PROVIDENCE, R.I. - Citizens Financial Group, Inc. (NYSE:CFG) reported on Friday fourth quarter earnings that exceeded analyst expectations, driven by strong execution of key initiatives and improved net interest margin.
The bank's shares edged up 0.43% following the announcement.
The Providence-based financial institution posted adjusted earnings per share of $0.85 for the fourth quarter, surpassing the analyst consensus estimate of $0.82. Revenue came in at $1.98 billion, also beating the Street's forecast of $1.96 billion.
Citizens Financial's net income for the quarter stood at $412 million. The bank reported a Common Equity Tier 1 (CET1) ratio of 10.8% and a loan-to-deposit ratio of 79.6%, indicating a strong balance sheet position.
Chairman and CEO Bruce Van Saun commented on the results, stating, "We were pleased to post solid performance in Q4 given strong execution of our key initiatives and nice improvement in our net interest margin." He added that good sequential growth in revenues delivered a return to positive operating leverage.
The bank's Private Bank division showed promising growth, reaching year-end balances of $7 billion in deposits, $3.1 billion in loans, and $4.7 billion in assets under management.
Looking ahead, Citizens Financial provided guidance for the full year 2024, projecting net income of $1.5 billion and earnings per share of $3.03, with underlying EPS expected to reach $3.24.
The company's board of directors declared a quarterly common stock dividend of $0.42 per share, payable on February 14, 2025, to shareholders of record as of January 31, 2025.
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