Citizens Financial Group, Inc. · NYSE:CFG
Citizens Financial — Q3 2025 Earnings Presentation
44 slides from Citizens Financial's earnings presentation, Oct 15, 2025
Slide 1: 3Q25 Financial Results
3Q25 Financial Results October 15, 2025
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: 3Q25 GAAP summary
3Q25 GAAP summary Q/Q Y/Y $s in millions 3Q25 2Q25 3Q24 $/bps % $/bps % Net interest income $ 1,488 $ 1,437 $ 1,369 $ 51 4 % $ 119 9 % Noninterest income 630 600 532 30 5 98 18 Total revenue 2,118 2,037 1,901 81 4 217 11 Noninterest Expense 1,335 1,319 1,259 16 1 76 6 Pre-provision profit 783 718 64
Slide 4: 3Q25 Underlying financial summary
3Q25 Underlying financial summary(1) Q/Q Y/Y $s in millions 3Q25 $/bps % $/bps % Net interest income $ 1,488 $ 51 4% $ 119 9% Noninterest income 630 30 5 96 18 Total revenue 2,118 81 4 215 11 Noninterest expense 1,335 16 1 87 7 Pre-provision profit 783 65 9 128 20 Provision for credit losses 154 (10
Slide 5: 3Q25 financial performance detail
3Q25 financial performance detail (A) (B) (C) = (A) + (B) (D) (E) = (C) + (D) $s in millions Legacy Core(1) Private Bank Core Non-Core(2) Total CFG Net interest income $1,394 $100.2 $1,495 $(7) $1,488 Noninterest income 606 20.2 626 4 630 Total revenue 2,000 120.4 2,121 (3) 2,118 Noninterest Expense
Slide 6: 3Q25 Overview
3Q25 Overview(1) Strong 3Q25 results PPNR up 9% QoQ; 20% YoY ■ EPS of $1.05 reflects strong revenue growth, positive operating leverage of 3% QoQ $s in millions 3Q25 QoQ YoY – Continued good Private Bank progress, contributing $0.08 to EPS, up $0.02 QoQ NII $1,488 3.5 % 8.7 % – ROTCE of 11.7%, up 70
Slide 7: Net interest income
Net interest income NII and NIM Linked Quarter $s in millions, except earning assets ■ NII up 3.5%, reflects higher NIM and a 1% increase in average interest-earning assets $197.2B $196.6B $195.1B $196.3B $197.6B – NIM of 3.00%, up 5 bps QoQ, largely given the time- based benefits of Non-Core runoff
Slide 8: Noninterest income
Noninterest income(1) Noninterest income details Linked Quarter $ ■ Noninterest income of $630 million, up 5% $s in millions 3Q25 2Q25 3Q24 Q/Q Y/Y – Capital markets fees increased $61 million, driven by Service charges and fees $ 112 $ 111 $ 109 $ 1 $ 3 higher M&A, debt underwriting and loan syndic
Slide 9: Noninterest expense
Noninterest expense(1) Noninterest expense details Linked Quarter $ $s in millions 3Q25 2Q25 3Q24 Q/Q Y/Y ■ Noninterest expense of $1.3 billion, up 1% Salaries & employee benefits $ 705 $ 681 $ 643 $ 24 $ 62 – Salaries and benefits increased $24 million, reflecting Equipment & software 197 193 192 4
Slide 10: Loans and leases
Loans and leases Period-end loans and leases Linked Quarter $s in billions ■ Period-end loans up 1%; Core loans up 2% – Private Bank growth of $1.0 billion, driven primarily $141.6 $139.2 $137.6 $139.3 $140.9 by commercial line utilization and mortgage – Commercial* up slightly given an increase in
Slide 11: Deposit performance and cost of funds
Deposit performance and cost of funds Average deposits Linked Quarter $s in billions $174.1 $174.3 $172.7 $174.1 $176.0 ■ Average deposits up 1%, driven by growth in Private Bank and Commercial, partially offset by a reduction in higher- 2.86% cost Treasury brokered and retail time deposits 2.55% 2.
Slide 12: Highly diversified and retail-oriented deposit base
Highly diversified and retail-oriented deposit base $180.0B Period-end deposits Business mix As of 9/30/25 Product mix Private Bank/ Private Wealth 8% Business Time Citizens Banking 12% 12% NIB Access 22% 5% Commercial 26% Money Market 33% Checking With Interest Branch deposits 20% 47% Citizens Trea
Slide 13: Credit quality overview
Credit quality overview Credit provision expense; net charge-offs Nonaccrual loans $s in millions $s in millions 0.58% 145% 145% 0.54% 0.53% 0.48% 140% 0.46% 136% 136% 0.51% $192 $189 $200 $172 $162 $153 $164 $167 $154 $162 $1,687 $1,664 $1,582 $1,524 $1,518 $175 $616 $647 $599 $585 $585 3Q24 4Q24 1
Slide 14: Allowance for credit losses
Allowance for credit losses Allowance for credit losses CRE General Office reserve $s in millions 3Q25 2Q25 Total Balance ($B) $ 2.52 $ 2.73 1.61% 1.62% 1.61% 1.59% 1.56% ACL ratio ACL ($MM; % coverage) $ 314 12.4 % $ 322 11.8 % $2,286 $2,259 $2,212 $2,209 $2,201 Cumulative NCOs* ($MM) $ 527 $ 490 1
Slide 15: Strong capital position
Strong capital position Highlights $s in billions (period-end) 3Q24 4Q24 1Q25 2Q25 3Q25 ■ 3Q25 CET1 ratio of 10.7% Basel III basis(1) – 9.4% CET1 ratio adjusted for AOCI opt-out removal Common equity tier 1 capital $ 17.9 $ 17.9 $ 17.8 $ 17.8 $ 18.0 ■ TBV/share of $36.73, up 4% QoQ, reflects higher
Slide 16: Transformed Consumer Bank
Transformed Consumer Bank Significant investments over the years have resulted in a higher-quality retail deposit franchise Strong deposit franchise Differentiated lending Significant potential to grounded in primary relationships platform with focus on scale NY Metro and capture and high-quality cu
Slide 17: Best-positioned Commercial Bank
Best-positioned Commercial Bank Focused on middle market, mid-corporate, sponsor clients Delivering results Built a formidable full-service corporate bank Total Commercial Banking fees ■ Multi-year investments in talent, capabilities, industry expertise to serve clients through their life cycle +9%
Slide 18: Building a premier Private Bank and Private Wealth franchise
Building a premier Private Bank and Private Wealth franchise Positioning the business for continued growth and profitability Expanding PBOs Boston, MA Newport Beach, CA (2H25) Average deposits per PBO Palm Beach, FL San Diego, CA (2H25) $325 million San Francisco, CA Menlo Park, CA (1H26) open over
Slide 19: Private Bank buildout - financial update
Private Bank buildout - financial update Tracking above targets with accelerating momentum Delivering financial impact ■ Expect ~7% earnings contribution to total CFG in 2025, ahead of original expectation for 5%+ ■ Expect to maintain ROE in the 20 to 25% range in 2025 and over the medium term ■ Tra
Slide 20: Reimagine the Bank - Positioning Citizens to win long term
Reimagine the Bank - Positioning Citizens to win long term Modernizing our platforms by embracing technology innovation, simplifying the business model, and streamlining our cost base Transformative investments Rationalize technology Leverage new technologies to further platforms, re-engineer and si
Slide 21: 4Q25 outlook vs. 3Q25
4Q25 outlook vs. 3Q25 3Q25 4Q25 outlook ■ Up 2.5 - 3% Net interest income $1,488MM ■ NIM up ~5 bps ■ Earning assets up slightly Noninterest income $630MM ■ Stable Noninterest expense $1,335MM ■ Stable to up slightly Net charge-offs $162MM; 46 bps ■ Continued favorable trend; low 40s bps ■ Stable CET
Slide 22: Meaningful NIM improvement over the medium term
Meaningful NIM improvement over the medium term Chart not to scale Medium-term NIM target 3.25 to 3.50% Factors supporting 3.25 to 3.50% NIM ■ Swaps and Non-Core runoff Fed funds at or above 3.75% favor top end ■ Stable to improving balance sheet mix 3.50% of range or above ■ Fed funds terminal rang
Slide 23: 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 24: Appendix
Appendix ■ Interest rate risk management ■ Non-Core assets and funding ■ AOCI accretion ■ Credit
Slide 25: Interest rate risk management
Interest rate risk management Commentary Fixed/floating-rate mix As of 9/30/25 ■ Slightly asset sensitive; approximately +/- 1% impact (1) Loans Securities to NII over the next 12 months with a gradual +/- 100 bps change in rates relative to the forward curve $141B $43B ■ Receive-fixed cash flow swa
Slide 26: Non-Core portfolio - accelerating runoff with education loan sale
Non-Core portfolio - accelerating runoff with education loan sale $s in billions Non-Core portfolio(1) Quarterly 2025 $4.2B ex. HFS $5.8 $3.6B ex. HFS $4.6 $3.0B ex. HFS $1.6 $1.0 $3.5 $0.2 $0.5 $2.9 $0.2 $2.5 $2.4 $0.2 $2.0 $0.2 $1.6 $1.1 $0.1 $0.3 $0.3 $4.0 $3.4 $2.8 $2.3 $1.0 $0.1 1Q25 2Q25 3Q25
Slide 27: AOCI accretion
AOCI accretion Projected accretion to TCE and CET1 adjusted for AOCI opt-out removal(1) $s in billions Accretes to CET1(2) TCE CET1(2) 9/30/2025 $(0.2) $(0.3) $(1.8) $(2.3) $(2.1) 12/31/2025 $(0.1) $(0.3) $(1.6) $(2.0) $(1.9) 12/31/2026 $(0.3) $(1.5) $0.2 $(1.5) $(1.7) 12/31/2027 $(0.3) $(1.4) $0.2
Slide 28: $72.5B Commercial credit portfolio
$72.5B Commercial credit portfolio Diverse and granular portfolio Commercial portfolio risk ratings(3) $s in billions $s in billions $ Balances % of CFG C&I Finance and Insurance $ 15.8 11 % $71.8 $71.6 $72.5 Capital call facilities $ 8.3 B- and lower 8% 6% 6% 18% 16% 15% Private Credit Finance 3.3
Slide 29: Commercial Real Estate - General Office portfolio well diversified
Commercial Real Estate - General Office portfolio well diversified(1) $2.5B General Office class & location Commentary As of 9/30/25 ■ General Office portfolio is well diversified geographically ■ 70% suburban, generally performing better than CBD properties CBD Class A 12% Suburban Class B ■ 91% Cl
Slide 30: $68.4B Retail credit portfolio
$68.4B Retail credit portfolio Retail portfolio(1) High quality, diverse portfolio As of 9/30/25 $s in billions Other retail Super-prime/prime* Secured Homeowners Education - refinance $4.1 ~96% ~81% ~2/3 Education - $5.3 of retail of retail of unsecured portfolio > 680 portfolio retail borrowers(3)
Slide 31: Allocation of allowance for credit losses by product type
Allocation of allowance for credit losses by product type September 30, 2025 June 30, 2025 Loans and Loans and Allowance Coverage Allowance Coverage $s in millions Leases Leases Commercial and industrial(1) $ 46,953 $641 1.36 % $ 45,412 $611 1.35 % Commercial real estate 25,540 624 2.44 26,230 658 2
Slide 32: Delinquency by product type
Delinquency by product type September 30, 2025 (%) June 30, 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 99.30 % 0.11 % 0.02 % 0.08 % 0.49 % 99.32 % 0.13 % 0.03 % 0.01 % 0.51 % Commercia
Slide 33: Notable items
Notable items(1) There are no notable items in third quarter 2025 or second quarter 2025, as our intention going forward is to limit these to those items of greatest significance. Third quarter 2024 results reflect notable items primarily related to integration costs associated with recent acquisiti
Slide 34: Notes
Notes Notes on Non-GAAP Financial Measures See important information on our use of Non-GAAP Financial Measures at the beginning this presentation and reconciliations to GAAP financial measures at the end of this presentation. Non-GAAP measures are herein defined as Underlying results. Where there is
Slide 35: Notes continued
Notes continued Notes on slide 19 - Private Bank buildout - financial update 1) Assets Under Management referenced represents aggregated AUM of the Private Bank across our investment advisory affiliates. Notes on slide 21 - 4Q25 outlook vs. 3Q25 1) See general note d). Notes on slide 25 - Interest r
Slide 36: Non-GAAP financial measures and reconciliations
Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS 3Q25 Change 3Q25 2Q25 3Q24 2Q25 3Q24 $ % $ % Noninterest income, Underlying: Noninterest income (GAAP) A $630 $600 $532 $30 5% $98 18% Less: Notable items — — (2) — — 2 100 Noninte
Slide 37: Non-GAAP financial measures and reconciliations
Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS 3Q25 Change 3Q25 2Q25 3Q24 2Q25 3Q24 $/bps % $/bps % Operating leverage: Total revenue (GAAP) C $2,118 $2,037 $1,901 $81 3.91% $217 11.44% Less: Noninterest expense (GAAP) E 1,335
Slide 38: Non-GAAP financial measures and reconciliations
Non-GAAP financial measures and reconciliations QUARTERLY TRENDS $s in millions, except share, per share and ratio data 3Q25 Change 3Q25 2Q25 3Q24 2Q25 3Q24 $/bps % $/bps % Return on average total tangible assets and return on average total tangible assets, Underlying: Average total assets (GAAP) Q
Slide 39: Non-GAAP financial measures and reconciliations
Non-GAAP financial measures and reconciliations QUARTERLY TRENDS $s in millions, except share, per share and ratio data 3Q25 Change 3Q25 2Q25 3Q24 2Q25 3Q24 $/bps % $/bps % Net interest income and net interest margin on an FTE basis: Net interest income (annualized) (GAAP) AA $5,902 $5,770 $5,447 $1
Slide 40: Non-GAAP financial measures and reconciliations
Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS 1Q25 4Q24 Noninterest income, Underlying: Noninterest income (GAAP) A $544 $574 Less: Notable items — 10 Noninterest income, Underlying (non-GAAP) B $544 $564 Total revenue, Underl
Slide 41: 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 3Q25 2Q25 CET1 Ratio adjusted for AOCI opt-out removal CET1 capital $ 18,046 $ 17,812 Less: AFS securities - AOCI 1,060 1,282 HTM securitie
Slide 42: Non-GAAP financial measures and reconciliations
Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS 3Q25 Change 3Q25 2Q25 3Q24 2Q25 3Q24 $/bps % $/bps % Total Retail loans - at period-end $68,377 $67,662 $69,824 $715 1% ($1,447) (2%) Less: Non-core retail loans - at period-end 2,
Slide 43: Non-GAAP financial measures and reconciliations excluding Private Bank & Non-Core
Non-GAAP financial measures and reconciliations excluding Private Bank & Non-Core $s in millions, except share, per share and ratio data 3Q25 Net income available to common stockholders, Underlying: Net income available to common stockholders (GAAP) $457 Add: Notable items, net of income tax benefit
Slide 44: Citizens Financial Group, Inc.
3< Citizens Financial Group, Inc.”
Citizens Financial Group — Q3 2025 Earnings Presentation on 6ix