Citizens Financial Group reported second-quarter 2026 net income of $587 million, up from $517 million in the first quarter and $436 million a year earlier.
Diluted earnings per share rose to $1.30 from $1.13 in the prior quarter and $0.92 in the second quarter of 2025. Revenue increased to $2.283 billion from $2.168 billion in the first quarter and $2.037 billion a year ago.
Pre-provision profit climbed to $889 million, compared with $790 million in the first quarter and $718 million in the year-ago period. The company’s provision for credit losses fell to $134 million from $140 million in the first quarter and $164 million in the second quarter of 2025.
Net interest income increased to $1.631 billion from $1.562 billion in the first quarter and $1.437 billion a year earlier. Net interest margin widened to 3.17% from 3.14% in the first quarter and 2.95% a year ago.
Noninterest income rose to $652 million from $606 million in the prior quarter and $600 million a year earlier. Capital markets fees increased to $153 million from $134 million in the first quarter and $105 million a year ago. Wealth fees rose to $102 million from $100 million and $88 million. Service charges and fees increased to $117 million from $112 million and $111 million.
Noninterest expense was $1.394 billion, up from $1.378 billion in the first quarter and $1.319 billion a year earlier. Salaries and employee benefits declined to $745 million from $758 million in the first quarter, but were up from $681 million a year earlier. Outside services rose to $174 million from $162 million in the first quarter and $169 million a year ago.
The efficiency ratio improved to 61.1% from 63.6% in the first quarter and 64.8% in the second quarter of 2025. Return on average tangible common equity was 13.9%, up from 12.2% in the prior quarter and 11.0% a year earlier.
Loans and leases ended the quarter at $147.5 billion, up from $143.7 billion in the first quarter and $139.3 billion a year earlier. Average loans and leases rose to $146.1 billion from $143.4 billion and $138.8 billion. Period-end deposits increased to $185.6 billion from $184.0 billion in the first quarter and $175.1 billion a year earlier.
Average deposits climbed to $183.6 billion from $181.3 billion in the first quarter and $174.1 billion a year earlier. Private bank deposits reached $17.8 billion. The loan-to-deposit ratio was 79.5% at quarter-end, compared with 78.1% in the first quarter and 79.6% a year ago.
Credit quality improved. Net charge-offs were 0.37% of average loans, down from 0.39% in the first quarter and 0.48% a year earlier. Nonaccrual loans and leases fell to 0.97% from 1.04% in the first quarter and 1.09% a year ago. The allowance for credit losses to loans and leases was 1.48%, down from 1.52% in the first quarter and 1.59% a year earlier.
Citizens ended the quarter with a common equity tier 1 ratio of 10.4%, compared with 10.5% in the first quarter and 10.6% a year earlier. Tangible book value per share rose to $38.29 from $37.94 in the first quarter and $35.23 a year ago.
The company declared a quarterly common stock dividend of $0.46 per share, unchanged from the prior quarter. Today the company's shares have moved 3.81% to a price of $73.83. Check out the company's full 8-K submission here.
