citizenslogoa05.jpg

Citizens Financial Group, Inc. Reports Second Quarter 2026 Net Income of
$587 million, up 35% YoY, and EPS of $1.30, up 41% YoY and 15% QoQ
Sequential NII Growth of 4% and Fee Growth of 8%
Positive Operating Leverage of 6.4% YoY
Key Financial Data2Q261Q262Q25
Second Quarter 2026 Highlights
Income
Statement		($s in millions)
■EPS of $1.30; ROTCE of 13.9%
–Continued strong Private Bank progress, contributing $0.15 to EPS, up from $0.11 in 1Q26
■PPNR of $889 million, up 13% QoQ, up 24% YoY
–NII up 4.4% QoQ, with NIM up 3 bps to 3.17%; YoY NII up 14%, with NIM up 22 bps
–Fees up 8% QoQ, up 9% YoY driven by Capital Markets and Wealth
–Positive operating leverage of 4.1% QoQ and 6.4% YoY
■Loans up 3% on a spot basis and 2% on an average basis QoQ, with growth led by Commercial and Private Bank
■Continuing favorable credit trends; net charge-offs of 37 bps, down 2 bps QoQ
■Strong ACL coverage of 1.48%
■Average deposits up $2.3 billion, or 1% QoQ, driven by growth in Private Bank and retail low-cost categories
–Private Bank spot deposits of $17.8 billion
–Total deposit costs well controlled, up 3 bps QoQ
■Strong liquidity profile; spot LDR of 79.5%
■Strong CET1 ratio of 10.4%
■TBV/share of $38.29, up 1% QoQ
Total revenue$2,283 $2,168 $2,037 
Pre-provision profit889 790 718 
Provision for credit losses134 140 164 
Net income587 517 436 
Balance Sheet
&
Credit Quality		($s in billions)
Period-end loans and leases$147.5 $143.7 $139.3 
Average loans and leases146.1 143.4 138.8 
Period-end deposits185.6 184.0 175.1 
Average deposits183.6 181.3 174.1 
Loan-to-deposit ratio (spot)79.5 %78.1 %79.6 %
NCO ratio0.37 %0.39 %0.48 %
Financial MetricsDiluted EPS$1.30 $1.13 $0.92 
ROTCE13.9 %12.2 %11.0 %
Net interest margin, FTE3.17 3.14 2.95 
Efficiency ratio61.1 63.6 64.8 
CET110.4 %10.5 %10.6 %
TBV/Share$38.29 $37.94 $35.23 
Comments from Chairman and CEO Bruce Van Saun
“We delivered an outstanding second quarter, led by strong revenue growth, significant positive operating leverage and favorable credit performance,” said Chairman and CEO Bruce Van Saun. “We are executing well on our strategic initiatives, with continued strong growth in the Private Bank, record Wealth fees and record second quarter fees in Capital Markets, meaningful progress on Reimagine the Bank, and the successful launch of a new Consumer mobile platform. We were pleased about the DFAST stress loss results and anticipate further improvement under the new Fed models. We remain confident in our momentum and outlook through the remainder of 2026 and for 2027.”


Citizens Financial Group, Inc.
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 August 13, 2026 to shareholders of record at the close of business on July 30, 2026.

Earnings highlights(1):
Quarterly Trends
 2Q26 change from
($s in millions, except per share data)2Q261Q262Q251Q262Q25
Earnings$/bps/%%$/bps/%%
Net interest income$1,631 $1,562 $1,437 $69 4  %$194 14  %
Noninterest income652 606 600 46 8 52 9 
Total revenue2,283 2,168 2,037 115 5 246 12 
Noninterest expense1,394 1,378 1,319 16 1 75 6 
Pre-provision profit889 790 718 99 13 171 24 
Provision for credit losses134 140 164 (6)(4)(30)(18)
Net income587 517 436 70 14 151 35 
Preferred dividends/other33 33 34 — — (1)(3)
Net income available to common stockholders$554 $484 $402 $70 14  %$152 38  %
Average common shares outstanding
Basic (in millions)422.9 425.3 433.6 (2.5)(1)(10.8)(2)
Diluted (in millions)426.7 429.9 436.5 (3.2)(1)(9.9)(2)
Diluted earnings per share1.30 1.13 0.92 0.17 150.38 41 
Performance metrics
Net interest margin3.16 %3.14 %2.94 %2  bps22  bps
Net interest margin, FTE3.17 3.14 2.95 3 22 
Effective income tax rate22.3 20.5 21.4 183 92 
Efficiency ratio61.1 63.6 64.8 (247)(368)
Return on average tangible common equity13.9 12.2 11.0 172 286 
Return on average total tangible assets1.06 %0.97 %0.83 %9  bps23  bps
Capital adequacy(2,3)
Common equity tier 1 capital ratio10.4 %10.5 %10.6 %
Total capital ratio13.6 13.7 13.8 
Tier 1 leverage ratio9.2 9.3 9.4 
Tangible common equity ratio7.2 7.3 7.2 
Allowance for credit losses to loans and leases1.48 %1.52 %1.59 %(4) bps(11) bps
Asset quality(3)
Nonaccrual loans and leases to loans and leases0.97 %1.04 %1.09 %(7) bps(12) bps
Allowance for credit losses to nonaccrual loans and leases152 146 145 6 %7 %
Net charge-offs as a % of average loans and leases0.37 %0.39 %0.48 %(2) bps(11) 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):
 2Q26 change from
($s in millions)2Q261Q262Q251Q262Q25
$/bps%$/bps%
Total assets$233,836 $227,918 $218,310 $5,918 3  %$15,526 7  %
Total loans and leases147,491 143,667 139,304 3,824 3 8,187 6 
Total loans held for sale1,458 1,537 2,093 (79)(5)(635)(30)
Deposits185,620 184,035 175,086 1,585 1 10,534 6 
Stockholders' equity26,183 26,172 25,234 11 — 949 4 
Stockholders' common equity24,072 24,061 23,121 11 — 951 4 
Tangible common equity$16,185 $16,165 $15,246 $20 —  %$939 6  %
Loan-to-deposit ratio (period-end)(2)
79.5 %78.1  %79.6  %139  bps(10) bps
Loan-to-deposit ratio (average)(2)
79.6 %79.1 %79.7 %49  bps(14) 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 2Q26 change from
($s in millions)2Q261Q262Q251Q262Q25
$/bps%$/bps%
Interest income:
Interest and fees on loans and leases and loans held for sale$1,994 $1,905 $1,887 $89 5  %$107 6  %
Investment securities446 424 428 22 5 18 4 
Interest-bearing deposits in banks103 91 92 12 13 11 12 
Total interest income$2,543 $2,420 $2,407 $123 5  %$136 6  %
Interest expense:
Deposits$747 $715 $802 $32 4  %$(55)(7) %
Short-term borrowed funds9 4 9 5 125 — — 
Long-term borrowed funds156 139 159 17 12 (3)(2)
Total interest expense$912 $858 $970 $54 6  %$(58)(6) %
Net interest income$1,631 $1,562 $1,437 $69 4  %$194 14  %
Net interest margin, FTE3.17  %3.14  %2.95  %3  bps22  bps
Second quarter 2026vs.first quarter 2026
Net interest income of $1.6 billion increased 4.4%, reflecting a higher net interest margin along with a 2% increase in average interest-earning assets.
•Net interest margin of 3.17% increased 3 basis points, reflecting the benefit of lower terminated swap impacts and Non-Core runoff, and fixed-rate asset repricing, partially offset by increased funding costs.
•Interest-bearing deposit costs increased 4 basis points to 2.08%; total deposit costs increased 3 basis points to 1.63%; total cost of funds increased 5 basis points to 1.85%.
Second quarter 2026vs.second quarter 2025
Net interest income of $1.6 billion increased 14%, primarily reflecting a higher net interest margin, as well as a 5% increase in interest-earning assets.
•Net interest margin of 3.17% increased 22 basis points, largely driven by the benefit of terminated swap impacts and Non-Core runoff, fixed-rate asset repricing and improved funding costs, partially offset by lower asset yields.




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Citizens Financial Group, Inc.
Noninterest Income 2Q26 change from
($s in millions)2Q261Q262Q251Q262Q25
$%$%
Service charges and fees$117 $112 $111 $5 4  %$6 5  %
Capital markets fees153 134 105 19 14 48 46 
Wealth fees102 100 88 2 2 14 16 
Card fees89 83 90 6 7 (1)(1)
Mortgage banking fees42 42 73 — — (31)(42)
Foreign exchange and derivative products47 44 41 3 7 6 15 
Letter of credit and loan fees52 50 45 2 4 7 16 
Securities gains, net
6 7 5 (1)(14)1 20
Other income(1)
44 34 42 10 292 5
Noninterest income$652 $606 $600 $46 8  %$52 9  %
(1) Includes bank-owned life insurance income and other miscellaneous income for all periods presented.
Second quarter 2026vs.first quarter 2026
Noninterest income of $652 million increased $46 million, or 8%.
•Service charges and fees increased $5 million, primarily from seasonality and growth in account and cash management fees.
•Capital markets fees increased $19 million to $153 million, a record for the second quarter, reflecting higher loan syndication and debt and equity underwriting fees.
•Wealth fees increased $2 million to $102 million, a new record, reflecting higher advisory fees.
•Card fees increased $6 million, reflecting increased seasonal spend across credit and debit cards.
•FX and derivative products increased $3 million, primarily given higher interest rate and FX hedging activity, partially offset by a decline in commodities hedging activity.
•Mortgage banking fees are stable as higher servicing revenue was offset by lower production revenue.
•Other income increased $10 million, reflecting several modest revenue items.
Second quarter 2026vs.second quarter 2025
Noninterest income of $652 million increased $52 million, or 9%.
•Service charges and fees increased $6 million, primarily driven by higher cash management fees.
•Capital markets fees increased $48 million, driven by higher M&A, loan syndication and debt underwriting fees.
•Wealth fees increased $14 million, primarily from growth in AUM, reflecting net inflows and market appreciation.
•Mortgage banking fees decreased $31 million, largely reflecting lower MSR valuation results, net of hedge impact.



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Citizens Financial Group, Inc.
Noninterest Expense 2Q26 change from
($s in millions)2Q261Q262Q251Q262Q25
$%$%
Salaries and employee benefits$745 $758 $681 $(13)(2)%$64 9 %
Equipment and software195 197 193 (2)(1)2 1 
Outside services174 162 169 12 7 5 3 
Occupancy108 114 108 (6)(5)— — 
Other operating expense172 147 168 25 17 4 2 
Noninterest expense$1,394 $1,378 $1,319 $16 1 %$75 6 %
Second quarter 2026vs.first quarter 2026
Noninterest expense of $1.4 billion increased 1%.
•Salaries and employee benefits decreased $13 million, primarily reflecting lower payroll taxes given seasonality.
•Outside services increased $12 million, largely due to higher technology-related costs.
•Occupancy decreased $6 million, largely reflecting lower branch maintenance costs.
•Other operating expense increased $25 million, reflecting higher insurance and various other modest expense items.
The effective tax rate of 22.3% in second quarter 2026 compares with 20.5% in first quarter 2026. The lower first quarter tax rate reflected the recognition of discrete tax benefits.
Second quarter 2026vs.second quarter 2025
Noninterest expense of $1.4 billion increased 6%.
•Salaries and employee benefits increased $64 million, reflecting hiring related to the Private Bank and Private Wealth buildout, and compensation associated with growth in Capital Markets fees.
•Outside services increased $5 million, primarily driven by costs to implement the Reimagine the Bank program.
•Other operating expense increased $4 million, reflecting the impact of various sundry items.
The effective tax rate was 22.3% in second quarter 2026 compared with 21.4% in second quarter 2025.
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Citizens Financial Group, Inc.
Interest-earning assets 2Q26 change from
($s in millions)2Q261Q262Q251Q262Q25
Period-end interest-earning assets$%$%
Investments$46,345 $45,218 $43,899 $1,127 2  %$2,446 6  %
Interest-bearing deposits in banks12,648 12,076 8,121 572 5 4,527 56 
Commercial loans and leases77,284 74,589 71,642 2,695 4 5,642 8 
Retail loans70,207 69,078 67,662 1,129 2 2,545 4 
Total loans and leases147,491 143,667 139,304 3,824 3 8,187 6 
Loans held for sale
1,458 1,537 2,093 (79)(5)(635)(30)
Total loans and leases and loans held for sale148,949 145,204 141,397 3,745 3 7,552 5 
Total period-end interest-earning assets$207,942 $202,498 $193,417 $5,444 3  %$14,525 8  %
Average interest-earning assets(1)
Investments
$48,088 $46,929 $46,538 $1,159 2  %$1,550 3  %
Interest-bearing deposits in banks10,839 10,079 8,217 760 8 2,622 32 
Commercial loans and leases76,548 74,541 71,423 2,007 3 5,125 7 
Retail loans69,580 68,869 67,386 711 1 2,194 3 
Total loans and leases146,128 143,410 138,809 2,718 2 7,319 5 
Loans held for sale
1,715 1,511 2,754 204 14 (1,039)(38)
Total loans and leases and loans held for sale147,843 144,921 141,563 2,922 2 6,280 4 
Total average interest-earning assets$206,770 $201,929 $196,318 $4,841 2  %$10,452 5  %
(1) Total average interest-earning assets excludes the mark-to-market on investment securities and unsettled purchases or sales of loans and investments.
Second quarter 2026vs.first quarter 2026
Period-end interest-earning assets of $207.9 billion increased $5.4 billion, or 3%, reflecting a $1.1 billion increase in investments in securities and 3% growth in loans and leases. Total loans and leases increased $3.8 billion, 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 $206.8 billion increased $4.8 billion, or 2%, reflecting a $2.7 billion increase in total loans and leases, as well as $1.2 billion increase in investments and $760 million increase in cash held in interest-bearing deposits.
The average effective duration of the securities portfolio was 4.1 years, compared with 4.0 years at March 31, 2026 and 3.7 years at June 30, 2025.
Second quarter 2026vs.second quarter 2025
Period-end interest-earning assets of $207.9 billion increased $14.5 billion, or 8%, reflecting a $2.4 billion increase in investments in securities, a $4.5 billion increase in cash held in interest-bearing deposits and a $7.6 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 $5.6 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 $2.5 billion, reflecting growth in home equity and mortgage, partially offset by Non-Core portfolio runoff.
Average interest-earning assets of $206.8 billion increased $10.5 billion, primarily reflecting a $6.3 billion increase in total loans and leases and loans held for sale, as well as $2.6 billion increase in cash held in interest-bearing deposits and a $1.6 billion increase in investments in securities.
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Citizens Financial Group, Inc.
Deposits 2Q26 change from
($s in millions)2Q261Q262Q251Q262Q25
Period-end deposits$%$%
Noninterest-bearing demand
$40,939 $41,672 $38,001 $(733)(2) %$2,938 8  %
Checking with interest40,258 37,675 34,918 2,583 75,340 15
Savings23,570 24,114 25,400 (544)(2)(1,830)(7)
Money market60,029 59,611 55,638 418 14,391 8
Time20,824 20,963 21,129 (139)(1)(305)(1)
Total period-end deposits$185,620 $184,035 $175,086 $1,585 1  %$10,534 6  %
Average deposits
Noninterest-bearing demand
$39,881 $39,286 $37,350 $595 2  %$2,531 7  %
Checking with interest38,632 37,027 33,847 1,605 44,785 14
Savings23,780 24,095 25,536 (315)(1)(1,756)(7)
Money market60,295 60,141 54,716 154 —5,579 10
Time21,032 20,766 22,679 266 1(1,647)(7)
Total average deposits$183,620 $181,315 $174,128 $2,305 1  %$9,492 5  %

Second quarter 2026vs.first quarter 2026
Total period-end deposits of $185.6 billion are up 1%, with growth in the Private Bank and Commercial. Private Bank deposits increased 7% to $17.8 billion at the end of second quarter 2026.
Average deposits of $183.6 billion increased 1%, primarily reflecting growth in the Private Bank, and in retail, primarily low-cost categories.
Second quarter 2026vs.second quarter 2025
Total period-end deposits of $185.6 billion increased 6%, primarily reflecting growth in the Private Bank of $9.1 billion, and $1.5 billion in Commercial, partially offset by a $0.4 billion reduction in higher-cost Treasury brokered deposits.
Average deposits of $183.6 billion were up 5%.
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Citizens Financial Group, Inc.
Borrowed Funds 2Q26 change from
($s in millions)2Q261Q262Q251Q262Q25
Period-end borrowed funds$%$%
Short-term borrowed funds$1,159 $54 $249 $1,105 NM$910 NM
Long-term borrowed funds
FHLB advances5,763 2,513 1,542 3,250 1294,221 NM
Senior debt7,078 7,076 6,821 2 —257 4
Subordinated debt and other debt1,421 1,419 1,752 2 —(331)(19)
Auto collateralized borrowings928 1,252 2,411 (324)(26)(1,483)(62)
Total borrowed funds$16,349 $12,314 $12,775 $4,035 33  %$3,574 28  %
Average borrowed funds
Short-term borrowed funds$989 $454 $925 $535 118 %$64 7  %
Long-term borrowed funds
FHLB advances3,538 1,408 1,063 2,130 151 %2,475 233
Senior debt7,078 6,843 7,042 235 336 1
Subordinated debt and other debt1,419 1,415 1,759 4 —(340)(19)
Auto collateralized borrowings1,077 1,409 2,635 (332)(24)(1,558)(59)
Total average borrowed funds$14,101 $11,529 $13,424 $2,572 22  %$677 5  %
Second quarter 2026vs.first quarter 2026
Period-end borrowed funds increased $4.0 billion, primarily reflecting an increase in FHLB advances, partially offset by a decrease in collateralized borrowings on auto loans as the associated portfolio runs down.
Average borrowed funds increased $2.6 billion, driven primarily by an increase in FHLB advances, as well as an increase in senior debt as a result of issuance in the first quarter, partially offset by a decrease in auto collateralized borrowings.
Second quarter 2026vs.second quarter 2025
Period-end borrowed funds were up $3.6 billion, primarily reflecting an increase in FHLB advances, partially offset by the decrease in auto collateralized borrowings, given runoff of the associated portfolio.
Average borrowed funds increased by $677 million, given the increase in FHLB advances, largely offset by the decrease in auto collateralized borrowings.
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Citizens Financial Group, Inc.
Capital 2Q26 change from
($s and shares in millions, except per share data)2Q261Q262Q251Q262Q25
Period-end capital$%$%
Stockholders' equity$26,183 $26,172 $25,234 $11 —  %$949 4  %
Stockholders' common equity24,072 24,061 23,121 11 —951 4
Tangible common equity16,185 16,165 15,246 20 —939 6
Tangible book value per common share$38.29 $37.94 $35.23 $0.35 1  %$3.06 9  %
Common shares - at end of period422.7 426.0 432.8 (3.3)(1)(10.1)(2)
Common shares - average (diluted)426.7 429.9 436.5 (3.2)(1) %(9.9)(2) %
Common equity tier 1 capital ratio(1)
10.4 %10.5 %10.6 %
Total capital ratio(1)
13.6 13.7 13.8 
Tangible common equity ratio7.2 7.3 7.2 
Tier 1 leverage ratio(1)
9.2 9.3 9.4 
(1) Current reporting-period regulatory capital ratios are preliminary.
Second quarter 2026
•The CET1 capital ratio of 10.4% as of June 30, 2026 compares with 10.5% at March 31, 2026 and 10.6% at June 30, 2025.
•Total capital ratio of 13.6% compares with 13.7% at March 31, 2026 and 13.8% as of June 30, 2025.
•Tangible common equity ratio of 7.2% compares with 7.3% at March 31, 2026 and 7.2% as of June 30, 2025.
•Tangible book value per common share of $38.29, up 1% compared with first quarter 2026, and up 9% versus second quarter 2025.
•Total capital returned to shareholders was $422 million in second quarter 2026.
◦Paid $197 million in common dividends to shareholders during second quarter 2026. This compares with $198 million in common dividends during first quarter 2026 and $185 million during second quarter 2025.
◦Repurchased $225 million of common shares during second quarter 2026, compared with $300 million in first quarter 2026 and $200 million in second quarter 2025.
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Citizens Financial Group, Inc.
Credit quality review 2Q26 change from
($s in millions)2Q261Q262Q251Q262Q25
$/bps/%%$/bps/%%
Nonaccrual loans and leases(1)
$1,435 $1,497 $1,524 $(62)(4) %$(89)(6) %
90+ days past due and accruing(2)
183 208 194 (25)(12)(11)(6)
Net charge-offs135 138 167 (3)(2)(32)(19)
Provision for credit losses134 140 164 (6)(4)(30)(18)
Allowance for credit losses $2,184 $2,185 $2,209 $(1)—  %$(25)(1) %
Nonaccrual loans and leases to loans and leases0.97  %1.04  %1.09  %(7) bps(12) bps
Net charge-offs as a % of total loans and leases0.37 0.39 0.48 (2)(11)
Allowance for credit losses to loans and leases1.48 1.52 1.59 (4)(11)
Allowance for credit losses to nonaccrual loans and leases152  %146  %145  %6 %7 %
(1) Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.
(2) 90+ days past due and accruing includes $172 million, $179 million, and $128 million of loans fully or partially guaranteed by the FHA, VA, and USDA for June 30, 2026, March 31, 2026, and June 30, 2025, respectively.
Second quarter 2026vs.first quarter 2026
•Nonaccrual loans of $1.4 billion decreased 4%, driven by a decrease in commercial real estate, as we continue to workout the General Office portfolio. The nonaccrual loans to total loans ratio of 0.97% compares with 1.04% at March 31, 2026.
•Net charge-offs of $135 million, or 37 basis points of average loans and leases, compares with 39 basis points in the prior quarter, reflecting decreases in commercial real estate and retail, partially offset by higher C&I.
•The second quarter 2026 provision for credit losses of $134 million compares with $140 million for first quarter 2026.
•The ratio of allowance for credit losses to total loans of 1.48% was down slightly compared with 1.52% as of March 31, 2026 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 152% increased from 146% at March 31, 2026, reflecting the decline in nonaccrual loans.
Second quarter 2026vs.second quarter 2025
•Nonaccrual loans decreased 6% driven largely by a 13% decrease in commercial, reflecting a decline in commercial real estate. The nonaccrual loans to total loans ratio of 0.97% compares with 1.09% at June 30, 2025.
•Net charge-offs of $135 million, or 37 basis points of average loans and leases compares with 48 basis points for second quarter 2025, reflecting a decrease in commercial real estate and retail.
•Provision for credit losses of $134 million decreased compared with a $164 million provision in second 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 $25 million compared with June 30, 2025 given the continued Non-Core runoff and other improvements in loan mix. Allowance for credit losses ratio of 1.48% as of June 30, 2026 compares with 1.59% as of June 30, 2025.
•The allowance for credit losses to nonaccrual loans and leases ratio of 152% compares with 145% as of June 30, 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 July 16, 2026 through August 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 $233.8 billion in assets as of June 30, 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
2Q26 Change
2Q261Q262Q251Q262Q25
$/bps%$/bps%
Pre-provision profit:
Total revenue (GAAP)A$2,283 $2,168 $2,037 $1155%$246 12%
Less: Noninterest expense (GAAP)B1,394 1,378 1,319 161 75 6 
Pre-provision profit (non-GAAP)$889 $790 $718 $9913%$171 24%
Operating leverage:
Total revenue (GAAP)A$2,283 $2,168 $2,037 $115 5.25%$246 12.01%
Less: Noninterest expense (GAAP)B1,394 1,378 1,319 16 1.15 75 5.64 
Operating leverage4.10%6.37%
Efficiency ratio:
Efficiency ratio B/A61.08%63.55%64.76%(247) bps(368) bps
Book value per common share and tangible book value per common share:
Common shares - at period-end (GAAP)C422,677,660 426,023,578 432,768,811 (3,345,918)(1%)(10,091,151)(2%)
Common stockholders' equity (GAAP)D$24,072 $24,061 $23,121 $11— $9514 
Less: Goodwill (GAAP)8,220 8,221 8,187 (1)— 33— 
Less: Other intangible assets (GAAP)105 112 128 (7)(6)(23)(18)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)438 437 440 1— (2)— 
Tangible common equity (non-GAAP)E$16,185 $16,165 $15,246 $20—%$9396%
Book value per common share (GAAP)D/C$56.95 $56.48 $53.43 $0.471%$3.527%
Tangible book value per common share (non-GAAP)E/C38.29 37.94 35.23 0.351 3.069 
Net interest income and net interest margin on an FTE basis:
Net interest income (annualized) (GAAP)F$6,542 $6,337 $5,770 $2053%$77213%
Average interest-earning assets (GAAP)G206,770 201,929 196,318 4,8412 10,4525 
Net interest margin (GAAP)F/G3.16 %3.14%2.94%2  bps22  bps
Net interest income (GAAP)$1,631 $1,562 $1,437 $694%$19414%
FTE adjustment3 3 4 —— (1)(25)
Net interest income on an FTE basis (non-GAAP)1,634 1,565 1,441 694 19313 
Net interest income on an FTE basis (annualized) (non-GAAP)H6,555 6,350 5,786 2043 76913 
Net interest margin on an FTE basis (non-GAAP)H/G3.17 %3.14%2.95%3  bps22  bps
Return on average common equity and return on average tangible common equity:
Net income available to common stockholders (GAAP)I$554 $484 $402 $7014%$15238%
Average common equity (GAAP)J$23,839 $23,995 $22,494 ($156)(1)$1,3456 
Less: Average goodwill (GAAP)8,221 8,198 8,187 23— 34— 
Less: Average other intangibles (GAAP)109 114 134 (5)(4)(25)(19)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)438 437 438 1— ——
Average tangible common equity (non-GAAP)K$15,947 $16,120 $14,611 ($173)(1%)$1,3369%
Return on average common equity (GAAP)I/J9.31%8.19%7.18%112  bps213  bps
Return on average tangible common equity (non-GAAP)I/K13.91%12.19%11.05%172  bps286  bps
Return on average total assets and return on average total tangible assets:
Net income (GAAP)L$587 $517 $436 $7014%$15135%
Average total assets (GAAP)M$229,263 $224,224 $217,661 $5,0392 $11,6025 
Less: Average goodwill (GAAP)8,221 8,198 8,187 23— 34— 
Less: Average other intangibles (GAAP)109 114 134 (5)(4)(25)(19)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)438 437 438 1— —— 
Average tangible assets (non-GAAP)N$221,371 $216,349 $209,778 $5,0222%$11,5936%
Return on average total assets (GAAP)L/M1.03%0.94%0.80%9  bps23  bps
Return on average total tangible assets (non-GAAP)L/N1.06 %0.97%0.83%9  bps23  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
2Q26 Change
2Q261Q262Q251Q262Q25
$/bps%$/bps%
Common equity ratio and tangible common equity ratio:
Total assets (GAAP)O$233,836 $227,918 $218,310 $5,9183 %$15,5267%
Less: Goodwill (GAAP)8,220 8,221 8,187 (1)— 33— 
Less: Other intangible assets (GAAP)105 112 128 (7)(6)(23)(18)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)438 437 440 1— (2)— 
Tangible assets (non-GAAP)P$225,949 $220,022 $210,435 $5,9273%$15,5147%
Common equity ratio (GAAP)D/O10.3 %10.6 %10.6 %(27) bps(30) bps
Tangible common equity ratio (non-GAAP)E/P7.2 7.3 7.2 (10) bps(4) bps










































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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," and "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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