.0 billion, or 2% reflecting reduced higher-cost Treasury deposits as well as rate-driven migration in Commercial and Retail, largely offset by growth in Private Bank deposits ■ Total deposit costs up 24 bps and interest-bearing deposit costs up 26 bps ■ Total cost of funds up 24 bps $178.2 $177.3 $176.4 $176.4 $175.2 Consumer Commercial Treasury/Other 3Q23 4Q23 1Q24 2Q24 3Q24

 
12 NIB 21% Money Market 31%Checking With Interest 19% Citizens Access Savings 5% Savings 10% Term 14% Branch Deposits 51% Citizens Access 6% Wealth 1% Business Banking 12% Commercial 26% Treasury/ Other 4% (As of 9/30/24) Highly diversified and retail-oriented deposit base $175.2B Period-end deposits Peer Avg(1) Business mix Product mix See pages 34-35 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 33. Total deposits insured/secured(2) Stable Consumer Banking deposits Peer Avg(1) 44% 42% 41% 22% 21% 21% 22% 21% 20% NIB Low-cost deposits 3Q23 2Q24 3Q24 % NIB and low- cost deposits (3) 57% 69% 70% 2Q24 2Q24 3Q24 65% 70% 68% 2Q24 2Q24 3Q24 Proforma LCR under Category I Bank rules 120% 119% 122% 1Q24 2Q24 3Q24 100%* *Minimum LCR requirement under Category I Bank rules

 
13 ■ NCOs of $192 million, or 54 bps of average loans, compares with $184 million, or 52 bps, in the prior quarter. The increase primarily reflects seasonality in Auto. A sequential decline in commercial real estate charge-offs was offset by the resolution of several nonperforming credits in C&I ■ Nonaccrual loans increased 10% QoQ to 119 bps of total loans given an increase in CRE General Office as we proceed with workout actions on a handful of loans ■ ACL coverage ratio of 1.61%, down 2 bps QoQ primarily reflects an improved macroeconomic outlook and mix given Non- Core run off and high-quality originations $172 $171 $171 $182 $172 $153 $171 $181 $184 $192 0.40% 0.46% 0.50% 0.52% 0.54% Provision for credit losses Net charge-offs Net c/o ratio 3Q23 4Q23 1Q24 2Q24 3Q24 Credit quality overview $s in millions $s in millions Credit provision expense; net charge-offs (1) $1,296 $1,364 $1,469 $1,527 $1,687 $715 $774 $891 $939 $1,071 $581 $590 $578 $588 $616 179% 170% 157% 151% 136% Commercial Retail ACL to nonaccrual loans and leases 3Q23 4Q23 1Q24 2Q24 3Q24 $s in millions Nonaccrual loans

 
14 2Q24 3Q24 ACL % Coverage ACL % Coverage Retail $ 877 1.25 % $ 935 1.34 % Commercial 1,429 1.99 1,351 1.88 C&I(2) 690 1.58 621 1.42 CRE 739 2.61 730 2.61 Total $ 2,306 1.63 % $ 2,286 1.61 % Allowance for credit losses $s in millions Allowance for credit losses detail Current assumptions Property valuations, peak-to-trough % decline ~71% Avg. loss severity (%) ~41% Default rate (%) ~30% General Office ACL coverage 12.1% Allowance for credit losses $382 million General Office key reserve assumptions ■ CRE General Office portfolio of $3.2 billion, down ~$159 million, or 5%, QoQ driven by paydowns and charge-offs ■ Strong ACL coverage of General Office informed by a severe recession scenario combined with a loan-by-loan analysis – Increased ACL coverage for CRE General Office to 12.1% from 11.1% in 2Q24 – Absorbed ~$364 million NCOs over quarters 2Q23-3Q24; equates to a cumulative loss rate of ~9% on the March 31, 2023 balance See pages 34-35 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 33. 2Q24 3Q24 Balance ($B) $ 3.3 $ 3.2 ACL ($MM; % coverage) $ 369 11.1 % $ 382 12.1 % Cumulative NCOs* ($MM) $ 319 $ 364 CRE General Office reserve *Cumulative losses since 3/31/23; loan balance of $4.1B at 3/31/23 $2,318 $2,318 $2,308 $2,306 $2,286 1.23% 1.25% 1.25% 1.25% 1.34% 1.84% 1.91% 1.96% 1.99% 1.88% Retail Commercial Retail ACL Commercial ACL 3Q23 4Q23 1Q24 2Q24 3Q24 $s in millions Allowance for credit losses (1)

 
15 Strong capital position $s in billions (period-end) 3Q23 4Q23 1Q24 2Q24 3Q24 Basel III basis(1)(2) Common equity tier 1 capital $ 18.4 $ 18.4 $ 18.1 $ 18.1 $ 17.9 Risk-weighted assets $ 176.4 $ 172.6 $ 170.1 $ 168.4 $ 168.6 Common equity tier 1 ratio 10.4 % 10.6 % 10.6 % 10.7 % 10.6 % Tier 1 capital ratio 11.5 % 11.8 % 11.8 % 12.0 % 11.9 % Total capital ratio 13.4 % 13.7 % 13.8 % 14.0 % 13.9 % Tangible common equity ratio 5.9 % 6.7 % 6.5 % 6.5 % 7.0 % See pages 34-35 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 33. TBV/share CET1 $ % 2Q24 10.7% $30.61 Net Income 0.23 0.86 2.8% Common and preferred dividends (0.13) (0.53) (1.7) RWA decrease (0.01) Treasury stock (0.20) (0.16) (0.5) Goodwill and intangibles — — — AOCI — 2.72 8.9 Other 0.01 0.04 0.1 Total change (0.10) 2.93 9.6% 3Q24 10.6% $33.54 CET1 ratio remains strong(3) Highlights ■ 3Q24 CET1 ratio of 10.6%(1) compares with 10.7% in 2Q24 – 9.2% CET1 ratio adjusted for AOCI opt-out removal ■ TBV/share of $33.54, up 9.6% QoQ, reflects the AOCI benefit from lower unrealized losses associated with the impact of lower rates – Tangible common equity ratio of 7.0%, up 51 bps QoQ ■ Total capital returned to shareholders, including common dividends, was $516 million in 3Q24 – Paid $191 million in common dividends to shareholders in 3Q24 – Repurchased $325 million of common stock at a weighted-average price of $40.60 in 3Q24

 
16 Capital level remains strong relative to peers CET1 Ratio adjusted for AOCI opt-out removalCET1 Ratio(1) ■ Well positioned for changing regulatory environment and uncertain macro environment ■ CET1 ratio under current rules of 10.6%(1), and 9.2% adjusted for AOCI opt-out removal; among the strongest within the peer group – We continue to maintain a target range of 10.0-10.5% over the medium term Peer data as of June 30, 2024. Peers include CMA, FITB, HBAN, KEY, MTB, PNC, RF, TFC and USB. See pages 34-35 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 33. 11.6% 11.5% 11.5% 10.7% 10.6% 10.6% 10.5% 10.4% 10.4% 10.3% 10.2% Peer 1 Peer 2 Peer 3 CFG (2Q24) CFG (3Q24) Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 11.3% 9.5% 9.2% 9.0% 8.7% 8.5% 8.2% 8.0% 7.9% 7.8% 7.1% Peer 1 Peer 2 CFG (3Q24) CFG (2Q24) Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9

 
17 Building a premier private bankTransformed franchise Best positioned 33% 67% Well positioned for the future Private BankConsumer 2018 2023 +7% CAGR Low-cost branch-based deposits $0.5 $3.6 $4.1 1Q24 2Q24 3Q24 Wealth AUM High-quality loans $1.2 $2.4 $4.0 $5.6 4Q23 1Q24 2Q24 3Q24 ■ ~82% of deposits are Commercial ■ DDA/CWI is ~38% of deposit mix Deposits $9.9 $10.5 Sept-23 Sept-24 Retail deposit growth ($ billions) Retail HH growth: +15% +30% YoY growth in 3Q investment fees YoY growth in total AUM Strong league table results Middle market bookrunner by deal count 12 months ended September 30, 2024 Sponsor #1 Overall #6 NYC Metro ■ Focused client coverage model on middle market, industry verticals, financial sponsors ■ Built out full product capabilities, including leveraged finance, M&A, Treasury Solutions ■ Leading commercial franchise among super-regionals, competitive with mega banks through mid-corporate size clients Citizens Wealth Management +7% YoY +5% YoY $2.0 billion Avg. Yield of ~7% Private capital opportunity Distinctive capabilities serving the private capital ecosystem Capital Markets Fees Treasury Solutions +19% Retail Commercial See pages 34-35 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 33. Revenue CAGR 2015 to 2024YTD(1) +10% Commercial Reached break-even mid-3Q; Added SoCal team & 2 PB offices $s in billions; period-end

 
18 4Q24 outlook vs. 3Q24 See pages 34-35 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 33. ■ Assumes 25 bps Fed rate cut in November and December with YE2024 Fed funds target of 4.50% ■ Impact from Notable items was lower in 3Q; expect impact on 4Q reported results to be close to zero 3Q24 Underlying(1) 4Q24 Underlying outlook Net interest income $1,369MM ■ Up 1.5-2.5% ■ NIM up ~5 basis points; spot loans up slightly Noninterest income $534MM ■ Up mid to high single digits Noninterest expense $1,248MM ■ Up ~2% Net charge-offs $192MM; 54 bps ■ Broadly stable ■ ACL will continue to benefit from Non-Core run off CET1 ratio(2) 10.6% ■ Broadly stable; $200MM to $250MM share repurchases Tax rate 18.7% ■ ~20%

 
19 Citizens is an attractive investment opportunity Citizens continues to have a series of unique initiatives that will lead to relative medium-term outperformance – Transformed Consumer Bank with further deposit growth and Wealth revenue potential; well positioned in NYC metro to gain market share; performance tracking well – Best-positioned Commercial Bank ready to serve private capital and high-growth sectors of the U.S. economy – Building premier Wealth/Private Bank franchise - gathering momentum through 2024; added leading Private Wealth teams in San Francisco and Boston accelerating AUM growth; opened two offices in the San Francisco Bay area and hired a top private banking team in Southern California in 3Q24 Citizens has robust capital, liquidity and funding position Citizens has performed well since the IPO given its sound strategy, capable and experienced leadership and a strong customer-focused culture – Track record of strong execution – Commitment to operating and financial discipline; TOP 9 progressing well, planning to launch TOP 10 – Excellence in our capabilities, highly competitive with mega-banks and peers Citizens is well positioned to deliver ~16 to 18% ROTCE over the medium-term given strategic initiatives and 2025 to 2027 NII tailwinds – Committed to maintaining our strong capital and liquidity position, while further strengthening funding and performance with balance sheet optimization, including Non-Core strategy – Focused on deploying capital to best relationship/highest risk-adjusted return areas – Flexibility to support customers and invest while continuing to return capital to shareholders; repurchased $325 million of common shares in 3Q24 – Significant NII tailwind from Non-Core and swaps over the medium term; target NIM range 3.25 to 3.40% – Private Bank results go from net investment position towards 20%+ ROTCE – Current significant drag from Non-Core dissipates with time

 
Appendix

 
21 Net income available to common shareholders and EPS $s in millions, except per share data ê6% $694 $655 2Q24 3Q24 Linked-quarter Underlying results(1) Return on average total tangible assets Return on average tangible common equity Average loans $s in billions Average deposits $s in billions ê1% $3.5 2 $3.5 6 ê4% $143.1 $142.0 2Q24 3Q24 $173.7 $174.1 2Q24 3Q24 0.94% 0.88% 0.78% 0.74% 2Q24 3Q24 12.9% 11.1% 11.1% 9.7% 2Q24 3Q24 $373 $354 $0.82 $0.79 2Q24 3Q24 ê5% Pre-provision profit $s in millions See pages 34-35 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 33. ê138 bps ê4 bpsstable

 
22 $743 $655 3Q23 3Q24 Year-over-year Underlying results(1) Return on average total tangible assets ê12% Average loans $s in billions ê6% Net income available to common shareholders and EPS $s in millions, except per share data Return on average tangible common equity Average deposits $s in billions $3.5 2 ê10 bps $3.5 6 $150.8 $142.0 3Q23 3Q24 $176.5 $174.1 3Q23 3Q24 1.08% 0.88% 0.84% 0.74% 3Q23 3Q24 15.3% 11.1% 12.5% 9.7% 3Q23 3Q24 ê1% Pre-provision profit $s in millions ê280 bps $418 $354 $0.89 $0.79 3Q23 3Q24 See pages 34-35 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 33. ê11% ê15%

 
23 3Q24 4Q25 4Q26 4Q27 Meaningful NIM improvement over the medium term Medium-term NIM target 3.25 to 3.40% 2.77% 3.25% • Terminated swaps +25 bps • Non-Core run off +15 bps(1) ■ Expect progression toward 3.25 to 3.40% NIM range over the next 3 years consistent with a Fed funds range of 3.00 to 3.75% 1. Majority of NIM improvement from 3Q24 to 4Q27 is time based and not rate dependent 2. The run off of legacy active swaps in a negative carry position will also benefit medium-term NIM 3. Additional positive impact will result from active balance sheet management and fixed-asset repricing 4. These benefits will be partly offset by the asset sensitive balance sheet as rates are forecast to decline over the period Higher end of range • Fed funds stabilizes at or above 3.5% Lower end of range • Fed funds stabilizes within a range of 3.0-3.25% 3.40% Graphic is illustrative; not to scale Net benefit ~10-25 bps +40 bps time-based NIM benefit 3Q24 to 4Q27 Cumulative time-based NIM benefit +18 bps +33 bps +40 bps Maturing of legacy active swaps +30 bps Net of asset sensitivity/ other impacts -5 to -20 bps Projected NIM range ~3.25 - 3.40% Factors supporting 3.25% - 3.40% NIM • Swaps and Non-Core run off • Steadily improving balance sheet mix • Fed funds terminal range of 3.00% - 3.75% • Cumulative IBD beta of 50-55% (1) Non-Core impact includes benefit from denominator effect which accounts for ~60% of the NIM tailwind by 4Q27

 
24 Protecting NII and reducing earnings volatility through economic cycles $24.2 $28.6 $22.4 $8.6 2024 2025 2026 2027 $27.6 $26.2 $26.3 $26.3 $29.8 $31.8 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 W.A. receive-fixed rate at 9/30/24 3.1% 3.1% 3.1% 3.1% 3.2% 3.3% 3.2% 3.2% 3.5% 3.8% Active receive-fixed cash flow swaps (avg. notional in $ billions at 9/30/24) ■ Receive-fixed cash flow swaps represent the primary tool to manage overall asset sensitivity – Will opportunistically add swaps to increase protection to downside in rates in 2026 and beyond ■ Slightly asset sensitive to a gradual change in rates at 3Q24 – Approximately +/- 1% impact to NII over the next 12 months with a gradual +/- 100 bps change in rates relative to the forward curve

 
25 Education and other retail (purchased) ■ Non-Core retail loan portfolio of $7.9 billion at 9/30/24 – $1.0 billion QoQ decline in 3Q24 – ~4.4% WA loan yield (~98% fixed rate); ~5.6% WA funding cost ■ Retail products targeted for growth include areas with greatest relationship potential – Home equity, card, mortgage $7.9 $7.1 $4.7 $5.5 $4.9 $2.9 $2.4 $2.2 $1.8 3Q24 4Q24 4Q25 BSO actions to further strengthen capital & liquidity, improve returns Non-Core portfolio Dedicated structural funding Non-Core portfolio Indirect auto Auto collateralized borrowings $s in billions Commercial BSO ■ Originations are highly selective, with a focus on multi- product relationships that deliver a higher risk-adjusted return profile ■ Continue to exit low-returning commercial credit-only client relationships ■ Will strategically reduce the commercial real estate portfolio over the next 3 to 5 years $3.8 $3.4 $1.5 Education and Other Retail (purchased)

 
26 $10.2 $11.9 $12.5 $13.4 $3.8 $2.0 $0.6 $0.6$5.2 $6.4 $6.5 $7.8 Senior debt Subordinated debt Auto Collateralized borrowings Other FHLB 4Q23 1Q24 2Q24 3Q24 8.1% 8.0% 6.6% 5.5% 5.3% 5.2% 5.1% 3.5% 3.0% 1.8% 1.0% 0.7% FHLB advances Repurchase agreements sold Fed funds purchased Trading liabilities Commercial paper Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer Avg Peer 6 Peer 7 Peer 8 Peer 9 CFG (2Q24) CFG (3Q24) $50.2 $52.0 $52.8 $53.0 $10.2 $10.9 $11.1 $10.6 $40.0 $41.1 $41.7 $42.4 26% 27% 27% 27% Interest-bearing deposits in banks Investments As % of interest-earning assets 4Q23 1Q24 2Q24 3Q24 126% 124% 122% 119% 117% 115% 113% 112% 106% GSIB #1 GSIB #2 CFG (3Q24) CFG (2Q24) GSIB #3 GSIB #4 GSIB #5 GSIB #6 GSIB #7 Strong liquidity and improving funding profile Increasing structural long-term debt while reducing shorter-term borrowings $s in billions Maintaining a high level of liquidity $s in billions; period-end Low reliance on shorter-term market- based funding relative to peers(2) As % of tangible assets 100%* * Minimum LCR requirement under Category I Bank rules; GSIB data as of 6/30/24 See pages 34-35 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 33. (3) Liquidity Coverage Ratios - CFG vs GSIBs(1) (As of 9/30/24)

 
27 AOCI accretion Protecting CET1 - AFS marks; duration decreasing with securities portfolio hedging; less sensitivity to rates. Illustrate how sensitivity to a 50 bp move has fallen from 12/31/22 to 9/30/23 to 12/31/23 ...As recent actions limit AOCI volatility to protect capital $(1.9) $(1.7) $(1.6) $(0.3) $(0.3) $(0.3) $(0.6) $(0.2) Swaps Pension Securities 9/30/2024 12/31/2025 12/31/2026 $(2.9) $(2.2) $(2.0) ~32% TCE CET1(2) $(2.3) $(2.1) $(2.0) Commentary ■ Expect benefit to capital via accretion to AOCI as unrealized losses "burn off" – ~$0.3 billion in unrealized losses related to securities and pension expected to "burn off" by YE2026, adding ~20 bps to the CET1 ratio adjusted for AOCI opt-out removal(4) ■ Portfolio management actions focused on reducing duration of securities to protect capital by limiting volatility in AOCI – Immediate 50 bp parallel increase in rates would negatively impact CET1 ratio adjusted for AOCI opt-out removal by ~17 bps; a 50 bp parallel decrease would positively impact by ~15 bps Burn-off by YE2026~13% (1) Select totals may not sum due to rounding (2) CET1 adjusted for AOCI opt-out removal accretion based on forward curve with Fed funds reaching 3.50% by YE2025 and a terminal rate of 3.25-3.50% (3) Unrealized losses in swap portfolio includes both active and terminated swaps (4) CET1 ratio impact for illustrative purposes assumes the RWA balance at 9/30/24 Projected accretion to TCE and CET1 adjusted for AOCI opt-out removal(1) Accretes to CET1(2) (3)

 
28 $71.8B Commercial credit portfolio See pages 34-35 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 33. Commercial portfolio risk ratings(4) $s in billions 59% 57% 58% 17% 16% 16% 17% 19% 18% 7% 8% 8% 3Q23 2Q24 3Q24 B- and lower B+ to B BB+ to BB- AAA+ to BBB- $71.8 Highlights $71.9($ in billions) Balances % of total CFG C&I Finance and Insurance Capital call facilities $ 5.9 4 % Other Finance and Insurance 6.0 4 Other Manufacturing 3.8 3 Technology 3.4 2 Accommodation and Food Services 2.6 2 Health, Pharma, Social Assistance 2.3 2 Professional, Scientific, and Technical Services 2.3 2 Wholesale Trade 2.2 1 Retail Trade 2.2 1 Other Services 2.4 2 Energy & Related 2.1 1 Rental and Leasing 1.1 1 Consumer Products Manufacturing 0.8 1 Administrative and Waste Management Services 1.3 1 Arts, Entertainment, and Recreation 1.5 1 Automotive 1.0 1 Other (1) 2.9 2 Total C&I(2) $ 43.8 31 % CRE Multi-family $ 10.0 7 % Office 5.4 4 Credit tenant lease and life sciences(3) 2.2 2 Other general office 3.2 2 Industrial 3.7 3 Retail 3.0 2 Co-op 1.8 1 Data Center 1.0 1 Hospitality 0.4 — Other (1) 2.7 2 Total CRE $ 28.0 20 % Total Commercial loans & leases $ 71.8 51 % Total CFG $ 141.6 Diverse and granular portfolio ■ Disciplined capital allocation and risk appetite – Highly experienced leadership team – Focused client selection ■ C&I portfolio has focused growth on larger, mid-corporate customers, thereby improving overall asset quality ■ Leveraged loans ~1.7% of total CFG loans, granular hold positions with an average outstanding of ~$13 million ■ CRE portfolio is well diversified across asset type, geography, and borrowers with the emphasis on strong sponsor selection $77.5

 
29 Suburban Class C 2% CBD Class C 5% Suburban Class A 40% CBD Class A 15% Suburban Class B 28% CBD Class B 10% 52% 100% 100% 85% 54% 72% 41% 3% 78% 100% 48% 15% 46% 28% 59% 97% 22% New York, NY Washington, DC Los Angeles, CA Dallas, TX Atlanta, GA Philadelphia, PA Boston, MA Chicago, IL Baltimore, MD Phoenix, AZ Suburban CBD NY 14.3% VA 11.9% NJ 10.7% CA 9.7% TX 7.5% MD 6.8% PA 4.8% GA 4.7% MA 4.0% OH 3.8% IL 3.5% AZ 2.9% CO 2.7% MN 2.4% WA 2.0% Other 8.3% Commercial Real Estate - $5.4B Office portfolio: well diversified $3.2B General Office by state Other NC CT VT MO FL DC MI UT SC RI NH DE 22% 19% 59% General Office $3.2B Credit Tenant $1.2B Life Sciences $1.0B Property type $3.2B General Office class & location Top 10 General Office MSA breakdown Outstanding *Manhattan is ~$114 million $ 749 467 193 156 147 124 119 112 98 92 $ in millions (As of 9/30/24)

 
30 43% 45% 45% 32% 31% 31% 16% 15% 15% 4% 4% 4% 5% 5% 5% 3Q23 2Q24 3Q24 46% 23% 9% 4% 11% 7% $69.8B Retail credit portfolio 800+ 740-799 680-739 640-679 <640 $69.8 $s in billions $69.9 Home equity Retail loans(1) Residential mortgage Auto Education - in school Education - refinance Other retail ~95% of retail portfolio > 680 Super-prime/prime* ~77% of retail portfolio Secured ■ Mortgage – FICO ~785 – Weighted-average LTV of ~52% ■ Home equity – FICO ~760 – ~33% secured by 1st lien – ~99% CLTV less than 80% – ~87% CLTV less than 70% ■ Auto – FICO ~740 ■ Education – FICO ~785 ■ Other retail: – Credit card – FICO ~735 – Citizens Pay – FICO ~730; incorporates loss sharing High quality, diverse portfolio * Super-prime/prime defined as FICO of 680 or above at origination See pages 34-35 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 33. Retail portfolio FICOs(2) $72.3

 
31 Allocation of allowance for credit losses by product type September 30, 2024 June 30, 2024 $s in millions Loans and Leases Allowance Coverage Loans and Leases Allowance Coverage Commercial and industrial(1)(2) $ 43,825 $621 1.42 % $ 43,623 $690 1.58 % Commercial real estate 27,983 730 2.61 28,311 739 2.61 Total commercial 71,808 1,351 1.88 71,934 1,429 1.99 Residential mortgages 32,379 164 0.51 31,890 172 0.54 Home equity 15,992 138 0.86 15,534 129 0.83 Automobile 5,540 29 0.52 6,383 33 0.52 Education 11,118 295 2.66 11,265 258 2.29 Other retail 4,795 309 6.44 4,836 285 5.89 Total retail loans 69,824 935 1.34 69,908 877 1.25 Allowance for credit losses(3) $141,632 $2,286 1.61 % $141,842 $2,306 1.63 % See pages 34-35 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 33.

 
32 Delinquency by product type See pages 34-35 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 33. September 30, 2024 (%) June 30, 2024 (%) Days Past Due and Accruing Days Past Due and Accruing Current 30-59 60-89 90+ Nonaccrual Current 30-59 60-89 90+ Nonaccrual Commercial and industrial(1) 99.36 % 0.12 % 0.01 % 0.01 % 0.50 % 99.28 % 0.06 % 0.04 % 0.02 % 0.60 % Commercial real estate 96.35 0.26 0.30 0.05 3.04 96.87 0.25 0.36 0.13 2.39 Total commercial 98.18 0.18 0.12 0.03 1.49 98.33 0.14 0.16 0.06 1.31 Residential mortgages(2) 98.59 0.29 0.15 0.45 0.52 98.52 0.29 0.14 0.57 0.48 Home equity 97.49 0.58 0.17 — 1.76 97.50 0.51 0.19 — 1.80 Automobile 96.51 1.97 0.69 — 0.83 96.98 1.77 0.56 — 0.69 Education 98.84 0.39 0.22 0.02 0.53 99.01 0.33 0.18 0.02 0.46 Other retail 97.14 0.92 0.65 0.02 1.27 97.33 0.83 0.58 0.02 1.24 Total retail 98.12 0.55 0.24 0.21 0.88 98.15 0.52 0.23 0.26 0.84 Total 98.15 % 0.36 % 0.18 % 0.12 % 1.19 % 98.24 % 0.33 % 0.19 % 0.16 % 1.08 %

 
33 Notable items(1) Quarterly results reflect notable items primarily related to integration costs associated with recent acquisitions, as well as TOP revenue and efficiency initiatives and other items. In addition, second quarter 2024 includes a notable item for an industry-wide FDIC special assessment. These notable items have been excluded from reported results to better reflect Underlying operating results. See pages 34-35 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described above. Notable items - Integration-related 3Q24 2Q24 3Q23 $s in millions, except per share data Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Salaries & benefits $ (2) $ (2) $ (3) $ (2) $ (4) $ (3) Equipment and software — — — — — — Outside services — — — — (4) (3) Occupancy — — — — — — Other expense — — — — — — Noninterest expense $ (2) $ (2) $ (3) $ (2) $ (8) $ (6) EPS Impact - Noninterest expense $ — $ (0.01) $ (0.02) Total Integration Costs $ (2) $ (2) $ (3) $ (2) $ (8) $ (6) EPS Impact - Total Integration-related $ — $ (0.01) $ (0.02) Other notable items - TOP & Other 3Q24 2Q24 3Q23 $s in millions, except per share data Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Tax notable items $ — $ — $ — $ 7 $ — $ — Noninterest income $ (2) $ (1) $ 4 $ 3 $ — $ — Salaries & benefits $ (2) $ (2) $ (5) $ (4) $ (1) $ — Equipment and software (2) (2) (4) (3) (6) (5) Outside services (2) (2) (10) (7) (3) (3) Occupancy (1) — (6) (4) (2) (2) FDIC Assessment(1) — — (5) (4) — — Other expense (2) (1) (3) (2) (2) (2) Noninterest expense $ (9) $ (7) $ (33) $ (24) $ (14) $ (12) Total Other Notable Items $ (11) $ (8) $ (29) $ (14) $ (14) $ (12) EPS Impact - Other Notable Items $ (0.02) $ (0.03) $ (0.02) Total Notable Items $ (13) $ (10) $ (32) $ (16) $ (22) $ (18) Total EPS Impact $ (0.02) $ (0.04) $ (0.04) (1) The FDIC special assessment earnings per share impact is $(0.01) for second quarter 2024.

 
34 Notes on Non-GAAP Financial Measures See important information on our use of Non-GAAP Financial Measures at the beginning this presentation and reconciliations to GAAP financial measures at the end of this presentation. Non-GAAP measures are herein defined as Underlying results. Where there is a reference to Underlying results in a paragraph or table, all measures that follow these references are on the same basis, when applicable. Allowance coverage ratios for loans and leases includes the allowance for funded loans and leases in the numerator and funded loans and leases in the denominator. Allowance coverage ratios for credit losses includes the allowance for funded loans and leases and allowance for unfunded lending commitments in the numerator and funded loans and leases in the denominator. General Notes a. References to net interest margin are on a fully taxable equivalent ("FTE") basis. b. Throughout this presentation, references to consolidated and/or commercial loans and loan growth include leases. Loans held for sale are also referred to as LHFS. c. Select totals may not sum due to rounding. d. Based on Basel III standardized approach. Capital Ratios are preliminary. e. Throughout this presentation, reference to balance sheet items are on an average basis and loans exclude held for sale unless otherwise noted. Notes Notes on slide 3 - 3Q24 GAAP Summary 1) See general note a). Notes on slide 4 - 3Q24 Underlying financial summary 1) See note on non-GAAP financial measures. Notes on slide 5 - 3Q24 Underlying financial performance detail 1) See note on non-GAAP financial measures. 2) Legacy Core consists of Commercial, Consumer excluding Private Bank and Non-Core, and Other. 3) At September 30, 2024, the Non-Core segment was fully funded with marginal high-cost funding comprised of FHLB, collateralized auto debt, and brokered certificates of deposit. 4) See general note a). 5) See general note d). Notes on slide 6 - 3Q24 Overview 1) See note on non-GAAP financial measures. 2) See general note d). Notes on slide 8 - Noninterest income 1) See note on non-GAAP financial measures. 2) Effective for 2Q24, Trust and investment services fees was renamed to Wealth fees to better reflect the broad range of wealth-related management fees and services provided to our customers. 3) Includes bank-owned life insurance income and other miscellaneous income for all periods presented. 4) See above note on non-GAAP financial measures. See Notable Items slide 33 for more detail. Notes on slide 9 - Noninterest expense 1) See above note on non-GAAP financial measures. See Notable Items slide 33 for more detail. Notes on slide 12 - Highly diversified and retail-oriented deposit base 1) Estimated based on available company disclosures. 2) Includes collateralized state and municipal balances and excludes bank and nonbank subsidiaries. 3) Includes branch-based checking with interest and savings. Notes on slide 14 - Allowance for credit losses 1) Allowance for credit losses to nonaccrual loans and leases. 2) Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation. Notes on slide 15 - Strong capital position 1) See general note d). 2) For regulatory capital purposes, we have elected to delay the estimated impact of CECL on regulatory capital for a two-year period ended December 31,2021, followed by a three-year transition period ending December 31, 2024. As of December 31, 2021, the modified CECL transition amount was $384 million and is being transitioned out of regulatory capital over a three-year period. 3) See general note c). Notes on slide 16 - Capital level remains strong relative to peers 1) See general note d).

 
35 Notes continued Notes on slide 17 - Well positioned for the future 1) Compounded annual growth rate is calculated using 2024 YTD annualized results. Notes on slide 18 - 4Q24 outlook vs. 3Q24 1) See note on non-GAAP financial measures. 2) See general note d). Notes on slide 21 - Linked-quarter Underlying results 1) See note on non-GAAP financial measures. Notes on slide 22 - Year-over-year Underlying results 1) See note on non-GAAP financial measures. Notes on slide 26 - Strong liquidity and improving funding profile 1) GSIB data as of June 30, 2024. GSIBs include GS, WFC, C, BK, BAC, JPM, and STT. 2) Peer data as of June 30, 2024. Peers include CMA, FITB, HBAN, KEY, MTB, PNC, RF, TFC and USB. 3) Includes all FHLB advances. Notes on slide 28 - $71.8B Commercial credit portfolio 1) Includes deferred fees and costs. 2) Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation. 3) Credit tenant lease includes loans to nationally recognized tenants with high credit ratings and life sciences includes loans to provide lab and office space for tenants involved in the study and development of scientific discoveries. 4) Reflects period end balances. Notes on slide 30 - $69.8B Retail credit portfolio 1) See general note c). 2) Reflects period end balances. Notes on slide 31 - Allocation of allowance for credit losses by product type 1) Coverage ratio includes total commercial allowance for unfunded lending commitments and total commercial allowance for loan and lease losses in the numerator and total commercial loans and leases in the denominator. 2) Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation. 3) Coverage ratio reflects total allowance for credit losses for the respective portfolio. Notes on slide 32 - Delinquency by product type 1) Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation. 2) 90+ days past due and accruing includes $145 million,$168 million, and $216 million of loans fully or partially guaranteed by the FHA, VA, and USDA for September 30, 2024, June 30, 2024, and September 30, 2023, respectively. Notes on slide 33 - Notable items 1) See note on non-GAAP financial measures. Notes on slide 45 - Non-GAAP financial measures and reconciliations excluding Private Bank & Non-Core 1) Consumer Banking excludes Private Bank. 2) Legacy Core consists of Commercial, Consumer excluding Private Bank and Non-Core, and Other. 3) At September 30, 2024, the Non-Core segment was fully funded with marginal high-cost funding comprised of FHLB, collateralized auto debt, and brokered certificates of deposit. 4) See general note a). 5) See general note d).

 
36 Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS 3Q24 Change 3Q24 2Q24 3Q23 2Q24 3Q23 $ % $ % Noninterest income, Underlying: Noninterest income (GAAP) A $532 $553 $492 ($21) (4%) $40 8% Less: Notable items (2) 4 — (6) (150) (2) (100) Noninterest income, Underlying (non-GAAP) B $534 $549 $492 ($15) (3%) $42 9% Total revenue, Underlying: Total revenue (GAAP) C $1,901 $1,963 $2,014 ($62) (3%) ($113) (6%) Less: Notable items (2) 4 — (6) (150) (2) (100) Total revenue, Underlying (non-GAAP) D $1,903 $1,959 $2,014 ($56) (3%) ($111) (6%) Noninterest expense, Underlying: Noninterest expense (GAAP) E $1,259 $1,301 $1,293 ($42) (3%) ($34) (3%) Less: Notable items 11 36 22 (25) (69) (11) (50) Noninterest expense, Underlying (non-GAAP) F $1,248 $1,265 $1,271 ($17) (1%) ($23) (2%) Pre-provision profit: Total revenue (GAAP) C $1,901 $1,963 $2,014 ($62) (3%) ($113) (6%) Less: Noninterest expense (GAAP) E 1,259 1,301 1,293 (42) (3) (34) (3) Pre-provision profit (non-GAAP) $642 $662 $721 ($20) (3%) ($79) (11%) Pre-provision profit, Underlying: Total revenue, Underlying (non-GAAP) D $1,903 $1,959 $2,014 ($56) (3%) ($111) (6%) Less: Noninterest expense, Underlying (non-GAAP) F 1,248 1,265 1,271 (17) (1) (23) (2) Pre-provision profit, Underlying (non-GAAP) $655 $694 $743 ($39) (6%) ($88) (12%) Income before income tax expense, Underlying: Income before income tax expense (GAAP) G $470 $480 $549 ($10) (2%) ($79) (14%) Less: Income (expense) before income tax expense (benefit) related to notable items (13) (32) (22) 19 59 9 41 Income before income tax expense, Underlying (non-GAAP) H $483 $512 $571 ($29) (6%) ($88) (15%) Income tax expense, Underlying: Income tax expense (GAAP) I $88 $88 $119 $— —% ($31) (26%) Less: Income tax expense (benefit) related to notable items (3) (16) (4) 13 81 1 25 Income tax expense, Underlying (non-GAAP) J $91 $104 $123 ($13) (13%) ($32) (26%) Net income, Underlying: Net income (GAAP) K $382 $392 $430 ($10) (3%) ($48) (11%) Add: Notable items, net of income tax benefit 10 16 18 (6) (38) (8) (44) Net income, Underlying (non-GAAP) L $392 $408 $448 ($16) (4%) ($56) (13%) Net income available to common stockholders, Underlying: Net income available to common stockholders (GAAP) M $344 $357 $400 ($13) (4%) ($56) (14%) Add: Notable items, net of income tax benefit 10 16 18 (6) (38) (8) (44) Net income available to common stockholders, Underlying (non-GAAP) N $354 $373 $418 ($19) (5%) ($64) (15%)

 
37 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 3Q24 Change 3Q24 2Q24 3Q23 2Q24 3Q23 $/bps % $/bps % Operating leverage: Total revenue (GAAP) C $1,901 $1,963 $2,014 ($62) (3.23%) ($113) (5.67%) Less: Noninterest expense (GAAP) E 1,259 1,301 1,293 (42) (3.28) (34) (2.69) Operating leverage 0.05% (2.98%) Operating leverage, Underlying: Total revenue, Underlying (non-GAAP) D $1,903 $1,959 $2,014 ($56) (2.88%) ($111) (5.54%) Less: Noninterest expense, Underlying (non-GAAP) F 1,248 1,265 1,271 (17) (1.35) (23) (1.75) Operating leverage, Underlying (non-GAAP) (1.53%) (3.79%) Efficiency ratio and efficiency ratio, Underlying: Efficiency ratio E/C 66.23 % 66.27% 64.21 % (4) bps 202 bps Efficiency ratio, Underlying (non-GAAP) F/D 65.61 64.59 63.08 102 bps 253 bps Effective income tax rate and effective income tax rate, Underlying: Effective income tax rate I/G 18.56% 18.49% 21.51 % 7 bps (295) bps Effective income tax rate, Underlying (non-GAAP) J/H 18.75 20.33 21.69 (158) bps (294) bps Return on average tangible common equity and return on average tangible common equity, Underlying: Average common equity (GAAP) O $22,380 $21,427 $21,177 $953 4% $1,203 6% Less: Average goodwill (GAAP) 8,187 8,188 8,188 (1) — (1) — Less: Average other intangibles (GAAP) 140 144 173 (4) (3) (33) (19) Add: Average deferred tax liabilities related to goodwill (GAAP) 435 432 422 3 1 13 3 Average tangible common equity P $14,488 $13,527 $13,238 $961 7% $1,250 9% Return on average tangible common equity M/P 9.45 % 10.61% 12.00 % (116) bps (255) bps Return on average tangible common equity, Underlying (non-GAAP) N/P 9.71 11.09 12.51 (138) bps (280) bps Return on average total assets and return on average total assets, Underlying: Average total assets (GAAP) Q $218,578 $219,222 $220,162 ($644) —% ($1,584) (1%) Return on average total assets K/Q 0.70 % 0.72% 0.78 % (2) bps (8) bps Return on average total assets, Underlying (non-GAAP) L/Q 0.71 0.75 0.81 (4) bps (10) bps $s in millions, except share, per share and ratio data

 
38 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 3Q24 Change 3Q24 2Q24 3Q23 2Q24 3Q23 $/bps % $/bps % Return on average total tangible assets and return on average total tangible assets, Underlying: Average total assets (GAAP) Q $218,578 $219,222 $220,162 ($644) —% ($1,584) (1%) Less: Average goodwill (GAAP) 8,187 8,188 8,188 (1) — (1) — Less: Average other intangibles (GAAP) 140 144 173 (4) (3) (33) (19) Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 435 432 422 3 1 13 3 Average tangible assets R $210,686 $211,322 $212,223 ($636) —% ($1,537) (1%) Return on average total tangible assets K/R 0.72 % 0.75% 0.81 % (3) bps (9) bps Return on average total tangible assets, Underlying (non-GAAP) L/R 0.74 0.78 0.84 (4) bps (10) bps Tangible book value per common share: Common shares - at period-end (GAAP) S 445,216,549 452,961,853 466,221,795 (7,745,304) (2%) (21,005,246) (5%) Common stockholders' equity (GAAP) $22,819 $21,757 $20,864 $1,062 5 $1,955 9 Less: Goodwill (GAAP) 8,187 8,187 8,188 — — (1) — Less: Other intangible assets (GAAP) 137 139 167 (2) (1) (30) (18) Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP) 435 435 421 — — 14 3 Tangible common equity T $14,930 $13,866 $12,930 $1,064 8% $2,000 15% Tangible book value per common share T/S $33.54 $30.61 $27.73 $2.93 10% $5.81 21% Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying: Average common shares outstanding - basic (GAAP) U 446,561,996 454,142,489 469,481,085 (7,580,493) (2%) (22,919,089) (5%) Average common shares outstanding - diluted (GAAP) V 449,913,467 456,561,022 471,183,719 (6,647,555) (1) (21,270,252) (5) Net income per average common share - basic (GAAP) M/U $0.77 $0.79 $0.85 ($0.02) (3) ($0.08) (9) Net income per average common share - diluted (GAAP) M/V 0.77 0.78 0.85 (0.01) (1) (0.08) (9) Net income per average common share - basic, Underlying (non-GAAP) N/U 0.79 0.82 0.89 (0.03) (4) (0.10) (11) Net income per average common share - diluted, Underlying (non- GAAP) N/V 0.79 0.82 0.89 (0.03) (4) (0.10) (11) Dividend payout ratio and dividend payout ratio, Underlying: Cash dividends declared and paid per common share W $0.42 $0.42 $0.42 $— —% $— —% Dividend payout ratio W/(M/U) 55 % 53 % 49 % 139 bps 514 bps Dividend payout ratio, Underlying (non-GAAP) W/(N/U) 53 51 47 200 bps 600 bps $s in millions, except share, per share and ratio data

 
39 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 3Q24 Change 3Q24 2Q24 3Q23 2Q24 3Q23 $/bps % $/bps % Card fees, Underlying: Card fees (GAAP) $93 $92 $74 $1 1% $19 26% Less: Notable items 6 4 — 2 50 6 100 Card fees, Underlying (non-GAAP) $87 $88 $74 ($1) (1%) $13 18% Other income, Underlying Other income (GAAP) $24 $10 $18 $14 140% $6 33% Less: Notable items (8) — — (8) (100) (8) (100) Other income, Underlying (non-GAAP) $32 $10 $18 $22 220% $14 78% Salaries and employee benefits, Underlying: Salaries and employee benefits (GAAP) $647 $645 $659 $2 —% ($12) (2%) Less: Notable items 4 8 5 (4) (50) (1) (20) Salaries and employee benefits, Underlying (non-GAAP) $643 $637 $654 $6 1% ($11) (2%) Equipment and software, Underlying: Equipment and software (GAAP) $194 $190 $191 $4 2% $3 2% Less: Notable items 2 4 6 (2) (50) (4) (67) Equipment and software, Underlying (non-GAAP) $192 $186 $185 $6 3% $7 4% Outside services, Underlying: Outside services (GAAP) $146 $165 $160 ($19) (12%) ($14) (9%) Less: Notable items 2 10 7 (8) (80) (5) (71) Outside services, Underlying (non-GAAP) $144 $155 $153 ($11) (7%) ($9) (6%) Occupancy, Underlying: Occupancy (GAAP) $108 $113 $107 ($5) (4%) $1 1% Less: Notable items 1 6 2 (5) (83) (1) (50) Occupancy, Underlying (non-GAAP) $107 $107 $105 $— —% $2 2% Other operating expense, Underlying: Other operating expense (GAAP) $164 $188 $176 ($24) (13%) ($12) (7%) Less: Notable items 2 8 2 (6) (75) — — Other operating expense, Underlying (non-GAAP) $162 $180 $174 ($18) (10%) ($12) (7%) $s in millions, except share, per share and ratio data

 
40 Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS 1Q24 4Q23 Noninterest income, Underlying: Noninterest income (GAAP) A $517 $500 Less: Notable items 3 — Noninterest income, Underlying (non-GAAP) B $514 $500 Total revenue, Underlying: Total revenue (GAAP) C $1,959 $1,988 Less: Notable items 3 — Total revenue, Underlying (non-GAAP) D $1,956 $1,988 Noninterest expense, Underlying: Noninterest expense (GAAP) E $1,358 $1,612 Less: Notable items 85 345 Noninterest expense, Underlying (non-GAAP) F $1,273 $1,267 Efficiency ratio and efficiency ratio, Underlying: Efficiency ratio E/C 69.3 % 81.1% Efficiency ratio, Underlying (non-GAAP) F/D 65.1 63.8

 
41 Non-GAAP financial measures and reconciliations - CET1 adjusted for AOCI opt-out removal 3Q24 2Q24 CET1 Ratio adjusted for AOCI opt-out removal CET1 capital $ 17,941 $ 18,086 Less: AFS securities - AOCI 1,181 1,716 HTM securities - AOCI(1) 776 795 DTA for AFS/HTM securities 11 13 Pension 320 322 DTA for Pension 1 1 CET 1 capital adjusted for AOCI opt-out removal A $15,652 $15,239 Risk-weighted assets 168,552 168,393 Less: HTM securities - AOCI 136 140 AFS securities - AOCI 184 285 DTA for AFS/HTM securities (1,630) (2,083) Pension 320 322 DTA for Pension (289) (291) Risk-weighted assets adjusted for AOCI opt-out removal B $169,831 $170,020 CET1 Ratio adjusted for AOCI opt-out removal A/B 9.2 % 9.0 % $s in millions, except share, per share and ratio data (1) "HTM securities - AOCI" refers to unrealized losses recognized on securities before transfer to HTM

 
42 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 3Q24 Change 3Q24 2Q24 3Q23 2Q24 3Q23 $/bps % $/bps % Total Retail loans - at period-end $69,824 $69,907 $72,289 ($83) —% ($2,465) (3%) Less: Non-core retail loans - at period-end 7,869 8,870 12,343 (1,001) (11) (4,474) (36) Less: Private bank retail loans - at period-end 670 494 11 176 36 659 NM Total Retail loans excluding Private Bank and non-core - at period-end $61,285 $60,543 $59,935 $742 1% $1,350 2% Total Commercial loans - at period-end $71,807 $71,934 $77,457 ($127) —% ($5,650) (7%) Less: Private bank commercial loans - at period-end $1,353 $895 $— $458 51 $1,353 NM Total Commercial loans excluding Private Bank - at period-end $70,454 $71,039 $77,457 ($585) (1%) ($7,003) (9%) $s in millions, except share, per share and ratio data

 
43 Non-GAAP financial measures and reconciliations excluding Private Bank & Non-Core $s in millions, except share, per share and ratio data QUARTERLY TRENDS 3Q24 2Q24 3Q23 Net income available to common stockholders, Underlying: Net income available to common stockholders (GAAP) $344 $357 $400 Add: Notable items, net of income tax benefit 10 16 18 Net income available to common stockholders, Underlying (non-GAAP) A $354 $373 $418 Private Bank Net income available to common stockholders, (GAAP) (2) (12) (27) Less: Private Bank Notable Items (1) — (1) Private Bank Net income available to common stockholders, Underlying (non-GAAP) B ($1) ($12) ($26) Non-Core Net income available to common stockholders, (GAAP) C ($51) ($50) ($67) Net income available to common stockholders excluding Private Bank & Non-Core, Underlying (non-GAAP) D=(A-B-C) $406 $435 $511 Return on average tangible common equity and return on average tangible common equity, Underlying: Average common equity (GAAP) $22,380 $21,427 $21,177 Less: Average goodwill (GAAP) 8,187 8,188 8,188 Less: Average other intangibles (GAAP) 140 144 173 Add: Average deferred tax liabilities related to goodwill (GAAP) 435 432 422 Average tangible common equity E $14,488 $13,527 $13,238 Return on average tangible common equity excluding Private Bank & Non-Core, Underlying (non-GAAP) D/E 11.1 % 12.9 % 15.3 %

 
44 Non-GAAP financial measures and reconciliations excluding Private Bank & Non-Core $s in millions, except share, per share and ratio data QUARTERLY TRENDS 3Q24 2Q24 3Q23 Return on average total tangible assets and return on average total tangible assets, Underlying: Average total assets (GAAP) $218,578 $219,222 $220,162 Less: Average goodwill (GAAP) 8,187 8,188 8,188 Less: Average other intangibles (GAAP) 140 144 173 Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 435 432 422 Average tangible assets $210,686 $211,322 $212,223 Less: Private Bank Average total assets (GAAP) 1,784 1,208 5 Less: Non-Core Average total assets (GAAP) 8,389 9,418 13,113 Average tangible assets excluding Private Bank & Non-Core, Underlying (non-GAAP) A $200,512 $200,696 $199,106 Net income, Underlying: Net income (GAAP) $382 $392 $430 Add: Notable items, net of income tax benefit 10 16 18 Net income, Underlying (non-GAAP) B $392 $408 $448 Private Bank Net income (GAAP) (2) (12) (27) Less: Private Bank Notables (1) — (1) Net income Private Bank, Underlying (non-GAAP) C ($1) ($12) ($26) Non-Core Net income (GAAP) D (51) (50) (67) Net income excluding Private Bank & Non-Core, Underlying (non-GAAP) E=B-C-D $444 $470 $541 Return on average total tangible assets excluding Private Bank & Non-Core, Underlying (non-GAAP) E/A 0.88 % 0.94 % 1.08 %

 
45 Non-GAAP financial measures and reconciliations excluding Private Bank & Non-Core* 3Q24 (GAAP) 3Q24 Notables 3Q24 (Non-GAAP) $s in millions Commercial Banking Consumer Banking(1) Other Legacy Core(2) Private Bank Non-Core Legacy Private Bank Non-Core Legacy Core Private Bank Non-Core Total Net interest income $ 478 $ 1,115 $ (237) $ 1,356 $ 41.2 $ (28) $ — $ — $ — $ 1,356 $ 41.2 $ (28) $ 1,369 Noninterest income 207 276 40 523 8.5 — (2) — — 525 8.5 — 534 Total revenue 685 1,391 (197) 1,879 49.7 (28) (2) — — 1,881 49.7 (28) 1,903 Noninterest Expense 300 864 20 1,184 51.6 23 10 0.8 — 1,174 50.8 23 1,248 Pre-provision profit 385 527 (217) 695 (1.9) (51) (12) (0.8) — 707 (1.1) (51) 655 Provision for credit losses 91 84 (20) 155 — 17 — — — 155 — 17 172 Income before income tax expense 294 443 (197) 540 (1.9) (68) (12) (0.8) — 552 (1.1) (68) 483 Income tax expense 63 115 (72) 106 (0.5) (17) (2) (0.2) — 108 (0.3) (17) 91 Net income 231 328 (125) 434 (1.4) (51) (10) (0.6) — 444 (0.8) (51) 392 Preferred dividends — — 38 38 — — — — — 38 — — 38 Net income available to common stockholders $ 231 $ 328 $ (163) $ 396 $ (1.4) $ (51) $ (10) $ (0.6) $ — $ 406 $ (0.8) $ (51) $ 354 Contribution to total CFG Diluted EPS $ 0.51 $ 0.73 $ (0.36) $ 0.88 $ — $ (0.11) $ (0.02) $ — $ — $ 0.90 $ — $ (0.11) $ 0.79 $s in billions Interest-earning assets (spot) $ 65 $ 68 $ 52 $ 185 $ 2.0 $ 7.9 $— $— $— $185 $2.0 $7.9 $195 Loans (spot) 64 67 1 132 2.0 7.9 — — — 132 2.0 7.9 142 Deposits (spot) 45 117 7 169 5.6 — — — — 169 5.6 — 175 Risk-weighted assets (spot) $ 87 $ 55 $ 16 $ 158 $ 2.3 $ 7.9 $— $— $— $158 $2.3 $7.9 $169 Performance metrics: Net interest margin, FTE(4) 2.89 % (1.30) % 2.89 % (1.30) % 2.77 % Loans-to-deposit ratio (spot) 77.7 % 36.1 % 77.7 % 36.1 % 80.8 % CET1 capital ratio(5) 11.4 % 11.4 % 10.6 % ROTCE 10.9 % 11.1 % 9.7 % Efficiency ratio 63.0 % 62.4 % 65.6 % Noninterest income as a % of total revenue 27.9 % 17.0 % 27.9 % 17.0 % 28.0 % (3) *Select totals may not sum due to rounding

 

 
















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Financial Supplement

Third Quarter 2024





















1

Table of ContentsPage
Credit-Related Information:
The information in this Financial Supplement is preliminary and based on company data available at the time of the earnings presentation. It speaks only as of the particular date or dates included in the accompanying pages. The Company does not undertake an obligation to, and disclaims any duty to, update any of the information provided. Any forward-looking statements in this Financial Supplement are subject to the forward-looking statements language contained in the Company’s reports filed with the SEC pursuant to the Securities Exchange Act of 1934, which can be found on the SEC’s website (www.sec.gov) or on the Company’s website (www.citizensbank.com). The Company’s future financial performance is subject to the risks and uncertainties described in its SEC filings.
2

CONSOLIDATED FINANCIAL HIGHLIGHTS
(dollars in millions, except per share data)
QUARTERLY TRENDSFOR THE NINE MONTHS ENDED SEPTEMBER 30,
3Q24 Change2024 Change
3Q242Q241Q244Q233Q232Q243Q23202420232023
$/bps%$/bps%$/bps%
SELECTED OPERATING DATA
Total revenue$1,901 $1,963 $1,959 $1,988 $2,014 ($62)(3 %)($113)(6 %)$5,823 $6,236 ($413)(7 %)
Noninterest expense1,259 1,301 1,358 1,612 1,293 (42)(3)(34)(3)3,918 3,895 23 1 
Profit before provision (benefit) for credit losses642 662 601 376 721 (20)(3)(79)(11)1,905 2,341 (436)(19)
Provision (benefit) for credit losses172 182 171 171 172 (10)(5)— — 525 516 9 2 
NET INCOME382 392 334 189 430 (10)(3)(48)(11)1,108 1,419 (311)(22)
Net income, Underlying1
392 408 395 426 448 (16)(4)(56)(13)1,195 1,539 (344)(22)
Net income available to common stockholders344 357 304 159 400 (13)(4)(56)(14)1,005 1,332 (327)(25)
Net income available to common stockholders, Underlying1
354 373 365 396 418 (19)(5)(64)(15)1,092 1,452 (360)(25)
PER COMMON SHARE DATA
Basic earnings$0.77 $0.79 $0.66 $0.34 $0.85 ($0.02)(3 %)($0.08)(9 %)$2.21 $2.79 ($0.58)(21 %)
Diluted earnings0.77 0.78 0.65 0.34 0.85 (0.01)(1)(0.08)(9)2.20 2.78 (0.58)(21)
Basic earnings, Underlying1
0.79 0.82 0.79 0.85 0.89 (0.03)(4)(0.10)(11)2.40 3.04 (0.64)(21)
Diluted earnings, Underlying1
0.79 0.82 0.79 0.85 0.89 (0.03)(4)(0.10)(11)2.39 3.03 (0.64)(21)
Cash dividends declared and paid per common share 0.42 0.42 0.42 0.42 0.42 — — — — 1.26 1.26 — — 
Book value per common share51.25 48.03 47.43 47.87 44.75 3.22 7 6.50 15 51.25 44.75 6.50 15 
Tangible book value per common share33.54 30.61 30.19 30.91 27.73 2.93 10 5.81 21 33.54 27.73 5.81 21 
Dividend payout ratio55 %53 %64 %124 %49 %139  bps514  bps57 %45 %1,185  bps
Dividend payout ratio, Underlying1
53 51 53 49 47 200  bps600  bps53 41 1,200  bps
COMMON SHARES OUTSTANDING
Average: Basic446,561,996 454,142,489 461,358,681 466,234,324 469,481,085 (7,580,493)(2 %)(22,919,089)(5 %)453,993,833 478,073,507 (24,079,674)(5 %)
   Diluted449,913,467 456,561,022 463,797,964 468,159,167 471,183,719 (6,647,555)(1)(21,270,252)(5)456,461,330 479,733,008 (23,271,678)(5)
Common shares at period-end445,216,549 452,961,853 458,485,032 466,418,055 466,221,795 (7,745,304)(2)(21,005,246)(5)445,216,549 466,221,795 (21,005,246)(5)
1 These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."

3

CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(dollars in millions, except per share data)
QUARTERLY TRENDSFOR THE NINE MONTHS ENDED SEPTEMBER 30,
3Q24 Change2024 Change
3Q242Q241Q244Q233Q232Q243Q23202420232023
$/bps%$/bps%$/bps%
FINANCIAL RATIOS
Net interest margin2.76 %2.86 %2.90 %2.90 %3.03 %(10) bps(27) bps2.84 %3.16 %(32) bps
Net interest margin, FTE1
2.77 2.87 2.91 2.91 3.03 (10)(26)2.85 3.17 (32) 
Return on average common equity6.12 6.70 5.63 2.96 7.50 (58)(138)6.15 8.20 (205) 
Return on average common equity, Underlying2
6.29 7.00 6.77 7.41 7.82 (71)(153)6.68 8.93 (225) 
Return on average tangible common equity9.45 10.61 8.86 4.72 12.00 (116)(255)9.63 12.93 (330) 
Return on average tangible common equity, Underlying2
9.71 11.09 10.65 11.84 12.51 (138)(280)10.46 14.09 (363) 
Return on average total assets0.70 0.72 0.61 0.33 0.78 (2)(8)0.67 0.86 (19) 
Return on average total assets, Underlying2
0.71 0.75 0.72 0.76 0.81 (4)(10)0.73 0.93 (20) 
Return on average total tangible assets0.72 0.75 0.63 0.35 0.81 (3)(9)0.70 0.89 (19) 
Return on average total tangible assets, Underlying2
0.74 0.78 0.75 0.78 0.84 (4)(10)0.75 0.96 (21) 
Effective income tax rate18.56 18.49 22.28 7.59 21.51 7 (295)19.69 22.24 (255) 
Effective income tax rate, Underlying2
18.75 20.33 22.84 22.25 21.69 (158)(294)20.68 22.55 (187) 
Efficiency ratio66.23 66.27 69.33 81.13 64.21 (4)202 67.28 62.45 483  
Efficiency ratio, Underlying2
65.61 64.59 65.05 63.77 63.08 102 253 65.08 59.87 521  
Noninterest income as a % of total revenue27.95 28.16 26.41 25.16 24.44 (21)351 27.51 23.78 373 
Noninterest income as a % of total revenue, Underlying2
28.05 28.00 26.32 25.16 24.44 5 361 27.45 23.78 367  
CAPITAL RATIOS - PERIOD-END (PRELIMINARY)
CET1 capital ratio10.6 %10.7 %10.6 %10.6 %10.4 %
Tier 1 capital ratio11.9 12.0 11.8 11.8 11.5 
Total capital ratio13.9 14.0 13.8 13.7 13.4 
Tier 1 leverage ratio9.4 9.4 9.3 9.3 9.4 
Tangible common equity ratio7.0 6.5 6.5 6.7 5.9 
SELECTED BALANCE SHEET DATA
Loan-to-deposit ratio (period-end balances)80.85 %80.43 %81.16 %82.30 %84.03 %42  bps(318) bps80.85 %84.03 %(318) bps
Loan-to-deposit ratio (average balances)81.59 82.38 82.24 83.54 85.46 (79) bps(387) bps82.07 87.95 (588) bps
Full-time equivalent colleagues (period-end)17,329 17,510 17,354 17,570 18,214 (181)(1)(885)(5)17,329 18,214 (885)(5)
1Net interest margin is presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21%. The FTE impact is predominantly attributable to commercial loans for the periods presented.
2These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."




4

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(dollars in millions)
QUARTERLY TRENDSFOR THE NINE MONTHS ENDED SEPTEMBER 30,
3Q24 Change2024 Change
3Q242Q241Q244Q233Q232Q243Q23202420232023
$%$%$%
INTEREST INCOME
Interest and fees on loans and leases$1,976 $2,011 $2,051 $2,144 $2,166 ($35)(2 %)($190)(9 %)$6,038 $6,345 ($307)(5 %)
Interest and fees on loans held for sale18 13 14 18 20 5 38 (2)(10)45 55 (10)(18)
Interest and fees on other loans held for sale1 4 6 4 8 (3)(75)(7)(88)11 25 (14)(56)
Investment securities423 417 399 339 290 6 1 133 46 1,239 823 416 51 
Interest-bearing deposits in banks121 130 140 171 111 (9)(7)10 9 391 280 111 40 
Total interest income2,539 2,575 2,610 2,676 2,595 (36)(1)(56)(2)7,724 7,528 196 3 
INTEREST EXPENSE
Deposits990 965 987 974 898 25 3 92 10 2,942 2,171 771 36 
Short-term borrowed funds3 4 7 7 8 (1)(25)(5)(63)14 36 (22)(61)
Long-term borrowed funds177 196 174 207 167 (19)(10)10 6 547 568 (21)(4)
Total interest expense1,170 1,165 1,168 1,188 1,073 5 — 97 9 3,503 2,775 728 26 
Net interest income1,369 1,410 1,442 1,488 1,522 (41)(3)(153)(10)4,221 4,753 (532)(11)
NONINTEREST INCOME
Service charges and fees109 106 96 104 105 3 3 4 4 311 306 5 2 
Capital markets fees94 134 118 87 67 (40)(30)27 40 346 232 114 49 
Card fees93 92 86 70 74 1 1 19 26 271 226 45 20 
Wealth fees1
76 75 68 68 63 1 1 13 21 219 191 28 15 
Mortgage banking fees46 54 49 57 69 (8)(15)(23)(33)149 185 (36)(19)
Foreign exchange and derivative products36 39 36 43 48 (3)(8)(12)(25)111 140 (29)(21)
Letter of credit and loan fees45 43 42 42 43 2 5 2 5 130 126 4 3 
Securities gains, net9 — 5 9 5 9 100 4 80 14 19 (5)(26)
Other income24 10 17 20 18 14 140 6 33 51 58 (7)(12)
Total noninterest income532 553 517 500 492 (21)(4)40 8 1,602 1,483 119 8 
TOTAL REVENUE1,901 1,963 1,959 1,988 2,014 (62)(3)(113)(6)5,823 6,236 (413)(7)
Provision (benefit) for credit losses172 182 171 171 172 (10)(5)— — 525 516 9 2 
NONINTEREST EXPENSE
Salaries and employee benefits647 645 691 667 659 2 — (12)(2)1,983 1,932 51 3 
Equipment and software194 190 192 215 191 4 2 3 2 576 541 35 6 
Outside services146 165 158 174 160 (19)(12)(14)(9)469 513 (44)(9)
Occupancy108 113 114 125 107 (5)(4)1 1 335 367 (32)(9)
Other operating expense164 188 203 431 176 (24)(13)(12)(7)555 542 13 2 
Total noninterest expense1,259 1,301 1,358 1,612 1,293 (42)(3)(34)(3)3,918 3,895 23 1 
Income before income tax expense470 480 430 205 549 (10)(2)(79)(14)1,380 1,825 (445)(24)
Income tax expense88 88 96 16 119 — — (31)(26)272 406 (134)(33)
Net income$382 $392 $334 $189 $430 ($10)(3 %)($48)(11 %)$1,108 $1,419 ($311)(22 %)
Net income, Underlying2
$392 $408 $395 $426 $448 ($16)(4 %)($56)(13 %)$1,195 $1,539 ($344)(22 %)
Net income available to common stockholders$344 $357 $304 $159 $400 ($13)(4 %)($56)(14 %)$1,005 $1,332 ($327)(25 %)
Net income available to common stockholders, Underlying2
$354 $373 $365 $396 $418 ($19)(5 %)($64)(15 %)$1,092 $1,452 ($360)(25 %)
1 Effective for the second quarter of 2024, Trust and investment services fees was renamed to Wealth fees to better reflect the broad range of wealth-related management fees and services provided to our customers.
2 These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."
5

CONSOLIDATED BALANCE SHEETS (unaudited)
(dollars in millions, except par value)
PERIOD-END BALANCESAS OFSEPTEMBER 30, 2024 CHANGE
Sept 30, 2024June 30, 2024Mar 31, 2024Dec 31, 2023Sept 30, 2023June 30, 2024September 30, 2023
$%$%
ASSETS
Cash and due from banks$979 $1,191 $1,098 $1,794 $1,395 ($212)(18 %)($416)(30 %)
Interest-bearing cash and due from banks9,936 10,580 10,501 9,834 14,005 (644)(6)(4,069)(29)
Interest-bearing deposits in banks648 559 392 405 324 89 16 324 100 
Debt securities available for sale, at fair value32,835 31,938 31,187 29,777 25,069 897 3 7,766 31 
Debt securities held to maturity8,738 8,895 9,054 9,184 9,320 (157)(2)(582)(6)
Loans held for sale, at fair value614 591 505 676 749 23 4 (135)(18)
Other loans held for sale49 92 50 103 99 (43)(47)(50)(51)
Loans and leases141,632 141,842 143,188 145,959 149,746 (210)— (8,114)(5)
Less: Allowance for loan and lease losses(2,079)(2,125)(2,086)(2,098)(2,080)46 (2)1 — 
Net loans and leases139,553 139,717 141,102 143,861 147,666 (164)— (8,113)(5)
Derivative assets586 367 469 440 522 219 60 64 12 
Premises and equipment862 863 872 895 878 (1)— (16)(2)
Bank-owned life insurance3,346 3,325 3,311 3,291 3,275 21 1 71 2 
Goodwill8,187 8,187 8,188 8,188 8,188 — — (1)— 
Other intangible assets137 139 148 157 167 (2)(1)(30)(18)
Other assets13,236 13,494 13,571 13,359 13,613 (258)(2)(377)(3)
TOTAL ASSETS$219,706 $219,938 $220,448 $221,964 $225,270 ($232)— %($5,564)(2 %)
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest-bearing$35,978 $36,927 $36,593 $37,107 $38,561 ($949)(3 %)($2,583)(7 %)
Interest-bearing139,210 139,425 139,835 140,235 139,636 (215)— (426)— 
Total deposits175,188 176,352 176,428 177,342 178,197 (1,164)(1)(3,009)(2)
Short-term borrowed funds15 2 9 505 232 13 NM(217)(94)
Derivative liabilities1,012 1,547 1,705 1,562 2,109 (535)(35)(1,097)(52)
Long-term borrowed funds:
FHLB advances553 553 2,036 3,786 7,036 — — (6,483)(92)
Senior debt7,766 6,512 6,414 5,170 5,258 1,254 19 2,508 48 
Subordinated debt and other debt5,625 6,017 5,354 4,511 5,060 (392)(7)565 11 
Total long-term borrowed funds13,944 13,082 13,804 13,467 17,354 862 7 (3,410)(20)
Other liabilities4,615 5,086 4,741 4,746 4,500 (471)(9)115 3 
TOTAL LIABILITIES194,774 196,069 196,687 197,622 202,392 (1,295)(1)(7,618)(4)
STOCKHOLDERS' EQUITY
Preferred stock:
$25.00 par value, 100,000,000 shares authorized for each of the periods presented2,112 2,112 2,014 2,014 2,014 — — 98 5 
Common stock:
$0.01 par value, 1,000,000,000 shares authorized for each of the periods presented6 6 6 6 6 — — — — 
Additional paid-in capital22,327 22,299 22,272 22,250 22,231 28 — 96 — 
Retained earnings10,233 10,079 9,923 9,816 9,856 154 2 377 4 
Treasury stock, at cost(6,820)(6,492)(6,290)(5,986)(5,986)(328)(5)(834)(14)
Accumulated other comprehensive income (loss)(2,926)(4,135)(4,164)(3,758)(5,243)1,209 29 2,317 44 
TOTAL STOCKHOLDERS' EQUITY24,932 23,869 23,761 24,342 22,878 1,063 4 2,054 9 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$219,706 $219,938 $220,448 $221,964 $225,270 ($232)— %($5,564)(2 %)
Memo: Total tangible common equity$14,930 $13,866 $13,844 $14,417 $12,930 $1,064 8 %$2,000 15 %

6

LOANS AND DEPOSITS
(dollars in millions)
PERIOD-END BALANCESAS OFSEPTEMBER 30, 2024 CHANGE
Sept 30, 2024June 30, 2024Mar 31, 2024Dec 31, 2023Sept 30, 2023June 30, 2024September 30, 2023
$%$%
LOANS AND LEASES
Commercial and industrial1
$43,825 $43,623 $43,951 $44,974 $47,971 $202 — %($4,146)(9 %)
Commercial real estate27,983 28,311 28,872 29,471 29,486 (328)(1)(1,503)(5)
Total commercial71,808 71,934 72,823 74,445 77,457 (126)— (5,649)(7)
Residential mortgages32,379 31,890 31,512 31,332 30,983 489 2 1,396 5 
Home equity15,992 15,534 15,113 15,040 14,729 458 3 1,263 9 
Automobile5,540 6,383 7,277 8,258 9,290 (843)(13)(3,750)(40)
Education11,118 11,265 11,646 11,834 12,134 (147)(1)(1,016)(8)
Other retail4,795 4,836 4,817 5,050 5,153 (41)(1)(358)(7)
Total retail69,824 69,908 70,365 71,514 72,289 (84)— (2,465)(3)
Total loans and leases$141,632 $141,842$143,188$145,959$149,746($210)— %($8,114)(5 %)
Loans held for sale, at fair value614 591 505 676 749 23 4 (135)(18)
Other loans held for sale49 92 50 103 99 (43)(47)(50)(51)
Loans and leases and loans held for sale$142,295 $142,525 $143,743 $146,738 $150,594 ($230)— %($8,299)(6 %)
DEPOSITS
Demand$35,978 $36,927 $36,593 $37,107 $38,561 ($949)(3 %)($2,583)(7 %)
Money market54,654 52,599 52,182 53,812 53,517 2,055 4 1,137 2 
Checking with interest33,680 34,421 34,487 31,876 33,355 (741)(2)325 1 
Savings26,489 27,240 27,912 27,983 29,139 (751)(3)(2,650)(9)
Term24,387 25,165 25,254 26,564 23,625 (778)(3)762 3 
Total deposits$175,188 $176,352 $176,428 $177,342 $178,197 ($1,164)(1 %)($3,009)(2 %)
1Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation.

7

AVERAGE BALANCE SHEETS, ANNUALIZED YIELDS AND RATES
(dollars in millions)
QUARTERLY TRENDS3Q24 Change
3Q242Q243Q232Q243Q23
Average BalancesInterestRateAverage BalancesInterestRateAverage BalancesInterestRateAverage BalancesInterestRateAverage BalancesInterestRate
INTEREST-EARNING ASSETS
Interest-bearing cash and due from banks and deposits in banks$8,896 $121 5.30 %$9,650 $130 5.35 %$8,005 $111 5.42 %($754)($9)(5) bps$891 $10 (12) bps
Taxable investment securities45,083 423 3.75 44,691 417 3.73 39,271 290 2.95 392 6 25,812 133 80
Non-taxable investment securities1 — 2.60 1 — 2.60 2 — 2.68 — — —(1)— (8)
Total investment securities45,084 423 3.75 44,692 417 3.73 39,273 290 2.95 392 6 25,811 133 80
Commercial and industrial1
44,071 556 4.95 44,381 604 5.38 48,908 762 6.10 (310)(48)(43)(4,837)(206)(115)
Commercial real estate28,209 452 6.26 28,574 456 6.32 29,353 467 6.23 (365)(4)(6)(1,144)(15)3
Total commercial72,280 1,008 5.46 72,955 1,060 5.75 78,261 1,229 6.15 (675)(52)(29)(5,981)(221)(69)
Residential mortgages32,117 301 3.75 31,633 290 3.67 30,838 267 3.46 484 11 81,279 34 29
Home equity15,733 317 8.02 15,343 305 7.99 14,589 286 7.77 390 12 31,144 31 25
Automobile5,942 64 4.28 6,807 72 4.28 9,849 103 4.16 (865)(8)—(3,907)(39)12
Education11,155 153 5.45 11,447 154 5.40 12,147 156 5.11 (292)(1)5(992)(3)34
Other retail4,776 133 11.04 4,882 130 10.71 5,107 125 9.67 (106)3 33(331)8 137
Total retail69,723 968 5.53 70,112 951 5.45 72,530 937 5.14 (389)17 8(2,807)31 39
Total loans and leases142,003 1,976 5.50 143,067 2,011 5.60 150,791 2,166 5.66 (1,064)(35)(10)(8,788)(190)(16)
Loans held for sale, at fair value1,108 18 6.31 896 13 6.19 1,204 20 6.72 212 5 12(96)(2)(41)
Other loans held for sale73 1 5.46 160 4 9.34 321 8 9.01 (87)(3)(388)(248)(7)(355)
Total interest-earning assets197,164 2,539 5.09 198,465 2,575 5.17 199,594 2,595 5.13 (1,301)(36)(8)(2,430)(56)(4)
Noninterest-earning assets21,414 20,757 20,568 657 846 
TOTAL ASSETS$218,578 $219,222 $220,162 ($644)($1,584)
INTEREST-BEARING LIABILITIES
Checking with interest$33,090 $131 1.58 %$33,659 $128 1.54 %$33,545 $126 1.49 %($569)$3 4($455)$5 9
Money market53,152 444 3.32 51,570 431 3.36 52,057 415 3.17 1,582 13 (4)1,095 29 15
Savings
26,868 128 1.89 27,560 120 1.75 29,516 123 1.65 (692)8 14(2,648)5 24
Term24,705 287 4.65 24,676 286 4.66 21,604 234 4.29 29 1 (1)3,101 53 36
Total interest-bearing deposits137,815 990 2.86 137,465 965 2.82 136,722 898 2.60 350 25 41,093 92 26
Short-term borrowed funds150 3 6.06 325 4 5.62 506 8 6.21 (175)(1)44(356)(5)(15)
FHLB advances477 6 5.38 2,375 34 5.55 4,023 56 5.54 (1,898)(28)(17)(3,546)(50)(16)
Senior debt7,462 93 5.01 6,684 80 4.81 5,259 56 4.33 778 13 202,203 37 68
Subordinated debt and other debt5,751 78 5.43 6,033 82 5.43 3,920 55 5.43 (282)(4)—1,831 23 —
Total long-term borrowed funds13,690 177 5.20 15,092 196 5.18 13,202 167 5.02 (1,402)(19)2488 10 18
Total borrowed funds13,840 180 5.21 15,417 200 5.18 13,708 175 5.07 (1,577)(20)3132 5 14
Total interest-bearing liabilities151,655 1,170 3.07 152,882 1,165 3.06 150,430 1,073 2.83 (1,227)5 11,225 97 24
Demand deposits36,236 36,205 39,728 31 (3,492)
Other noninterest-bearing liabilities6,194 6,652 6,813 (458)(619)
TOTAL LIABILITIES194,085 195,739 196,971 (1,654)(2,886)
STOCKHOLDERS' EQUITY24,493 23,483 23,191 1,010 1,302 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$218,578 $219,222 $220,162 ($644)($1,584)
INTEREST RATE SPREAD2.02 %2.11 %2.30 %(9)(28)
NET INTEREST MARGIN AND NET INTEREST INCOME$1,369 2.76 %$1,410 2.86 %$1,522 3.03 %($41)(10)($153)(27)
NET INTEREST MARGIN AND NET INTEREST INCOME, FTE2
$1,373 2.77 %$1,415 2.87 %$1,526 3.03 %($42)(10)($153)(26)
Memo: Total deposits (interest-bearing and demand)$174,051 $990 2.26 %$173,670 $965 2.24 %$176,450 $898 2.02 %$381 $25 2 bps($2,399)$92 24 bps

1Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation.
2Net interest income and net interest margin is presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21%. The FTE impact is predominantly attributable to commercial loans for the periods presented.
8

AVERAGE BALANCE SHEETS, ANNUALIZED YIELDS AND RATES
(dollars in millions)
FOR THE NINE MONTHS ENDED SEPTEMBER 30,2024 Change
202420232023
Average BalancesInterestRateAverage BalancesInterestRateAverage BalancesInterestRate
INTEREST-EARNING ASSETS
Interest-bearing cash and due from banks and deposits in banks$9,602 $391 5.35 %$7,232 $280 5.10 %$2,370 $111 25  bps
Taxable investment securities44,561 1,239 3.71 38,742 823 2.83 5,819 416 88 
Non-taxable investment securities1 — 2.60 2 — 2.68 (1)— (8)
Total investment securities44,562 1,239 3.71 38,744 823 2.83 5,818 416 88 
Commercial and industrial1
44,342 1,795 5.32 51,136 2,286 5.90 (6,794)(491)(58)
Commercial real estate28,681 1,376 6.30 29,122 1,328 6.01 (441)48 29 
Total commercial73,023 3,171 5.71 80,258 3,614 5.94 (7,235)(443)(23)
Residential mortgages31,713 874 3.68 30,496 776 3.39 1,217 98 29 
Home equity15,387 920 7.99 14,336 790 7.37 1,051 130 62 
Automobile6,832 218 4.27 10,920 335 4.11 (4,088)(117)16 
Education11,472 463 5.39 12,455 465 5.00 (983)(2)39 
Other retail4,866 392 10.76 5,184 365 9.41 (318)27 135 
Total retail70,270 2,867 5.45 73,391 2,731 4.97 (3,121)136 48 
Total loans and leases143,293 6,038 5.58 153,649 6,345 5.48 (10,356)(307)10 
Loans held for sale, at fair value952 45 6.29 1,199 55 6.10 (247)(10)19 
Other loans held for sale152 11 9.39 380 25 8.57 (228)(14)82 
Total interest-earning assets198,561 7,724 5.15 201,204 7,528 4.96 (2,643)196 19 
Noninterest-earning assets20,959 20,535 424 
TOTAL ASSETS$219,520 $221,739 ($2,219)
INTEREST-BEARING LIABILITIES
Checking with interest$33,017 $368 1.49 %$34,693 $333 1.28 %($1,676)$35 21 
Money market52,552 1,320 3.35 50,562 1,050 2.78 1,990 270 57 
Savings
27,389 369 1.80 29,539 310 1.40 (2,150)59 40 
Term25,274 885 4.68 17,240 478 3.70 8,034 407 98 
Total interest-bearing deposits138,232 2,942 2.84 132,034 2,171 2.20 6,198 771 64 
Short-term borrowed funds324 14 5.64 831 36 5.71 (507)(22)(7)
FHLB advances1,704 72 5.56 7,997 300 4.96 (6,293)(228)60 
Senior debt6,755 243 4.80 5,375 174 4.33 1,380 69 47 
Subordinated debt and other debt5,688 232 5.44 2,537 94 4.91 3,151 138 53 
Total long-term borrowed funds14,147 547 5.15 15,909 568 4.74 (1,762)(21)41 
Total borrowed funds14,471 561 5.16 16,740 604 4.79 (2,269)(43)37 
Total interest-bearing liabilities152,703 3,503 3.06 148,774 2,775 2.49 3,929 728 57 
Demand deposits36,374 42,657 (6,283)
Other noninterest-bearing liabilities6,544 6,573 (29)
TOTAL LIABILITIES195,621 198,004 (2,383)
STOCKHOLDERS' EQUITY23,899 23,735 164 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$219,520 $221,739 ($2,219)
INTEREST RATE SPREAD2.09 %2.47 %(38)
NET INTEREST MARGIN AND NET INTEREST INCOME$4,221 2.84 %$4,753 3.16 %($532)(32)
NET INTEREST MARGIN AND NET INTEREST INCOME, FTE2
$4,234 2.85 %$4,766 3.17 %($532)(32)
Memo: Total deposits (interest-bearing and demand)$174,606 $2,942 2.25 %$174,691 $2,171 1.66 %($85)$771 59  bps
1Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation.
2Net interest income and net interest margin is presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21%. The FTE impact is predominantly attributable to commercial loans for the periods presented.
9

MORTGAGE BANKING FEES SUMMARY
(dollars in millions)
QUARTERLY TRENDSFOR THE NINE MONTHS ENDED SEPTEMBER 30,
3Q24 Change2024 Change
3Q242Q241Q244Q233Q232Q243Q23202420232023
$/bps%$/bps%$/bps%
MORTGAGE BANKING FEES
Production revenue$15 $14 $15 $11 $19 $17 %($4)(21 %)$44 $60 ($16)(27 %)
Mortgage servicing revenue33 35 33 37 35 (2)(6)(2)(6)101 106 (5)(5)
MSR valuation changes, net of hedge impact(2)5 1 9 15 (7)NM(17)NM4 19 (15)(79)
Total mortgage banking fees$46 $54 $49 $57 $69 ($8)(15 %)($23)(33 %)$149 $185 ($36)(19 %)
Pull-through adjusted locks$1,996 $1,930 $1,404 $1,412 $2,397 $663 %($401)(17 %)$5,330 $7,345 ($2,015)(27 %)
Production revenue as a percentage of Pull-through adjusted locks0.76 %0.74 %1.05 %0.78 %0.79 %3  bps(3) bps0.83 %0.82 %1  bps
RESIDENTIAL REAL ESTATE ORIGINATIONS
Retail$1,749 $1,584 $1,045 $958 $1,146 $16510 %$60353 %$4,378 $3,417 $96128 %
Third Party1,504 1,323 892 1,214 2,285 18114 (781)(34)3,719 5,968 (2,249)(38)
Total$3,253 $2,907 $1,937 $2,172 $3,431 $34612 %($178)(5 %)$8,097 $9,385 ($1,288)(14 %)
Originated for sale$2,148 $1,872 $1,296 $1,595 $2,815 $27615 %($667)(24 %)$5,316 $7,340 ($2,024)(28 %)
Originated for investment1,105 1,035 641 577 616 707 48979 2,781 2,045 73636 
Total$3,253 $2,907 $1,937 $2,172 $3,431 $34612 %($178)(5 %)$8,097 $9,385 ($1,288)(14 %)
MORTGAGE SERVICING INFORMATION (UPB)
Loans serviced for others$96,120 $96,439 $96,952 $97,420 $97,603 ($319)— %($1,483)(2 %)$96,120 $97,603 ($1,483)(2 %)
Owned loans serviced32,655 32,118 31,659 31,640 31,436 5372 1,2194 32,655 31,436 1,2194 
Total$128,775 $128,557 $128,611 $129,060 $129,039 $218— %($264)— %$128,775 $129,039 ($264)— %
MSR at fair value$1,501 $1,568 $1,564 $1,552 $1,620 ($67)(4 %)($119)(7 %)$1,501 $1,620 ($119)(7 %)
    

10

SEGMENT FINANCIAL HIGHLIGHTS - CONSUMER BANKING
(dollars in millions)

QUARTERLY TRENDSFOR THE NINE MONTHS ENDED SEPTEMBER 30,
CONSUMER BANKING
3Q24 Change2024 Change
3Q242Q241Q244Q233Q232Q243Q23202420232023
$/bps%$/bps%$/bps%
Net interest income$1,156 $1,120 $1,093 $1,086 $1,067 $36 3 %$89 8 %$3,369 $3,101 $268 9 %
Noninterest income285 277 258 265 278 8 3 7 3 820 802 18 2 
Total revenue1,441 1,397 1,351 1,351 1,345 44 3 96 7 4,189 3,903 286 7 
Noninterest expense916 915 903 905 905 1 — 11 1 2,734 2,637 97 4 
Profit (loss) before credit losses525 482 448 446 440 43 9 85 19 1,455 1,266 189 15 
Net charge-offs84 84 81 82 67 — — 17 25 249 198 51 26 
Income (loss) before income tax expense (benefit)441 398 367 364 373 43 11 68 18 1,206 1,068 138 13 
Income tax expense (benefit)114 102 95 95 97 12 12 17 18 311 278 33 12 
Net income (loss)$327 $296 $272 $269 $276 $31 10 %$51 18 %$895 $790 $105 13 %
AVERAGE BALANCES
Total assets$75,392 $74,295 $73,833 $73,334 $72,964 $1,097 1 %$2,428 3 %$74,510 $72,477 $2,033 3 %
Total loans and leases1
69,021 67,960 67,448 66,906 66,641 1,061 2 2,380 4 68,146 66,171 1,975 3 
Deposits121,899 120,478 120,019 118,474 117,979 1,421 1 3,920 3 120,803 116,477 4,326 4 
Interest-earning assets69,608 68,552 68,050 67,524 67,273 1,056 2 2,335 3 68,740 66,823 1,917 3 
KEY METRICS
Net interest margin6.60 %6.57 %6.46 %6.40 %6.28 %3  bps32  bps6.54 %6.20 %34  bps
Efficiency ratio63.53 65.49 66.87 67.08 67.18 (196) bps(365) bps65.26 67.54 (228) bps
Loan-to-deposit ratio (period-end balances)56.34 55.73 55.25 55.52 55.81 61  bps53  bps56.34 55.81 53  bps
Loan-to-deposit ratio (average balances)56.05 55.97 55.80 55.88 55.71 8  bps34  bps55.94 56.13 (19) bps
Return on average total tangible assets1.74 1.61 1.49 1.47 1.51 13  bps23  bps1.62 1.47 15  bps
1 Includes loans held for sale.
















11

SEGMENT FINANCIAL HIGHLIGHTS - COMMERCIAL BANKING
(dollars in millions)

QUARTERLY TRENDSFOR THE NINE MONTHS ENDED SEPTEMBER 30,
COMMERCIAL BANKING3Q24 Change2024 Change
3Q242Q241Q244Q233Q232Q243Q23202420232023
$/bps%$/bps%$/bps%
Net interest income$478 $494 $514 $551 $560 ($16)(3 %)($82)(15 %)$1,486 $1,741 ($255)(15 %)
Noninterest income207 242 227 196 180 (35)(14)27 15 676 588 88 15 
Total revenue685 736 741 747 740 (51)(7)(55)(7)2,162 2,329 (167)(7)
Noninterest expense300 311 317 324 325 (11)(4)(25)(8)928 971 (43)(4)
Profit (loss) before credit losses385 425 424 423 415 (40)(9)(30)(7)1,234 1,358 (124)(9)
Net charge-offs91 90 81 65 67 1 1 24 36 262 185 77 42 
Income (loss) before income tax expense (benefit)294 335 343 358 348 (41)(12)(54)(16)972 1,173 (201)(17)
Income tax expense (benefit)63 76 84 89 88 (13)(17)(25)(28)223 289 (66)(23)
Net income (loss)$231 $259 $259 $269 $260 ($28)(11 %)($29)(11 %)$749 $884 ($135)(15 %)
AVERAGE BALANCES
Total assets$68,092 $68,958 $70,100 $72,758 $74,997 ($866)(1 %)($6,905)(9 %)$69,046 $77,130 ($8,084)(10 %)
Total loans and leases1
64,974 65,997 67,187 69,899 71,898 (1,023)(2)(6,924)(10)66,048 73,961 (7,913)(11)
Deposits44,190 44,203 45,912 46,962 47,221 (13)— (3,031)(6)44,766 47,221 (2,455)(5)
Interest-earning assets65,550 66,447 67,536 70,267 72,275 (897)(1)(6,725)(9)66,507 74,350 (7,843)(11)
KEY METRICS
Net interest margin2.90 %2.99 %3.07 %3.11 %3.07 %(9) bps(17) bps2.98 %3.13 %(15) bps
Efficiency ratio43.84 42.28 42.80 43.44 43.93 156  bps(9) bps42.95 41.67 128  bps
Loan-to-deposit ratio (period-end balances)140.42 141.41 143.98 146.09 145.77 (99) bps(535) bps140.42 145.77 (535) bps
Loan-to-deposit ratio (average balances)145.93 148.15 145.05 147.64 150.96 (222) bps(503) bps146.36 154.96 (860) bps
Return on average total tangible assets1.37 1.52 1.50 1.48 1.39 (15) bps(2) bps1.47 1.55 (8) bps
1 Includes loans held for sale.
















12

SEGMENT FINANCIAL HIGHLIGHTS - NON-CORE
(dollars in millions)

QUARTERLY TRENDSFOR THE NINE MONTHS ENDED SEPTEMBER 30,
NON-CORE
3Q24 Change2024 Change
3Q242Q241Q244Q233Q232Q243Q23202420232023
$/bps%$/bps%$/bps%
Net interest income($28)($31)($37)($45)($41)$3 10 %$13 32 %($96)($84)($12)(14 %)
Noninterest income— — — — — — — — — — — — — 
Total revenue(28)(31)(37)(45)(41)3 10 13 32 (96)(84)(12)(14)
Noninterest expense23 26 25 28 30 (3)(12)(7)(23)74 95 (21)(22)
Profit (loss) before credit losses(51)(57)(62)(73)(71)6 11 20 28 (170)(179)9 5 
Net charge offs17 10 19 24 20 7 70 (3)(15)46 54 (8)(15)
Income (loss) before income tax expense (benefit)(68)(67)(81)(97)(91)(1)(1)23 25 (216)(233)17 7 
Income tax expense (benefit)(17)(17)(21)(25)(24)— — 7 29 (55)(61)6 10 
Net income (loss)($51)($50)($60)($72)($67)($1)(2 %)$16 24 %($161)($172)$11 6 %
AVERAGE BALANCES
Total assets$8,389 $9,418 $10,554 $11,776 $13,113 ($1,029)(11 %)($4,724)(36 %)$9,450 $14,409 ($4,959)(34 %)
Total loans and leases1
8,352 9,376 10,507 11,701 13,010 (1,024)(11)(4,658)(36)9,408 14,332 (4,924)(34)
Interest-earning assets8,352 9,376 10,507 11,726 13,010 (1,024)(11)(4,658)(36)9,408 14,332 (4,924)(34)
KEY METRICS
Net interest margin(1.30)%(1.36)%(1.41)%(1.54)%(1.24)%6  bps(6) bps(1.36)%(0.78)%(58) bps
Return on average total tangible assets(2.40)(2.14)(2.30)(2.42)(2.03)(26) bps(37) bps(2.28)(1.60)(68) bps
1 Includes loans held for sale.
13

SEGMENT FINANCIAL HIGHLIGHTS - OTHER
(dollars in millions)

QUARTERLY TRENDSFOR THE NINE MONTHS ENDED SEPTEMBER 30,
OTHER1
3Q24 Change2024 Change
3Q242Q241Q244Q233Q232Q243Q23202420232023
$%$%$%
Net interest income($237)($173)($128)($104)($64)($64)(37 %)($173)NM($538)($5)($533)NM
Noninterest income40 34 32 39 34 6 18 6 18 106 93 13 14 
Total revenue(197)(139)(96)(65)(30)(58)(42)(167)NM(432)88 (520)NM
Noninterest expense20 49 113 355 33 (29)(59)(13)(39)182 192 (10)(5)
Profit (loss) before provision (benefit) for credit losses(217)(188)(209)(420)(63)(29)(15)(154)(244)(614)(104)(510)NM
Provision (benefit) for credit losses(20)(2)(10)— 18 (18)NM(38)NM(32)79 (111)NM
Income (loss) before income tax expense (benefit)(197)(186)(199)(420)(81)(11)(6)(116)(143)(582)(183)(399)(218)
Income tax expense (benefit)(72)(73)(62)(143)(42)1 1 (30)(71)(207)(100)(107)(107)
Net income (loss)($125)($113)($137)($277)($39)($12)(11 %)($86)(221 %)($375)($83)($292)NM
AVERAGE BALANCES
Total assets$66,705 $66,551 $66,283 $65,785 $59,088 $154 — %$7,617 13 %$66,514 $57,723 $8,791 15 %
Total loans and leases2
837 789 754 729 766 48 6 71 9 794 763 31 4 
Deposits7,962 8,989 10,173 11,692 11,250 (1,027)(11)(3,288)(29)9,037 10,993 (1,956)(18)
Interest-earning assets53,654 54,089 53,976 53,604 47,035 (435)(1)6,619 14 53,906 45,698 8,208 18 
1 Includes assets, liabilities, capital, revenues, provision for credit losses, expenses and income tax expense not attributed to our Consumer Banking, Commercial Banking, or Non-Core segments as well as treasury and community development.
2 Includes loans held for sale.
14

CREDIT-RELATED INFORMATION
(dollars in millions)
AS OFSEPTEMBER 30, 2024 CHANGE
Sept 30, 2024June 30, 2024Mar 31, 2024Dec 31, 2023Sept 30, 2023June 30, 2024September 30, 2023
$/bps/%%$/bps/%%
NONACCRUAL LOANS AND LEASES
Commercial and industrial1
$219 $261 $294 $297 $245 ($42)(16 %)($26)(11 %)
Commercial real estate852 678 597 477 470 174 26 382 81 
Total commercial1,071 939 891 774 715 132 14 356 50 
Residential mortgages2
169 153 174 177 190 16 10 (21)(11)
Home equity281 279 288 285 268 2 1 13 5 
Automobile46 44 47 61 62 2 5 (16)(26)
Education59 52 29 28 23 7 13 36 157 
Other retail61 60 40 39 38 1 2 23 61 
Total retail616 588 578 590 581 28 5 35 6 
Nonaccrual loans and leases1,687 1,527 1,469 1,364 1,296 160 10 391 30 
Repossessed assets14 13 14 14 15 1 8 (1)(7)
Nonaccrual loans and leases and repossessed assets$1,701 $1,540 $1,483 $1,378 $1,311 $161 10 %$390 30 %
NONACCRUAL LOANS AND LEASES BY PRODUCT3
Commercial$1,071 $939 $891 $774 $715 $132 14 %$356 50 %
Retail630 601 592 604 596 29 5 34 6 
Total nonaccrual loans and leases$1,701 $1,540 $1,483 $1,378 $1,311 $161 10 %$390 30 %
ASSET QUALITY RATIOS
Allowance for loan and lease losses to loans and leases1.47 %1.50 %1.46 %1.44 %1.39 %(3) bps8  bps
Allowance for credit losses to loans and leases1.61 1.63 1.61 1.59 1.55 (2) bps6  bps
Allowance for loan and lease losses to nonaccrual loans and leases123 139 142 154 160 (16 %)(37 %)
Allowance for credit losses to nonaccrual loans and leases136 151 157 170 179 (15 %)(43 %)
Nonaccrual loans and leases to loans and leases1.19 1.08 1.02 0.93 0.87 11  bps32  bps
1Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation.
2Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.
3Nonaccrual loans and leases by product includes repossessed assets.



15

CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
AS OFSEPTEMBER 30, 2024 CHANGE
Sept 30, 2024June 30, 2024Mar 31, 2024Dec 31, 2023Sept 30, 2023June 30, 2024September 30, 2023
$/bps%$/bps%
LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Commercial and industrial1
$5 $7 $23 $6 $4 ($2)(29 %)$1 25 %
Commercial real estate15 36 39 40 3 (21)(58)12 NM
Total commercial20 43 62 46 7 (23)(53)13 186 
Residential mortgages2
146 182 209 256 217 (36)(20)(71)(33)
Home equity— — — — — — — — — 
Automobile— — — — — — — — — 
Education2 2 2 2 3 — — (1)(33)
Other retail1 1 27 29 21 — — (20)(95)
Total retail149 185 238 287 241 (36)(19)(92)(38)
Total loans and leases$169 $228 $300 $333 $248 ($59)(26 %)($79)(32 %)
1Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation.
2 90+ days past due and accruing includes $145 million, $168 million, $202 million, $243 million, and $216 million of loans fully or partially guaranteed by the FHA, VA, and USDA for September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, respectively.

16

CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
QUARTERLY TRENDSFOR THE NINE MONTHS ENDED SEPTEMBER 30,
3Q24 Change2024 Change
3Q242Q241Q244Q233Q232Q243Q23202420232023
$%$%$%
CHARGE-OFFS, RECOVERIES AND RELATED RATIOS
GROSS CHARGE-OFFS
Commercial and industrial1
$57 $14 $14 $24 $25 $43 NM$32 128 %$85 $97 ($12)(12 %)
Commercial real estate49 86 88 49 49 (37)(43)— — 223 115 108 94 
Total commercial106 100 102 73 74 6 6 32 43 308 212 96 45 
Residential mortgages1 1 2 3 1 — — — — 4 3 1 33 
Home equity4 4 4 4 3 — — 1 33 12 8 4 50 
Automobile25 19 28 31 28 6 32 (3)(11)72 82 (10)(12)
Education30 31 32 35 27 (1)(3)3 11 93 76 17 22 
Other retail65 68 63 60 58 (3)(4)7 12 196 170 26 15 
Total retail125 123 129 133 117 2 2 8 7 377 339 38 11 
Total gross charge-offs$231 $223 $231 $206 $191 $8 4 %$40 21 %$685 $551 $134 24 %
GROSS RECOVERIES
Commercial and industrial1
$3 $4 $17 $3 $3 ($1)(25 %)$— — %$24 $12 $12 100 %
Commercial real estate5 — — 1 1 5 100 4 NM5 2 3 150 
Total commercial8 4 17 4 4 4 100 4 100 29 14 15 107 
Residential mortgages1 1 1 1 2 — — (1)(50)3 3 — — 
Home equity5 7 6 5 6 (2)(29)(1)(17)18 17 1 6 
Automobile12 15 14 14 13 (3)(20)(1)(8)41 44 (3)(7)
Education6 5 5 5 5 1 20 1 20 16 14 2 14 
Other retail7 7 7 6 8 — — (1)(13)21 21 — — 
Total retail31 35 33 31 34 (4)(11)(3)(9)99 99 — — 
Total gross recoveries$39 $39 $50 $35 $38 $— — %$1 3 %$128 $113 $15 13 %
NET CHARGE-OFFS (RECOVERIES)
Commercial and industrial1
$54 $10 ($3)$21 $22 $44 NM$32 145 %$61 $85 ($24)(28 %)
Commercial real estate44 86 88 48 48 (42)(49)(4)(8)218 113 105 93 
Total commercial98 96 85 69 70 2 2 28 40 279 198 81 41 
Residential mortgages— — 1 2 (1)— — 1 100 1 — 1 100 
Home equity(1)(3)(2)(1)(3)2 67 2 67 (6)(9)3 33 
Automobile13 4 14 17 15 9 225 (2)(13)31 38 (7)(18)
Education24 26 27 30 22 (2)(8)2 9 77 62 15 24 
Other retail58 61 56 54 50 (3)(5)8 16 175 149 26 17 
Total retail94 88 96 102 83 6 7 11 13 278 240 38 16 
Total net charge-offs$192 $184 $181 $171 $153 $8 4 %$39 25 %$557 $438 $119 27 %
1Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation.
17

CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
QUARTERLY TRENDSFOR THE NINE MONTHS ENDED SEPTEMBER 30,
3Q24 Change2024 Change
3Q242Q241Q244Q233Q232Q243Q23202420232023
$/bps%$/bps%$/bps%
ANNUALIZED NET CHARGE-OFF (RECOVERY) RATES
Commercial and industrial1
0.49 %0.09 %(0.03 %)0.18 %0.18 %40  bps31  bps0.18 %0.22 %(4) bps
Commercial real estate0.62 1.20 1.22 0.66 0.65 (58)(3)1.02 0.52 50 
Total commercial0.54 0.53 0.47 0.36 0.35 1 19 0.51 0.33 18 
Residential mortgages— — 0.01 0.02 (0.02)— 2 — — — 
Home equity(0.03)(0.07)(0.06)(0.04)(0.08)4 5 (0.05)(0.08)3 
Automobile0.81 0.27 0.73 0.77 0.60 54 21 0.60 0.47 13 
Education0.85 0.93 0.92 1.00 0.72 (8)13 0.90 0.66 24 
Other retail4.93 4.98 4.56 4.13 3.95 (5)98 4.82 3.87 95 
Total retail0.54 0.51 0.54 0.56 0.46 3 8 0.53 0.44 9 
Total loans and leases0.54 %0.52 %0.50 %0.46 %0.40 %2  bps14  bps0.52 %0.38 %14  bps
Memo: Average loans
Commercial and industrial1
$44,071 $44,381 $44,577 $46,618 $48,908 ($310)(1 %)($4,837)(10 %)$44,342 $51,136 ($6,794)(13 %)
Commercial real estate28,209 28,574 29,265 29,460 29,353 (365)(1)(1,144)(4)28,681 29,122 (441)(2)
Total commercial72,280 72,955 73,842 76,078 78,261 (675)(1)(5,981)(8)73,023 80,258 (7,235)(9)
Residential mortgages32,117 31,633 31,384 31,146 30,838 484 2 1,279 4 31,713 30,496 1,217 4 
Home equity15,733 15,343 15,080 14,889 14,589 390 3 1,144 8 15,387 14,336 1,051 7 
Automobile5,942 6,807 7,758 8,752 9,849 (865)(13)(3,907)(40)6,832 10,920 (4,088)(37)
Education11,155 11,447 11,816 11,971 12,147 (292)(3)(992)(8)11,472 12,455 (983)(8)
Other retail4,776 4,882 4,942 5,133 5,107 (106)(2)(331)(6)4,866 5,184 (318)(6)
Total retail69,723 70,112 70,980 71,891 72,530 (389)(1)(2,807)(4)70,270 73,391 (3,121)(4)
Total loans and leases$142,003 $143,067 $144,822 $147,969 $150,791 ($1,064)(1 %)($8,788)(6 %)$143,293 $153,649 ($10,356)(7 %)
1Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation.


18

CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
QUARTERLY TRENDSFOR THE NINE MONTHS ENDED SEPTEMBER 30,
3Q24 Change2024 Change
3Q242Q241Q244Q233Q232Q243Q23202420232023
$%$%$%
SUMMARY OF CHANGES IN THE COMPONENTS OF THE ALLOWANCE FOR CREDIT LOSSES
Allowance for loan and lease losses - beginning$2,125 $2,086 $2,098 $2,080 $2,044 $39 2 %$81 4 %$2,098 $1,983 $115 6 %
Charge-offs:
Commercial106 100 102 73 74 6 6 32 43 308 212 96 45 
Retail 125 123 129 133 117 2 2 8 7 377 339 38 11 
Total charge-offs231 223 231 206 191 8 4 40 21 685 551 134 24 
Recoveries:
Commercial8 4 17 4 4 4 100 4 100 29 14 15 107 
Retail 31 35 33 31 34 (4)(11)(3)(9)99 99 — — 
Total recoveries39 39 50 35 38 — — 1 3 128 113 15 13 
Net charge-offs192 184 181 171 153 8 4 39 25 557 438 119 27 
Provision (benefit) for loan and lease losses:
Commercial3 144 69 86 146 (141)(98)(143)(98)216 371 (155)(42)
Retail143 79 100 103 43 64 81 100 233 322 164 158 96 
Total provision (benefit) for loan and lease losses146 223 169 189 189 (77)(35)(43)(23)538 535 3 1 
Allowance for loan and lease losses - ending$2,079 $2,125 $2,086 $2,098 $2,080 ($46)(2 %)($1)— %$2,079 $2,080 ($1)— %
Allowance for unfunded lending commitments - beginning$181 $222 $220 $238 $255 ($41)(18 %)($74)(29 %)$220 $257 ($37)(14 %)
Provision (benefit) for unfunded lending commitments26 (41)2 (18)(17)67 NM43 NM(13)(19)6 32 
Allowance for unfunded lending commitments - ending$207 $181 $222 $220 $238 $26 14 %($31)(13 %)$207 $238 ($31)(13 %)
Total allowance for credit losses - ending$2,286 $2,306 $2,308 $2,318 $2,318 ($20)(1 %)($32)(1 %)$2,286 $2,318 ($32)(1 %)
Memo: Total allowance for credit losses by product
Commercial $1,351 $1,429 $1,425 $1,425 $1,425 ($78)(5 %)($74)(5 %)$1,351 $1,425 ($74)(5 %)
Retail 935 877 883 893 893 58 7 42 5 935 893 42 5 
Total allowance for credit losses$2,286 $2,306 $2,308 $2,318 $2,318 ($20)(1 %)($32)(1 %)$2,286 $2,318 ($32)(1 %)
19

CAPITAL AND RATIOS
(dollars in millions)
AS OFFOR THE NINE MONTHS ENDED SEPTEMBER 30,
SEPTEMBER 30, 2024 CHANGE2024 Change
Sept 30, 2024June 30, 2024Mar 31, 2024Dec 31, 2023Sept 30, 2023June 30, 2024September 30, 2023202420232023
$%$%$%
CAPITAL RATIOS AND COMPONENTS (PRELIMINARY)
CET1 capital$17,941 $18,086 $18,090 $18,358 $18,360 ($145)(1 %)($419)(2 %)
Tier 1 capital20,053 20,198 20,104 20,372 20,374 (145)(1)(321)(2)
Total capital23,352 23,551 23,466 23,608 23,682 (199)(1)(330)(1)
Risk-weighted assets168,552 168,393 170,125 172,601 176,407 159 — (7,855)(4)
Adjusted average assets1
213,274 214,574 216,001 219,591 215,877 (1,300)(1)(2,603)(1)
CET1 capital ratio10.6 %10.7 %10.6 %10.6 %10.4 %
Tier 1 capital ratio11.9 12.0 11.8 11.8 11.5 
Total capital ratio13.9 14.0 13.8 13.7 13.4 
Tier 1 leverage ratio9.4 9.4 9.3 9.3 9.4 
TANGIBLE COMMON EQUITY (PERIOD-END)
Common stockholders' equity$22,819 $21,757 $21,747 $22,329 $20,864 $1,062 5 %$1,955 9 %$22,819 $20,864 $1,955 9 %
Less: Goodwill8,187 8,187 8,188 8,188 8,188 — — (1)— 8,187 8,188 (1)— 
Less: Other intangible assets137 139 148 157 167 (2)(1)(30)(18)137 167 (30)(18)
Add: Deferred tax liabilities2
435 435 433 433 421 — — 14 3 435 421 14 3 
Total tangible common equity$14,930 $13,866 $13,844 $14,417 $12,930 $1,064 8 %$2,000 15 %$14,930 $12,930 $2,000 15 %
TANGIBLE COMMON EQUITY (AVERAGE)
Common stockholders' equity$22,380 $21,427 $21,700 $21,209 $21,177 $953 4 %$1,203 6 %$21,838 $21,721 $117 1 %
Less: Goodwill8,187 8,188 8,188 8,188 8,188 (1)— (1)— 8,187 8,182 5 — 
Less: Other intangible assets140 144 153 163 173 (4)(3)(33)(19)146 182 (36)(20)
Add: Deferred tax liabilities2
435 432 433 421 422 3 1 13 3 433 422 11 3 
Total tangible common equity$14,488 $13,527 $13,792 $13,279 $13,238 $961 7 %$1,250 9 %$13,938 $13,779 $159 1 %
INTANGIBLE ASSETS (PERIOD-END)
Goodwill$8,187 $8,187 $8,188 $8,188 $8,188 $— — %($1)— %$8,187 $8,188 ($1)— %
Other intangible assets137 139 148 157 167 (2)(1)(30)(18)137 167 (30)(18)
Total intangible assets$8,324 $8,326 $8,336 $8,345 $8,355 ($2)— %($31)— %$8,324 $8,355 ($31)— %
1Adjusted average assets include quarterly average assets, less deductions for disallowed goodwill and other intangible assets, net of deferred taxes, and the accumulated other comprehensive
income impact related to the adoption of post-retirement benefit plan guidance under GAAP.
2Deferred tax liabilities relate to tax-deductible goodwill and other intangible assets.




20


NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
(dollars in millions, except per share data)

Non-GAAP Financial Measures
This document contains non-GAAP financial measures denoted as Underlying. Underlying results for any given reporting period exclude certain items that may occur in that period which management does not consider indicative of the Company’s on-going financial performance. We believe these non-GAAP financial measures provide useful information to investors because they are used by our management to evaluate our operating performance and make day-to-day operating decisions. In addition, we believe our Underlying results in any given reporting period reflect our on-going financial performance in that period and, accordingly, are useful to consider in addition to our GAAP financial results. The following tables present reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures.

Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Accordingly, our non-GAAP financial measures may not be comparable to similar measures used by such companies. We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP measures. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our results reported under GAAP.

21

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED (dollars in millions, except per share data)
QUARTERLY TRENDSFOR THE NINE MONTHS ENDED SEPTEMBER 30,
3Q24 Change2024 Change
3Q242Q241Q244Q233Q232Q243Q23202420232023
$%$%$%
Noninterest income, Underlying:
Noninterest income (GAAP)A$532 $553 $517 $500 $492 ($21)(4 %)$40 8 %$1,602 $1,483 $119 8 %
Less: Notable items(2)4 3 — — (6)(150)(2)(100)5 — 5 100 
Noninterest income, Underlying (non-GAAP)B$534 $549 $514 $500 $492 ($15)(3 %)$42 9 %$1,597 $1,483 $114 8 %
Total revenue, Underlying:
Total revenue (GAAP)C$1,901 $1,963 $1,959 $1,988 $2,014 ($62)(3 %)($113)(6 %)$5,823 $6,236 ($413)(7 %)
Less: Notable items(2)4 3 — — (6)(150)(2)(100)5 — 5 100 
Total revenue, Underlying (non-GAAP)D$1,903 $1,959 $1,956 $1,988 $2,014 ($56)(3 %)($111)(6 %)$5,818 $6,236 ($418)(7 %)
Noninterest expense, Underlying:
Noninterest expense (GAAP)E$1,259 $1,301 $1,358 $1,612 $1,293 ($42)(3 %)($34)(3 %)$3,918 $3,895 $23 1 %
Less: Notable items11 36 85 345 22 (25)(69)(11)(50)132 161 (29)(18)
Noninterest expense, Underlying (non-GAAP)F$1,248 $1,265 $1,273 $1,267 $1,271 ($17)(1 %)($23)(2 %)$3,786 $3,734 $52 1 %
Pre-provision profit:
Total revenue (GAAP)C$1,901 $1,963 $1,959 $1,988 $2,014 ($62)(3 %)($113)(6 %)$5,823 $6,236 ($413)(7 %)
Less: Noninterest expense (GAAP)E1,259 1,301 1,358 1,612 1,293 (42)(3)(34)(3)3,918 3,895 23 1 
Pre-provision profit (non-GAAP)
$642 $662 $601 $376 $721 ($20)(3 %)($79)(11 %)$1,905 $2,341 ($436)(19 %)
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)D$1,903 $1,959 $1,956 $1,988 $2,014 ($56)(3 %)($111)(6 %)$5,818 $6,236 ($418)(7 %)
Less: Noninterest expense, Underlying (non-GAAP)F1,248 1,265 1,273 1,267 1,271 (17)(1)(23)(2)3,786 3,734 52 1 
Pre-provision profit, Underlying (non-GAAP)$655 $694 $683 $721 $743 ($39)(6 %)($88)(12 %)$2,032 $2,502 ($470)(19 %)
Income before income tax expense, Underlying:
Income before income tax expense (GAAP)G$470 $480 $430 $205 $549 ($10)(2 %)($79)(14 %)$1,380 $1,825 ($445)(24 %)
Less: Income (expense) before income tax expense (benefit) related to notable items(13)(32)(82)(345)(22)19 59 9 41 (127)(161)34 21 
Income before income tax expense, Underlying (non-GAAP)H$483 $512 $512 $550 $571 ($29)(6 %)($88)(15 %)$1,507 $1,986 ($479)(24 %)
Income tax expense, Underlying:
Income tax expense (GAAP)I$88 $88 $96 $16 $119 $— — %($31)(26 %)$272 $406 ($134)(33 %)
Less: Income tax expense (benefit) related to notable items(3)(16)(21)(108)(4)13 81 1 25 (40)(41)1 2 
Income tax expense, Underlying (non-GAAP)J$91 $104 $117 $124 $123 ($13)(13 %)($32)(26 %)$312 $447 ($135)(30 %)
Net income, Underlying:
Net income (GAAP)K$382 $392 $334 $189 $430 ($10)(3 %)($48)(11 %)$1,108 $1,419 ($311)(22 %)
Add: Notable items, net of income tax benefit10 16 61 237 18 (6)(38)(8)(44)87 120 (33)(28)
Net income, Underlying (non-GAAP)L$392 $408 $395 $426 $448 ($16)(4 %)($56)(13 %)$1,195 $1,539 ($344)(22 %)
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)M$344 $357 $304 $159 $400 ($13)(4 %)($56)(14 %)$1,005 $1,332 ($327)(25 %)
Add: Notable items, net of income tax benefit10 16 61 237 18 (6)(38)(8)(44)87 120 (33)(28)
Net income available to common stockholders, Underlying (non-GAAP)N$354 $373 $365 $396 $418 ($19)(5 %)($64)(15 %)$1,092 $1,452 ($360)(25 %)
22

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(dollars in millions, except per share data)

QUARTERLY TRENDSFOR THE NINE MONTHS ENDED SEPTEMBER 30,
3Q24 Change2024 Change
3Q242Q241Q244Q233Q232Q243Q23202420232023
$/bps%$/bps%$/bps%
Operating leverage:
Total revenue (GAAP)C$1,901 $1,963 $1,959 $1,988 $2,014 ($62)(3.23 %)($113)(5.67 %)$5,823 $6,236 ($413)(6.65 %)
Less: Noninterest expense (GAAP)E1,259 1,301 1,358 1,612 1,293 (42)(3.28)(34)(2.69)3,918 3,895 23 0.57 
Operating leverage0.05 %(2.98 %)(7.22 %)
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)D$1,903 $1,959 $1,956 $1,988 $2,014 ($56)(2.88 %)($111)(5.54 %)$5,818 $6,236 ($418)(6.73 %)
Less: Noninterest expense, Underlying (non-GAAP)F1,248 1,265 1,273 1,267 1,271 (17)(1.35)(23)(1.75)3,786 3,734 52 1.38 
Operating leverage, Underlying (non-GAAP)(1.53 %)(3.79 %)(8.11 %)
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio E/C66.23 %66.27 %69.33 %81.13 %64.21 %(4) bps202  bps67.28 %62.45 %483  bps
Efficiency ratio, Underlying (non-GAAP)F/D65.61 64.59 65.05 63.77 63.08 102  bps253  bps65.08 59.87 521  bps
Noninterest income as a % of total revenue, Underlying:
Noninterest income as a % of total revenueA/C27.95 %28.16 %26.41 %25.16 %24.44 %(21) bps351  bps27.51 %23.78 %373  bps
Noninterest income as a % of total revenue, UnderlyingB/D28.05 28.00 26.32 25.16 24.44 5  bps361  bps27.45 23.78 367  bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rateI/G18.56 %18.49 %22.28 %7.59 %21.51 %7  bps(295) bps19.69 %22.24 %(255) bps
Effective income tax rate, Underlying (non-GAAP)J/H18.75 20.33 22.84 22.25 21.69 (158) bps(294) bps20.68 22.55 (187) bps
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP)O$22,380 $21,427 $21,700 $21,209 $21,177 $953 4 %$1,203 6 %$21,838 $21,721 $117 1 %
Return on average common equityM/O6.12 %6.70 %5.63 %2.96 %7.50 %(58) bps(138) bps6.15 %8.20 %(205) bps
Return on average common equity, Underlying (non-GAAP)N/O6.29 7.00 6.77 7.41 7.82 (71) bps(153) bps6.68 8.93 (225) bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)O$22,380 $21,427 $21,700 $21,209 $21,177 $953 4 %$1,203 6 %$21,838 $21,721 $117 1 %
Less: Average goodwill (GAAP)8,187 8,188 8,188 8,188 8,188 (1)— (1)— 8,187 8,182 5 — 
Less: Average other intangibles (GAAP)140 144 153 163 173 (4)(3)(33)(19)146 182 (36)(20)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)435 432 433 421 422 3 1 13 3 433 422 11 3 
Average tangible common equityP$14,488 $13,527 $13,792 $13,279 $13,238 $961 7 %$1,250 9 %$13,938 $13,779 $159 1 %
Return on average tangible common equity M/P9.45 %10.61 %8.86 %4.72 %12.00 %(116) bps(255) bps9.63 %12.93 %(330) bps
Return on average tangible common equity, Underlying (non-GAAP)N/P9.71 11.09 10.65 11.84 12.51 (138) bps(280) bps10.46 14.09 (363) bps
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP)Q$218,578 $219,222 $220,770 $223,653 $220,162 ($644)— %($1,584)(1 %)$219,520 $221,739 ($2,219)(1 %)
Return on average total assetsK/Q0.70 %0.72 %0.61 %0.33 %0.78 %(2) bps(8) bps0.67 %0.86 %(19) bps
Return on average total assets, Underlying (non-GAAP)L/Q0.71 0.75 0.72 0.76 0.81 (4) bps(10) bps0.73 0.93 (20) bps
23

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(dollars in millions, except per share data)
QUARTERLY TRENDSFOR THE NINE MONTHS ENDED SEPTEMBER 30,
3Q24 Change2024 Change
3Q242Q241Q244Q233Q232Q243Q23202420232023
$/bps%$/bps%$/bps%
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)Q$218,578 $219,222 $220,770 $223,653 $220,162 ($644)— %($1,584)(1 %)$219,520 $221,739 ($2,219)(1 %)
Less: Average goodwill (GAAP)8,187 8,188 8,188 8,188 8,188 (1)— (1)— 8,187 8,182 5— 
Less: Average other intangibles (GAAP)140 144 153 163 173 (4)(3)(33)(19)146 182 (36)(20)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)435 432 433 421 422 31 133 433 422 113 
Average tangible assetsR$210,686 $211,322 $212,862 $215,723 $212,223 ($636)— %($1,537)(1 %)$211,620 $213,797 ($2,177)(1 %)
Return on average total tangible assets K/R0.72 %0.75 %0.63 %0.35 %0.81 %(3) bps(9) bps0.70 %0.89 %(19) bps
Return on average total tangible assets, Underlying (non-GAAP)L/R0.74 0.78 0.75 0.78 0.84 (4) bps(10) bps0.75 0.96 (21) bps
Tangible book value per common share:
Common shares - at period-end (GAAP)S445,216,549 452,961,853 458,485,032 466,418,055 466,221,795 (7,745,304)(2 %)(21,005,246)(5 %)445,216,549 466,221,795 (21,005,246)(5 %)
Common stockholders' equity (GAAP)$22,819 $21,757 $21,747 $22,329 $20,864 $1,0625 $1,9559 $22,819 $20,864 $1,9559 
Less: Goodwill (GAAP)8,187 8,187 8,188 8,188 8,188 —— (1)— 8,187 8,188 (1)— 
Less: Other intangible assets (GAAP)137 139 148 157 167 (2)(1)(30)(18)137 167 (30)(18)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)435 435 433 433 421 —— 143 435 421 143 
Tangible common equityT$14,930 $13,866 $13,844 $14,417 $12,930 $1,0648 %$2,00015 %$14,930 $12,930 $2,00015 %
Tangible book value per common shareT/S$33.54 $30.61 $30.19 $30.91 $27.73 $2.93 10 %$5.81 21 %$33.54 $27.73 $5.81 21 %
Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying:
Average common shares outstanding - basic (GAAP)U446,561,996 454,142,489 461,358,681 466,234,324 469,481,085 (7,580,493)(2 %)(22,919,089)(5 %)453,993,833 478,073,507 (24,079,674)(5 %)
Average common shares outstanding - diluted (GAAP)V449,913,467 456,561,022 463,797,964 468,159,167 471,183,719 (6,647,555)(1)(21,270,252)(5)456,461,330 479,733,008 (23,271,678)(5)
Net income per average common share - basic (GAAP)M/U$0.77 $0.79 $0.66 $0.34 $0.85 ($0.02)(3)($0.08)(9)$2.21 $2.79 ($0.58)(21)
Net income per average common share - diluted (GAAP)M/V0.77 0.78 0.65 0.34 0.85 (0.01)(1)(0.08)(9)2.20 2.78 (0.58)(21)
Net income per average common share - basic, Underlying (non-GAAP)N/U0.79 0.82 0.79 0.85 0.89 (0.03)(4)(0.10)(11)2.40 3.04 (0.64)(21)
Net income per average common share - diluted, Underlying (non-GAAP)N/V0.79 0.82 0.79 0.85 0.89 (0.03)(4)(0.10)(11)2.39 3.03 (0.64)(21)
Dividend payout ratio and dividend payout ratio, Underlying:
Cash dividends declared and paid per common shareW$0.42 $0.42 $0.42 $0.42 $0.42 $— — %$— — %$1.26 $1.26 $— — %
Dividend payout ratioW/(M/U)55 %53 %64 %124 %49 %139 bps514 bps57 %45 %1,185 bps
Dividend payout ratio, Underlying (non-GAAP)W/(N/U)53 51 53 49 47 200 bps600 bps53 41 1,200 bps
24

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(dollars in millions, except per share data)
QUARTERLY TRENDSFOR THE NINE MONTHS ENDED SEPTEMBER 30,
3Q24 Change2024 Change
3Q242Q241Q244Q233Q232Q243Q23202420232023
$%$%$/bps%
Card fees, Underlying:
Card fees (GAAP)
$93 $92 $86 $70 $74 $1 1 %$19 26 %$271 $226 $45 20 %
Less: Notable items6 4 3 — — 2 50 6 100 13 — 13 100 
Card fees, Underlying (non-GAAP)
$87 $88 $83 $70 $74 ($1)(1 %)$13 18 %$258 $226 $32 14 %
Other income, Underlying:
Other income (GAAP)$24 $10 $17 $20 $18 $14 140 %$6 33 %$51 $58 ($7)(12 %)
Less: Notable items(8)— — — — (8)(100)(8)(100)(8)— (8)(100)
Other income, Underlying (non-GAAP)$32 $10 $17 $20 $18 $22 220 $14 78 %$59 $58 $1 2 %
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)$647 $645 $691 $667 $659 $2 — %($12)(2 %)$1,983 $1,932 $51 3 %
Less: Notable items4 8 17 32 5 (4)(50)(1)(20)29 35 (6)(17)
Salaries and employee benefits, Underlying (non-GAAP)$643 $637 $674 $635 $654 $6 1 %($11)(2 %)$1,954 $1,897 $57 3 %
Equipment and software, Underlying:
Equipment and software (GAAP)
$194 $190 $192 $215 $191 $4 2 %$3 2 %$576 $541 $35 6 %
Less: Notable items2 4 8 37 6 (2)(50)(4)(67)14 14 — — 
Equipment and software, Underlying (non-GAAP)$192 $186 $184 $178 $185 $6 3 %$7 4 %$562 $527 $35 7 %
Outside services, Underlying:
Outside services (GAAP)$146 $165 $158 $174 $160 ($19)(12 %)($14)(9 %)$469 $513 ($44)(9 %)
Less: Notable items2 10 12 13 7 (8)(80)(5)(71)24 55 (31)(56)
Outside services, Underlying (non-GAAP)$144 $155 $146 $161 $153 ($11)(7 %)($9)(6 %)$445 $458 ($13)(3 %)
Occupancy, Underlying:
Occupancy (GAAP)$108 $113 $114 $125 $107 ($5)(4 %)$1 1 %$335 $367 ($32)(9 %)
Less: Notable items1 6 7 20 2 (5)(83)(1)(50)14 50 (36)(72)
Occupancy, Underlying (non-GAAP)$107 $107 $107 $105 $105 $— — %$2 2 %$321 $317 $4 1 %
Other operating expense, Underlying:
Other operating expense (GAAP)$164 $188 $203 $431 $176 ($24)(13 %)($12)(7 %)$555 $542 $13 2 %
Less: Notable items2 8 41 243 2 (6)(75)— — 51 7 44 NM
Other operating expense, Underlying (non-GAAP)$162 $180 $162 $188 $174 ($18)(10 %)($12)(7 %)$504 $535 ($31)(6 %)

25



NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS
(dollars in millions)
THIRD QUARTER 2024SECOND QUARTER 2024
Consumer BankingCommercial BankingNon-CoreOtherConsolidatedConsumer BankingCommercial BankingNon-CoreOtherConsolidated
Net income (loss) available to common stockholders:
Net income (loss)A$327 $231 ($51)($125)$382 $296 $259 ($50)($113)$392 
Less: Preferred stock dividends— — — 38 38 — — — 35 35 
Net income (loss) available to common stockholdersB$327 $231 ($51)($163)$344 $296 $259 ($50)($148)$357 
Return on average total tangible assets:
Average total assets (GAAP)$75,392 $68,092 $8,389 $66,705 $218,578 $74,295 $68,958 $9,418 $66,551 $219,222 
 Less: Average goodwill (GAAP)542 769 — 6,876 8,187 542 770 — 6,876 8,188 
          Average other intangibles (GAAP)83 29 — 28 140 87 31 — 26 144 
 Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)27 9 — 399 435 27 9 — 396 432 
Average tangible assetsC$74,794 $67,303 $8,389 $60,200 $210,686 $73,693 $68,166 $9,418 $60,045 $211,322 
Return on average total tangible assets A/C1.74 %1.37 %(2.40)%NM0.72 %1.61 %1.52 %(2.14)%NM0.75 %
Efficiency ratio:
Noninterest expense (GAAP)D$916 $300 $23 $20 $1,259 $915 $311 $26 $49 $1,301 
Net interest income (GAAP)1,156 478 (28)(237)1,369 1,120 494 (31)(173)1,410 
Noninterest income (GAAP)285 207 — 40 532 277 242 — 34 553 
Total revenue (GAAP)E$1,441 $685 ($28)($197)$1,901 $1,397 $736 ($31)($139)$1,963 
Efficiency ratio D/E63.53 %43.84 %NMNM66.23 %65.49 %42.28 %NMNM66.27 %
FIRST QUARTER 2024FOURTH QUARTER 2023
Consumer BankingCommercial BankingNon-CoreOtherConsolidatedConsumer BankingCommercial BankingNon-CoreOtherConsolidated
Net income (loss) available to common stockholders:
Net income (loss)A$272 $259 ($60)($137)$334 $269 $269 ($72)($277)$189 
Less: Preferred stock dividends— — — 30 30 — — — 30 30 
Net income (loss) available to common stockholdersB$272 $259 ($60)($167)$304 $269 $269 ($72)($307)$159 
Return on average total tangible assets:
Average total assets (GAAP)$73,833 $70,100 $10,554 $66,283 $220,770 $73,334 $72,758 $11,776 $65,785 $223,653 
 Less: Average goodwill (GAAP)542 770 — 6,876 8,188 542 770 — 6,876 8,188 
         Average other intangibles (GAAP)92 33 — 28 153 98 35 — 30 163 
 Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)26 10 — 397 433 26 10 — 385 421 
Average tangible assetsC$73,225 $69,307 $10,554 $59,776 $212,862 $72,720 $71,963 $11,776 $59,264 $215,723 
Return on average total tangible assets A/C1.49 %1.50 %(2.30)%NM0.63 %1.47 %1.48 %(2.42)%NM0.35 %
Efficiency ratio:
Noninterest expense (GAAP)D$903 $317 $25 $113 $1,358 $905 $324 $28 $355 $1,612 
Net interest income (GAAP)1,093 514 (37)(128)1,442 1,086 551 (45)(104)1,488 
Noninterest income (GAAP)258 227 — 32 517 265 196 — 39 500 
Total revenue (GAAP)E$1,351 $741 ($37)($96)$1,959 $1,351 $747 ($45)($65)$1,988 
Efficiency ratio D/E66.87 %42.80 %NMNM69.33 %67.08 %43.44 %NMNM81.13 %
26



NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS, CONTINUED
(dollars in millions)
THIRD QUARTER 2023
Consumer BankingCommercial BankingNon-CoreOtherConsolidated
Net income (loss) available to common stockholders:
Net income (loss)A$276 $260 ($67)($39)$430 
Less: Preferred stock dividends— — — 30 30 
Net income (loss) available to common stockholdersB$276 $260 ($67)($69)$400 
Return on average total tangible assets:
Average total assets (GAAP)$72,964 $74,997 $13,113 $59,088 $220,162 
 Less: Average goodwill (GAAP)542 770 — 6,876 8,188 
         Average other intangibles (GAAP)103 39 — 31 173 
 Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)24 12 — 386 422 
Average tangible assetsC$72,343 $74,200 $13,113 $52,567 $212,223 
Return on average total tangible assets A/C1.51 %1.39 %(2.03)%NM0.81 %
Efficiency ratio:
Noninterest expense (GAAP)D$905 $325 $30 $33 $1,293 
Net interest income (GAAP)1,067 560 (41)(64)1,522 
Noninterest income (GAAP)278 180 — 34 492 
Total revenue (GAAP)E$1,345 $740 ($41)($30)$2,014 
Efficiency ratio D/E67.18 %43.93 %NMNM64.21 %

27




NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS, CONTINUED
(dollars in millions)
FOR THE NINE MONTHS ENDED SEPTEMBER 30,
20242023
Consumer BankingCommercial BankingNon-CoreOtherConsolidatedConsumer BankingCommercial BankingNon-CoreOtherConsolidated
Net income (loss) available to common stockholders:
Net income (loss)A$895 $749 ($161)($375)$1,108 $790 $884 ($172)($83)$1,419 
Less: Preferred stock dividends— — — 103 103 — — — 87 87 
Net income (loss) available to common stockholdersB$895 $749 ($161)($478)$1,005 $790 $884 ($172)($170)$1,332 
Return on average total tangible assets:
Average total assets (GAAP)$74,510 $69,046 $9,450 $66,514 $219,520 $72,477 $77,130 $14,409 $57,723 $221,739 
 Less: Average goodwill (GAAP)542 770 — 6,875 8,187 540 766 — 6,876 8,182 
         Average other intangibles (GAAP)87 31 — 28 146 109 41 — 32 182 
 Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)27 9 — 397 433 23 12 — 387 422 
Average tangible assetsC$73,908 $68,254 $9,450 $60,008 $211,620 $71,851 $76,335 $14,409 $51,202 $213,797 
Return on average total tangible assets A/C1.62 %1.47 %(2.28)%NM0.70 %1.47 %1.55 %(1.60)%NM0.89 %
Efficiency ratio:
Noninterest expense (GAAP)D$2,734 $928 $74 $182 $3,918 $2,637 $971 $95 $192 $3,895 
Net interest income (GAAP)3,369 1,486 (96)(538)4,221 3,101 1,741 (84)(5)4,753 
Noninterest income (GAAP)820 676 — 106 1,602 802 588 — 93 1,483 
Total revenue (GAAP)E$4,189 $2,162 ($96)($432)$5,823 $3,903 $2,329 ($84)$88 $6,236 
Efficiency ratio D/E65.26 %42.95 %NMNM67.28 %67.54 %41.67 %NMNM62.45 %

28
v3.24.3
Document and Entity Information Document
Oct. 16, 2024
Document and Entity Information [Line Items]  
Entity Registrant Name CITIZENS FINANCIAL GROUP INC/RI
Amendment Flag false
Entity Central Index Key 0000759944
Document Type 8-K
Document Period End Date Oct. 16, 2024
Entity Incorporation, State or Country Code DE
Entity File Number 001-36636
Entity Tax Identification Number 05-0412693
Entity Address, Address Line One One Citizens Plaza
Entity Address, City or Town Providence,
Entity Address, State or Province RI
Entity Address, Postal Zip Code 02903
City Area Code 203
Local Phone Number 900-6715
Entity Emerging Growth Company false
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Common Stock [Member]  
Document and Entity Information [Line Items]  
Title of 12(b) Security Common stock, $0.01 par value per share
Trading Symbol CFG
Security Exchange Name NYSE
Series E Preferred Stock [Member]  
Document and Entity Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/40th interest in a share of 5.000% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series E
Trading Symbol CFG PrE
Security Exchange Name NYSE
Series H Preferred Stock  
Document and Entity Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/40th interest in a share of 7.375% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series H
Trading Symbol CFG PrH
Security Exchange Name NYSE
Citizens Financial (NYSE:CFG-E)
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