Q2 24 EPS
$0.82
BEAT +5.13%
Est. $0.78
Q2 24 Revenue
$1.96B
BEAT +0.83%
Est. $1.95B
Did CFG Beat Earnings? Q2 2024 Results
Citizens Financial Group posted a resilient second quarter, reporting underlying earnings per share of $0.82 on revenue of $1.96 billion, as a surge in fee income helped cushion persistent pressure on net interest income. GAAP net income came in at $… Read more Citizens Financial Group posted a resilient second quarter, reporting underlying earnings per share of $0.82 on revenue of $1.96 billion, as a surge in fee income helped cushion persistent pressure on net interest income. GAAP net income came in at $392 million, or $0.78 per diluted share, while the underlying figure of $408 million reflected $32 million in pre-tax charges tied to integration costs and efficiency initiatives. The headline story was a tug-of-war between NII, which fell 11% year-over-year to $1.41 billion as net interest margin compressed to 2.87%, and noninterest income, where underlying fees climbed 8% year-over-year to $549 million, lifted by a strong capital markets quarter. Credit quality remained a watchpoint, with net charge-offs at 52 basis points and commercial real estate stress pushing nonaccrual loans to 1.08% of total loans. Looking ahead, management guided for NII to dip another 1-2% in Q3 before rebounding in Q4, with the company targeting a medium-term NIM of 3.25% to 3.40% as swap tailwinds and Non-Core portfolio run-off take hold.
Key Takeaways
- • Strong fee performance with Capital Markets fees up 14% QoQ and record Card and Wealth fees
- • Expense discipline with underlying expenses down 1% QoQ
- • Private Bank deposits grew $1.6 billion to $4.0 billion
- • Balance sheet optimization including Non-Core portfolio run-off of $1.1 billion in Q2
- • Interest-bearing deposit costs declined 3 bps to 2.82% with cumulative beta improving to 51%
- • GAAP operating leverage turned positive at 4.42% in Q2 2024
- • GAAP efficiency ratio improved to 66.27% from 69.33% in Q1 2024
CFG YoY Financials
Q2 2024 vs Q2 2023, source: SEC Filings
CFG Revenue by Segment
With YoY comparisons, source: SEC Filings
“We delivered solid performance in the second quarter, featuring strong fee performance across Capital Markets, Wealth and Card, excellent deposit trends, good expense discipline and credit metrics in line with expectations.”
— Bruce Van Saun, Q2 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% |