Citizens Financial Group, Inc. · NYSE:CFG
Citizens Financial — Q2 2026 Earnings Presentation
36 slides from Citizens Financial's earnings presentation, Jul 16, 2026
Slide 1: 2Q26 Financial Results
2Q26 Financial Results July 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: 2Q26 Earnings highlights
2Q26 Earnings highlights Q/Q Y/Y $s in millions 2Q26 1Q26 2Q25 $/bps % $/bps % Net interest income $ 1,631 $ 1,562 $ 1,437 $ 69 4 % $ 194 14 % Noninterest income 652 606 600 46 8 52 9 Total revenue 2,283 2,168 2,037 115 5 246 12 Noninterest expense 1,394 1,378 1,319 16 1 75 6 Pre-provision profit 88
Slide 4: 2Q26 Overview
2Q26 Overview Strong 2Q26 results; EPS up 41% YoY, 6.4% positive operating leverage PPNR performance $s in millions 2Q26 QoQ YoY ■ EPS of $1.30, up 15% QoQ, and 41% YoY, reflecting strong PPNR growth NII $ 1,631 4.4% 13.5% ■ ROTCE of 13.9%, up 172 bps QoQ; up 286 bps YoY Fees 652 7.6 8.7 ■ PPNR of $
Slide 5: Net interest income
Net interest income NII and NIM Linked Quarter $s in millions, except earning assets ■ NII up 4.4%, reflects higher NIM and a 2% increase in $201.9B $206.8B average interest-earning assets $196.3B $197.6B $199.2B – NIM of 3.17%, up 3 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 $652 million, up 8% $s in millions 2Q26 1Q26 2Q25 Q/Q Y/Y – Service charges and fees increased $5 million, primarily from seasonality and growth in account and cash Service charges and fees $ 117 $ 112 $ 111 $ 5 $
Slide 7: Noninterest expense
Noninterest expense Noninterest expense details Linked Quarter $ ■ Noninterest expense of $1.4 billion, up 1% $s in millions 2Q26 1Q26 2Q25 Q/Q Y/Y – Salaries and benefits decreased $13 million, Salaries & employee benefits $ 745 $ 758 $ 681 $ (13) $ 64 primarily reflecting lower payroll taxes given
Slide 8: Loans and leases
Loans and leases Period-end loans and leases Linked Quarter $s in billions ■ Period-end loans up $3.8 billion, or 3% – Private Bank growth of $1.9 billion, driven by $140.9 $142.7 $143.7 $147.5 commercial line utilization, multi-family and $139.3 residential mortgage – Commercial* up $1.5 billion, o
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 ■ Average deposits up $2.3 billion, or 1%, primarily driven $174.1 by growth in the Private Bank and retail 2.35% 2.35% 2.20% ■ Period-end deposits are up $1.6 billion, or 1%, reflecting
Slide 10: Highly diversified and retail-oriented deposit base
Highly diversified and retail-oriented deposit base $185.6B Period-end deposits Business mix As of 6/30/26 Product mix Citizens Private Bank/ Access Private Wealth 4% Time Business 10% 11% Banking NIB 12% 22% Commercial 25% Money Market 32% Checking With Interest Branch deposits 22% 47% Citizens Tre
Slide 11: Credit quality overview
Credit quality overview Credit provision expense; net charge-offs Nonaccrual loans $s in millions $s in millions 152% 145% 145% 145% 146% 0.48% 0.46% 0.43% 0.39% 1.09% 1.08% 1.05% 1.04% 0.37% 0.97% $1,524 $1,518 $1,504 $1,497 $1,435 $164 $167 $154 $162 $155 $585 $585 $609 $630 $140 $138 $617 $137 $1
Slide 12: Allowance for credit losses
Allowance for credit losses Allowance for credit losses $s in millions Total ACL ratio: 1.59% 1.56% 1.53% 1.52% 1.48% $2,209 $2,201 $2,183 $2,185 $2,184 1.77% 1.74% 1.75% 1.70% 1.67% 1.39% 1.37% 1.35% 1.27% 1.27% 2Q25 3Q25 4Q25 1Q26 2Q26 (1) (1) Retail Commercial Retail ACL Commercial ACL Commentary
Slide 13: Strong capital position
Strong capital position Highlights $s in billions (period-end) 2Q25 3Q25 4Q25 1Q26 2Q26 ■ 2Q26 CET1 ratio of 10.4% Basel III basis (1) – 9.2% CET1 ratio adjusted for AOCI opt-out removal Common equity tier 1 capital $ 17.8 $ 18.0 $ 18.2 $ 18.2 $ 18.4 ■ TBV/share of $38.29 was up 1% QoQ, and 9% YoY R
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 6/30/26 $s in billions $16.6 $17.8 $11.2 $9.7 $10.1 $18.3 $7.7 $15.6 $7.2 $8.7 $4.9 $8.7 $9.6 $8.5 $7.3 $8.4 $6.5 $4.0 2Q25 1Q26 2Q26 2Q25 1Q26 2Q26 2Q25 1Q26 2
Slide 15: Reimagine the Bank progressing well
Reimagine the Bank progressing well Consumer Commercial – AI solutions introduced to our Credit Card contact centers to – AI pilot underway to enhance client prospecting, deal help resolve client queries more efficiently research, and pitch creation – AI pilot underway to automatically log complaint
Slide 16: Network Evolution and "Xperience" Transformation (NEXT)
Network Evolution and "Xperience" Transformation (NEXT) Focused on accelerating high-quality consumer deposit and revenue growth Over the last 10 years we have created a ...going forward we will optimize for deeper more efficient branch network... relationships and faster growth Retail branches(1) (
Slide 17: 3Q26 outlook vs. 2Q26
3Q26 outlook vs. 2Q26 2Q26 3Q26 Outlook Net interest income $1,631MM ■ Up 2.5-3.5% Noninterest income $652MM ■ Up ~1% Noninterest expense $1,394MM ■ Stable to up slightly Net charge-offs $135MM; 37 bps ■ Stable to down slightly CET1 ratio(1) 10.4% ■ ~10.5%; ~$125 million in share repurchases Tax rat
Slide 18: 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 and Non-Core runoff ■ Fixed-rate asset repricing benefit ■ Stable-to-improving balance sheet mix – Continued growth in DDA and low-cost deposits – Rotation of loan capital to mor
Slide 19: 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 20: Appendix
Appendix ■ Private Bank financial performance ■ Interest rate risk management ■ Non-Core portfolio ■ Credit
Slide 21: 2Q26 Private Bank financial performance
2Q26 Private Bank financial performance $s in millions 2Q26 1Q26 4Q25 3Q25 2Q25 Net interest income $148.8 $134.1 $118.3 $100.2 $80.3 Noninterest income 23.1 23.0 23.7 20.2 15.2 Total revenue 171.9 157.1 141.9 120.4 95.4 Noninterest expense 88.4 91.4 85.7 73.0 60.4 Pre-provision profit 83.6 65.7 56.
Slide 22: Interest rate risk management
Interest rate risk management Commentary Fixed/floating-rate mix As of 6/30/26 ■ 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 $147B $45B ■ Receive-fixed cash flow swa
Slide 23: Non-Core portfolio update
Non-Core portfolio update Non-Core portfolio has been reduced to ~$1.6 billion at 2Q26; 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 24: $77.3B Commercial credit portfolio
$77.3B 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 $ 20.3 14 % $71.6 $74.6 $77.3 Capital call facilities $ 9.9 B- and lower 6% 6% 5% 16% 13% 12% Private Credit Finance 4
Slide 25: High-quality, diversified Private Capital related portfolio
High-quality, diversified Private Capital related portfolio $s in billions; as of 6/30/2026 $17 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 $9.9 $17B ■ Focu
Slide 26: $70.2B Retail credit portfolio
$70.2B Retail credit portfolio Retail portfolio(1) High quality, diverse portfolio As of 6/30/26 $s in billions Other retail Super-prime/prime* Secured Homeowners Education - refinance $4.0 ~96% ~83% ~2/3 Education - $5.0 of retail of retail of unsecured portfolio > 680 portfolio retail borrowers(3)
Slide 27: Allocation of allowance for credit losses by product type
Allocation of allowance for credit losses by product type June 30, 2026 March 31, 2026 Loans and Loans and Allowance Coverage Allowance Coverage $s in millions Leases Leases Commercial and industrial(1) $ 53,467 $665 1.24 % $ 50,307 $720 1.43 % Commercial real estate 23,817 628 2.64 24,282 584 2.41
Slide 28: Delinquency by product type
Delinquency by product type June 30, 2026 (%) March 31, 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 % 0.01 % 0.46 % 99.37 % 0.24 % 0.02 % —% 0.37 % Commercial real e
Slide 29: 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 30: Notes continued
Notes continued Notes on slide 22 - Interest rate risk management 1) Represents fair value balances. Notes on slide 23 - Non-Core portfolio update 1) See general note c). Notes on slide 24 - $77.3B Commercial credit portfolio 1) See general note c). 2) Includes deferred fees and costs. 3) Credit ten
Slide 31: Non-GAAP financial measures and reconciliations
Non-GAAP financial measures and reconciliations QUARTERLY TRENDS $s in millions, except share, per share and ratio data 2Q26 Change 2Q26 1Q26 2Q25 1Q26 2Q25 $/bps % $/bps % Pre-provision profit: Total revenue (GAAP) A $2,283 $2,168 $2,037 $115 5% $246 12% Noninterest expense (GAAP) B 1,394 1,378 1,3
Slide 32: Non-GAAP financial measures and reconciliations
Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS 2Q26 Change 2Q26 1Q26 2Q25 1Q26 2Q25 $/bps % $/bps % Common equity ratio and tangible common equity ratio: Total assets (GAAP) L $233,836 $227,918 $218,310 $5,918 3% $15,526 7% Les
Slide 33: 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 2Q26 Change 2Q26 1Q26 4Q25 3Q25 2Q25 1Q26 2Q25 $/bps % $/bps % Efficiency ratio and Operating leverage: Total revenue (GAAP) A $2,283 $2,168 $2,157
Slide 34: Non-GAAP 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 2Q26 1Q26 CET1 Ratio adjusted for AOCI opt-out removal CET1 capital $ 18,364 $ 18,178 Less: AFS securities - AOCI 1,103 1,027 HTM securitie
Slide 35: Non-GAAP 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 2Q26 2026 YTD Net income available to common stockholders: Private Bank Net income available to common stockholders, (GAAP) A $62 $111 Regulatory Capital
Slide 36: Citizens Financial Group, Inc.
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Citizens Financial Group — Q2 2026 Earnings Presentation on 6ix