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Citizens Financial Group

CFG Q4 2024 Earnings

Reported Jan 17, 2025 at 6:32 AM ET · SEC Source

Q4 24 EPS

$0.83

MISS 0.19%

Est. $0.83

Q4 24 Revenue

$1.99B

BEAT +1.35%

Est. $1.96B

vs S&P Since Q4 24

+34.5%

BEATING MARKET

CFG +57.4% vs S&P +22.9%

Full Year 2024 Results

FY 24 EPS

$3.03

MISS 5.38%

Est. $3.20

FY 24 Revenue

$7.81B

BEAT +0.29%

Est. $7.79B

Market Reaction

Did CFG Beat Earnings? Q4 2024 Results

Citizens Financial Group posted a mixed fourth quarter for 2024, nudging just below Wall Street's earnings target while clearing the bar on revenue. The Providence-based lender reported diluted EPS of $0.83, a hair beneath the $0.83 consensus estimat… Read more Citizens Financial Group posted a mixed fourth quarter for 2024, nudging just below Wall Street's earnings target while clearing the bar on revenue. The Providence-based lender reported diluted EPS of $0.83, a hair beneath the $0.83 consensus estimate, while revenue of $1.99 billion edged past expectations of $1.96 billion by 1.35%, though the top line fell 37.5% from the year-ago period. The clearest engine behind the quarter was net interest margin expansion, with NIM widening 10 basis points sequentially to 2.87% as deposit costs declined and fixed-rate assets repriced higher, lifting net interest income 3.1% sequentially to $1.41 billion. Underlying noninterest income also contributed, rising 13% year-over-year to $564 million on stronger capital markets and card fee activity. Looking ahead, management guided for full-year 2025 NII growth of 3-5%, fee income growth of 8-10%, and positive operating leverage of approximately 1.5%, with a medium-term return on tangible common equity target of 16-18%.

Key Takeaways

  • • Net interest margin expansion of 10 bps QoQ to 2.87% driven by lower deposit costs and fixed-rate asset repricing
  • • Capital markets fees up $27MM QoQ on higher loan syndication and M&A fees
  • • Private Bank achieved first profitable quarter contributing $0.01 to EPS
  • • Non-Core portfolio run-off of $0.9 billion in Q4, $4.2 billion in FY2024
  • • Interest-bearing deposit costs declined 31 bps QoQ with cumulative down-beta of ~50%
  • • Card fees benefited from favorable vendor contract renegotiations
  • • TOP 9 program achieved ~$150MM year-end pre-tax run rate benefit
  • • Consumer Banking efficiency ratio improved to 62.60% from 63.53% in Q3
  • • Commercial Banking efficiency ratio improved to 44.78% from 43.84% in Q3
24/7 Wall St

CFG YoY Financials

Q4 2024 vs Q4 2023, source: SEC Filings

24/7 Wall St

CFG Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 24 Q1 26

“We were pleased to post solid performance in Q4 given strong execution of our key initiatives and nice improvement in our net interest margin. Good sequential growth in revenues delivered a return to positive operating leverage, and our balance sheet remains strong with CET1 at 10.8%, LDR below 80% and credit metrics all trending favorably. Our Private Bank hit year end balances of $7 billion in deposits, $3.1 billion in loans, and $4.7 billion AUM, tracking very well to targets. I would like to thank our colleague base for their fine effort and dedication in continuing to serve our customers well and in positioning us for a strong 2025 and bright future.”

— Bruce Van Saun, Q4 2024 Earnings Press Release

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