Citizens Financial Group, Inc. · NYSE:CFG
Citizens Financial — Q1 2026 Earnings Presentation
35 slides from Citizens Financial's earnings presentation, Apr 16, 2026
Slide 1: 1Q26 Financial Results
1Q26 Financial Results April 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: 1Q26 Earnings highlights
1Q26 Earnings highlights Q/Q Y/Y $s in millions 1Q26 4Q25 1Q25 $/bps % $/bps % Net interest income $ 1,562 $ 1,537 $ 1,391 $ 25 2 % $ 171 12 % Noninterest income 606 620 544 (14) (2) 62 11 Total revenue 2,168 2,157 1,935 11 1 233 12 Noninterest expense 1,378 1,343 1,314 35 3 64 5 Pre-provision profi
Slide 4: 1Q26 Overview
1Q26 Overview Strong 1Q26 results; EPS up 47%, 7.2% positive operating leverage YoY PPNR performance 1Q26 QoQ YoY ■ EPS of $1.13, up 47% YoY, reflecting strong PPNR growth NII $ 1,562 1.6% 12.3% ■ ROTCE of 12.2%, stable QoQ, and up 255 bps YoY Fees 606 (2.3) 11.4 ■ PPNR of $790 million, down ~3% QoQ
Slide 5: Net interest income
Net interest income NII and NIM Linked Quarter $s in millions, except earning assets ■ NII up 1.6%, reflects higher NIM and a 1% increase in average interest-earning assets, partially offset by the $199.2B $201.9B $195.1B $196.3B $197.6B day count impact of $22 million – NIM of 3.14%, up 7 bps QoQ,
Slide 6: Noninterest income
Noninterest income Noninterest income details Linked Quarter $ ■ Noninterest income of $606 million, down 2% $s in millions 1Q26 4Q25 1Q25 Q/Q Y/Y – Capital markets fees decreased $6 million relative to a seasonally strong fourth quarter. Notwithstanding Service charges and fees $ 112 $ 112 $ 109 $
Slide 7: Noninterest expense
Noninterest expense Noninterest expense details Linked Quarter $ ■ Noninterest expense of $1.4 billion, up 2.6% $s in millions 1Q26 4Q25 1Q25 Q/Q Y/Y – Salaries and benefits increased $42 million, Salaries & employee benefits $ 758 $ 716 $ 696 $ 42 $ 62 primarily reflecting a seasonal increase in pa
Slide 8: Loans and leases
Loans and leases Period-end loans and leases Linked Quarter $s in billions ■ Period-end loans up 1% – Private Bank growth of $0.6 billion, driven primarily $137.6 $139.3 $140.9 $142.7 $143.7 by multi-family and residential mortgage – Commercial* up $0.6 billion, or 1%, given net new money originatio
Slide 9: Deposit performance and cost of funds
Deposit performance and cost of funds Average deposits Linked Quarter $s in billions $174.1 $176.0 $179.9 $181.3 ■ Average deposits up $1.5 billion, or 1%, primarily driven $172.7 by growth in Private Bank 2.37% 2.35% 2.35% 2.20% ■ Period-end deposits are broadly stable, with growth in 2.04% Private
Slide 10: Highly diversified and retail-oriented deposit base
Highly diversified and retail-oriented deposit base $184.0B Period-end deposits Business mix As of 3/31/26 Product mix Citizens Access Private Bank/ 4% Private Wealth Time 10% 12% Business NIB Banking 23% 12% Commercial 24% Money Market 32% Checking With Interest Branch deposits 20% 48% Citizens Tre
Slide 11: Credit quality overview
Credit quality overview Credit provision expense; net charge-offs Nonaccrual loans $s in millions $s in millions 0.58% 0.48% 145% 145% 145% 146% 0.46% 0.43% 140% 0.51% 0.39% $200 $153 $164 $167 $154 $162 $137 $155 $140 $138 $1,582 $1,524 $1,518 $1,504 $1,497 $175 $599 $585 $585 $609 $630 1Q25 2Q25 3
Slide 12: Allowance for credit losses
Allowance for credit losses Allowance for credit losses $s in millions Total ACL ratio 1.61% 1.59% 1.56% 1.53% 1.52% $2,212 $2,209 $2,201 $2,183 $2,185 1.86% 1.77% 1.74% 1.75% 1.70% 1.34% 1.39% 1.37% 1.35% 1.27% 1Q25 2Q25 3Q25 4Q25 1Q26 (1) (1) Retail Commercial Retail ACL Commercial ACL Commentary
Slide 13: Strong capital position
Strong capital position Highlights $s in billions (period-end) 1Q25 2Q25 3Q25 4Q25 1Q26 ■ 1Q26 CET1 ratio of 10.5% Basel III basis(1) – 9.3% CET1 ratio adjusted for AOCI opt-out removal Common equity tier 1 capital $ 17.8 $ 17.8 $ 18.0 $ 18.2 $ 18.2 ■ TBV/share of $37.94 was broadly stable QoQ Risk-
Slide 14: Private Bank buildout - financial update
Private Bank buildout - financial update Strong momentum early in 2026 Deposits Loans Client Assets(1) $s in billions $s in billions As of 3/31/26 $s in billions $16.6 $14.5 $10.0 $10.1 $15.6 $7.2 $7.7 $8.7 $13.1 $5.8 $3.7 $8.6 $8.7 $7.6 $6.3 $7.3 $5.2 $3.3 1Q25 4Q25 1Q26 1Q25 4Q25 1Q26 1Q25 4Q25 1Q
Slide 15: Reimagine the Bank - Update
Reimagine the Bank - Update ■ Leverage technology innovation to reshape how we serve customers and run the bank ■ Business model simplification to drive focus and deliver cost improvement ■ Tracking well towards targets provided in January ■ Expect minimal EPS impact in 2026 and ~$100 million pre-ta
Slide 16: 2Q26 outlook vs. 1Q26
2Q26 outlook vs. 1Q26 1Q26 2Q26 Outlook Net interest income $1,562MM ■ Up 3 to 4% Noninterest income $606MM ■ Up 3 to 5%, with growth across most fee categories Noninterest expense $1,378MM ■ Stable to up 1% Net charge-offs $138MM; 39 bps ■ Stable to down slightly CET1 ratio(1) 10.5% ■ 10.5-10.6%; ~
Slide 17: Meaningful NIM improvement over the medium term
Meaningful NIM improvement over the medium term Chart not to scale Medium-term NIM target 3.30 to 3.50% Factors supporting 3.30 to 3.50% NIM ■ Swaps and Non-Core runoff Fed funds at or above 3.75% favors top end ■ Stable to improving balance sheet mix 3.50% of range or above ■ Fed funds terminal ran
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; performance tracking well ■ Bes
Slide 19: Appendix
Appendix ■ Private Bank financial performance ■ Interest rate risk management ■ Non-Core portfolio ■ Credit
Slide 20: 1Q26 Private Bank financial performance
1Q26 Private Bank financial performance $s in millions 1Q26 4Q25 3Q25 2Q25 1Q25 Net interest income $134.1 $118.3 $100.2 $80.3 $70.5 Noninterest income 23.0 23.7 20.2 15.2 13.6 Total revenue 157.1 141.9 120.4 95.4 84.1 Noninterest expense 91.4 85.7 73.0 60.4 59.9 Pre-provision profit 65.7 56.2 47.4
Slide 21: Interest rate risk management
Interest rate risk management Commentary Fixed/floating-rate mix As of 3/31/26 ■ Slightly asset sensitive; approximately +/- 1% impact Loans Securities (1) to NII over the next 12 months with a gradual +/- 100 bps change in rates relative to the forward curve $144B $44B ■ Receive-fixed cash flow swa
Slide 22: Non-Core portfolio update
Non-Core portfolio update Non-Core portfolio has been reduced from ~$2.5 billion at 4Q25 to ~$2.0 billion at 1Q26; expected to decline to ~$1.1 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
Slide 23: $74.6B Commercial credit portfolio
$74.6B Commercial credit portfolio(1) Diverse and granular portfolio Commercial portfolio risk ratings(4) $s in billions $s in billions $ Balances % of CFG C&I Finance and Insurance $ 18.1 13 % $70.5 $73.8 $74.6 Capital call facilities $ 8.8 B- and lower 7% 6% 6% 17% 14% 13% Private Credit Finance 4
Slide 24: High-quality, diversified Private Capital related portfolio
High-quality, diversified Private Capital related portfolio $s in billions; as of 3/31/2026 $14.7 billion Private Capital related lending ■ Top industry team assembled over 10+ years ■ Strategic approach to cover and advise best-positioned Private Capital firms Capital call facilities $8.8 $14.7B ■
Slide 25: $69.1B Retail credit portfolio
$69.1B Retail credit portfolio Retail portfolio(1) High quality, diverse portfolio As of 3/31/26 $s in billions Other retail Super-prime/prime* Secured Homeowners Education - refinance $4.0 ~96% ~82% ~2/3 Education - $5.1 of retail of retail of unsecured portfolio > 680 portfolio retail borrowers(3)
Slide 26: Allocation of allowance for credit losses by product type
Allocation of allowance for credit losses by product type March 31, 2026 December 31, 2025 Loans and Loans and Allowance Coverage Allowance Coverage $s in millions Leases Leases Commercial and industrial(1) $ 50,307 $720 1.43 % $ 49,232 $676 1.37 % Commercial real estate 24,282 584 2.41 24,580 576 2
Slide 27: Delinquency by product type
Delinquency by product type March 31, 2026 (%) December 31, 2025 (%) 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 99.37 % 0.24 % 0.02 % —% 0.37 % 99.27 % 0.13 % 0.03 % 0.01 % 0.56 % Commercial re
Slide 28: 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 29: Notes continued
Notes continued Notes on slide 21 - Interest rate risk management 1) Represents fair value balances. Notes on slide 22 - Non-Core portfolio update 1) See general note c). Notes on slide 23 - $74.6B Commercial credit portfolio 1) See general note c). 2) Includes deferred fees and costs. 3) Credit ten
Slide 30: Non-GAAP financial measures and reconciliations
Non-GAAP financial measures and reconciliations QUARTERLY TRENDS $s in millions, except share, per share and ratio data 1Q26 Change 1Q26 4Q25 1Q25 4Q25 1Q25 $/bps % $/bps % Pre-provision profit: Total revenue (GAAP) A $2,168 $2,157 $1,935 $11 1% $233 12% Noninterest expense (GAAP) B 1,378 1,343 1,31
Slide 31: Non-GAAP financial measures and reconciliations
Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS 1Q26 Change 1Q26 4Q25 1Q25 4Q25 1Q25 $/bps % $/bps % Common equity ratio and tangible common equity ratio: Total assets (GAAP) L $227,918 $226,351 $220,148 $1,567 1 $7,770 4% Less:
Slide 32: Financial measures and reconciliations - 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 1Q26 Change 1Q26 4Q25 3Q25 2Q25 1Q25 4Q25 1Q25 $/bps % $/bps % Efficiency ratio and Operating leverage: Total revenue (GAAP) A $2,168 $2,157 $2,118
Slide 33: Non-GAAP financial measures and reconciliations - 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 1Q26 4Q25 CET1 Ratio adjusted for AOCI opt-out removal CET1 capital $ 18,178 $ 18,240 Less: AFS securities - AOCI 1,027 922 HTM securities
Slide 34: Non-GAAP financial measures and reconciliations - 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 1Q26 Net income available to common stockholders: Private Bank Net income available to common stockholders, (GAAP) A $49 Regulatory Capital: Private Bank
Slide 35: Citizens Financial Group, Inc.
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Citizens Financial Group — Q1 2026 Earnings Presentation on 6ix