Citizens Financial Group, Inc. Reports Fourth Quarter 2023 Net Income of $189 million and EPS of $0.34
January 17 2024 - 5:20AM
Business Wire
Underlying Net Income of $426 million and
EPS of $0.85
CET1 ratio of 10.6%
2023 Net Income of $1.6 billion and EPS of
$3.13; Underlying EPS of $3.88
Citizens Financial Group, Inc. (NYSE: CFG or “Citizens”) today
reported fourth quarter and full year 2023 financial results. The
earnings press release, investor presentation, and financial
supplement are available at http://investor.citizensbank.com. In
addition, these materials will be furnished to the Securities and
Exchange Commission (SEC) on a Form 8-K and will be available on
the SEC website at www.sec.gov.
“We continue to execute well and posted solid performance in
Q4,” said Chairman and CEO Bruce Van Saun. “Our balance sheet is
very strong, as we bolstered CET1 to 10.6%, lowered our LDR to 82%,
enhanced our liquidity profile, which now exceeds Category 1 bank
LCR requirements, and reduced FHLB advances to $3.8 billion. We are
seeing less pressure on deposit costs and NIM, fees are beginning
to rebound, expenses remain well controlled, and credit costs are
as expected. Key strategic initiatives like the Private Bank, NYC
Metro, TOP 9 and Non-Core are all on track, positioning us well for
medium-term growth and enhanced returns. I would like to thank our
colleague base for their hard work and dedication in serving our
customers well and building a great bank.”
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 February 14, 2024 to shareholders of record
at the close of business on January 31, 2024.
As previously announced, Citizens will host a live conference
call to review its fourth quarter and full year 2023 financial
results. Interested parties may access the call and related
materials through the following details:
Conference Call
Time: 9:00 am ET
Dial-in: (877) 226-8189, conference ID 6086305
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 12:00 pm ET on January 17, 2024 through
February 17, 2024. Please dial (866) 207-1041 and enter access code
9913757. 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 $222.0 billion in assets as of
December 31, 2023. 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 3,200 ATMs and approximately 1,100 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.
Cautionary Statement About
Forward-Looking Statements
This news release 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 or 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. More information about factors
that could cause actual results to differ materially from those
described in the forward-looking statements can be found under
“Risk Factors” in our Annual Report on Form 10-K for the year ended
December 31, 2022 as filed with the United States Securities and
Exchange Commission.
CFG-IR
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Media: Peter Lucht — 781.655.2289 Investors:
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