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Citizens Financial Group, Inc. Reports First Quarter 2026 Net Income of
$517 million, up 39% YoY, and EPS of $1.13, up 47% YoY
Positive Operating Leverage of 7.2% YoY
Key Financial Data1Q264Q251Q25
First Quarter 2026 Highlights
Income
Statement		($s in millions)
■EPS of $1.13; ROTCE of 12.2%
–Continued strong Private Bank progress, contributing $0.11 to EPS
■PPNR of $790 million, down 3% QoQ, up 27% YoY
–NII up 1.6% QoQ as NIM continues to expand, up 7 bps to 3.14%; NII up 12%, NIM up 24 bps YoY
–Fees up 11% YoY driven by Capital Markets and Wealth; down 2% QoQ, reflecting seasonality and market dynamics
–Positive operating leverage of 7.2% YoY
■Loans up 1% QoQ on a spot and average basis with growth led by Commercial and Private Bank
–Lower Non-Core runoff and balance sheet optimization impacts
■Continuing favorable credit trends; net charge-offs of 39 bps, down 4 bps QoQ
■Strong ACL coverage of 1.52%
■Average deposits up 1% QoQ driven by growth in Private Bank
–Private Bank spot deposits of $16.6 billion
–Interest-bearing deposit costs down 16 bps QoQ
■Strong liquidity profile; spot LDR of 78.1%
■Strong CET1 ratio of 10.5%; 9.3% adjusted for AOCI opt-out removal
■TBV/share of $37.94 broadly stable QoQ
Total revenue$2,168 $2,157 $1,935 
Pre-provision profit790 814 621 
Provision for credit losses140 137 153 
Net income517 528 373 
Balance Sheet
&
Credit Quality		($s in billions)
Period-end loans and leases$143.7 $142.7 $137.6 
Average loans and leases143.4 141.8 139.7 
Period-end deposits184.0 183.3 177.6 
Average deposits181.3 179.9 172.7 
Loan-to-deposit ratio (spot)78.1 %77.8 %77.5 %
NCO ratio0.39 %0.43 %0.58 %
Financial MetricsDiluted EPS$1.13 $1.13 $0.77 
ROTCE12.2 %12.2 %9.6 %
Net interest margin, FTE3.14 3.07 2.90 
Efficiency ratio63.6 62.2 67.9 
CET110.5 %10.6 %10.6 %
TBV/Share$37.94 $38.07 $33.97 
Comments from Chairman and CEO Bruce Van Saun
“We are pleased to get off to a strong start in 2026 notwithstanding heightened geopolitical tensions and uncertainty in the macro environment,” said Chairman and CEO Bruce Van Saun. “Our financial results in a seasonally soft quarter were good, with year-over-year EPS growth of 47%, positive operating leverage of 7%, NIM expansion of 7 bps sequentially and 24 bps versus a year ago, and a robust balance sheet position. Credit is trending favorably, the Private Bank continues to grow nicely, and Reimagine the Bank is off to a great start. We continue to be well-positioned to deliver a strong year and reach our medium-term targets.”
Citizens also announced today that its board of directors declared a quarterly common stock dividend of $0.46 per share. The dividend is payable on May 14, 2026 to shareholders of record at the close of business on April 30, 2026.

Citizens Financial Group, Inc.
Earnings highlights(1):
Quarterly Trends
 1Q26 change from
($s in millions, except per share data)1Q264Q251Q254Q251Q25
Earnings$/bps/%%$/bps/%%
Net interest income$1,562 $1,537 $1,391 $25 2  %$171 12  %
Noninterest income606 620 544 (14)(2)62 11 
Total revenue2,168 2,157 1,935 11 1 233 12 
Noninterest expense1,378 1,343 1,314 35 3 64 5 
Pre-provision profit790 814 621 (24)(3)169 27 
Provision for credit losses140 137 153 3 2(13)(8)
Net income517 528 373 (11)(2)144 39 
Preferred dividends/other33 39 33 (6)(15)— — 
Net income available to common stockholders$484 $489 $340 $(5)(1) %$144 42  %
Average common shares outstanding
Basic (in millions)425.3 429.5 438.3 (4.1)(1)(13.0)(3)
Diluted (in millions)429.9 434.1 442.2 (4.2)(1)(12.3)(3)
Diluted earnings per share1.13 1.13 0.77 — —0.36 47 
Performance metrics
Net interest margin3.14 %3.06 %2.89 %8  bps25  bps
Net interest margin, FTE3.14 3.07 2.90 7 24 
Effective income tax rate20.5 22.0 20.3 (157)20 
Efficiency ratio63.6 62.2 67.9 131 (436)
Return on average tangible common equity12.2 12.2 9.6 1 255 
Return on average total tangible assets0.97 %0.98 %0.73 %(1) bp24  bps
Capital adequacy(2,3)
Common equity tier 1 capital ratio10.5 %10.6 %10.6 %
Total capital ratio13.7 13.8 13.9 
Tier 1 leverage ratio9.3 9.5 9.4 
Tangible common equity ratio7.3 7.5 7.0 
Allowance for credit losses to loans and leases1.52 %1.53 %1.61 %(1) bp(9) bps
Asset quality(3)
Nonaccrual loans and leases to loans and leases1.04 %1.05 %1.15 %(1) bp(11) bps
Allowance for credit losses to nonaccrual loans and leases146 145 140 1 %6 %
Net charge-offs as a % of average loans and leases0.39 %0.43 %0.58 %(4) bps(19) bps

(1) Unless otherwise noted, references to balance sheet items are on an average basis, loans exclude loans held for sale, earnings per share
represent fully diluted per common share and references to NIM are on a FTE basis.
(2) Current reporting-period regulatory capital ratios are preliminary.
(3) Capital adequacy and asset-quality ratios calculated on a period-end basis, except net charge-offs.










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Citizens Financial Group, Inc.
Consolidated balance sheet summary(1):
 1Q26 change from
($s in millions)1Q264Q251Q254Q251Q25
$/bps%$/bps%
Total assets$227,918 $226,351 $220,148 $1,567 1  %$7,770 4  %
Total loans and leases143,667 142,692 137,635 975 1 6,032 4 
Total loans held for sale1,537 1,198 2,820 339 28 (1,283)(45)
Deposits184,035 183,313 177,576 722 — 6,459 4 
Stockholders' equity26,172 26,317 24,866 (145)(1)1,306 5 
Stockholders' common equity24,061 24,206 22,753 (145)(1)1,308 6 
Tangible common equity$16,165 $16,341 $14,867 $(176)(1) %$1,298 9  %
Loan-to-deposit ratio (period-end)(2)
78.1 %77.8  %77.5  %23  bps56  bps
Loan-to-deposit ratio (average)(2)
79.1 %78.8 %80.9 %27  bps(180) bps
(1) Represents period-end unless otherwise noted.
(2) Excludes loans held for sale.






























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Citizens Financial Group, Inc.
Discussion of results:
Net interest income 1Q26 change from
($s in millions)1Q264Q251Q254Q251Q25
$/bps%$/bps%
Interest income:
Interest and fees on loans and leases and loans held for sale$1,905 $1,923 $1,845 $(18)(1) %$60 3  %
Investment securities424 434 418 (10)(2)6 1 
Interest-bearing deposits in banks91 89 89 2 2 2 2 
Total interest income$2,420 $2,446 $2,352 $(26)(1) %$68 3  %
Interest expense:
Deposits$715 $781 $795 $(66)(8) %$(80)(10) %
Short-term borrowed funds4 — 8 4 100 (4)(50)
Long-term borrowed funds139 128 158 11 9 (19)(12)
Total interest expense$858 $909 $961 $(51)(6) %$(103)(11) %
Net interest income$1,562 $1,537 $1,391 $25 2  %$171 12  %
Net interest margin, FTE3.14  %3.07  %2.90  %7  bps24  bps
First quarter 2026vs.fourth quarter 2025
Net interest income of $1.6 billion increased 1.6%, reflecting a higher net interest margin along with a 1% increase in average interest-earning assets, partially offset by the day count impact of $22 million.
•Net interest margin of 3.14% increased 7 basis points, reflecting the benefit of lower terminated swap impacts and Non-Core runoff, fixed-rate asset repricing and improved funding costs, partially offset by lower asset yields.
•Interest-bearing deposit costs decreased 16 basis points to 2.04%; total deposit costs decreased 12 basis points to 1.60%; total cost of funds decreased 10 basis points to 1.80%.
First quarter 2026vs.first quarter 2025
Net interest income of $1.6 billion increased 12%, primarily reflecting a higher net interest margin, as well as a 4% increase in interest-earning assets.
•Net interest margin of 3.14% increased 24 basis points, largely driven by the benefit of Non-Core runoff and terminated swap impacts, fixed-rate asset repricing and improved funding costs, partially offset by lower asset yields.




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Citizens Financial Group, Inc.
Noninterest Income 1Q26 change from
($s in millions)1Q264Q251Q254Q251Q25
$%$%
Service charges and fees$112 $112 $109 $— —  %$3 3  %
Capital markets fees134 140 100 (6)(4)34 34 
Wealth fees100 98 81 2 2 19 23 
Card fees83 86 83 (3)(3)— — 
Mortgage banking fees42 52 59 (10)(19)(17)(29)
Foreign exchange and derivative products44 34 39 10 29 5 13 
Letter of credit and loan fees50 49 44 1 2 6 14 
Securities gains, net
7 7 7 — —— —
Other income(1)
34 42 22 (8)(19)12 55
Noninterest income$606 $620 $544 $(14)(2) %$62 11  %
(1) Includes bank-owned life insurance income and other miscellaneous income for all periods presented.
First quarter 2026vs.fourth quarter 2025
Noninterest income of $606 million decreased $14 million, or 2%.
•Capital markets fees decreased $6 million relative to a seasonally strong fourth quarter. Notwithstanding heightened geopolitical tensions and uncertainty in the macro environment, fees posted a record first quarter. Results reflect lower loan syndication fees, partially offset by higher M&A and bond underwriting fees.
•Wealth fees increased $2 million, reflecting higher advisory fees.
•Card fees decreased $3 million, given seasonal impacts.
•Mortgage banking fees decreased $10 million, reflecting lower MSR valuation results, net of hedge impact, partially offset by slightly higher servicing and production revenue.
•FX and derivative products increased $10 million, reflecting higher client commodities and interest rate hedging activity.
•Other income decreased $8 million, given higher small revenue items in the prior quarter.
First quarter 2026vs.first quarter 2025
Noninterest income of $606 million increased $62 million, or 11%.
•Capital markets fees increased $34 million, driven by higher M&A, loan syndication and equity underwriting fees.
•Wealth fees increased $19 million, primarily reflecting growth in AUM, largely from net inflows.
•Mortgage banking fees decreased $17 million, reflecting lower MSR valuation results, net of hedge impact, and lower servicing revenue, partially offset by higher production revenue.
•Other income increased $12 million, given favorable performance across several small revenue items.



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Citizens Financial Group, Inc.
Noninterest Expense 1Q26 change from
($s in millions)1Q264Q251Q254Q251Q25
$%$%
Salaries and employee benefits$758 $716 $696 $42 6 %$62 9 %
Equipment and software197 199 194 (2)(1)3 2 
Outside services162 148 155 14 9 7 5 
Occupancy114 109 112 5 5 2 2 
Other operating expense147 171 157 (24)(14)(10)(6)
Noninterest expense$1,378 $1,343 $1,314 $35 3 %$64 5 %
First quarter 2026vs.fourth quarter 2025
Noninterest expense of $1.4 billion increased 2.6%.
•Salaries and employee benefits increased $42 million, primarily reflecting a seasonal increase in payroll taxes.
•Outside services increased $14 million, primarily driven by higher technology-related costs and costs to implement the Reimagine the Bank program.
•Other operating expense decreased $24 million, reflecting lower fraud losses and seasonal factors.
The effective tax rate was 20.5% in first quarter 2026 compared with 22.0% in fourth quarter 2025, primarily driven by discrete tax benefits recognized in the first quarter.
First quarter 2026vs.first quarter 2025
Noninterest expense of $1.4 billion increased 5%.
•Salaries and employee benefits increased $62 million, reflecting hiring related to the Private Bank and Private Wealth buildout, and strong Capital Markets fee performance.
•Equipment and software increased $3 million, reflecting technology investments.
•Outside services increased $7 million, primarily driven by costs to implement the Reimagine the Bank program.
•Other operating expense decreased $10 million, reflecting the impact of various favorable sundry items.
The effective tax rate was 20.5% in first quarter 2026 compared with 20.3% in first quarter 2025.
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Citizens Financial Group, Inc.
Interest-earning assets 1Q26 change from
($s in millions)1Q264Q251Q254Q251Q25
Period-end interest-earning assets$%$%
Investments$45,218 $44,650 $43,544 $568 1  %$1,674 4  %
Interest-bearing deposits in banks12,076 12,224 11,144 (148)(1)932 8 
Commercial loans and leases74,589 73,812 70,508 777 1 4,081 6 
Retail loans69,078 68,880 67,127 198 — 1,951 3 
Total loans and leases143,667 142,692 137,635 975 1 6,032 4 
Loans held for sale
1,537 1,198 2,820 339 28 (1,283)(45)
Total loans and leases and loans held for sale145,204 143,890 140,455 1,314 1 4,749 3 
Total period-end interest-earning assets$202,498 $200,764 $195,143 $1,734 1  %$7,355 4  %
Average interest-earning assets(1)
Investments
$46,929 $46,731 $46,069 $198 —  %$860 2  %
Interest-bearing deposits in banks10,079 9,156 8,092 923 10 1,987 25 
Commercial loans and leases74,541 73,151 70,612 1,390 2 3,929 6 
Retail loans68,869 68,606 69,098 263 — (229)— 
Total loans and leases143,410 141,757 139,710 1,653 1 3,700 3 
Loans held for sale
1,511 1,523 1,187 (12)(1)324 27 
Total loans and leases and loans held for sale144,921 143,280 140,897 1,641 1 4,024 3 
Total average interest-earning assets$201,929 $199,167 $195,058 $2,762 1  %$6,871 4  %
(1) Total average interest-earning assets excludes the mark-to-market on investment securities and unsettled purchases or sales of loans and investments.
First quarter 2026vs.fourth quarter 2025
Period-end interest-earning assets of $202.5 billion increased $1.7 billion, or 1%, reflecting a $568 million increase in investments in securities and 1% growth in loans and leases. Total loans and leases increased $975 million, as growth in the Private Bank, net new money originations in corporate banking and higher commercial line utilization, as well as growth in home equity and mortgage, were partially offset by commercial real estate paydowns and the runoff of Non-Core loans.
Average interest-earning assets of $201.9 billion increased $2.8 billion, or 1%, reflecting a $1.7 billion increase in total loans and leases and a $923 million increase in cash held in interest-bearing deposits.
The average effective duration of the securities portfolio was 4.0 years, compared with 3.8 years at December 31, 2025 and 3.6 years at March 31, 2025.
First quarter 2026vs.first quarter 2025
Period-end interest-earning assets of $202.5 billion increased $7.4 billion, or 4%, reflecting a $1.7 billion increase in investments in securities, a $932 million increase in cash held in interest-bearing deposits and a $4.7 billion increase in total loans and leases and loans held for sale. The increase in total loans and leases and loans held for sale was largely driven by $4.1 billion of growth in commercial given net new money originations in corporate banking and higher commercial line utilization, as well as growth in the Private Bank, partially offset by commercial real estate paydowns. Retail also grew $2.0 billion, reflecting growth in home equity and mortgage, partially offset by Non-Core portfolio runoff.
Average interest-earning assets of $201.9 billion increased $6.9 billion, primarily reflecting a $4.0 billion increase in total loans and leases and loans held for sale, as well as $2.0 billion increase in cash held as interest-bearing deposits and a $860 million increase in investments in securities.
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Citizens Financial Group, Inc.
Deposits 1Q26 change from
($s in millions)1Q264Q251Q254Q251Q25
Period-end deposits$%$%
Noninterest-bearing demand
$41,672 $40,417 $37,556 $1,255 3  %$4,116 11  %
Checking with interest37,675 37,428 34,456 247 13,219 9
Savings24,114 24,353 25,765 (239)(1)(1,651)(6)
Money market59,611 60,062 55,996 (451)(1)3,615 6
Time20,963 21,053 23,803 (90)—(2,840)(12)
Total period-end deposits$184,035 $183,313 $177,576 $722 —  %$6,459 4  %
Average deposits
Noninterest-bearing demand
$39,286 $38,993 $36,543 $293 1  %$2,743 8  %
Checking with interest37,027 36,257 32,693 770 24,334 13
Savings24,095 24,477 25,760 (382)(2)(1,665)(6)
Money market60,141 58,904 54,432 1,237 25,709 10
Time20,766 21,226 23,277 (460)(2)(2,511)(11)
Total average deposits$181,315 $179,857 $172,705 $1,458 1  %$8,610 5  %
First quarter 2026vs.fourth quarter 2025
Total period-end deposits of $184.0 billion are broadly stable, with growth in Private Bank and retail partially offset by lower commercial deposits given seasonality. Private Bank deposits reached $16.6 billion at the end of first quarter 2026.
Average deposits of $181.3 billion increased 1%, primarily driven by growth in Private Bank.
First quarter 2026vs.first quarter 2025
Total period-end deposits of $184.0 billion increased 4%, primarily reflecting growth in Private Bank of $7.9 billion, and $1.9 billion in Commercial, partially offset by a $2.4 billion reduction in higher-cost Treasury brokered deposits.
Average deposits of $181.3 billion were up 5%.
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Citizens Financial Group, Inc.
Borrowed Funds 1Q26 change from
($s in millions)1Q264Q251Q254Q251Q25
Period-end borrowed funds$%$%
Short-term borrowed funds$54 $58 $47 $(4)(7) %$7 15  %
Long-term borrowed funds
FHLB advances2,513 2,014 42 499 252,471 NM
Senior debt7,076 6,328 7,568 748 12(492)(7)
Subordinated debt and other debt1,419 1,284 1,772 135 11(353)(20)
Auto collateralized borrowings1,252 1,598 2,885 (346)(22)(1,633)(57)
Total borrowed funds$12,314 $11,282 $12,314 $1,032 9  %$— —  %
Average borrowed funds
Short-term borrowed funds$454 $221 $675 $233 105 %$(221)(33) %
Long-term borrowed funds
FHLB advances1,408 35 595 1,373 NM813 137
Senior debt6,843 6,642 7,133 201 3(290)(4)
Subordinated debt and other debt1,415 1,405 1,809 10 1(394)(22)
Auto collateralized borrowings1,409 1,774 3,120 (365)(21)(1,711)(55)
Total average borrowed funds$11,529 $10,077 $13,332 $1,452 14  %$(1,803)(14) %
First quarter 2026vs.fourth quarter 2025
Period-end borrowed funds increased $1.0 billion, reflecting an increase in senior debt and subordinated debt of $748 million and $135 million, respectively, given net issuances, and an increase of FHLB advances of $499 million, partially offset by a $346 million decrease in collateralized borrowings on auto loans as the associated portfolio runs down.
Average borrowed funds increased $1.5 billion, driven primarily by an increase in FHLB advances and short-term borrowed funds of $1.4 billion and $233 million, respectively, as well as an increase in senior debt of $201 million, partially offset by a $365 million decrease in auto collateralized borrowings.
First quarter 2026vs.first quarter 2025
Period-end borrowed funds were stable, reflecting an increase in FHLB advances of $2.5 billion, offset by a decrease of $1.6 billion in auto collateralized borrowings, given runoff of the associated portfolio, and decreases of $492 million and $353 million in senior debt and subordinated debt, respectively, given the impact of redemptions.
Average borrowed funds decreased by $1.8 billion, given a $1.7 billion decrease in auto collateralized borrowings, and decreases in senior and subordinated debt of $290 million and $394 million respectively, given the impact of redemptions. These results were partially offset by an increase in FHLB advances of $813 million.

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Citizens Financial Group, Inc.
Capital 1Q26 change from
($s and shares in millions, except per share data)1Q264Q251Q254Q251Q25
Period-end capital$%$%
Stockholders' equity$26,172 $26,317 $24,866 $(145)(1) %$1,306 5  %
Stockholders' common equity24,061 24,206 22,753 (145)(1)1,308 6
Tangible common equity16,165 16,341 14,867 (176)(1)1,298 9
Tangible book value per common share$37.94 $38.07 $33.97 $(0.13)—  %$3.97 12  %
Common shares - at end of period426.0 429.2 437.7 (3.2)(1)(11.6)(3)
Common shares - average (diluted)429.9 434.1 442.2 (4.2)(1) %(12.3)(3) %
Common equity tier 1 capital ratio(1)
10.5 %10.6 %10.6 %
Total capital ratio(1)
13.7 13.8 13.9 
Tangible common equity ratio7.3 7.5 7.0 
Tier 1 leverage ratio(1)
9.3 9.5 9.4 
(1) Current reporting-period regulatory capital ratios are preliminary.
First quarter 2026
•The CET1 capital ratio of 10.5% as of March 31, 2026 compares with 10.6% at December 31, 2025 and March 31, 2025.
•Total capital ratio of 13.7% compares with 13.8% at December 31, 2025 and 13.9% as of March 31, 2025.
•Tangible common equity ratio of 7.3% compares with 7.5% at December 31, 2025 and 7.0% as of March 31, 2025.
•Tangible book value per common share of $37.94 was broadly stable with fourth quarter 2025.
•Paid $198 million in common dividends to shareholders during first quarter 2026. This compares with $201 million in common dividends during fourth quarter 2025 and $186 million during first quarter 2025.
•Repurchased $300 million of common shares during first quarter 2026, compared with $125 million in fourth quarter 2025 and $200 million in first quarter 2025.
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Citizens Financial Group, Inc.
Credit quality review 1Q26 change from
($s in millions)1Q264Q251Q254Q251Q25
$/bps/%%$/bps/%%
Nonaccrual loans and leases(1)
$1,497 $1,504 $1,582 $(7)—  %$(85)(5) %
90+ days past due and accruing(2)
208 169 155 39 23 53 34 
Net charge-offs138 155 200 (17)(11)(62)(31)
Provision for credit losses140 137 153 3 2 (13)(8)
Allowance for credit losses $2,185 $2,183 $2,212 $2 —  %$(27)(1) %
Nonaccrual loans and leases to loans and leases1.04  %1.05  %1.15  %(1) bp(11) bps
Net charge-offs as a % of total loans and leases0.39 0.43 0.58 (4)(19)
Allowance for credit losses to loans and leases1.52 1.53 1.61 (1)(9)
Allowance for credit losses to nonaccrual loans and leases146  %145  %140  %1 %6 %
(1) Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.
(2) 90+ days past due and accruing includes $179 million, $141 million, and $137 million of loans fully or partially guaranteed by the FHA, VA, and USDA for March 31, 2026, December 31, 2025, and March 31, 2025, respectively.
First quarter 2026vs.fourth quarter 2025
•Nonaccrual loans of $1.5 billion decreased modestly. The nonaccrual loans to total loans ratio of 1.04% compares with 1.05% at December 31, 2025.
•Net charge-offs of $138 million, or 39 basis points of average loans and leases, compares with 43 basis points in the prior quarter, with the decrease driven by retail and commercial real estate.
•The first quarter 2026 provision for credit losses of $140 million compares with $137 million for fourth quarter 2025.
•The ratio of allowance for credit losses to total loans of 1.52% was slightly down compared with 1.53% as of December 31, 2025 reflecting improved loan mix given the continued reduction in the Non-Core portfolio and a decrease in commercial real estate balances, with originations primarily in C&I and retail real estate secured that have a lower loss content profile.
•The allowance for credit losses to nonaccrual loans and leases ratio of 146% is stable with December 31, 2025.
First quarter 2026vs.first quarter 2025
•Nonaccrual loans decreased 5% driven largely by a 12% decrease in commercial. The nonaccrual loans to total loans ratio of 1.04% compares with 1.15% at March 31, 2025.
•Net charge-offs of $138 million, or 39 basis points of average loans and leases compares with 58 basis points for first quarter 2025. This reflects a decrease in retail, given charge-offs associated with a loan sale in first quarter 2025, and a decrease in commercial real estate.
•Provision for credit losses of $140 million decreased compared with a $153 million provision in first quarter 2025 reflecting the runoff of the Non-Core portfolio and improving credit trends and loan mix.
•Allowance for credit losses of $2.2 billion decreased $27 million compared with March 31, 2025 given the benefit of the sale of Non-Core education loans, continued Non-Core runoff and other improvements in loan mix. Allowance for credit losses ratio of 1.52% as of March 31, 2026 compares with 1.61% as of March 31, 2025.
•The allowance for credit losses to nonaccrual loans and leases ratio of 146% compares with 140% as of March 31, 2025.
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Citizens Financial Group, Inc.

Corresponding Financial Tables and Information
Investors are encouraged to review the foregoing summary and discussion of Citizens’ earnings and financial condition in conjunction with the detailed financial tables and other information available on the Investor Relations portion of the company’s website at www.citizensbank.com/about-us.
Media:    Peter Lucht - (781) 655-2289
Investors: Kristin Silberberg - (203) 900-6854
Conference Call
CFG management will host a live conference call today with details as follows:
Time:    9:00 am ET
Dial-in: (800) 369-1703, conference ID 1679767
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 April 16, 2026 through May 16, 2026. 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 $227.9 billion in assets as of March 31, 2026. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail, private banking, wealth management and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,000 ATMs and approximately 1,000 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. Consumer Banking includes Citizens Private Bank and Private Wealth, which integrate banking services and wealth management solutions to serve high- and ultra-high-net-worth individuals and families, as well as investors, entrepreneurs and businesses. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on X, LinkedIn or Facebook.

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Citizens Financial Group, Inc.

Non-GAAP Financial Measures and Reconciliations
Non-GAAP Financial Measures:
This document contains non-GAAP financial measures that we believe provide useful information to investors to understand our results of operations or financial condition. We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP financial measures. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our results reported under GAAP. See the following pages for reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures.


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Citizens Financial Group, Inc.


Non-GAAP financial measures and reconciliations
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS
1Q26 Change
1Q264Q251Q254Q251Q25
$/bps%$/bps%
Pre-provision profit:
Total revenue (GAAP)A$2,168 $2,157 $1,935 $111%$233 12%
Less: Noninterest expense (GAAP)B1,378 1,343 1,314 353 64 5 
Pre-provision profit (non-GAAP)$790 $814 $621 ($24)(3%)$169 27%
Operating leverage:
Total revenue (GAAP)A$2,168 $2,157 $1,935 $11 0.53%$233 12.11%
Less: Noninterest expense (GAAP)B1,378 1,343 1,314 35 2.65 64 4.91 
Operating leverage(2.12%)7.20%
Efficiency ratio:
Efficiency ratio B/A63.55%62.24%67.91%131  bps(436) bps
Book value per common share and tangible book value per common share:
Common shares - at period-end (GAAP)C426,023,578 429,242,174 437,668,127 (3,218,596)(1%)(11,644,549)(3%)
Common stockholders' equity (GAAP)D$24,061 $24,206 $22,753 ($145)(1)$1,3086 
Less: Goodwill (GAAP)8,221 8,187 8,187 34— 34— 
Less: Other intangible assets (GAAP)112 115 137 (3)(3)(25)(18)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)437 437 438 —— (1)— 
Tangible common equity (non-GAAP)E$16,165 $16,341 $14,867 ($176)(1%)$1,2989%
Book value per common share (GAAP)D/C$56.48 $56.39 $51.99 $0.09—%$4.499%
Tangible book value per common share (non-GAAP)E/C37.94 38.07 33.97 (0.13)— 3.9712 
Net interest income and net interest margin on an FTE basis:
Net interest income (annualized) (GAAP)F$6,337 $6,098 $5,637 $2394%$70012%
Average interest-earning assets (GAAP)G201,929 199,167 195,058 2,7621 6,8714 
Net interest margin (GAAP)F/G3.14 %3.06%2.89%8  bps25  bps
Net interest income (GAAP)$1,562 $1,537 $1,391 $252%$17112%
FTE adjustment3 4 4 (1)(25)(1)(25)
Net interest income on an FTE basis (non-GAAP)1,565 1,541 1,395 242 17012 
Net interest income on an FTE basis (annualized) (non-GAAP)H6,350 6,112 5,653 2384 69712 
Net interest margin on an FTE basis (non-GAAP)H/G3.14 %3.07%2.90%7  bps24  bps
Return on average common equity and return on average tangible common equity:
Net income available to common stockholders (GAAP)I$484 $489 $340 ($5)(1%)$14442%
Average common equity (GAAP)J$23,995 $23,823 $22,188 $1721 $1,8078 
Less: Average goodwill (GAAP)8,198 8,187 8,187 11— 11— 
Less: Average other intangibles (GAAP)114 120 142 (6)(5)(28)(20)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)437 440 438 (3)(1)(1)—
Average tangible common equity (non-GAAP)K$16,120 $15,956 $14,297 $1641%$1,82313%
Return on average common equity (GAAP)I/J8.19%8.16%6.21%3  bps198  bps
Return on average tangible common equity (non-GAAP)I/K12.19%12.18%9.64%1  bps255  bps
Return on average total assets and return on average total tangible assets:
Net income (GAAP)L$517 $528 $373 ($11)(2%)$14439%
Average total assets (GAAP)M$224,224 $221,242 $216,309 $2,9821 $7,9154 
Less: Average goodwill (GAAP)8,198 8,187 8,187 11— 11— 
Less: Average other intangibles (GAAP)114 120 142 (6)(5)(28)(20)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)437 440 438 (3)(1)(1)— 
Average tangible assets (non-GAAP)N$216,349 $213,375 $208,418 $2,9741%$7,9314%
Return on average total assets (GAAP)L/M0.94%0.95%0.70%(1) bps24  bps
Return on average total tangible assets (non-GAAP)L/N0.97 %0.98%0.73%(1) bps24  bps
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Citizens Financial Group, Inc.


Non-GAAP financial measures and reconciliations (continued)
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS
1Q26 Change
1Q264Q251Q254Q251Q25
$/bps%$/bps%
Common equity ratio and tangible common equity ratio:
Total assets (GAAP)O$227,918 $226,351 $220,148 $1,5671 %$7,7704%
Less: Goodwill (GAAP)8,221 8,187 8,187 34— 34— 
Less: Other intangible assets (GAAP)112 115 137 (3)(3)(25)(18)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)437 437 438 —— (1)— 
Tangible assets (non-GAAP)P$220,022 $218,486 $212,262 $1,5361%$7,7604%
Common equity ratio (GAAP)D/O10.6 %10.7 %10.3 %(13) bps22 bps
Tangible common equity ratio (non-GAAP)E/P7.3 7.5 7.0 (20) bps30 bps










































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Citizens Financial Group, Inc.
Non-GAAP financial measures and reconciliations (continued)
(in millions, except share, per-share and ratio data)



1Q26
CET1 Ratio adjusted for AOCI opt-out removal
CET1 capital$18,178 
Less: AFS securities - AOCI1,027 
        HTM securities - AOCI(1)
657 
DTA for AFS/HTM securities35 
Pension245 
DTA for Pension3 
CET 1 capital adjusted for AOCI opt-out removalA$16,211 
Risk-weighted assets173,268 
Less: HTM securities - AOCI113 
AFS securities - AOCI167 
DTA for AFS/HTM securities(1,471)
Pension245 
DTA for Pension(216)
Risk-weighted assets adjusted for AOCI opt-out removalB$174,430 
CET1 Ratio adjusted for AOCI opt-out removal
A/B9.3 %
(1) HTM securities - AOCI refers to unrealized losses recognized on securities before transfer to HTM


























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Citizens Financial Group, Inc.
Forward-Looking Statements
This document 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," "guidance" or similar expressions or future conditional verbs such as "may," "will," "likely," "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. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation:
•Negative economic, business and political conditions, including as a result of the interest rate environment, supply chain disruptions, tariffs, inflationary pressures, and labor shortages that adversely affect the general economy, housing prices, the job market, consumer confidence, and spending habits;
•The general state of the economy and employment, as well as general business and economic conditions, and changes in the competitive environment;
•Our capital and liquidity requirements under regulatory standards and our ability to generate capital and liquidity on favorable terms;
•The effect of changes in our credit ratings on our cost of funding, access to capital markets, ability to market our securities, and overall liquidity position;
•The effect of changes in the level of commercial and consumer deposits on our funding costs and net interest margin;
•Our ability to achieve our financial performance goals and execute on our strategic business initiatives, including the continued expansion of Private Bank and Private Wealth, and our aim to position us as a more innovative, modern, and customer-centric bank;
•The effects of geopolitical instability, including the war in Ukraine and the conflict in the Middle East, on economic and market conditions, inflationary pressures and the interest rate environment, commodity price and foreign exchange rate volatility, and heightened cybersecurity risks;
•Our ability to comply with supervisory requirements and expectations as well as new or amended regulations;
•Liabilities and business restrictions resulting from litigation and regulatory investigations;
•The impact of changes in interest rates on our net interest income, net interest margin, mortgage originations, and mortgage servicing rights, as well as on market liquidity, which could affect our funding sources and ability to originate and distribute financial products in the primary and secondary markets;
•Financial services reform and other current, pending, or future legislation or regulation that could have a negative effect on our revenue and businesses;
•Environmental risks, such as physical or transition risks associated with climate change, and social and governance risks that could adversely affect our reputation, operations, business, and customers;
•A failure in, or breach of, our compliance with laws, as well as operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyberattacks; and
•Management’s ability to identify and manage these and other risks.

In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, balance sheet growth, market conditions, and regulatory considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares from, or pay any dividends to, holders of our common stock, or as to the amount of any such repurchases or dividends.

More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found in the “Risk Factors” section in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 as filed with the Securities and Exchange Commission.
Note: Per share amounts and ratios presented in this document are calculated using whole dollars.

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Citizens Financial Group, Inc.
CFG-IR
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