Citizens Financial Group, Inc. Reports Third Quarter Net Income of $314 million and EPS of $0.68 Underlying Net Income of $338 million and EPS of $0.73
Record revenue with noninterest income up 33% year over year, paced by record results in Mortgage and strength in Capital Markets CET1 ratio remains strong, increases to 9.8%
Pre-provision profit up 21% year over year, up 22% on an Underlying basis
7.8% positive operating leverage year over year, 9.0% on an Underlying basis
Tangible book value per share stable at
Citizens Financial Group, Inc. (NYSE: CFG or “Citizens”) today reported third quarter 2020 financial results. The earnings press release, investor presentation, and financial supplement are available at http://investor.citizensbank.com. In addition, these materials will be furnished to the Securities and Exchange Commission (SEC) on a Form 8-K and will be available on the SEC website at www.sec.gov.
“Citizens continues to rise to the occasion, meeting the unique challenges present in 2020 and delivering well for all of our stakeholders,” said Chairman and CEO Bruce Van Saun. “We posted record levels of revenue and pre-provision profit, further bolstered our loan loss reserve and grew our CET1 capital ratio to 9.8%. We continue to demonstrate the strong resilience and diversification of our business model, while helping our customers, colleagues and communities get through this difficult environment.”
Citizens also announced today that its board of directors declared a fourth quarter 2020 common stock dividend of
As previously announced, Citizens will host a live conference call to review its third quarter financial results. Interested parties may access the call and related materials through the following details:
Time: 9:00 am ET
Dial-in: (877) 336-4437, conference ID 8419856
Webcast/Presentation: The live webcast will be available at http://investor.citizensbank.com under Events & Presentations.
Replay Information: A replay of the conference call will be available beginning at 12:00 pm ET on October 16 through November 16, 2020. Please dial (866) 207-1041 and enter access code 4748407. The webcast replay will be available at http://investor.citizensbank.com under Events & Presentations.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with
Cautionary Statement About Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement that does not describe historical or current facts is a forward-looking statement. These statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “goals,” “targets,” “initiatives,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future or conditional verbs such as “may,” “will,” “should,” “would,” and “could.” Forward-looking statements are based upon the current beliefs and expectations of management, and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 as filed with the United States Securities and Exchange Commission.
Media: Peter Lucht – 781.655.2289
Investors: Kristin Silberberg – 203.900.6854
Source: Citizens Financial Group, Inc.