PROVIDENCE, R.I. - Citizens Financial Group, Inc. (NYSE:CFG) reported third quarter 2024 earnings that met analyst expectations, while revenue fell short of estimates. The bank's stock edged 1.10% lower following the results.
Citizens Financial reported adjusted earnings per share of $0.79, in line with the analyst consensus. However, revenue for the quarter came in at $1.9 billion, missing the consensus estimate of $1.94 billion.
The company's underlying net income for the quarter was $392 million. Citizens Financial maintained a Common Equity Tier 1 (CET1) ratio of 10.6% and a loan-to-deposit ratio of 80.8%, indicating a strong capital and liquidity position.
Chairman and CEO Bruce Van Saun commented on the results, stating, "We continue to be pleased with the strong execution of our key initiatives during the third quarter." He highlighted growth in the Private Bank segment, which reached $5.6 billion in deposits and $4.1 billion in assets under management.
Van Saun noted that while the third quarter was impacted by "the drag from forward-starting swaps that commenced in July, as well as some fees that pushed out to Q4," the company projects "a strong fourth quarter and launch into 2025."
The bank's board of directors declared a quarterly common stock dividend of $0.42 per share, payable on November 13, 2024, to shareholders of record as of October 30, 2024.
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