On January 17, 2024, Citizens Financial Group, Inc. announced its fourth quarter and full year 2023 earnings. The company reported a net income of $189 million and earnings per share (EPS) of $0.34 for the fourth quarter, with an underlying net income of $426 million and EPS of $0.85. The full year 2023 net income stood at $1.6 billion with an EPS of $3.13, and an underlying EPS of $3.88. The Common Equity Tier 1 (CET1) capital ratio was strong at 10.6%. Total revenue for the fourth quarter was $1,988 million, a decrease from the previous year's $2,200 million. The provision for credit losses was $171 million, consistent with the previous quarter but up from $132 million in the same quarter of the previous year. Noninterest expense for the quarter was $1,612 million, with notable items amounting to...Show More

On January 17, 2024, Citizens Financial Group, Inc. announced its fourth quarter and full year 2023 earnings. The company reported a net income of $189 million and earnings per share (EPS) of $0.34 for the fourth quarter, with an underlying net income of $426 million and EPS of $0.85. The full year 2023 net income stood at $1.6 billion with an EPS of $3.13, and an underlying EPS of $3.88. The Common Equity Tier 1 (CET1) capital ratio was strong at 10.6%. Total revenue for the fourth quarter was $1,988 million, a decrease from the previous year's $2,200 million. The provision for credit losses was $171 million, consistent with the previous quarter but up from $132 million in the same quarter of the previous year. Noninterest expense for the quarter was $1,612 million, with notable items amounting to $345 million, including an industry-wide FDIC special assessment. The company's balance sheet showed period-end loans and leases at $146.0 billion, a decrease from the previous quarter, and period-end deposits at $177.3 billion, which remained stable. Citizens Financial also declared a quarterly common stock dividend of $0.42 per share, payable on February 14, 2024, to shareholders of record as of January 31, 2024. There were no share repurchases during the quarter due to the decision to pause to cover the impact of the FDIC special assessment.