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 same period last year.
Pre-provision profit climbed to $889 million, a 13% increase from $790 million in the first quarter and up 24% from $718 million a year ago. Revenue increased to $2.283 billion from $2.168 billion in the prior quarter and $2.037 billion in the second quarter of 2025.
Net interest income rose to $1.631 billion, up 4% quarter over quarter and 14% year over year. Net interest margin improved to 3.17% from 3.14% in the first quarter and 2.95% a year earlier.
Noninterest income grew to $652 million, compared with $606 million in the first quarter and $600 million a year ago. Capital markets fees jumped to $153 million from $134 million in the prior quarter and $105 million a year earlier. Wealth fees increased to $102 million from $100 million and $88 million. Service charges and fees rose to $117 million from $112 million and $111 million.
Noninterest expense increased to $1.394 billion from $1.378 billion in the first quarter and $1.319 billion a year earlier. Salaries and employee benefits fell to $745 million from $758 million, but were up from $681 million a year ago. Outside services rose to $174 million from $162 million in the prior quarter and $169 million a year earlier. Other operating expense increased to $172 million from $147 million in the first quarter.
The efficiency ratio improved to 61.1% from 63.6% in the first quarter and 64.8% a year earlier. Return on tangible common equity rose to 13.9% from 12.2% and 11.0%.
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 increased to $146.1 billion from $143.4 billion and $138.8 billion. Commercial loans and leases rose to $77.3 billion from $74.6 billion, while retail loans increased to $70.2 billion from $69.1 billion.
Deposits ended the quarter at $185.6 billion, up 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 and $174.1 billion. Checking with interest deposits increased to $40.3 billion from $37.7 billion in the prior quarter and $34.9 billion a year earlier, while noninterest-bearing demand deposits declined to $40.9 billion from $41.7 billion but were up from $38.0 billion a year ago.
Private bank deposits reached $17.8 billion, and the company said private bank progress contributed $0.15 to earnings per share, up from $0.11 in the first quarter.
Credit metrics improved. Net charge-offs fell to 0.37% of average loans from 0.39% in the first quarter and 0.48% a year earlier. Nonaccrual loans declined to 0.97% from 1.04% and 1.09%. The allowance for credit losses stood at 1.48% of loans and leases, down from 1.52% in the prior quarter and 1.59% a year earlier.
Capital remained steady. CET1 was 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 and $35.23.
The board declared a quarterly dividend of $0.46 per share. Today the company's shares have moved 0.14% to a price of $71.60. For more information, read the company's full 8-K submission here.
