Citizens Financial Group, Inc. · NYSE:CFG
Citizens Financial — Q3 2026 Earnings Presentation
38 slides from Citizens Financial's earnings presentation, Oct 16, 2026
Slide 1: 3Q26 Financial Results
3Q26 Financial Results October 16, 2026
Slide 2: Forward-looking statements and use of non-GAAP financial measures
Forward-looking statements and use of non-GAAP financial measures 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 stat
Slide 3: 3Q26 Earnings highlights
3Q26 Earnings highlights Q/Q Y/Y $s in millions 3Q26 2Q26 3Q25 $/bps % $/bps % Net interest income $ 1,675 $ 1,631 $ 1,488 $ 44 3 % $ 187 13 % Noninterest income 647 652 630 (5) (1) 17 3 Total revenue 2,322 2,283 2,118 39 2 204 10 Noninterest expense 1,393 1,394 1,335 (1) — 58 4 Pre-provision profit
Slide 4: 3Q26 Overview
3Q26 Overview Strong 3Q26 results; EPS up 34% YoY, 5.3% positive operating leverage PPNR performance $s in millions 3Q26 QoQ YoY ■ EPS of $1.41, up 8% QoQ and 34% YoY, reflecting strong PPNR growth NII $ 1,675 2.7% 12.6% ■ ROTCE of 15.1%, up 117 bps QoQ; up 333 bps YoY Fees 647 (0.8) 2.7 ■ PPNR of $
Slide 5: Net interest income
Net interest income NII and NIM Linked Quarter $s in millions, except earning assets ■ NII up 2.7%, reflects higher NIM and a 1% increase in $206.8B $208.9B average interest-earning assets $199.2B $201.9B $197.6B – NIM of 3.19%, up 2 bps QoQ, reflecting the benefit of lower terminated swap impacts a
Slide 6: Noninterest income
Noninterest income Noninterest income details Linked Quarter ■ Noninterest income of $647 million, down 1% $ $s in millions 3Q26 2Q26 3Q25 Q/Q Y/Y – Service charges and fees increased $3 million, primarily from higher overdraft fees Service charges and fees $ 120 $ 117 $ 112 $ 3 $ 8 – Capital market
Slide 7: Noninterest expense
Noninterest expense Noninterest expense details Linked Quarter $ ■ Noninterest expense of $1.4 billion was stable $s in millions 3Q26 2Q26 3Q25 Q/Q Y/Y – Salaries and benefits increased $5 million, Salaries & employee benefits $ 750 $ 745 $ 705 $ 5 $ 45 primarily reflecting the continued Private Ban
Slide 8: Loans and leases
Loans and leases Period-end loans and leases Linked Quarter $s in billions ■ Period-end loans up $0.7 billion, or 0.5% – Private Bank growth of $2.0 billion, driven by $140.9 $142.7 $143.7 $147.5 $148.2 commercial line utilization, multi-family and residential mortgage – Commercial* down $1.5 billio
Slide 9: Deposit performance and cost of funds
Deposit performance and cost of funds Average deposits Linked Quarter $s in billions $176.0 $179.9 $181.3 $183.6 $183.7 ■ Average deposits broadly stable, primarily reflecting growth in Commercial, largely offset by a decrease in 2.35% 2.20% Consumer 2.04% 2.08% 2.13% ■ Period-end deposits broadly s
Slide 10: Highly diversified and retail-oriented deposit base
Highly diversified and retail-oriented deposit base $185.2B Period-end deposits Business mix As of 9/30/26 Product mix Business Citizens Access Time Banking 4% 11% 12% Private Bank & NIB Wealth 22% 11% Branch deposits Money Market 47% 34% Checking With Interest Commercial 21% 25% Citizens Access Sav
Slide 11: Credit quality overview
Credit quality overview Credit provision expense; net charge-offs Nonaccrual loans $s in millions $s in millions 0.46% 0.43% 0.39% 1.08% 1.05% 1.04% 0.37% 0.37% 0.97% 0.99% $1,518 $1,504 $1,497 $1,435 $1,461 $154 $162 $155 $137 $140 $138 $134 $135 $137 $125 $585 $609 $630 $617 $628 $933 $895 $867 $8
Slide 12: Allowance for credit losses
Allowance for credit losses Allowance for credit losses $s in millions Total ACL ratio: 1.56% 1.53% 1.52% 1.48% 1.47% $2,201 $2,183 $2,185 $2,184 $2,172 1.74% 1.70% 1.75% 1.67% 1.64% 1.37% 1.35% 1.27% 1.27% 1.28% 3Q25 4Q25 1Q26 2Q26 3Q26 (1) (1) Retail Commercial Retail ACL Commercial ACL Commentary
Slide 13: Strong capital position
Strong capital position Highlights $s in billions (period-end) 3Q25 4Q25 1Q26 2Q26 3Q26 ■ 3Q26 CET1 ratio of 10.5% Basel III basis (1) – 8.7% CET1 ratio adjusted for AOCI opt-out removal Common equity tier 1 capital $ 18.0 $ 18.2 $ 18.2 $ 18.4 $ 18.7 ■ TBV/share of $35.78 was down 6.6% QoQ, and 2.6%
Slide 14: Private Bank buildout continues strong progress
Private Bank buildout continues strong progress Strong momentum in 2026 Deposits Loans Client Assets(1) $s in billions $s in billions As of 9/30/26 $11.7 $s in billions $17.8 $18.5 $12.4 $9.7 $11.2 $12.5 $18.3 $18.1 $10.3 $9.0 $5.9 $10.6 $8.4 $9.6 $10.7 $7.6 $5.3 3Q25 2Q26 3Q26 3Q25 2Q26 3Q26 3Q25 2
Slide 15: Reimagine the Bank progressing well
Reimagine the Bank progressing well Mobilized the program; Foundation now in place to accelerate program simplifying the bank benefits in 2027 and 2028 Efficiency gains Productivity enhancement 35+ of 50+ planned initiatives launched to date AI research and meeting prep now Reached ~90% of the 2026
Slide 16: 4Q26 outlook vs. 3Q26
4Q26 outlook vs. 3Q26 3Q26 4Q26 Outlook Net interest income $1,675MM ■ Up ~2.5% to 3% Noninterest income $647MM ■ Up ~4 to 5% Noninterest expense $1,393MM ■ Up ~1% Net charge-offs $137MM; 37 bps ■ Stable to down slightly CET1 ratio(1) 10.5% ■ ~10.6% to 10.7%; expect ~$200 million in share repurchase
Slide 17: Meaningful NIM improvement through 2027
Meaningful NIM improvement through 2027 Chart not to scale Factors supporting 3.30 to 3.50% NIM target ■ Terminated swaps ■ Stable-to-improving balance sheet mix – Continued growth in DDA and low-cost deposits – Rotation of loan capital to more attractive portfolios 3.50% ■ Relatively stable macroec
Slide 18: Citizens is an attractive investment opportunity
Citizens is an attractive investment opportunity Continue to have a series of unique initiatives that will lead to relative medium-term outperformance ■ Transformed Consumer Bank with leading retail deposit franchise; well positioned in NYC Metro to gain market share; launch of NExT program to accel
Slide 19: Appendix
Appendix ■ Key performance metrics ■ Private Bank financial performance ■ Interest rate risk management ■ AOCI Accretion ■ Non-Core portfolio ■ Preferred dividend schedule ■ Credit
Slide 20: Linked-quarter results
Linked-quarter results Average loans Average deposits Return on average total $s in billions $s in billions tangible assets é1% $183.6 $183.7 stable é7 bps $146.1 $147.4 1.06% 1.13% 2Q26 3Q26 2Q26 3Q26 2Q26 3Q26 Pre-provision profit Net income available to Return on average tangible $s in millions c
Slide 21: Year-over-year results
Year-over-year results Average loans Average deposits Return on average total $s in billions $s in billions tangible assets é5% $176.0 $183.7 é4% é20 bps $147.4 1.13% $140.0 0.93% 3Q25 3Q26 3Q25 3Q26 3Q25 3Q26 Pre-provision profit Net income available to Return on average tangible $s in millions com
Slide 22: 3Q26 Private Bank financial performance
3Q26 Private Bank financial performance $s in millions 3Q26 2Q26 1Q26 4Q25 3Q25 Net interest income $161.6 $148.8 $134.1 $118.3 $100.2 Noninterest income 26.8 23.1 23.0 23.7 20.2 Total revenue 188.4 171.9 157.1 141.9 120.4 Noninterest expense 98.9 88.4 91.4 85.7 73.0 Pre-provision profit 89.4 83.6 6
Slide 23: Interest rate risk management
Interest rate risk management Commentary Fixed/floating-rate mix As of 9/30/26 ■ Slightly asset sensitive; ~1% impact to NII over the Loans Securities (1) next 12 months with a gradual +/- 100 bps change in rates relative to the forward curve $148B $43B ■ Receive-fixed cash flow swaps represent the
Slide 24: AOCI accretion
AOCI accretion Projected accretion to TCE and CET1 adjusted for AOCI opt-out removal(1) Accretes to CET1(2) TCE CET1(2) 9/30/2026 $(0.6) $(0.2) $(2.8) $(3.7) $(3.1) 12/31/2026 $(0.5) $(0.2) $(2.3) $(3.0) $(2.6) 12/31/2027 $(0.2) $(0.2) $(2.0) $(2.5) $(2.3) 12/31/2028 $(0.1) $(0.2) $(1.8) $(2.1) $(2.
Slide 25: Non-Core portfolio update
Non-Core portfolio update Non-Core portfolio has been reduced to ~$1.3 billion at 3Q26; expected to decline to ~$1.0 billion by year-end 2026 Non-Core portfolio(1) progression As of period end; $s in billions $13.7 2026 quarterly progression $3.3 $6.9 $10.4 $2.2 $3.4 $2.0 $2.5 $1.6 $2.0 $1.3 $1.6 $0
Slide 26: Preferred dividend schedule
Preferred dividend schedule Estimated preferred dividend impact(1) $s in millions 4Q26 1Q27 2Q27 3Q27 4Q27 Series B (floating) ~$6 ~$6 ~$6 ~$6 ~$6 Series C (floating) ~$6 ~$6 ~$6 ~$6 ~$6 Series E ~$6 ~$6 ~$6 ~$6 ~$6 Series H ~$7 ~$7 ~$7 ~$7 ~$7 Series I ~$7 ~$7 ~$7 ~$7 ~$7 Series J(2) ~$12 ~$7 ~$7 ~
Slide 27: $77.2B Commercial credit portfolio
$77.2B Commercial credit portfolio(1) Diverse and granular portfolio Commercial portfolio risk ratings(5) $s in billions $s in billions $ Balances % of C&I Finance and Insurance $ 21.0 14 % $72.5 $77.3 $77.2 Capital call facilities $ 10.5 B- and lower 6% 5% 5% 15% 12% 11% Private Credit Finance 4.5
Slide 28: $71.0B Retail credit portfolio
$71.0B Retail credit portfolio Retail portfolio(1) High quality, diverse portfolio As of 9/30/26 $s in billions Other retail Super-prime/prime* Secured Homeowners Education - refinance $3.9 ~95% ~82% ~2/3 Education - $4.9 of retail of retail of unsecured in school $3.1 portfolio > 680 portfolio reta
Slide 29: Allocation of allowance for credit losses by product type
Allocation of allowance for credit losses by product type September 30, 2026 June 30, 2026 Loans and Loans and Allowance Coverage Allowance Coverage $s in millions Leases Leases Commercial and industrial(1) $ 53,889 $675 1.25 % $ 53,467 $665 1.24 % Commercial real estate 23,334 589 2.52 23,817 628 2
Slide 30: Delinquency by product type
Delinquency by product type September 30, 2026 (%) June 30, 2026 (%) Days Past Due and Accruing Days Past Due and Accruing Current 30-59 60-89 90+ Nonaccrual Current 30-59 60-89 90+ Nonaccrual Commercial and industrial 99.47 % 0.04 % 0.02 % —% 0.47 % 99.47 % 0.04 % 0.02 % 0.01 % 0.46 % Commercial re
Slide 31: Notes
Notes Notes on Non-GAAP Financial Measures See important information on our use of Non-GAAP Financial Measures at the beginning of this presentation and reconciliations to GAAP financial measures at the end of this presentation. Allowance coverage ratios for loans and leases includes the allowance f
Slide 32: Notes continued
Notes continued Notes on slide 23 - Interest rate risk management 1) Represents fair value balances. Notes on slide 25 - Non-Core portfolio update 1) See general note c). Notes on slide 27 - $77.2B Commercial credit portfolio 1) See general note c). 2) Includes deferred fees and costs. 3) Credit ten
Slide 33: Non-GAAP financial measures and reconciliations
Non-GAAP financial measures and reconciliations QUARTERLY TRENDS $s in millions, except share, per share and ratio data 3Q26 Change 3Q26 2Q26 3Q25 2Q26 3Q25 $/bps % $/bps % Pre-provision profit: Total revenue (GAAP) A $2,322 $2,283 $2,118 $39 2% $204 10% Noninterest expense (GAAP) B 1,393 1,394 1,33
Slide 34: Non-GAAP financial measures and reconciliations
Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS 3Q26 Change 3Q26 2Q26 3Q25 2Q26 3Q25 $/bps % $/bps % Common equity ratio and tangible common equity ratio: Total assets (GAAP) L $234,464 $233,836 $222,747 $628 —% $11,717 5% Less:
Slide 35: Efficiency ratio and Operating leverage
Financial measures and reconciliations - Efficiency ratio and Operating leverage $s in millions, except share, per share and ratio data QUARTERLY TRENDS 3Q26 Change 3Q26 2Q26 1Q26 4Q25 3Q25 2Q26 3Q25 $/bps % $/bps % Efficiency ratio and Operating leverage: Total revenue (GAAP) A $2,322 $2,283 $2,168
Slide 36: CET1 adjusted for AOCI opt-out removal
Non-GAAP financial measures and reconciliations - CET1 adjusted for AOCI opt-out removal $s in millions, except share, per share and ratio data QUARTERLY TRENDS 3Q26 2Q26 CET1 Ratio adjusted for AOCI opt-out removal CET1 capital $ 18,673 $ 18,364 Less: AFS securities - AOCI 2,078 1,103 HTM securitie
Slide 37: Private Bank Return on Regulatory Capital
Non-GAAP financial measures and reconciliations - Private Bank Return on Regulatory Capital $s in millions, except share, per share and ratio data 3Q26 Net income available to common stockholders: Private Bank Net income available to common stockholders, (GAAP) A $66 Regulatory Capital: Private Bank
Slide 38: Citizens Financial Group, Inc.
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Citizens Financial Group — Q3 2026 Earnings Presentation on 6ix