Citizens Financial Group, Inc. has reported its first quarter 2024 financial results, highlighting a net income of $334 million and earnings per share (EPS) of $0.65. Underlying net income, excluding notable items, was reported at $395 million, with an EPS of $0.79. Notable changes in various metrics have been observed compared to the previous quarter and the same period last year.
Income Statement: Total revenue for the first quarter of 2024 was $1,959 million, a 1% decrease from the fourth quarter of 2023 and an 8% decrease from the first quarter of 2023. Noninterest income for the first quarter of 2024 was $517 million, representing a 3% increase from the fourth quarter of 2023 and a 7% increase from the first quarter of 2023.
Balance Sheet & Credit Quality: Period-end loans and leases for the first quarter of 2024 totaled $143.2 billion, down 2% from the fourth quarter of 2023 and down 7% from the first quarter of 2023. Period-end deposits increased by $4.2 billion year-over-year, reflecting retail and private bank growth.
Financial Metrics: Diluted EPS for the first quarter of 2024 was $0.65, a 91% increase from the fourth quarter of 2023, but a 35% decrease from the first quarter of 2023. Underlying diluted EPS for the first quarter of 2024 was $0.79, representing a 7% decrease from the fourth quarter of 2023 and a 28% decrease from the first quarter of 2023.
Net Interest Income: * Net interest income for the first quarter of 2024 decreased by 3% compared to the fourth quarter of 2023 and by 12% compared to the first quarter of 2023.
Noninterest Expense: * Noninterest expense for the first quarter of 2024 was $1,358 million, a 16% decrease from the fourth quarter of 2023 and a 5% increase from the first quarter of 2023.
The company’s chairman and CEO, Bruce Van Saun, expressed satisfaction with the solid first quarter results, emphasizing a bounce back in capital markets fees, stable net interest margin, improved liquidity profile, and strong capital and credit reserve position. The board of directors declared a quarterly common stock dividend of $0.42 per share, payable on May 15, 2024.
The effective tax rate for the first quarter of 2024 was 22.3%, and the common equity tier 1 capital ratio remained strong at 10.6%.
The market has reacted to these announcements by moving the company's shares 3.1% to a price of $33.41. For more information, read the company's full 8-K submission here.
