Q1 24 EPS
$0.79
BEAT +6.76%
Est. $0.74
Q1 24 Revenue
$1.96B
MISS 0.19%
Est. $1.96B
Did CFG Beat Earnings? Q1 2024 Results
Citizens Financial Group delivered a mixed but resilient first quarter, posting underlying diluted EPS of $0.79 on revenue of $1.96 billion, as the bank navigated a challenging rate environment and deliberate balance sheet restructuring. GAAP net inc… Read more Citizens Financial Group delivered a mixed but resilient first quarter, posting underlying diluted EPS of $0.79 on revenue of $1.96 billion, as the bank navigated a challenging rate environment and deliberate balance sheet restructuring. GAAP net income fell 35% year-over-year to $334 million, weighed down by $82 million in pre-tax notable items, including a $35 million FDIC special assessment and $44 million in restructuring costs tied to its TOP efficiency program. The clearest pressure point was net interest income, which declined 12% year-over-year to $1.44 billion as higher funding costs outpaced asset yield improvements, though net interest margin held steady sequentially at 2.91%. A notable offset came from capital markets fees, which climbed 42% year-over-year to $118 million on stronger M&A advisory and underwriting activity. Credit quality continued to normalize, with net charge-offs rising to 50 basis points from 34 basis points a year ago. Management reaffirmed full-year guidance and pointed to ongoing strategic initiatives, including its Private Bank build-out and NYC Metro expansion, as drivers of medium-term growth.
Key Takeaways
- • Strong recovery in capital markets fees, up 42% YoY
- • Card fees increased 19% YoY driven by higher credit card fees and favorable vendor contract negotiations
- • Stable net interest margin at 2.91% QoQ
- • Tight expense management with underlying noninterest expense broadly stable QoQ
- • Loan-to-deposit ratio improved to 81.2%
- • Non-Core portfolio run-off reducing funding costs
- • FHLB advances reduced by 83% YoY to $2.0 billion
- • Commercial Banking efficiency ratio of 42.80% significantly better than Consumer Banking at 66.87%
CFG YoY Financials
Q1 2024 vs Q1 2023, source: SEC Filings
CFG Revenue by Segment
With YoY comparisons, source: SEC Filings
“We are pleased to start the year with a solid first quarter, featuring a bounce back in capital markets fees, stable NIM, further improvement in our LDR, tight expense management and a strong capital and credit reserve position”
— Bruce Van Saun, Q1 2024 Earnings Press Release
CFG Earnings Trends
CFG vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
CFG EPS Trend
Earnings per share: estimate vs actual
CFG Revenue Trend
Quarterly revenue: estimate vs actual
CFG Quarterly Results
12 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 BEAT | $1.09 | $1.13 | +3.96% | $2.17B | +0.41% |
| Q4 25 BEAT FY | $1.11 | $1.13 | +2.24% | $2.16B | +0.50% |
| FY Full Year | $3.83 | $3.86 | +0.79% | $8.25B | +0.15% |
| Q3 25 BEAT | $1.03 | $1.05 | +2.20% | $2.12B | +0.82% |
| Q2 25 BEAT | $0.88 | $0.92 | +4.36% | $2.04B | +1.41% |
| Q1 25 BEAT | $0.75 | $0.77 | +2.68% | $1.94B | -0.07% |
| Q4 24 MISS FY | $0.83 | $0.83 | -0.19% | $1.99B | +1.35% |
| FY Full Year | $3.20 | $3.03 | -5.38% | $7.81B | +0.29% |
| Q3 24 BEAT | $0.79 | $0.79 | +0.00% | $1.90B | -1.88% |
| Q2 24 BEAT | $0.78 | $0.82 | +5.13% | $1.96B | +0.83% |
| Q1 24 BEAT | $0.74 | $0.79 | +6.76% | $1.96B | -0.19% |
| Q4 23 BEAT FY | $0.71 | $0.85 | +19.72% | $1.99B | -0.39% |
| FY Full Year | — | $3.88 | — | $8.22B | — |
| Q3 23 MISS | $0.91 | $0.89 | -2.20% | $2.01B | -1.36% |
| Q2 23 BEAT | $1.01 | $1.04 | +2.97% | $2.09B | -0.19% |