CITIZENS FINANCIAL GROUP INC/RI0000759944false00007599442024-07-172024-07-170000759944us-gaap:CommonStockMember2024-07-172024-07-170000759944us-gaap:SeriesEPreferredStockMember2024-07-172024-07-170000759944us-gaap:SeriesHPreferredStockMember2024-07-172024-07-17


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 17, 2024

citizenslogoa05.jpg
 (Exact name of the registrant as specified in its charter)
Delaware001-3663605-0412693
(State or Other Jurisdiction of
Incorporation)
(Commission File Number)(I.R.S. Employer
Identification Number)
One Citizens Plaza
Providence,RI02903
(Address of principal executive offices)(Zip Code)
 

Registrant’s telephone number, including area code: (203) 900-6715

Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common stock, $0.01 par value per shareCFGNew York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 5.000% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series ECFG PrENew York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 7.375% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series HCFG PrHNew York Stock Exchange






Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under the Exchange Act (17 CFR 240.12b-2).

Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  
   
Item 2.02   Results of Operations and Financial Condition.
On July 17, 2024, Citizens Financial Group, Inc. (the “Company”) issued a press release announcing its second quarter 2024 earnings and posted on its website the press release and a financial supplement. Copies of the press release and financial supplement are being furnished as Exhibits 99.1 and 99.3, respectively.

Item 7.01 Regulation FD Disclosure.

For the benefit of investors, the Company has posted on its website an investor presentation in connection with its earnings conference call. A copy of the investor presentation is being furnished as Exhibit 99.2.

The information in this Form 8-K and Exhibits attached hereto are being furnished pursuant to Items 2.02 and 7.01, respectively, and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall this information be deemed incorporated by reference into any filings under the Securities Act of 1933, as amended.
Item 9.01   Financial Statements and Exhibits.
 Exhibit NumberDescription
(d)Exhibit 99.1  
Exhibit 99.2  
Exhibit 99.3  
Exhibit 104Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
CITIZENS FINANCIAL GROUP, INC.
By: /s/ John F. Woods
 John F. Woods
 Vice Chair and Chief Financial Officer
Date:  July 17, 2024



    


citizenslogoa05a.jpg

Citizens Financial Group, Inc. Reports Second Quarter 2024 Net Income of
$392 million and EPS of $0.78
Underlying Net Income of $408 million and EPS of $0.82*
CET1 ratio of 10.7%; LDR 80.4%
Key Financial Data2Q241Q242Q23
Second Quarter 2024 Highlights
 
Income
Statement
($s in millions)
Underlying EPS of $0.82 and ROTCE of 11.1%
Underlying PPNR of $694 million, up 2% QoQ
Strong fee performance, up 7% QoQ with higher Capital Markets and record Wealth and Card fees
NII down 2% QoQ primarily driven by a 4 bp decline in NIM related to swaps impact
Expenses down 1% QoQ notwithstanding continued investment in the Private Bank
Strong ACL coverage of 1.63%, up 2 bps QoQ
Period-end and average loans down 1% QoQ given balance sheet optimization, including Non-Core portfolio run off, and paydowns in Commercial
Period-end deposits stable QoQ; Private Bank period-end deposits up $1.6 billion to $4 billion
Strong liquidity profile; spot LDR improved to 80.4%; FHLB advances reduced further to just $553 million
Pro forma LCR of 119% exceeds Category 1 Bank requirement of 100%
Net charge-offs of 52 bps, up 2 bps QoQ reflects broadly stable charge-offs and lower average loans
Strong CET1 ratio of 10.7%; TCE ratio of 6.5%
TBV/share of $30.61, up 1.4% QoQ reflects higher net income and net AOCI benefit
Total revenue$1,963 $1,959 $2,094 
Pre-provision profit662 601 788 
Underlying pre-provision profit694 683 861 
Provision for credit losses182 171 176 
Net income392 334 478 
Underlying net income408 395 531 
Balance Sheet
&
Credit Quality
($s in billions)
Period-end loans and leases$141.8 $143.2 $151.3 
Average loans and leases143.1 144.8 153.7 
Period-end deposits176.4 176.4 177.7 
Average deposits173.7 176.1 173.2 
Period-end loan-to-deposit ratio80.4 %81.2 %85.2 %
NCO ratio0.52 %0.50 %0.40 %
Financial MetricsDiluted EPS$0.78 $0.65 $0.92 
Underlying Diluted EPS0.82 0.79 1.04 
ROTCE10.6 %8.9 %12.4 %
Underlying ROTCE11.1 10.6 13.9 
Net interest margin, FTE2.87 2.91 3.17 
Efficiency ratio66.3 69.3 62.3 
Underlying efficiency ratio64.6 65.1 58.9 
CET110.7 %10.6 %10.3 %
TBV/Share$30.61 $30.19 $28.72 

Notable Items2Q24
($s in millions except per share data)Pre-tax $EPS
Integration-related
$(3)$(0.01)
TOP and Other items(24)(0.04)
FDIC special assessment(5)(0.01)
Tax item— 0.02 
Total
$(32)$(0.04)
Comments from Chairman and CEO Bruce Van Saun
“We delivered solid performance in the second quarter, featuring strong fee performance across Capital Markets, Wealth and
*Results presented on an Underlying basis are non-GAAP Financial Measures. See page 15 for additional information on our use of Non-GAAP Financial Measures.

Citizens Financial Group, Inc.
Card, excellent deposit trends, good expense discipline and credit metrics in line with expectations,“ said Chairman and CEO Bruce Van Saun. “We are executing well on our strategic initiatives, and highlight that our Private Bank reached $4.0 billion in deposits and $3.6 billion in assets under management. We continue to be comfortable with our full year guidance and medium-term targets.”
Citizens also announced today that its board of directors declared a quarterly common stock dividend of $0.42 per share. The dividend is payable on August 14, 2024 to shareholders of record at the close of business on July 31, 2024.
2

Citizens Financial Group, Inc.
Earnings highlights(1):
Quarterly Trends
 2Q24 change from
($s in millions, except per share data)2Q241Q242Q231Q242Q23
Earnings$/bps%$/bps%
Net interest income$1,410 $1,442 $1,588 $(32)(2) %$(178)(11) %
Noninterest income553 517 506 36 47 
Total revenue1,963 1,959 2,094 — (131)(6)
Noninterest expense1,301 1,358 1,306 (57)(4)(5)— 
Pre-provision profit662 601 788 61 10 (126)(16)
Provision for credit losses182 171 176 11 63
Net income392 334 478 58 17 (86)(18)
Preferred dividends35 30 34 17 
Net income available to common stockholders$357 $304 $444 $53 17  %$(87)(20) %
After-tax notable Items16 61 53 (45)(74)(37)(70)
Underlying net income$408 $395 $531 $13  %$(123)(23) %
Underlying net income available to common stockholders373 365 497 2(124)(25)
Average common shares outstanding
Basic (in millions)454.1 461.4 479.5 (7.2)(2)(25.3)(5)
Diluted (in millions)456.6 463.8 481.0 (7.2)(2)(24.4)(5)
Diluted earnings per share$0.78 $0.65 $0.92 $0.13 20  %$(0.14)(15) %
Underlying diluted earnings per share0.82 0.79 1.04 0.03 4(0.22)(21)
Performance metrics
Net interest margin2.86 %2.90 %3.16 %(4) bps(30) bps
Net interest margin, FTE2.87 2.91 3.17 (4)(30)
Effective income tax rate18.5 22.3 22.1 (379)(360)
Efficiency ratio66.3 69.3 62.3 (306)393 
Underlying efficiency ratio64.6 65.1 58.9 (46)573 
Return on average tangible common equity10.6 8.9 12.4 175 (181)
Underlying return on average tangible common equity11.1 10.6 13.9 44 (284)
Return on average total tangible assets0.75 0.63 0.89 12 (14)
Underlying return on average total tangible assets0.78 %0.75 %0.99 % bps(21) bps
Capital adequacy(2,3)
Common equity tier 1 capital ratio10.7 %10.6 %10.3 %
Total capital ratio14.0 13.8 13.3 
Tier 1 leverage ratio9.4 9.3 9.4 
Tangible common equity ratio6.5 6.5 6.3 
Allowance for credit losses to loans and leases1.63 %1.61 %1.52 % bps11  bps
Asset quality(3)
Nonaccrual loans and leases to loans and leases1.08 %1.02 %0.79 % bps29  bps
Allowance for credit losses to nonaccrual loans and leases151 157 193 (6)(42)
Net charge-offs as a % of average loans and leases0.52 %0.50 %0.40 % bps12  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.







3

Citizens Financial Group, Inc.
The following table provides information on Underlying results which exclude the impact of notable items.

Underlying results:

Quarterly Trends
 2Q24 change from
($s in millions, except per share data)2Q241Q242Q231Q242Q23
$/bps%$/bps%
Net interest income$1,410 $1,442 $1,588 $(32)(2) %$(178)(11) %
Noninterest income549 514 506 35 43 
Total revenue$1,959 $1,956 $2,094 $—  %$(135)(6) %
Noninterest expense1,265 1,273 1,233 (8)(1) %32  %
Provision for credit losses182 171 176 11 
Net income available to common stockholders$373 $365 $497 $%$(124)(25)%
Performance metrics
EPS$0.82 $0.79 $1.04 $0.03  %$(0.22)(21) %
Efficiency ratio64.6  %65.1  %58.9  %(46) bps573  bps
Return on average tangible common equity11.1  %10.6  %13.9  %44  bps(284) bps




Consolidated balance sheet summary(1):

 2Q24 change from
($s in millions)2Q241Q242Q231Q242Q23
$/bps%$/bps%
Total assets$219,938 $220,448 $223,066 $(510)—  %$(3,128)(1) %
Total loans and leases141,842 143,188 151,320 (1,346)(1)(9,478)(6)
Total loans held for sale683 555 1,421 128 23 (738)(52)
Deposits176,352 176,428 177,667 (76)— (1,315)(1)
Stockholders' equity23,869 23,761 23,585 108 — 284 
Stockholders' common equity21,757 21,747 21,571 10 — 186 
Tangible common equity$13,866 $13,844 $13,630 $22 —  %$236  %
Loan-to-deposit ratio (period-end)(2)
80.4 %81.2  %85.2  %(73) bps(474) bps
Loan-to-deposit ratio (average)(2)
82.4 %82.2 %88.7 %14  bps(635) bps
(1) Represents period-end unless otherwise noted.
(2) Excludes loans held for sale.

4

Citizens Financial Group, Inc.
Notable items:
Quarterly results reflect notable items primarily related to integration costs associated with recent acquisitions, as well as TOP revenue and efficiency initiatives and other items. In addition, second quarter 2024 and first quarter 2024 include a notable item for an industry-wide FDIC special assessment. These notable items have been excluded from reported results to better reflect Underlying operating results.
Notable items - Integration-related2Q241Q242Q23
($s in millions, except per share data)Pre-taxAfter-taxPre-taxAfter-taxPre-taxAfter-tax
Salaries & benefits$(3)$(2)$(2)$(1)$(2)$(1)
Equipment and software— — — — (1)(1)
Outside services— — (1)(1)(11)(8)
Occupancy— — — — (25)(18)
Other expense— — — — — — 
   Noninterest expense$(3)$(2)$(3)$(2)$(39)$(28)
EPS Impact - Noninterest expense $(0.01)$(0.01)$(0.06)
Total integration related$(3)$(2)$(3)$(2)$(39)$(28)
EPS Impact - Total Integration-related$(0.01)$(0.01)$(0.06)
Other notable items - TOP & Other2Q241Q242Q23
($s in millions, except per share data)Pre-taxAfter-taxPre-taxAfter-taxPre-taxAfter-tax
Tax notable items$— $$— $— $— $— 
  Noninterest income— — 
Salaries & benefits(5)(4)(15)(11)(12)(9)
Equipment and software(4)(3)(8)(6)(3)(2)
Outside services(10)(7)(11)(9)(10)(7)
Occupancy(6)(4)(7)(5)(5)(4)
FDIC special assessment(1)
(5)(4)(35)(26)— — 
Other expense(3)(2)(6)(4)(4)(3)
   Noninterest expense$(33)$(24)$(82)$(61)$(34)$(25)
Total Other Notable Items$(29)$(14)$(79)$(59)$(34)$(25)
EPS Impact - Other Notable Items $(0.03)$(0.13)$(0.06)
Total Notable Items$(32)$(16)$(82)$(61)$(73)$(53)
Total EPS Impact$(0.04)$(0.14)$(0.12)
(1) The FDIC special assessment earnings per share impact is $(0.01) and $(0.05) for second quarter 2024 and first quarter 2024, respectively.

















5

Citizens Financial Group, Inc.
Discussion of results:
Net interest income 2Q24 change from
($s in millions)2Q241Q242Q231Q242Q23
$/bps%$/bps%
Interest income:
Interest and fees on loans and leases and loans held for sale$2,028 $2,071 $2,164 $(43)(2) %$(136)(6) %
Investment securities417 399 267 18 150 56 
Interest-bearing deposits in banks130 140 100 (10)(7)30 30
Total interest income$2,575 $2,610 $2,531 $(35)(1) %$44  %
Interest expense:
Deposits$965 $987 $723 $(22)(2) %$242 33  %
Short-term borrowed funds22 (3)(43)(18)(82)
Long-term borrowed funds196 174 198 22 13 (2)(1)
Total interest expense$1,165 $1,168 $943 $(3)—  %$222 24  %
Net interest income$1,410 $1,442 $1,588 $(32)(2) %$(178)(11) %
Net interest margin, FTE2.87  %2.91  %3.17  %(4) bps(30) bps
Second quarter 2024vs.first quarter 2024
Net interest income of $1.4 billion decreased 2%, primarily reflecting lower net interest margin.
Net interest margin of 2.87% was down 4 basis points, largely reflecting the impact of swaps (6 basis points) and higher funding costs (3 basis points), partly offset by improved asset yields (4 basis points) and the benefit of Non-Core run off (2 basis points).
Second quarter 2024vs.second quarter 2023
Net interest income of $1.4 billion decreased 11%, reflecting lower net interest margin and a 2% decline in average interest-earning assets, reflecting lower loans.
Net interest margin of 2.87% decreased 30 basis points, as an increase in funding and swap costs and the impact of building liquidity were partly offset by higher interest-earning-asset yields and the benefit of Non-Core run off.





6

Citizens Financial Group, Inc.
Noninterest Income 2Q24 change from
($s in millions)2Q241Q242Q231Q242Q23
$%$%
Service charges and fees$106 $96 $101 $10 10  %$ %
Capital markets fees134 118 82 16 14 52 63 
Card fees92 86 80 12 15 
Wealth fees(1)
75 68 65 10 10 15 
Mortgage banking fees54 49 59 10 (5)(8)
Foreign exchange and derivative products39 36 44 (5)(11)
Letter of credit and loan fees43 42 43 — — 
Securities gains, net— (5)(100)(9)(100)
Other income(2)
10 17 23 (7)(41)(13)(57)
Noninterest income$553 $517 $506 $36  %$47  %
Underlying, as applicable
Card fees$88 $83 $80 $$10 
Underlying noninterest income$549 $514 $506 $35  %$43  %
(1) Effective for 2Q24, Trust and Investment services fees was renamed to Wealth Fees to better reflect the broad range of wealth-related management fees and services provided to our customers.
(2) Includes bank-owned life insurance income and other miscellaneous income for all periods presented.
Second quarter 2024vs.first quarter 2024
Underlying noninterest income of $549 million increased $35 million, or 7%.
Service charges and fees increased $10 million, primarily from seasonality.
Capital markets fees increased $16 million, given higher bond underwriting and loan syndication fees, partly offset by lower M&A advisory fees.
Card fees increased $5 million primarily given the full-quarter benefit of favorable vendor contract negotiations as well as seasonality.
Wealth fees increased $7 million, reflecting increased sales activity and higher asset management fees.
Mortgage banking fees increased $5 million, driven by higher MSR valuation, net of hedging, and servicing fees, partly offset by lower production revenue.
Foreign exchange and derivative products revenue increased $3 million, primarily reflecting higher client activity in commodities and foreign exchange hedging.
Other income decreased $7 million, largely due to higher operational losses.
Second quarter 2024vs.second quarter 2023
Underlying noninterest income of $549 million increased $43 million, or 8%.
Service charges and fees increased $5 million, primarily driven by higher overdraft and cash management fees.
Capital markets fees increased $52 million, given higher bond and equity underwriting, loan syndication and M&A advisory fees.
Card fees increased $8 million, primarily reflecting favorable vendor contract negotiations.
Wealth fees increased $10 million, reflecting increased sales activity and higher asset management fees.
Mortgage banking fees decreased $5 million, given lower production fees, partly offset by higher MSR valuation, net of hedging.
FX and derivative products revenue decreased $5 million, primarily given lower client activity in interest rate hedging.
Other income decreased $13 million, primarily reflecting higher operational losses.
7

Citizens Financial Group, Inc.
Noninterest Expense 2Q24 change from
($s in millions)2Q241Q242Q231Q242Q23
$%$%
Salaries and employee benefits$645 $691 $615 $(46)(7)%$30 %
Equipment and software190 192 181 (2)(1)
Outside services165 158 177 (12)(7)
Occupancy113 114 136 (1)(1)(23)(17)
Other operating expense188 203 197 (15)(7)(9)(5)
Noninterest expense$1,301 $1,358 $1,306 $(57)(4)%$(5)— %
Notable items$36 $85 $73 $(49)(58)%$(37)(51)%
Underlying, as applicable
Salaries and employee benefits$637 $674 $601 $(37)(5)%$36 %
Equipment and software186 184 177 
Outside services155 146 156 (1)(1)
Occupancy107 107 106 — — 
Other operating expense180 162 193 18 11 (13)(7)
Underlying noninterest expense$1,265 $1,273 $1,233 $(8)(1)%$32 %
Second quarter 2024vs.first quarter 2024
Underlying noninterest expense of $1.27 billion, decreased 1%
Salaries and benefits decreased $37 million, primarily reflecting lower payroll taxes and compensation-related costs given seasonality.
Outside services increased $9 million primarily driven by technology investments.
Other operating expense increased $18 million driven primarily by increased marketing-related expenses.
Reported noninterest expense of $1.30 billion decreased $57 million, primarily driven by the industry-wide FDIC special assessment recognized in the first quarter.
The effective tax rate was 18.5% in second quarter 2024. On an underlying basis, the effective tax rate of 20.3% decreased modestly compared to 22.8% in first quarter 2024 primarily given a state tax adjustment and lower stock-related compensation.
Second quarter 2024vs.second quarter 2023
Underlying noninterest expense of $1.27 billion increased 3%; down 1% excluding $46 million in expenses related to the Private Bank start-up investment.
Salaries and benefits increased $36 million primarily reflecting the Private Bank start-up investment.
Equipment and software increased $9 million given technology investments and maintenance.
Other operating expenses decreased $13 million, primarily driven by lower advertising and travel-related expenses.
The effective tax rate was 18.5% in second quarter 2024. On an underlying basis, the effective tax rate of 20.3% compared with 22.5% in second quarter 2023.
8

Citizens Financial Group, Inc.
Interest-earning assets 2Q24 change from
($s in millions)2Q241Q242Q231Q242Q23
Period-end interest-earning assets$%$%
Investments$41,677 $41,127 $35,339 $550  %$6,338 18  %
Interest-bearing deposits in banks11,139 10,893 10,162 246 977 10 
Commercial loans and leases71,934 72,823 78,279 (889)(1)(6,345)(8)
Retail loans69,908 70,365 73,041 (457)(1)(3,133)(4)
Total loans and leases141,842 143,188 151,320 (1,346)(1)(9,478)(6)
Loans held for sale, at fair value591 505 1,225 86 17 (634)(52)
Other loans held for sale92 50 196 42 84 (104)(53)
Total loans and leases and loans held for sale142,525 143,743 152,741 (1,218)(1)(10,216)(7)
Total period-end interest-earning assets$195,341 $195,763 $198,242 $(422)—  %$(2,901)(1) %
Average interest-earning assets
Investments(1)
$44,692 $43,905 $38,002 $787  %$6,690 18  %
Interest-bearing deposits in banks9,650 10,268 7,768 (618)(6)1,882 24 
Commercial loans and leases72,955 73,842 80,237 (887)(1)(7,282)(9)
Retail loans70,112 70,980 73,488 (868)(1)(3,376)(5)
Total loans and leases143,067 144,822 153,725 (1,755)(1)(10,658)(7)
Loans held for sale, at fair value896 850 1,381 46 (485)(35)
Other loans held for sale160 223 622 (63)(28)(462)(74)
Total loans and leases and loans held for sale144,123 145,895 155,728 (1,772)(1)(11,605)(7)
Total average interest-earning assets$198,465 $200,068 $201,498 $(1,603)(1) %$(3,033)(2) %
(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 2024vs.first quarter 2024
Period-end interest-earning assets of $195.3 billion were relatively stable reflecting a $1.3 billion decrease in loans and leases, partly offset by a $550 million increase in investments in securities and a $246 million increase in cash held in interest-bearing deposits. The decrease in loans and leases reflects an $889 million decline in commercial driven by paydowns and balance sheet optimization actions as well as market conditions driving lower client demand. Results also reflect a $457 million decrease in retail, given $1.1 billion Non-Core portfolio run off, partly offset by growth in home equity and mortgage.
Average interest-earning assets of $198.5 billion decreased $1.6 billion, or 1%, reflecting a $1.8 billion decrease in total loans and leases and a $618 million decrease in cash held in interest-bearing deposits, partly offset by a $787 million increase in investments. The decrease in loans and leases reflects a $887 million decrease in commercial given paydowns and balance sheet optimization actions as well as market conditions driving lower client demand. Retail decreased $868 million driven by Non-Core portfolio run off, partially offset by growth in home equity and mortgage.
The average effective duration of the securities portfolio was 3.7 years, compared with 3.8 years at March 31, 2024 and 5.5 years at June 30, 2023.
Second quarter 2024vs.second quarter 2023
Period-end interest-earning assets of $195.3 billion decreased $2.9 billion, or 1%, reflecting a $10.2 billion decrease in total loans and leases and loans held for sale, partly offset by a $6.3 billion increase in investments in securities and a $1.0 billion increase in investments in cash held in interest-bearing deposits. The decrease in loans and leases reflects a $6.3 billion decline in commercial given paydowns, balance sheet optimization actions and lower client demand, and a $3.1 billion decline in retail driven by the $4.8 billion Non-Core portfolio run off, partially offset by growth in home equity and mortgage.
Average interest-earning assets of $198.5 billion decreased $3.0 billion, or 2%, reflecting a $11.6 billion decrease in total loans and leases and loans held for sale, partially offset by a $6.7 billion increase in investments in securities and a $1.9 billion increase in cash held in interest-bearing deposits.
9

Citizens Financial Group, Inc.
Deposits 2Q24 change from
($s in millions)2Q241Q242Q231Q242Q23
Period-end deposits$%$%
Demand
$36,927 $36,593 $40,286 $334  %$(3,359)(8) %
Money market52,599 52,182 52,542 417 57 — 
Checking with interest34,421 34,487 35,028 (66)— (607)(2)
Savings27,240 27,912 29,824 (672)(2)(2,584)(9)
Term25,165 25,254 19,987 (89)— 5,178 26 
Total period-end deposits$176,352 $176,428 $177,667 $(76)—  %$(1,315)(1) %
Average deposits
Demand
$36,205 $36,684 $42,178 $(479)(1) %$(5,973)(14) %
Money market51,570 52,926 49,665 (1,356)(3)1,905 
Checking with interest33,659 32,302 34,586 1,357 (927)(3)
Savings27,560 27,745 29,640 (185)(1)(2,080)(7)
Term24,676 26,447 17,180 (1,771)(7)7,496 44 
Total average deposits$173,670 $176,104 $173,249 $(2,434)(1) %$421 —  %
Second quarter 2024vs.first quarter 2024
Total period-end deposits of $176.4 billion are broadly stable reflecting growth in the the Private Bank offset by seasonally lower retail deposits.
Average deposits of $173.7 billion are down 1% reflecting lower Commercial deposits given seasonal outflows, lower Treasury deposits and a seasonal decline in retail deposits. These more than offset the $1.2 billion growth in Private Bank deposits.
The mix of deposits reflects continued slowing in the rate of migration from demand to interest-bearing and low-cost to high-cost interest bearing accounts, as well as the benefit of deposit growth in the Private Bank.
Second quarter 2024vs.second quarter 2023
Average deposits of $173.7 billion are broadly stable. Total period-end deposits of $176.4 billion decreased 1% driven by a decline in Treasury and Commercial deposits reflecting deposit optimization initiatives, and slightly lower retail deposits. These more than offset growth in Private Bank deposits of $4 billion.

10

Citizens Financial Group, Inc.
Borrowed Funds 2Q24 change from
($s in millions)2Q241Q242Q231Q242Q23
Period-end borrowed funds$%$%
Short-term borrowed funds$$$1,099 $(7)(78) %$(1,097)(100) %
Long-term borrowed funds
FHLB advances553 2,036 5,029 (1,483)(73)(4,476)(89)
Senior debt6,512 6,414 5,258 98 1,254 24 
Subordinated debt and other debt1,827 1,825 1,813 — 14 
Auto collateralized borrowings4,190 3,529 2,000 661 192,190 110 
Total borrowed funds$13,084 $13,813 $15,199 $(729)(5) %$(2,115)(14) %
Average borrowed funds
Short-term borrowed funds$325 $498 $1,446 $(173)(35) %$(1,121)(78) %
Long-term borrowed funds
FHLB advances2,375 2,272 9,674 103 (7,299)(75)
Senior debt6,684 6,113 5,264 571 1,420 27 
Subordinated debt and other debt1,826 1,821 1,813 — 13 
Auto collateralized borrowings4,207 3,458 44 749 224,163 NM
Total average borrowed funds$15,417 $14,162 $18,241 $1,255  %$(2,824)(15) %
Second quarter 2024vs.first quarter 2024
Period-end borrowed funds decreased by $729 million. Senior debt increased by $98 million and collateralized borrowings on auto loans increased by $661 million, reflecting attractive new issuance. Proceeds were used to further lower FHLB advances, which declined by $1.5 billion.
Average borrowed funds increased $1.3 billion. Senior debt increased by $571 million and collateralized borrowings on auto loans increased by $749 million, reflecting new issuance.
Second quarter 2024vs.second quarter 2023
Period-end borrowed funds decreased by $2.1 billion, primarily due to a decrease in FHLB advances of $4.5 billion and a $1.1 billion decrease in short-term borrowed funds, partly offset by the $2.2 billion increase in auto collateralized borrowings and $1.3 billion increase in senior debt issuances.
Average borrowed funds decreased by $2.8 billion, reflecting a $7.3 billion decrease in FHLB advances driven by the run off of the Non-Core portfolio and re-mixing of funding to auto collateralized borrowings, up $4.2 billion, and senior debt issuances, up $1.4 billion.


11

Citizens Financial Group, Inc.
Capital 2Q24 change from
($s and shares in millions, except per share data)2Q241Q242Q231Q242Q23
Period-end capital$%$%
Stockholders' equity$23,869 $23,761 $23,585 $108 —  %$284  %
Stockholders' common equity21,757 21,747 21,571 10 — 186 
Tangible common equity13,866 13,844 13,630 22 — 236 
Tangible book value per common share$30.61 $30.19 $28.72 $0.42  %$1.89  %
Common shares - at end of period453.0 458.5 474.7 (5.5)(1)(21.7)(5)
Common shares - average (diluted)456.6 463.8 481.0 (7.2)(2) %(24.4)(5) %
Common equity tier 1 capital ratio(1)
10.7 %10.6 %10.3 %
Total capital ratio(1)
14.0 13.8 13.3 
Tangible common equity ratio6.5 6.5 6.3 
Tier 1 leverage ratio(1)
9.4 9.3 9.4 
(1) Current reporting-period regulatory capital ratios are preliminary.
Second quarter 2024
The CET1 capital ratio of 10.7% as of June 30, 2024 compares with 10.6% at March 31, 2024 and 10.3% at June 30, 2023.
Total capital ratio of 14.0% compares with 13.8% at March 31, 2024 and 13.3% as of June 30, 2023.
Tangible common equity ratio of 6.5% compares with 6.5% at March 31, 2024 and 6.3% as of June 30, 2023.
Tangible book value per common share of $30.61 increased 1% compared with first quarter 2024 reflecting higher net income and AOCI benefit from amortized unrealized losses more than offsetting the impact of higher rates.
Paid $193 million in common dividends to shareholders during second quarter 2024. This compares with $197 million in common dividends during first quarter 2024 and $205 million during second quarter 2023.
Repurchased $200 million of common shares during second quarter 2024, compared with $300 million in first quarter 2024 and $256 million in second quarter 2023.
12

Citizens Financial Group, Inc.
Credit quality review 2Q24 change from
($s in millions)2Q241Q242Q231Q242Q23
$/bps%$/bps%
Nonaccrual loans and leases(1)
$1,527 $1,469 $1,191 $58  %$336 28  %
90+ days past due and accruing(2)
228 300 282 (72)(24)(54)(19)
Net charge-offs184 181 152 32 21 
Provision for credit losses182 171 176 11 
Allowance for credit losses $2,306 $2,308 $2,299 $(2)—  %$—  %
Nonaccrual loans and leases to loans and leases1.08  %1.02  %0.79  % bps29 
Net charge-offs as a % of total loans and leases0.52 0.50 0.40 12 
Allowance for credit losses to loans and leases1.63 1.61 1.52 11 
Allowance for credit losses to nonaccrual loans and leases151  %157  %193  %(6) bps(42) bps
(1) Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.
(2) 90+ days past due and accruing includes $168 million, $202 million, and $256 million of loans fully or partially guaranteed by the FHA, VA, and USDA for June 30, 2024, March 31, 2024, and June 30, 2023, respectively.
Second quarter 2024vs.first quarter 2024
The nonaccrual loans to total loans ratio of 1.08% compares with 1.02% at March 31, 2024. Nonaccrual loans of $1.5 billion increased $58 million, or 4%, primarily reflecting a $48 million increase in Commercial, driven by an increase in the General Office and Multifamily segments of commercial real estate.
Net charge-offs of $184 million, or 52 basis points of average loans and leases, increased 2 basis points compared with the prior quarter given broadly stable charge-offs and lower average loans. Charge-offs increased $3 million with an $11 million increase in commercial, primarily driven by the General Office segment of commercial real estate, and an $8 million decrease in retail.
The second quarter 2024 provision for credit losses of $182 million compares with $171 million for first quarter 2024. The ratio of allowance for credit losses to total loans of 1.63% increased from 1.61% as of March 31, 2024, primarily reflecting lower loan balances given Non-Core run off and commercial paydowns and balance sheet optimization.
The allowance for credit losses to nonaccrual loans and leases ratio of 151% compares with 157% as of March 31, 2024.
Second quarter 2024vs.second quarter 2023
The nonaccrual loans to total loans ratio of 1.08% increased from 0.79% at June 30, 2023.
Nonaccrual loans increased $336 million, or 28%, primarily reflecting an increase in the General Office segment of commercial real estate.
Net charge-offs of $184 million, or 52 basis points of average loans and leases, increased $32 million, primarily reflecting a $20 million increase in commercial driven by the General Office segment of commercial real estate.
Provision for credit losses of $182 million compares with a $176 million provision in second quarter 2023.
Allowance for credit losses of $2.3 billion increased $7 million compared with June 30, 2023. Allowance for credit losses ratio of 1.63% as of June 30, 2024, compares with 1.52% as of June 30, 2023.
The allowance for credit losses to nonaccrual loans and leases ratio of 151% compares with 193% as of June 30, 2023.
13

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: (877) 692-8955, conference ID 6961859
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 17, 2024 through August 17, 2024. Please dial (866) 207-1041 and enter access code 5396445. 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 $219.9 billion in assets as of June 30, 2024. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail 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 3,300 ATMs and more than 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. 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 (formerly Twitter), LinkedIn or Facebook.

14

Citizens Financial Group, Inc.

Non-GAAP Financial Measures and Reconciliations
Non-GAAP Financial Measures:
This document contains non-GAAP financial measures denoted as Underlying. Underlying results for any given reporting period exclude certain items that may occur in that period which Management does not consider indicative of the Company’s on-going financial performance. We believe these non-GAAP financial measures provide useful information to investors because they are used by our Management to evaluate our operating performance and make day-to-day operating decisions. In addition, we believe our Underlying results in any given reporting period reflect our on-going financial performance in that period and, accordingly, are useful to consider in addition to our GAAP financial results. We further believe the presentation of Underlying results increases comparability of period-to-period results. See the following pages for reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures.
Other companies may use similarly titled non-GAAP financial measures that may be calculated differently from the way we calculate such measures. Accordingly, our non-GAAP financial measures may not be comparable to similar measures used by such companies. We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP 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.
15

Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS
2Q24 Change
2Q241Q242Q231Q242Q23
$%$%
Noninterest income, Underlying:
Noninterest income (GAAP)$553 $517 $506 $36 %$47 %
Less: Notable items— 33 100 
Noninterest income, Underlying (non-GAAP)$549 $514 $506 $35 %$43 %
Total revenue, Underlying:
Total revenue (GAAP)A$1,963 $1,959 $2,094 $4 — %($131)(6 %)
Less: Notable items— 33 100 
Total revenue, Underlying (non-GAAP)B$1,959 $1,956 $2,094 $3 — %($135)(6 %)
Noninterest expense, Underlying:
Noninterest expense (GAAP)C$1,301 $1,358 $1,306 ($57)(4 %)($5)— %
Less: Notable items36 85 73 (49)(58)(37)(51)
Noninterest expense, Underlying (non-GAAP)D$1,265 $1,273 $1,233 ($8)(1 %)$32 %
Pre-provision profit:
Total revenue (GAAP)A$1,963 $1,959 $2,094 $4 — %($131)(6 %)
Less: Noninterest expense (GAAP)C1,301 1,358 1,306 (57)(4)(5)— 
Pre-provision profit (non-GAAP)
$662 $601 $788 $61 10 %($126)(16 %)
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)B$1,959 $1,956 $2,094 $3 — %($135)(6 %)
Less: Noninterest expense, Underlying (non-GAAP)D1,265 1,273 1,233 (8)(1)32 
Pre-provision profit, Underlying (non-GAAP)$694 $683 $861 $11 %($167)(19 %)
Income before income tax expense, Underlying:
Income before income tax expense (GAAP)E$480 $430 $612 $50 12 %($132)(22 %)
Less: Income (expense) before income tax expense (benefit) related to notable items(32)(82)(73)50 6141 56
Income before income tax expense, Underlying (non-GAAP)F$512 $512 $685 $— — %($173)(25 %)
Income tax expense, Underlying:
Income tax expense (GAAP)G$88 $96 $134 ($8)(8 %)($46)(34 %)
Less: Income tax expense (benefit) related to notable items(16)(21)(20)2420
Income tax expense, Underlying (non-GAAP)H$104 $117 $154 ($13)(11 %)($50)(32 %)
Net income, Underlying:
Net income (GAAP)I$392 $334 $478 $58 17 %($86)(18 %)
Add: Notable items, net of income tax benefit16 61 53 (45)(74)(37)(70)
Net income, Underlying (non-GAAP)J$408 $395 $531 $13 %($123)(23 %)
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)K$357 $304 $444 $53 17 %($87)(20 %)
Add: Notable items, net of income tax benefit16 61 53 (45)(74)(37)(70)
Net income available to common stockholders, Underlying (non-GAAP)L$373 $365 $497 $8 %($124)(25 %)
16

Citizens Financial Group, Inc.
Non-GAAP financial measures and reconciliations (continued)
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS
2Q24 Change
2Q241Q242Q231Q242Q23
$/bps%$/bps%
Operating leverage:
Total revenue (GAAP)A$1,963 $1,959 $2,094 $4 — %($131)(6 %)
Less: Noninterest expense (GAAP)C1,301 1,358 1,306 (57)(4)(5)— 
Operating leverage%(6 %)
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)B$1,959 $1,956 $2,094 $3 — %($135)(6 %)
Less: Noninterest expense, Underlying (non-GAAP)D1,265 1,273 1,233 (8)(1)32 
Operating leverage, Underlying (non-GAAP)%(9 %)
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio C/A66.27 %69.33 %62.34 %(306) bps393  bps
Efficiency ratio, Underlying (non-GAAP)D/B64.59 65.05 58.86 (46) bps573  bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rateG/E18.49 %22.28 %22.09 %(379) bps(360) bps
Effective income tax rate, Underlying (non-GAAP)H/F20.33 22.84 22.51 (251) bps(218) bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)M$21,427 $21,700 $22,289 ($273)(1 %)($862)(4 %)
Less: Average goodwill (GAAP)8,188 8,188 8,182 — — — 
Less: Average other intangibles (GAAP)144 153 181 (9)(6)(37)(20)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)432 433 422 (1)— 10 
Average tangible common equityN$13,527 $13,792 $14,348 ($265)(2 %)($821)(6 %)
Return on average tangible common equity K/N10.61 %8.86 %12.42 %175  bps(181) bps
Return on average tangible common equity, Underlying (non-GAAP)L/N11.09 10.65 13.93 44  bps(284) bps
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)O$219,222 $220,770 $222,373 ($1,548)(1 %)($3,151)(1 %)
Less: Average goodwill (GAAP)8,188 8,188 8,182 — — — 
Less: Average other intangibles (GAAP)144 153 181 (9)(6)(37)(20)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)432 433 422 (1)— 10 
Average tangible assetsP$211,322 $212,862 $214,432 ($1,540)(1 %)($3,110)(1 %)
Return on average total tangible assets I/P0.75 %0.63 %0.89 %12  bps(14) bps
Return on average total tangible assets, Underlying (non-GAAP)J/P0.78 0.75 0.99  bps(21) bps





















17

Citizens Financial Group, Inc.
Non-GAAP financial measures and reconciliations (continued)
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS
2Q24 Change
2Q241Q242Q231Q242Q23
$/bps%$/bps%
Tangible book value per common share:
Common shares - at period-end (GAAP)Q452,961,853 458,485,032 474,682,759 (5,523,179)(1 %)(21,720,906)(5 %)
Common stockholders' equity (GAAP)$21,757 $21,747 $21,571 $10 — $186 
Less: Goodwill (GAAP)8,187 8,188 8,188 (1)— (1)— 
Less: Other intangible assets (GAAP)139 148 175 (9)(6)(36)(21)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)435 433 422 — 13 
Tangible common equityR$13,866 $13,844 $13,630 $22 — %$236 %
Tangible book value per common shareR/Q$30.61 $30.19 $28.72 $0.42 %$1.89 %
Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying:
Average common shares outstanding - basic (GAAP)S454,142,489 461,358,681 479,470,543 (7,216,192)(2 %)(25,328,054)(5 %)
Average common shares outstanding - diluted (GAAP)T456,561,022 463,797,964 480,975,281 (7,236,942)(2)(24,414,259)(5)
Net income per average common share - basic (GAAP)K/S$0.79 $0.66 $0.93 $0.13 20 ($0.14)(15)
Net income per average common share - diluted (GAAP)K/T0.78 0.65 0.92 0.13 20 (0.14)(15)
Net income per average common share - basic, Underlying (non-GAAP)L/S0.82 0.79 1.04 0.03 (0.22)(21)
Net income per average common share - diluted, Underlying (non-GAAP)L/T0.82 0.79 1.04 0.03 (0.22)(21)


18

Citizens Financial Group, Inc.
Non-GAAP financial measures and reconciliations (continued)
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS
2Q24 Change
2Q241Q242Q231Q242Q23
$/bps%$/bps%
Card fees, Underlying:
Card fees (GAAP)$92 $86 $80 $6 7$12 15%
Less: Notable items— 33 100 
Card fees, Underlying (non-GAAP)$88 $83 $80 $5 $8 10 %
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)$645 $691 $615 ($46)(7 %)$30 %
Less: Notable items17 14 (9)(53)(6)(43)
Salaries and employee benefits, Underlying (non-GAAP)$637 $674 $601 ($37)(5 %)$36 %
Equipment and software, Underlying:
Equipment and software (GAAP)
$190 $192 $181 ($2)(1 %)$9 %
Less: Notable items(4)(50)— — 
Equipment and software, Underlying (non-GAAP)$186 $184 $177 $2 %$9 %
Outside services, Underlying:
Outside services (GAAP)$165 $158 $177 $7 %($12)(7 %)
Less: Notable items10 12 21 (2)(17)(11)(52)
Outside services, Underlying (non-GAAP)$155 $146 $156 $9 %($1)(1 %)
Occupancy, Underlying:
Occupancy (GAAP)$113 $114 $136 ($1)(1 %)($23)(17 %)
Less: Notable items30 (1)(14)(24)(80)
Occupancy, Underlying (non-GAAP)$107 $107 $106 $— — %$1 %
Other operating expense, Underlying:
Other operating expense (GAAP)$188 $203 $197 ($15)(7 %)($9)(5 %)
Less: Notable items41 (33)(80)100
Other operating expense, Underlying (non-GAAP)$180 $162 $193 $18 11 %($13)(7 %)




























19

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,” “guidance” or similar expressions or future conditional verbs such as “may,” “will,” “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, 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 execute on our strategic business initiatives and achieve our financial performance goals across our Consumer, Commercial and Private Bank businesses;
The effects of geopolitical instability, including the wars in Ukraine and 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 heightened supervisory requirements and expectations as well as new or amended regulations;
Liabilities and business restrictions resulting from litigation and regulatory investigations;
The effect of changes in interest rates on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgages held for sale;
Changes in interest rates and market liquidity, as well as the magnitude of such changes, which may reduce interest margins, impact funding sources and affect the 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 cyber-attacks; 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, capital impacts of strategic initiatives, 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, 2023 as filed with the Securities and Exchange Commission.
Note: Per share amounts and ratios presented in this document are calculated using whole dollars.
20

Citizens Financial Group, Inc.
CFG-IR
21
2Q24 Financial Results July 17, 2024


 
2 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 statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “goals,” “targets,” “initiatives,” “potentially,” “probably,” “projects,” “outlook,” “guidance” or similar expressions or future conditional verbs such as “may,” “will,” “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, 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 execute on our strategic business initiatives and achieve our financial performance goals across our Consumer, Commercial and Private Bank businesses; • The effects of geopolitical instability, including the wars in Ukraine and 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 heightened supervisory requirements and expectations as well as new or amended regulations; • Liabilities and business restrictions resulting from litigation and regulatory investigations; • The effect of changes in interest rates on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgages held for sale; • Changes in interest rates and market liquidity, as well as the magnitude of such changes, which may reduce interest margins, impact funding sources and affect the 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 cyber-attacks; 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, capital impacts of strategic initiatives, 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, 2023 as filed with the Securities and Exchange Commission. Non-GAAP Financial Measures: This document contains non-GAAP financial measures denoted as Underlying. Underlying results for any given reporting period exclude certain items that may occur in that period which Management does not consider indicative of the Company’s on-going financial performance. We believe these non-GAAP financial measures provide useful information to investors because they are used by our Management to evaluate our operating performance and make day-to-day operating decisions. In addition, we believe our Underlying results in any given reporting period reflect our on-going financial performance in that period and, accordingly, are useful to consider in addition to our GAAP financial results. We further believe the presentation of Underlying results increases comparability of period- to-period results. The Appendix presents reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures. Other companies may use similarly titled non-GAAP financial measures that may be calculated differently from the way we calculate such measures. Accordingly, our non-GAAP financial measures may not be comparable to similar measures used by such companies. We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP 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.


 
3 2Q24 GAAP summary 2Q24 1Q24 2Q23 Q/Q Y/Y $s in millions $/bps % $/bps % Net interest income $ 1,410 $ 1,442 $ 1,588 $ (32) (2) % $ (178) (11) % Noninterest income 553 517 506 36 7 47 9 Total revenue 1,963 1,959 2,094 4 — (131) (6) Noninterest Expense 1,301 1,358 1,306 (57) (4) (5) — Pre-provision profit 662 601 788 61 10 (126) (16) Provision for credit losses 182 171 176 11 6 6 3 Income before income tax expense 480 430 612 50 12 (132) (22) Income tax expense 88 96 134 (8) (8) (46) (34) Net income $ 392 $ 334 $ 478 $ 58 17 % $ (86) (18) % Preferred dividends 35 30 34 5 17 1 3 Net income available to common stockholders $ 357 $ 304 $ 444 $ 53 17 % $ (87) (20) % $s in billions Average interest-earning assets $ 198.5 $ 200.1 $ 201.5 $ (1.6) (1) % $ (3.0) (2) % Average deposits $ 173.7 $ 176.1 $ 173.2 $ (2.4) (1) % $ 0.4 — % Performance metrics Net interest margin(1) 2.86 % 2.90 % 3.16 % (4) bps (30) bps Net interest margin, FTE(1) 2.87 2.91 3.17 (4) (30) Loan-to-deposit ratio (period-end) 80.4 81.2 85.2 (73) (474) ROTCE 10.6 8.9 12.4 175 (181) Efficiency ratio 66.3 69.3 62.3 (306) 393 Noninterest income as a % of total revenue 28 % 26 % 24 % 175 bps 402 bps Full-time equivalent colleagues 17,510 17,354 18,468 156 1 (958) (5) Operating leverage 4.4 % (5.9) % Per common share Diluted earnings $ 0.78 $ 0.65 $ 0.92 $ 0.13 20 % $ (0.14) (15) % Tangible book value $ 30.61 $ 30.19 $ 28.72 $ 0.42 1 % $ 1.89 7 % Average diluted shares outstanding (in millions) 456.6 463.8 481.0 (7.2) (2) % (24.4) (5) % See pages 33-34 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 32.


 
4 2Q24 Underlying financial summary(1) Q/Q Y/Y $s in millions 2Q24 $/bps % $/bps % Net interest income $ 1,410 $ (32) (2) % $ (178) (11) % Noninterest income 549 35 7 43 8 Total revenue 1,959 3 — (135) (6) Noninterest expense 1,265 (8) (1) 32 3 Pre-provision profit 694 11 2 (167) (19) Provision for credit losses 182 11 6 6 3 Net income available to common stockholders $ 373 $ 8 2 % $ (124) (25) % Performance metrics Diluted EPS $ 0.82 $ 0.03 4 % $ (0.22) (21) % Efficiency ratio 64.6 (46) bps 573 bps Noninterest income as a % of total revenue 28 % 168 bps 386 bps ROTCE 11.1 % 44 bps (284) bps Tangible book value per share $ 30.61 $ 0.42 1 % $ 1.89 7 % 2Q24 Notable items impacts Pre-tax EPS ($s in millions except per share data) Integration-related $ (3) $ (0.01) TOP and Other items (24) (0.04) FDIC special assessment (5) (0.01) Tax item — 0.02 Total $ (32) $ (0.04) See pages 33-34 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 32.


 
5 ■ CFG performance reflects solid Legacy Core results, investment in Private Bank and impact from Non-Core ■ Private Bank expected to reach breakeven in 4Q24 ■ Non-Core portfolio run off of $1.1 billion in 2Q24 ($2.2 billion YTD) 2Q24 Underlying financial performance detail(1) (A) (B) (C) = (A) + (B) (D) (E) = (C) + (D) $s in millions Legacy Core(2) Private Bank Core Non-Core(3) Total CFG Net interest income $1,415 $26.2 $1,441 $(31) $1,410 Noninterest income 545 4.1 549 — 549 Total revenue 1,960 30.3 1,990 (31) 1,959 Noninterest Expense 1,193 46.1 1,239 26 1,265 Pre-provision profit 767 (15.8) 751 (57) 694 Provision for credit losses 172 — 172 10 182 Income before income tax expense 595 (15.8) 579 (67) 512 Income tax expense 125 (4.1) 121 (17) 104 Net income 470 (11.7) 458 (50) 408 Preferred dividends 35 — 35 — 35 Net income available to common stockholders $435 $(11.7) $423 $(50) $373 Contribution to total CFG Diluted EPS $0.95 $(0.03) $0.92 $(0.10) $0.82 $s in billions Interest-earning assets (spot) $185 $1.4 $187 $8.9 $195 Loans (spot) 132 1.4 133 8.9 142 Deposits (spot) 172 4.0 176 — 176 Risk-weighted assets (spot) 158 1.6 159 8.9 168 Performance metrics: Net interest margin, FTE(4) 3.04% NM 3.08% (1.36)% 2.87% Loan-to-deposit ratio (spot) 76.4 34.5 75.3 NM 80.4 CET1 capital ratio(5) 11.5 NM 11.4 NM 10.7 ROTCE 12.9 NM 12.6 NM 11.1 Efficiency ratio 60.9 NM 62.3 NM 64.6 Noninterest income as a % of total revenue 27.8 13.5 27.6 NM 28.0 See pages 33-34 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 32.


 
6 ■ CET1 ratio of 10.7%(2); 9.0% adjusted for AOCI opt-out removal ■ Strong liquidity profile; Spot LDR improved to 80.4%; pro forma LCR of 119% exceeds Category 1 Bank requirement of 100%; – Period-end deposits stable QoQ; Private Bank deposits up $1.6 billion to $4.0 billion – Issued $750 million senior debt and $1.1 billion auto collateralized borrowings; FHLB advances reduced further to $553 million, down 89% YoY on a spot basis – Issued $400 million preferred stock and redeemed $300 million on July 8, 2024 ■ Underlying EPS of $0.82; ROTCE of 11.1% ■ PPNR up $11 million, or 2%, driven by – Strong fee performance, up 7% QoQ – Capital Markets fees up 14% QoQ – Record Card and Wealth fees – NII down 2% QoQ primarily driven by a 4 bp decline in NIM related to swaps impact – Expenses down 1% QoQ notwithstanding continued investment in the Private Bank 2Q24 Overview(1) Pre-tax EPS Integration related $ (3) $ (0.01) TOP and Other items (24) (0.04) FDIC special assessment (5) (0.01) Total: $ (32) $ (0.04) Underlying PPNR drivers 2Q24 QoQ NII $ 1,410 (2) % Fees 549 7 % Expenses 1,265 (1) % Notable items* ($s in millions except per share data) See pages 33-34 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 32. Solid 2Q24 results Credit trends in line with expectations Well positioned for the medium term Maintaining strong capital and liquidity position ■ Net charge-offs of 52 bps, up 2 bps QoQ reflects broadly stable charge-offs and lower average loans ■ ACL coverage increased 2 bps QoQ to 1.63%, primarily reflecting lower loan balances, down ~1% given Non-Core run off, Commercial paydowns and balance sheet optimization; General Office reserve of 11.1% at June 30, 2024 ■ Strategic initiatives progressing well: Private Bank, NYC Metro, serving private capital, TOP 9, Balance Sheet Optimization ■ Significant NII tailwind from Non-Core and swaps over the medium term given run off and lower rates; target NIM range of 3.25 to 3.40% $s in millions


 
7 2.91% 0.04% 0.02% (0.01)% (0.03)% (0.06)% 2.87% 1Q24 Asset Yields/ Mix Non-Core Impact Day count/ Other Funding Pricing/Mix Receive-fixed Swaps 2Q24 $201.5B $199.6B $203.1B $200.1B $198.5B $1,588 $1,522 $1,488 $1,442 $1,410 3.17% 3.03% 2.91% 2.91% 2.87% 2Q23 3Q23 4Q23 1Q24 2Q24 ■ NII down 2%, primarily reflects: – NIM of 2.87%, down 4 bps QoQ, driven by higher swap and borrowing costs, partially offset by improved asset yields and the benefit of Non-Core run off ■ Interest-earning assets yield of 5.17%, down 3 bps, reflects the increase in swap expense, largely offset by the improvement in asset yields ■ Interest-bearing deposit costs decreased 3 bps to 2.82% – Cumulative beta of 51%, improved from 52% in the prior quarter Net interest income NII and NIM Average interest-earning assets Net interest income NIM, FTE Net interest income decline reflects higher funding costs Linked Quarter NIM 1Q24 to 2Q24 $s in millions, except earning assets


 
8 ■ Underlying noninterest income increased 7% with the following key business drivers: – Service charges and fees increased $10 million primarily from seasonality – Capital markets fees increased $16 million given higher bond underwriting and loan syndication fees, partly offset by lower M&A advisory fees – Card fees increased $5 million, primarily given the full-quarter benefit of favorable vendor contract negotiations as well as seasonality – Wealth fees increased $7 million, driven by increased sales activity as well as higher asset management fees – Mortgage banking fees increased $5 million given higher MSR valuation, net of hedging, and servicing fees, partly offset by lower production revenue – Other income decreased $7 million, largely due to higher operational losses $506 $492 $500 $517 $553 $514 $549 Underlying Notable items 2Q23 3Q23 4Q23 1Q24 2Q24 Noninterest income(1) $s in millions Fees up 7% QoQ reflecting higher Capital Markets and record Wealth and Card fees ■ Underlying noninterest income increased 8%, with the following key business drivers: – Service charges and fees increased $5 million, primarily given higher overdraft and cash management fees – Capital markets fees increased $52 million, driven by bond and equity underwriting, loan syndication and M&A advisory fees – Card fees increased $8 million, primarily reflects favorable vendor contract negotiations – Wealth fees increased $10 million, reflecting increased sales activity and higher asset management fees – Mortgage banking fees decreased $5 million, given lower production fees, partly offset by higher MSR valuation, net of hedging – FX and derivative products revenue decreased $5 million, primarily given lower client activity in interest rate hedging See pages 33-34 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 32. Linked Quarter Year-Over-YearNoninterest income $s in millions 2Q24 1Q24 2Q23 $ Q/Q Y/Y Service charges and fees $ 106 $ 96 $ 101 $ 10 $ 5 Capital markets fees 134 118 82 16 52 Card fees 88 83 80 5 8 Wealth fees(2) 75 68 65 7 10 Mortgage banking fees 54 49 59 5 (5) FX and derivative products 39 36 44 3 (5) Letter of credit and loan fees 43 42 43 1 — Securities gains, net — 5 9 (5) (9) Other income(3) 10 17 23 (7) (13) Noninterest income, Underlying $ 549 $ 514 $ 506 $ 35 $ 43 Notable items (4) 4 3 — 1 4 Noninterest income, reported $ 553 $ 517 $ 506 $ 36 $ 47


 
9 ■ Underlying noninterest expense of $1.27 billion, down 1% – Salaries and benefits decreased $37 million, primarily reflecting lower payroll taxes and compensation-related costs given seasonality – Outside services increased $9 million primarily driven by technology investments – Other operating expense increased $18 million, primarily driven by increased marketing-related expenses Noninterest expense(1) See pages 33-34 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 32. Efficiency ratio Underlying expense down 1% QoQ reflecting expense discipline while strategically investing Linked Quarter Year-Over-Year 62.3% 64.2% 81.1% 69.3% 66.3% 58.9% 63.1% 63.8% 65.1% 64.6% Underlying Notable items 2Q23 3Q23 4Q23 1Q24 2Q24 2Q24 1Q24 2Q23 $ $s in millions Q/Q Y/Y Salaries & employee benefits $ 637 $ 674 $ 601 $ (37) $ 36 Equipment & software 186 184 177 2 9 Outside services 155 146 156 9 (1) Occupancy 107 107 106 — 1 Other operating expense 180 162 193 18 (13) Noninterest expense, underlying $ 1,265 $ 1,273 $ 1,233 $ (8) $ 32 Notable items (1) 36 85 73 (49) (37) Noninterest expense, reported $ 1,301 $ 1,358 $ 1,306 $ (57) $ (5) Full-time equivalents (FTEs) 17,510 17,354 18,468 156 (958) ■ Underlying noninterest expense of $1.27 billion increased 3%; down 1% excluding $46 million in expenses related to the Private Bank start-up investment – Salaries and employee benefits increased $36 million, primarily reflecting the Private Bank start-up investment – Equipment and software expense increased $9 million given technology investments and maintenance – Other operating expense decreased $13 million, primarily driven by lower advertising and travel-related expenses


 
10 ■ Average loans down $10.7 billion, or 7% – Non-Core portfolio run off of $5.0 billion – Core loans down 4% reflecting commercial down $7.3 billion, or 9%, driven by paydowns and BSO actions as well as lower client demand; retail up $1.6 billion, or 3%, driven by home equity and mortgage ■ Period-end loans down $9.5 billion, or 6% – Non-Core portfolio run off of $4.8 billion – Core loans down 3% with commercial down $6.3 billion, or 8%, driven by paydowns and BSO actions as well as lower client demand; retail up 3% driven by home equity and mortgage $153.7 $150.8 $148.0 $144.8 $143.1 $139.3 $137.8 $136.3 $134.3 $133.7 $14.4 $13.0 $11.7 $10.5 $9.4 Core Non-Core Loan yield 2Q23 3Q23 4Q23 1Q24 2Q24 ~11% QoQ ■ Average loans down $1.8 billion and period-end loans down $1.3 billion, or 1%, reflects: – Non-Core portfolio run off of $1.1 billion – Core loans broadly stable with average and period-end commercial loans down $0.9 billion, or 1%, reflecting paydowns and BSO actions as well as lower client demand; retail up slightly driven by home equity and mortgage ■ Loan yield of 5.60%, down 4 bps QoQ; up 5 bps excluding swaps Loans and leases $s in billions Loans down 1% reflecting paydowns and continued balance sheet optimization (BSO) Average loans and leases $151.3 $149.7 $146.0 $143.2 $141.8 $137.6 $137.4 $134.9 $133.3 $132.9 $13.7 $12.3 $11.1 $9.9 $8.9 Core Non-Core 2Q23 3Q23 4Q23 1Q24 2Q24 $s in billions Period-end loans and leases 5.52% 5.66% 5.71% 5.64% 5.60% Linked Quarter Year-Over-Year ~11% QoQ stable QoQ stable QoQ


 
11 $173.2 $176.5 $177.1 $176.1 $173.7 2Q23 3Q23 4Q23 1Q24 2Q24 Deposit performance and cost of funds Broadly stable period-end deposits reflecting strong growth in the Private Bank $s in billions 2Q24 Average deposits 1.68% 2.02% 2.18% 2.25% 2.24% 2.21% 2.60% 2.79% 2.85% 2.82% Total deposit costs Interest-bearing deposit costs Commercial Consumer Other Year-Over-Year 2Q24 Period-end deposits Linked Quarter ■ Period-end deposits broadly stable – Private Bank deposits increased $1.6 billion offset by seasonally lower retail deposits ■ Average deposits down $2.4 billion, or 1% – Commercial down $1.7 billion reflecting seasonal outflows, lower Treasury deposits and a seasonal decline in retail deposits. These more than offset the $1.2 billion growth in Private Bank deposits ■ Citizens Access spot deposits broadly stable at $11.0 billion ■ Total deposit costs declined 1 bp and Interest-bearing deposit costs declined 3 bps – Cumulative beta of 51%, improved from 52% prior quarter ■ Total cost of funds up 2 bps at 2.48% ■ Average deposits broadly stable; Period-end deposits down $1.3 billion, or 1% – Decline in Treasury and Commercial deposits reflecting deposit optimization initiatives, and slightly lower retail deposits. These more than offset growth in Private Bank deposits of $4 billion ■ Total deposit costs up 56 bps and interest-bearing deposit costs up 61 bps ■ Total cost of funds up 51 bps $s in billions $177.7 $178.2 $177.3 $176.4 $176.4 Commercial Consumer Other 2Q23 3Q23 4Q23 1Q24 2Q24


 
12 NIB 21% Money Market 30%Checking With Interest 20% Citizens Access Savings 5% Savings 10% Term 14% Branch Deposits 50% Citizens Access 6% Wealth 1% Business Banking 12% Commercial 26% Treasury/ Other 5% (As of 6/30/24) Highly diversified and retail-oriented deposit base $176.4B Period-end deposits Peer Avg(1) Business mix Product mix See pages 33-34 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 32. Total deposits insured/secured(2) Stable Consumer Banking deposits Peer Avg(1) 46% 42% 42% 23% 21% 21% 23% 21% 21% NIB Low-cost deposits 2Q23 1Q24 2Q24 % NIB and low- cost deposits (3) 55% 68% 69% 1Q24 1Q24 2Q24 65% 70% 70% 1Q24 1Q24 2Q24 Proforma LCR under Category I Bank rules 117% 120% 119% 4Q23 1Q24 2Q24 100%* *Minimum LCR requirement under Category I Bank rules


 
13 $2,299 $2,318 $2,318 $2,308 $2,306 1.52% 1.55% 1.59% 1.61% 1.63% Allowance for credit losses Allowance to loan coverage ratio 2Q23 3Q23 4Q23 1Q24 2Q24 $1,191 $1,296 $1,364 $1,469 $1,527 0.79% 0.87% 0.93% 1.02% 1.08% Nonaccrual loans Nonaccrual loans to total loans 2Q23 3Q23 4Q23 1Q24 2Q24 ■ NCOs of $184 million, or 52 bps of average loans and leases ■ Nonaccrual loans increased 4% QoQ to 108 bps of total loans primarily reflecting an increase in the General Office and Multifamily segments of commercial real estate ■ Provision for credit losses of $182 million; ACL coverage ratio of 1.63%, up 2 bps QoQ primarily reflecting lower loan balances given Non-Core run off, commercial paydowns and balance sheet optimization ■ ACL to nonaccrual loans and leases ratio of 151% compares with 157% as of 1Q24 and 193% as of 2Q23 $176 $172 $171 $171 $182 $152 $153 $171 $181 $184 0.40% 0.40% 0.46% 0.50% 0.52% Provision for credit losses Net charge-offs Net c/o ratio 2Q23 3Q23 4Q23 1Q24 2Q24 Credit quality overview $s in millions $s in millions See pages 33-34 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 32. Nonaccrual loans $s in millions Allowance for credit losses HighlightsCredit provision expense; net charge-offs (1)


 
14 1Q24 2Q24 ACL % Coverage ACL % Coverage Retail $ 883 1.25 % $ 877 1.25 % Commercial 1,425 1.96 1,429 1.99 C&I(1) 691 1.57 690 1.58 CRE 734 2.54 739 2.61 Total $ 2,308 1.61 % $ 2,306 1.63 % Allowance for credit losses ■ The increase in the ACL reserve coverage to 1.63% primarily reflects the decrease in loan balances and includes slightly higher reserve coverage for commercial, primarily CRE General Office ■ The key macroeconomic assumptions underlying the reserve broadly reflects a shallow recession over the two-year reasonable and supportable period, except for certain portfolios where we used more severe assumptions, such as General Office ■ Qualitative factors and sensitivities are also incorporated in the allowance framework to account for other considerations not fully captured in reserve models $s in millions CommentaryAllowance for credit losses Current assumptions Property valuations, peak-to-trough % decline ~72% Avg. loss severity (%) ~39% Default rate (%) ~29% General Office ACL coverage 11.1% Allowance for credit losses $369 million CRE General Office key reserve assumptions ■ CRE General Office portfolio of $3.3 billion, down ~$100 million, or 3%, QoQ driven by charge-offs and paydowns ■ Strong ACL coverage of General Office informed by a severe recession scenario combined with a loan-by- loan analysis – Increased ACL coverage for CRE General Office to 11.1% from 10.6% in 1Q24 – Absorbed ~$319 million NCOs over quarters 2Q23-2Q24; equates to a cumulative loss rate of ~8% on the March 31, 2023 balance ■ Capital impacts of higher stress scenarios very modest CRE General Office commentary See pages 33-34 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 32. 1Q24 2Q24 Balance ($B) $ 3.4 $ 3.3 ACL ($MM; % coverage) $ 364 10.6 % $ 369 11.1 % Cumulative NCOs* ($MM) $ 236 $ 319 General Office *Cumulative losses since 3/31/23; loan balance of $4.1B at 3/31/23


 
15 ■ 2Q24 CET1 ratio of 10.7%(1) up from 10.6% in 1Q24 – 9.0% CET1 ratio adjusted for AOCI opt-out removal – Preliminary Stress Capital Buffer of 4.5% effective October 1, 2024 implies minimum capital requirement of 9.0% ■ Capital ratios consistently remain top quartile of peer group (see slide 16) ■ TBV/share of $30.61, up 1.4% QoQ, reflects higher net income and net AOCI benefit – Tangible common equity ratio of 6.5%, up 3 bps QoQ ■ Total capital returned to shareholders, including common dividends, was $394 million in 2Q24 – Paid $193 million in common dividends to shareholders in 2Q24 – Repurchased $200 million of common stock at a weighted-average price of $34.76 in 2Q24 ■ The Board of Directors increased the capacity of the Company’s common share repurchase program to $1.25 billion on June 28, 2024 Strong capital position $s in billions (period-end) 2Q23 3Q23 4Q23 1Q24 2Q24 Basel III basis(1)(2) Common equity tier 1 capital $ 18.4 $ 18.4 $ 18.4 $ 18.1 $ 18.1 Risk-weighted assets $ 179.0 $ 176.4 $ 172.6 $ 170.1 $ 168.4 Common equity tier 1 ratio 10.3 % 10.4 % 10.6 % 10.6 % 10.7 % Tier 1 capital ratio 11.4 % 11.5 % 11.8 % 11.8 % 12.0 % Total capital ratio 13.3 % 13.4 % 13.7 % 13.8 % 14.0 % Tangible common equity ratio 6.3 % 5.9 % 6.7 % 6.5 % 6.5 % See pages 33-34 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 32. TBV/share CET1 $ % 1Q24 10.6% $30.19 Net Income 0.23 0.86 2.8% Common and preferred dividends (0.14) (0.51) (1.7) RWA decrease 0.11 Treasury stock (0.12) (0.06) (0.2) Goodwill and intangibles 0.01 0.03 0.1 AOCI — 0.07 0.2 Other 0.02 0.03 0.1 Total change 0.11 0.42 1.4% 2Q24 10.7% $30.61 CET1 ratio remains strong(3) Highlights


 
16 Capital level remains near the top of the peer group CET1 Ratio adjusted for AOCI opt-out removalCET1 Ratio(1) ■ Well positioned for changing regulatory environment ■ CET1 ratio under current rules of 10.7%(1), and 9.0% adjusted for AOCI opt-out removal; among the strongest within the peer group – Expect both ratios to converge to the 10.0-10.5% range over the medium term Peer data as of March 31, 2024. Peers include CMA, FITB, HBAN, KEY, MTB, PNC, RF, TFC and USB. See pages 33-34 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 32. 11.5% 11.1% 10.7% 10.6% 10.5% 10.3% 10.3% 10.2% 10.1% 10.1% 10.0% Peer 1 Peer 2 CFG (2Q24) CFG (1Q24) Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 10.9% 9.0% 8.9% 8.5% 8.4% 8.1% 7.8% 7.7% 7.7% 7.0% 6.9% Peer 1 CFG (2Q24) CFG (1Q24) Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9


 
17 Best positioned Building a premier private bankTransformed franchise Well positioned for the future Private BankConsumer 2018 2023 +7% CAGR Low-cost branch-based deposits $0.5 $3.6 1Q24 2Q24 Wealth AUM 64% 36% High-quality loans as of 6/30/24 $1.2 $2.4 $4.0 4Q23 1Q24 2Q24 ■ ~81% of deposits are Commercial ■ DDA/CWI is ~36% of deposit mix Deposits $9.4 $10.3 Jun-23 Jun-24 Retail deposit growth ($ billions) Retail HH growth: ~7% ~15% YoY growth in mobile active users YoY growth in digital payments Strong league table results Middle market bookrunner by deal count 12 months ended June 30, 2024 Sponsor #1 Overall #6 NYC Metro ■ Focused client coverage model on middle market, industry verticals, financial sponsors ■ Built out full product capabilities, including leveraged finance, M&A, Treasury Solutions ■ Leading commercial franchise among super-regionals, competitive with mega banks through mid-corporate size clients 2015 1H24* [TSR growth] [+16%] Digital +9% YoY +6% YoY $1.4 billion Yield of ~8% as of 6/30/24 as of 6/30/24 For the past 12 years, Citizens has been cultivating distinctive capabilities to serve the middle market economy including the private capital ecosystem ■ Significant investments in talent and capabilities; five advisory acquisitions since 2017, Private Bank synergies ■ Steady multi-year league table gains in middle market and overall market ■ Effectively utilizing our balance sheet to support both private equity and private debt firms active in the middle market Since IPO, have made significant multi-year investments in talent, capabilities and industry expertise to serve clients through their life cycle Vertical expertise and strong sponsor relationships, advisory, subscription finance, fund finance, LBOs, public market capital Wealth AUM Private capital opportunity Vertical expertise Strong sponsor relationships Advisory Subscription finance Fund finance LBOs Public market capital For the past 12 years, Citizens has been cultivating distinctive capabilities to serve the middle market economy including the private capital ecosystem ■ Significant investments in talent and capabilities; five advisory acquisitions since 2017, Private Bank synergies ■ Steady multi-year league table gains in middle market and overall market ■ Effectively utilizing our balance sheet to support both private equity and private debt firms active in the middle market Vertical expertise and strong sponsor relationships, advisory, subscription finance, fund finance, LBOs, public market capital Distinctive capabilities serving the private capital ecosystem Capital Markets Fees Treasury Solutions +21% Fees +9% 1H24 v 1H23 Revenue CAGR 2015-1H24(1) Retail Commercial Enterprise See pages 33-34 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 32. Revenue CAGR 2015 to 1H24(1) Continue investment in mobile/ digital, data and analytics, Next Gen technology, Payments capabilities and talent; self-fund through TOP program efficiencies Next Gen Tech TOP 9 BSO Gen AIPayments ~70% of applications in Cloud by YE24 Contact Center and Coding use cases progressing well $135MM pre-tax year-end run rate benefits on track $4.8B YoY reduction in Non-Core +11% 2024 Paytech Awards Top Innovation in Payments by a Bank Commercial FORTUNE America's Most Innovative Companies 2024 FORTUNE World's Most Admired Companies 2024 ■ ~64% of loans commercial; ~36% retail ($ billions) ($ billions)


 
18 3Q24 outlook vs. 2Q24 See pages 33-34 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 32. 2Q24 Underlying(1) 3Q24 Underlying outlook Net interest income $1,410MM ■ Down ~1-2%* Noninterest income $549MM ■ Up slightly Noninterest expense $1,265MM ■ Stable Net charge-offs $184MM; 52 bps ■ Net charge-offs down modestly ■ ACL will continue to benefit from Non-Core run off CET1 ratio(2) 10.7% ■ ~10.5%; ~$250MM to $300MM of share repurchases in 3Q Tax rate 20.3% ■ ~20-21% FY2024 Commentary ■ PPNR tracking broadly in-line with the January guidance range – Revenues broadly in-line, with NII trending towards the upper end of the range reflecting lower loan balances, and fees a little higher; expenses broadly in-line – Expect NII/NIM to rebound in 4Q24, with a return to positive operating leverage in 4Q24 ■ Net charge-offs consistent with January expectations ■ Expect minimal impact from Notable items on reported results in the second half of 2024 ■ Assumes 25 bp Fed rate cut in September and December with YE2024 Fed Funds target of 5% *Incorporates impact of July 2024 forward starting swaps


 
19 Citizens is an attractive investment opportunity Citizens continues to have a series of unique initiatives that will lead to relative medium-term outperformance – Transformed Consumer Bank with further deposit growth and Wealth revenue potential; well positioned in NYC metro to gain market share; performance tracking well – Best-positioned Commercial Bank ready to serve private capital and high-growth sectors of the U.S. economy – Building premier Wealth/Private Bank franchise - gathering momentum through 2024; added leading Private Wealth teams in San Francisco and Boston accelerating AUM growth Citizens has robust capital, liquidity and funding position Citizens has performed well since the IPO given its sound strategy, capable and experienced leadership and a strong customer-focused culture – Track record of strong execution – Commitment to operating and financial discipline; TOP 9 progressing well, planning TOP 10 – Excellence in our capabilities, highly competitive with mega-banks and peers Citizens is well positioned to deliver ~16 to 18% ROTCE over the medium-term given strategic initiatives and 2025 to 2027 NII tailwinds – Committed to maintaining our strong capital and liquidity position, while further strengthening funding and performance with balance sheet optimization, including Non-Core strategy – Relative strength allows Citizens to take advantage of opportunities – Focused on deploying capital to best relationship/highest risk-adjusted return areas – Flexibility to support customers and invest while continuing to return capital to shareholders; repurchased $200 million of common shares in 2Q24 – Significant NII tailwind from Non-Core and swaps over the medium term; target NIM range 3.25 to 3.40% – Private Bank results go from net investment position towards 20%+ ROTCE – Current significant drag from Non-Core dissipates with time


 
Appendix


 
21 Net income available to common shareholders and EPS $s in millions, except per share data é2% $683 $694 1Q24 2Q24 Linked-quarter Underlying results(1) Return on average total tangible assets Return on average tangible common equity Average loans $s in billions Average deposits $s in billions ê1% $3.5 2 $3.5 6 é4% $144.8 $143.1 1Q24 2Q24 $176.1 $173.7 1Q24 2Q24 0.94% 0.94% 0.75% 0.78% 1Q24 2Q24 12.8% 12.9% 10.6% 11.1% 1Q24 2Q24 $365 $373 $0.79 $0.82 1Q24 2Q24 é2% Pre-provision profit $s in millions See pages 33-34 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 32. é44 bps é3 bpsê1%


 
22 $861 $694 2Q23 2Q24 Year-over-year Underlying results Return on average total tangible assets ê19% Average loans $s in billions ê7% Net income available to common shareholders and EPS $s in millions, except per share data Return on average tangible common equity Average deposits $s in billions $3.5 2 ê21 bps $3.5 6 $153.7 $143.1 2Q23 2Q24 $173.2 $173.7 2Q23 2Q24 1.18% 0.94% 0.99% 0.78% 2Q23 2Q24 15.5% 12.9% 13.9% 11.1% 2Q23 2Q24 stable Pre-provision profit $s in millions ê284 bps $497 $373 $1.04 $0.82 2Q23 2Q24 See pages 33-34 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 32. ê21% ê25%


 
23 $(50) $— $50 $100 $150 $200 $250 Significant NII contribution from Non-Core and swaps in 2025 and beyond given run off and lower rates Terminated swaps (fixed impact; not dependent on rates) Active swaps (received fixed only) - impact based on forward curve Expected incremental quarterly NII & NIM contribution from Non-Core and receive-fixed swaps portfolio relative to 2Q24 Non-Core portfolio Net impact $(75) $(50) $(25) $— $25 $50 $75 $100 $125 $150 $175 $200 $225 $250 *Non-Core includes benefit from denominator effects which accounts for ~65% of the NIM tailwind by 4Q27 4Q24 4Q25 4Q26 4Q272Q24 to 4Q27 NIM Tailwind Non-Core* ~18 bps Terminated swaps ~22 bps Active swaps ~24 bps Total ~64 bps - ~1 bps + ~29 bps Medium-term CFG NIM range Net Cumulative NIM Impact ~3.25-3.40% + ~64 bps Receive-fixed active swaps $ (117) Terminated swaps (115) Total swaps (232) Non-Core (31) Total NII $ (263) Net NIM impact ~(68) bps 2Q24 NII contribution $s in millions $s in millions + ~58 bps ~$(28) ~$100 ~$237 ~$263 ■ 2Q24 NIM of 2.87% expected to benefit ~64 bps by 4Q27 from Non-Core and swaps, partially offset by a ~15-25 bps impact of an asset sensitive core balance sheet, resulting in a medium-term NIM outlook of 3.25-3.40% ■ Assumes Fed Funds at ~5% by YE2024 and trending toward ~3.50% by YE2027 Medium-term NIM


 
24 ■ Maintaining significant protection to downside in rates well into 2026 Interest rate swaps $16.5 $25.8 $30.1 $22.3 $8.6 2023 2024 2025 2026 2027 $21.1 $19.9 $27.5 $28.5 1Q24 2Q24 3Q24 4Q24 W.A. receive-fixed rate at 6/30/24 3.7% 3.1% 3.1% 3.1% 4.2% 3.2% 3.2% 3.5% 3.8% NII impact from active swaps ($MM)* $(87) $(117) $(166) $(153) $(123) $(523) $(343) $(66) $19 NII impact from terminated swaps ($MM) $(115) $(115) $(115) $(114) $(441) $(459) $(426) $(229) $(40) Total NII impact ($MM) $(202) $(232) $(281) $(267) $(564) $(982) $(769) $(295) $(21) Protecting NII from adverse outcomes while reducing earnings volatility through economic cycles Receive-fixed cash flow swaps (avg. notional in $ billions at 6/30/24) ■ Increase in the 2024 swap position is incorporated in the FY2024 NII guidance ■ Significant tailwind to NII over 2025 to 2027 as swaps run off and the Fed normalizes rates – Estimated incremental annual benefit of ~$213 million in 2025; ~$474 million in 2026; and ~$274 million in 2027 – The funded balance sheet is inherently asset sensitive which partly offsets these benefits *Includes impacts from variation margin and daily compounding effects with SOFR


 
25 AOCI accretion Protecting CET1 - AFS marks; duration decreasing with securities portfolio hedging; less sensitivity to rates. Illustrate how sensitivity to a 50 bp move has fallen from 12/31/22 to 9/30/23 to 12/31/23 ...As recent actions limit AOCI volatility to protect capital $(2.5) $(2.1) $(1.6) $(1.4) $(0.3) $(0.3) $(0.3) $(0.3) $(1.3) $(0.8) $(0.2) Swaps Pension Securities 6/30/2024 12/31/2024 12/31/2025 12/31/2026 $(4.1) $(3.2) $(2.2) $(1.7) ~59% TCE CET1(2) $(2.8) $(2.4) $(2.0) $(1.7) Commentary ■ Expect significant capital generation via accretion to AOCI as unrealized losses "burn off" – ~$1.1 billion in unrealized losses related to securities and pension expected to "burn off" by YE2026, adding ~70 bps to the CET1 ratio adjusted for AOCI opt-out removal(4) ■ Portfolio management actions focused on reducing duration of securities to protect capital by limiting volatility in AOCI – Immediate 50 bps parallel increase in rates would negatively impact CET1 ratio adjusted for AOCI opt-out removal by ~20 bps Burn-off by YE2026~40% (1) Select totals may not sum due to rounding (2) CET1 adjusted for AOCI opt-out removal accretion based on forward curve with YE2024 Fed Funds target of ~5%, and trending toward ~3.50% by YE2027 (3) Unrealized losses in swap portfolio includes both active and terminated swaps (4) CET1 ratio impact for illustrative purposes assumes the RWA balance at 6/30/24 Projected accretion to TCE and CET1 adjusted for AOCI opt-out removal(1) Accretes to CET1(2) (3)


 
26 Focusing on relationship-based lending with attractive risk-adjusted returns ■ Non-Core portfolio of $8.9 billion retail loans as of June 30, 2024 – $1.1 billion decline in 2Q24 – ~4.4% WA loan yield (~98% fixed rate); ~5.7% WA funding cost ■ Retail products targeted for growth include areas with greatest relationship potential – Home equity, card, mortgage ■ Commercial BSO activities focused on exiting lower- return, credit-only relationships; selectively originating C&I loans with multi-product relationship potential Non-Core portfolio update Non-Core portfolio Enhancing risk profile, liquidity and returns $9.9 $8.9 $7.2 $4.6 $7.3 $6.4 $5.0 $2.8 $2.6 $2.5 $2.2 $1.8 Education and Other Retail (Purchased) Indirect Auto 1Q24 2Q24 4Q24 4Q25 Commentary $s in billions


 
27 $71.9B Commercial credit portfolio See pages 33-34 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 32. Commercial portfolio risk ratings(4) $s in billions 60% 56% 57% 18% 17% 16% 16% 20% 19% 6% 7% 8% 2Q23 1Q24 2Q24 B- and lower B+ to B BB+ to BB- AAA+ to BBB- $71.9 Highlights $72.8($ in billions) Balances % of total CFG C&I Finance and Insurance Capital call facilities $ 5.6 4 % Other Finance and Insurance 5.5 4 Other Manufacturing 3.8 3 Technology 3.5 2 Accommodation and Food Services 2.6 2 Health, Pharma, Social Assistance 2.4 2 Professional, Scientific, and Technical Services 2.3 2 Wholesale Trade 2.4 2 Retail Trade 2.1 1 Other Services 2.2 1 Energy & Related 2.0 1 Rental and Leasing 1.1 1 Consumer Products Manufacturing 0.9 1 Administrative and Waste Management Services 1.4 1 Arts, Entertainment, and Recreation 1.6 1 Automotive 1.0 1 Other (1) 3.2 2 Total C&I(2) $ 43.6 31 % CRE Multi-family $ 9.7 7 % Office 5.6 4 Credit tenant lease and life sciences(3) 2.3 2 Other general office 3.3 2 Industrial 3.7 3 Retail 3.3 2 Co-op 1.8 1 Data Center 0.7 1 Hospitality 0.4 — Other (1) 3.1 2 Total CRE $ 28.3 20 % Total Commercial loans & leases $ 71.9 51 % Total CFG $ 141.8 Diverse and granular portfolio ■ Disciplined capital allocation and risk appetite – Highly experienced leadership team – Focused client selection ■ C&I portfolio has focused growth on larger, mid-corporate customers, thereby improving overall asset quality ■ Leveraged loans ~1.7% of total CFG loans, granular hold positions with an average outstanding of ~$13 million ■ CRE portfolio is well diversified across asset type, geography, and borrowers with the emphasis on strong sponsor selection $78.3


 
28 Suburban Class C 2% CBD Class C 5% Suburban Class A 39% CBD Class A 14% Suburban Class B 29% CBD Class B 11% 53% 100% 88% 100% 58% 76% 41% 3% 78% 100% 47% 12% 42% 24% 59% 97% 22% New York, NY Washington, DC Dallas, TX Los Angeles, CA Atlanta, GA Philadelphia, PA Boston, MA Chicago, IL Baltimore, MD Phoenix, AZ Suburban CBD NY 14.0% VA 11.6% NJ 10.7% CA 9.2% TX 8.4% MD 6.5% PA 5.1% GA 4.9% MA 3.8% OH 3.6% IL 3.4% AZ 2.8% CO 2.6% MN 2.3% NC 2.3% Other 8.8% Commercial Real Estate - $5.6B Office portfolio: well diversified $3.3B General Office by state Other WA CT FL VT MO DC MI IN UT SC RI DE 24% 17% 59% General Office $3.3B Credit Tenant $1.3B Life Sciences $1.0B Property type $3.3B General Office class & location Top 10 General Office MSA breakdown Outstanding *Manhattan is ~$114 million $ 777 476 198 193 161 145 119 111 98 92 $ in millions (As of 6/30/24)


 
29 43% 44% 45% 32% 31% 31% 16% 16% 15% 4% 4% 4% 5% 5% 5% 2Q23 1Q24 2Q24 45% 22% 10% 4% 12% 7% $69.9B Retail credit portfolio 800+ 740-799 680-739 640-679 <640 $69.9 $s in billions $70.4 Home equity Retail loans(1) Residential mortgage Auto Education - in school Education - refinance Other retail ~95% of retail portfolio > 680 Super-prime/prime* ~77% of retail portfolio Secured ■ Mortgage – FICO ~785 – Weighted-average LTV of ~53% ■ Home equity – FICO ~765 – ~34% secured by 1st lien – ~98% CLTV less than 80% – ~85% CLTV less than 70% ■ Auto – FICO ~740 ■ Education – FICO ~790 ■ Other retail: – Credit card – FICO ~735 – Citizens Pay – FICO ~730; incorporates loss sharing High quality, diverse portfolio * Super-prime/prime defined as FICO of 680 or above at origination See pages 33-34 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 32. Retail portfolio FICOs(2) $73.0


 
30 Allocation of allowance for credit losses by product type June 30, 2024 March 31, 2024 $s in millions Loans and Leases Allowance Coverage Loans and Leases Allowance Coverage Commercial and industrial(1)(2) $ 43,623 $690 1.58 % $ 43,951 $691 1.57 % Commercial real estate 28,311 739 2.61 28,872 734 2.54 Total commercial 71,934 1,429 1.99 72,823 1,425 1.96 Residential mortgages 31,890 172 0.54 31,512 171 0.54 Home equity 15,534 129 0.83 15,113 129 0.86 Automobile 6,383 33 0.52 7,277 42 0.57 Education 11,265 258 2.29 11,646 267 2.29 Other retail 4,836 285 5.89 4,817 274 5.70 Total retail loans 69,908 877 1.25 70,365 883 1.25 Allowance for credit losses(3) $141,842 $2,306 1.63 % $143,188 $2,308 1.61 % See pages 33-34 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 32.


 
31 Delinquency by product type See pages 33-34 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 32. June 30, 2024 (%) March 31, 2024 (%) 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(1) 99.28 % 0.06 % 0.04 % 0.02 % 0.60 % 99.05 % 0.17 % 0.06 % 0.05 % 0.67 % Commercial real estate 96.87 0.25 0.36 0.13 2.39 96.76 1.01 0.02 0.14 2.07 Total commercial 98.33 0.14 0.16 0.06 1.31 98.14 0.50 0.05 0.09 1.22 Residential mortgages(2) 98.52 0.29 0.14 0.57 0.48 97.56 0.86 0.37 0.66 0.55 Home equity 97.50 0.51 0.19 — 1.80 97.40 0.52 0.17 — 1.91 Automobile 96.98 1.77 0.56 — 0.69 97.36 1.58 0.41 — 0.65 Education 99.01 0.33 0.18 0.02 0.46 99.23 0.34 0.16 0.02 0.25 Other retail 97.33 0.83 0.58 0.02 1.24 97.10 0.89 0.62 0.56 0.83 Total retail 98.15 0.52 0.23 0.26 0.84 97.75 0.78 0.31 0.34 0.82 Total 98.24 % 0.33 % 0.19 % 0.16 % 1.08 % 97.94 % 0.64 % 0.18 % 0.21 % 1.03 %


 
32 Notable items(1) Quarterly results reflect notable items primarily related to integration costs associated with recent acquisitions, as well as TOP revenue and efficiency initiatives and other items. In addition, second quarter 2024 and first quarter 2024 include a notable item for the FDIC special assessment. These notable items have been excluded from reported results to better reflect Underlying operating results. See pages 33-34 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described above. Notable items - Integration-related 2Q24 1Q24 2Q23 $s in millions, except per share data Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Salaries & benefits $ (3) $ (2) $ (2) $ (1) $ (2) $ (1) Equipment and software — — — — (1) (1) Outside services — — (1) (1) (11) (8) Occupancy — — — — (25) (18) Other expense — — — — — — Noninterest expense $ (3) $ (2) $ (3) $ (2) $ (39) $ (28) EPS Impact - Noninterest expense $ (0.01) $ (0.01) $ (0.06) Total Integration Costs $ (3) $ (2) $ (3) $ (2) $ (39) $ (28) EPS Impact - Total Integration-related $ (0.01) $ (0.01) $ (0.06) Other notable items - TOP & Other 2Q24 1Q24 2Q23 $s in millions, except per share data Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Tax notable items $ — $ 7 $ — $ — $ — $ — Noninterest income $ 4 $ 3 $ 3 $ 2 $ — $ — Salaries & benefits $ (5) $ (4) $ (15) $ (11) $ (12) $ (9) Equipment and software (4) (3) (8) (6) (3) (2) Outside services (10) (7) (11) (9) (10) (7) Occupancy (6) (4) (7) (5) (5) (4) FDIC Assessment(1) (5) (4) (35) (26) — — Other expense (3) (2) (6) (4) (4) (3) Noninterest expense $ (33) $ (24) $ (82) $ (61) $ (34) $ (25) Total Other Notable Items $ (29) $ (14) $ (79) $ (59) $ (34) $ (25) EPS Impact - Other Notable Items $ (0.03) $ (0.13) $ (0.06) Total Notable Items $ (32) $ (16) $ (82) $ (61) $ (73) $ (53) Total EPS Impact $ (0.04) $ (0.14) $ (0.12) (1) The FDIC special assessment earnings per share impact is $(0.01) and $(0.05) for second quarter 2024 and first quarter 2024, respectively. Notable items 2Q24 1Q24 2Q23 $s in millions, except per share data Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Integration-related Salaries & benefits $ (3) $ (2) $ (2) $ (1) $ (2) $ (1) Equipment and software — — — — (1) (1) Outside services — — (1) (1) (11) (8) Occupancy — — — — (25) (18) Other expense — — — — — — Net integration-related $ (3) $ (2) $ (3) $ (2) $ (39) $ (28) EPS Impact - Total Integration-related $ (0.01) $ (0.01) $ (0.06) TOP-related Card fee income $ 4 $ 3 $ 3 $ 2 $ — $ — Salaries & benefits $ (2) $ (1) $ (3) $ (2) $ (12) $ (9) Equipment and software (4) (3) (8) (6) (3) (2) Outside services (10) (7) (11) (9) (10) (7) Occupancy (6) (4) (7) (5) (5) (4) Other expense (3) (2) (6) (4) (4) (3) Net TOP-related $ (21) $ (14) $ (32) $ (24) $ (34) $ (25) EPS Impact - TOP-related $ (0.04) $ (0.14) $ (0.02) Other items Tax notable items $ — $ 7 $ — $ — $ — $ — FDIC Assessment(1) (5) (4) (35) (26) — — Other efficiencies (Severance / Salaries & Benefits) (13) (10) (27) (20) — — Net Other items $ (18) $ (7) $ (62) $ (46) $ — $ — EPS Impact - Other items $ 0.01 $ 0.01 Total Notable Items $ (32) $ (16) $ (82) $ (61) $ (73) $ (53) Total EPS Impact $ (0.04) $ (0.14) $ (0.12) (1) The FDIC special assessment earnings per share impact is $(0.06) and $(0.35) for first quarter 2024 and fourth quarter 2023, respectively.


 
33 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 a reference to Underlying results in a paragraph or table, all measures that follow these references are on the same basis, when applicable. Allowance coverage ratios for loans and leases includes the allowance for funded loans and leases in the numerator and funded loans and leases in the denominator. Allowance coverage ratios for credit losses includes the allowance for funded loans and leases and allowance for unfunded lending commitments in the numerator and funded loans and leases in the denominator. General Notes a. References to net interest margin are on a fully taxable equivalent ("FTE") basis. b. Throughout this presentation, references to consolidated and/or commercial loans and loan growth include leases. Loans held for sale are also referred to as LHFS. c. Select totals may not sum due to rounding. d. Based on Basel III standardized approach. Capital Ratios are preliminary. e. Throughout this presentation, reference to balance sheet items are on an average basis and loans exclude held for sale unless otherwise noted. Notes Notes on slide 3 - 2Q24 GAAP Summary 1) See general note a). Notes on slide 4 - 2Q24 Underlying financial summary 1) See note on non-GAAP financial measures. Notes on slide 5 - 2Q24 Underlying financial performance detail 1) See note on non-GAAP financial measures. 2) Legacy Core consists of Commercial, Consumer excluding Private Bank and Non-Core, and Other. 3) At June 30, 2024, the Non-Core segment was fully funded with marginal high-cost funding comprised of FHLB, collateralized auto debt, and brokered certificates of deposit. 4) See general note a). 5) See general note d). Notes on slide 6 - 2Q24 Overview 1) See note on non-GAAP financial measures. 2) See general note d). Notes on slide 8 - Noninterest income 1) See note on non-GAAP financial measures. 2) Effective for 2Q24, Trust and investment services fees was renamed to Wealth fees to better reflect the broad range of wealth-related management fees and services provided to our customers. 3) Includes bank-owned life insurance income and other miscellaneous income for all periods presented. 4) See above note on non-GAAP financial measures. See Notable Items slide 32 for more detail. Notes on slide 9 - Noninterest expense 1) See above note on non-GAAP financial measures. See Notable Items slide 32 for more detail. Notes on slide 12 - Highly diversified and retail-oriented deposit base 1) Estimated based on available company disclosures. 2) Includes collateralized state and municipal balances and excludes bank and nonbank subsidiaries. 3) Includes branch-based checking with interest and savings. Notes on slide 13 - Credit quality overview 1) Allowance for credit losses to nonaccrual loans and leases. Notes on slide 14 - Allowance for credit losses 1) Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation. Notes on slide 15 - Strong capital position 1) See general note d). 2) For regulatory capital purposes, we have elected to delay the estimated impact of CECL on regulatory capital for a two-year period ended December 31,2021, followed by a three-year transition period ending December 31, 2024. As of December 31, 2021, the modified CECL transition amount was $384 million and is being transitioned out of regulatory capital over a three-year period. 3) See general note c). Notes on slide 16 - Capital level remains near top of the peer group 1) See general note d).


 
34 Notes continued Notes on slide 17 - Well positioned for the future 1) Compounded annual growth rate is calculated using 1H24 annualized results. Notes on slide 18 - 3Q24 outlook vs. 2Q24 1) See note on non-GAAP financial measures. 2) See general note d). Notes on slide 21 - Linked-quarter Underlying results 1) See note on non-GAAP financial measures. Notes on slide 22 - Year-over-year Underlying results 1) See note on non-GAAP financial measures. Notes on slide 27 - $71.9B Commercial credit portfolio 1) Includes deferred fees and costs. 2) Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation. 3) Credit tenant lease includes loans to nationally recognized tenants with high credit ratings and life sciences includes loans to provide lab and office space for tenants involved in the study and development of scientific discoveries. 4) Reflects period end balances. Notes on slide 29 - $69.9B Retail credit portfolio 1) See general note c). 2) Reflects period end balances. Notes on slide 30 - Allocation of allowance for credit losses by product type 1) Coverage ratio includes total commercial allowance for unfunded lending commitments and total commercial allowance for loan and lease losses in the numerator and total commercial loans and leases in the denominator. 2) Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation. 3) Coverage ratio reflects total allowance for credit losses for the respective portfolio. Notes on slide 31 - Delinquency by product type 1) Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation. 2) 90+ days past due and accruing includes $168 million,$202 million, and $256 million of loans fully or partially guaranteed by the FHA, VA, and USDA for June 30, 2024, March 31, 2024, and June 30, 2023, respectively. Notes on slide 32 - Notable items 1) See note on non-GAAP financial measures. Notes on slide 43 - Non-GAAP financial measures and reconciliations excluding Private Bank & Non-Core* 1) Consumer Banking excludes Private Bank. 2) Legacy Core consists of Commercial, Consumer excluding Private Bank and Non-Core, and Other. 3) At June 30, 2024, the Non-Core segment was fully funded with marginal high-cost funding comprised of FHLB, collateralized auto debt, and brokered certificates of deposit. 4) See general note a). 5) See general note d).


 
35 Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS 2Q24 Change 2Q24 1Q24 2Q23 1Q24 2Q23 $ % $ % Noninterest income, Underlying: Noninterest income (GAAP) A $553 $517 $506 $36 7% $47 9% Less: Notable items 4 3 — 1 33 4 100 Noninterest income, Underlying (non-GAAP) B $549 $514 $506 $35 7% $43 8% Total revenue, Underlying: Total revenue (GAAP) C $1,963 $1,959 $2,094 $4 —% ($131) (6%) Less: Notable items 4 3 — 1 33 4 100 Total revenue, Underlying (non-GAAP) D $1,959 $1,956 $2,094 $3 —% ($135) (6%) Noninterest expense, Underlying: Noninterest expense (GAAP) E $1,301 $1,358 $1,306 ($57) (4%) ($5) —% Less: Notable items 36 85 73 (49) (58) (37) (51) Noninterest expense, Underlying (non-GAAP) F $1,265 $1,273 $1,233 ($8) (1%) $32 3% Pre-provision profit: Total revenue (GAAP) C $1,963 $1,959 $2,094 $4 —% ($131) (6%) Less: Noninterest expense (GAAP) E 1,301 1,358 1,306 (57) (4) (5) — Pre-provision profit (non-GAAP) $662 $601 $788 $61 10% ($126) (16%) Pre-provision profit, Underlying: Total revenue, Underlying (non-GAAP) D $1,959 $1,956 $2,094 $3 —% ($135) (6%) Less: Noninterest expense, Underlying (non-GAAP) F 1,265 1,273 1,233 (8) (1) 32 3 Pre-provision profit, Underlying (non-GAAP) $694 $683 $861 $11 2% ($167) (19%) Income before income tax expense, Underlying: Income before income tax expense (GAAP) G $480 $430 $612 $50 12% ($132) (22%) Less: Income (expense) before income tax expense (benefit) related to notable items (32) (82) (73) 50 61 41 56 Income before income tax expense, Underlying (non-GAAP) H $512 $512 $685 $— —% ($173) (25%) Income tax expense, Underlying: Income tax expense (GAAP) I $88 $96 $134 ($8) (8%) ($46) (34%) Less: Income tax expense (benefit) related to notable items (16) (21) (20) 5 24 4 20 Income tax expense, Underlying (non-GAAP) J $104 $117 $154 ($13) (11%) ($50) (32%) Net income, Underlying: Net income (GAAP) K $392 $334 $478 $58 17% ($86) (18%) Add: Notable items, net of income tax benefit 16 61 53 (45) (74) (37) (70) Net income, Underlying (non-GAAP) L $408 $395 $531 $13 3% ($123) (23%) Net income available to common stockholders, Underlying: Net income available to common stockholders (GAAP) M $357 $304 $444 $53 17% ($87) (20%) Add: Notable items, net of income tax benefit 16 61 53 (45) (74) (37) (70) Net income available to common stockholders, Underlying (non-GAAP) N $373 $365 $497 $8 2% ($124) (25%)


 
36 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 2Q24 Change 2Q24 1Q24 2Q23 1Q24 2Q23 $/bps % $/bps % Operating leverage: Total revenue (GAAP) C $1,963 $1,959 $2,094 $4 0.27% ($131) (6.26%) Less: Noninterest expense (GAAP) E 1,301 1,358 1,306 (57) (4.15) (5) (0.36) Operating leverage 4.42% (5.90%) Operating leverage, Underlying: Total revenue, Underlying (non-GAAP) D $1,959 $1,956 $2,094 $3 0.17% ($135) (6.48%) Less: Noninterest expense, Underlying (non-GAAP) F 1,265 1,273 1,233 (8) (0.54) 32 2.63 Operating leverage, Underlying (non-GAAP) 0.71% (9.11%) Efficiency ratio and efficiency ratio, Underlying: Efficiency ratio E/C 66.27 % 69.33% 62.34 % (306) bps 393 bps Efficiency ratio, Underlying (non-GAAP) F/D 64.59 65.05 58.86 (46) bps 573 bps Effective income tax rate and effective income tax rate, Underlying: Effective income tax rate I/G 18.49% 22.28% 22.09 % (379) bps (360) bps Effective income tax rate, Underlying (non-GAAP) J/H 20.33 22.84 22.51 (251) bps (218) bps Return on average tangible common equity and return on average tangible common equity, Underlying: Average common equity (GAAP) O $21,427 $21,700 $22,289 ($273) (1%) ($862) (4%) Less: Average goodwill (GAAP) 8,188 8,188 8,182 — — 6 — Less: Average other intangibles (GAAP) 144 153 181 (9) (6) (37) (20) Add: Average deferred tax liabilities related to goodwill (GAAP) 432 433 422 (1) — 10 2 Average tangible common equity P $13,527 $13,792 $14,348 ($265) (2%) ($821) (6%) Return on average tangible common equity M/P 10.61 % 8.86% 12.42 % 175 bps (181) bps Return on average tangible common equity, Underlying (non-GAAP) N/P 11.09 10.65 13.93 44 bps (284) bps Return on average total assets and return on average total assets, Underlying: Average total assets (GAAP) Q $219,222 $220,770 $222,373 ($1,548) (1%) ($3,151) (1%) Return on average total assets K/Q 0.72 % 0.61% 0.86 % 11 bps (14) bps Return on average total assets, Underlying (non-GAAP) L/Q 0.75 0.72 0.96 3 bps (21) bps $s in millions, except share, per share and ratio data


 
37 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 2Q24 Change 2Q24 1Q24 2Q23 1Q24 2Q23 $/bps % $/bps % Return on average total tangible assets and return on average total tangible assets, Underlying: Average total assets (GAAP) Q $219,222 $220,770 $222,373 ($1,548) (1%) ($3,151) (1%) Less: Average goodwill (GAAP) 8,188 8,188 8,182 — — 6 — Less: Average other intangibles (GAAP) 144 153 181 (9) (6) (37) (20) Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 432 433 422 (1) — 10 2 Average tangible assets R $211,322 $212,862 $214,432 ($1,540) (1%) ($3,110) (1%) Return on average total tangible assets K/R 0.75 % 0.63% 0.89 % 12 bps (14) bps Return on average total tangible assets, Underlying (non-GAAP) L/R 0.78 0.75 0.99 3 bps (21) bps Tangible book value per common share: Common shares - at period-end (GAAP) S 452,961,853 458,485,032 474,682,759 (5,523,179) (1%) (21,720,906) (5%) Common stockholders' equity (GAAP) $21,757 $21,747 $21,571 $10 — $186 1 Less: Goodwill (GAAP) 8,187 8,188 8,188 (1) — (1) — Less: Other intangible assets (GAAP) 139 148 175 (9) (6) (36) (21) Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP) 435 433 422 2 — 13 3 Tangible common equity T $13,866 $13,844 $13,630 $22 —% $236 2% Tangible book value per common share T/S $30.61 $30.19 $28.72 $0.42 1% $1.89 7% Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying: Average common shares outstanding - basic (GAAP) U 454,142,489 461,358,681 479,470,543 (7,216,192) (2%) (25,328,054) (5%) Average common shares outstanding - diluted (GAAP) V 456,561,022 463,797,964 480,975,281 (7,236,942) (2) (24,414,259) (5) Net income per average common share - basic (GAAP) M/U $0.79 $0.66 $0.93 $0.13 20 ($0.14) (15) Net income per average common share - diluted (GAAP) M/V 0.78 0.65 0.92 0.13 20 (0.14) (15) Net income per average common share - basic, Underlying (non-GAAP) N/U 0.82 0.79 1.04 0.03 4 (0.22) (21) Net income per average common share - diluted, Underlying (non- GAAP) N/V 0.82 0.79 1.04 0.03 4 (0.22) (21) Dividend payout ratio and dividend payout ratio, Underlying: Cash dividends declared and paid per common share W $0.42 $0.42 $0.42 $— —% $— —% Dividend payout ratio W/(M/U) 53 % 64 % 45 % (1,048) bps 816 bps Dividend payout ratio, Underlying (non-GAAP) W/(N/U) 51 53 40 (200) bps 1,100 bps $s in millions, except share, per share and ratio data


 
38 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 2Q24 Change 2Q24 1Q24 2Q23 1Q24 2Q23 $/bps % $/bps % Card fees, Underlying: Card fees (GAAP) $92 $86 $80 $6 7% $12 15% Less: Notable items 4 3 — 1 33 4 100 Card fees, Underlying (non-GAAP) $88 $83 $80 $5 6% $8 10% Salaries and employee benefits, Underlying: Salaries and employee benefits (GAAP) $645 $691 $615 ($46) (7%) $30 5% Less: Notable items 8 17 14 (9) (53) (6) (43) Salaries and employee benefits, Underlying (non-GAAP) $637 $674 $601 ($37) (5%) $36 6% Equipment and software, Underlying: Equipment and software (GAAP) $190 $192 $181 ($2) (1%) $9 5% Less: Notable items 4 8 4 (4) (50) — — Equipment and software, Underlying (non-GAAP) $186 $184 $177 $2 1% $9 5% Outside services, Underlying: Outside services (GAAP) $165 $158 $177 $7 4% ($12) (7%) Less: Notable items 10 12 21 (2) (17) (11) (52) Outside services, Underlying (non-GAAP) $155 $146 $156 $9 6% ($1) (1%) Occupancy, Underlying: Occupancy (GAAP) $113 $114 $136 ($1) (1%) ($23) (17%) Less: Notable items 6 7 30 (1) (14) (24) (80) Occupancy, Underlying (non-GAAP) $107 $107 $106 $— —% $1 1% Other operating expense, Underlying: Other operating expense (GAAP) $188 $203 $197 ($15) (7%) ($9) (5%) Less: Notable items 8 41 4 (33) (80) 4 100 Other operating expense, Underlying (non-GAAP) $180 $162 $193 $18 11% ($13) (7%) $s in millions, except share, per share and ratio data


 
39 Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS 4Q23 3Q23 Noninterest income, Underlying: Noninterest income (GAAP) A $500 $492 Less: Notable items — — Noninterest income, Underlying (non-GAAP) B $500 $492 Total revenue, Underlying: Total revenue (GAAP) C $1,988 $2,014 Less: Notable items — — Total revenue, Underlying (non-GAAP) D $1,988 $2,014 Noninterest expense, Underlying: Noninterest expense (GAAP) E $1,612 $1,293 Less: Notable items 345 22 Noninterest expense, Underlying (non-GAAP) F $1,267 $1,271 Efficiency ratio and efficiency ratio, Underlying: Efficiency ratio E/C 81.1 % 64.2% Efficiency ratio, Underlying (non-GAAP) F/D 63.8 63.1


 
40 Non-GAAP financial measures and reconciliations - CET1 adjusted for AOCI opt-out removal 2Q24 1Q24 CET1 Ratio adjusted for AOCI opt-out removal CET1 capital $ 18,086 $ 18,090 Less: AFS securities - AOCI 1,716 1,687 HTM securities - AOCI(1) 795 810 DTA for AFS/HTM securities 13 12 Pension 322 324 DTA for Pension 1 1 CET 1 capital adjusted for AOCI opt-out removal A $15,239 $15,256 Risk-weighted assets 168,393 170,125 Less: HTM securities - AOCI 140 142 AFS securities - AOCI 285 282 DTA for AFS/HTM securities (2,083) (2,062) Pension 322 324 DTA for Pension (291) (292) Risk-weighted assets adjusted for AOCI opt-out removal B $170,020 $171,731 CET1 Ratio adjusted for AOCI opt-out removal A/B 9.0 % 8.9 % $s in millions, except share, per share and ratio data (1) "HTM securities - AOCI" refers to unrealized losses recognized on securities before transfer to HTM


 
41 Non-GAAP financial measures and reconciliations excluding Private Bank & Non-Core $s in millions, except share, per share and ratio data QUARTERLY TRENDS 2Q24 1Q24 2Q23 Net income available to common stockholders, Underlying: Net income available to common stockholders (GAAP) $357 $304 $444 Add: Notable items, net of income tax benefit 16 61 53 Net income available to common stockholders, Underlying (non-GAAP) A $373 $365 $497 Private Bank Net income available to common stockholders, (GAAP) (12) (16) (5) Less: Private Bank Notable Items — (1) (4) Private Bank Net income available to common stockholders, Underlying (non-GAAP) B ($12) ($15) ($1) Non-Core Net income available to common stockholders, (GAAP) C ($50) ($60) ($55) Net income available to common stockholders excluding Private Bank & Non-Core, Underlying (non-GAAP) D=(A-B-C) $435 $440 $553 Return on average tangible common equity and return on average tangible common equity, Underlying: Average common equity (GAAP) $21,427 $21,700 $22,289 Less: Average goodwill (GAAP) 8,188 8,188 8,182 Less: Average other intangibles (GAAP) 144 153 181 Add: Average deferred tax liabilities related to goodwill (GAAP) 432 433 422 Average tangible common equity E $13,527 $13,792 $14,348 Return on average tangible common equity excluding Private Bank & Non-Core, Underlying (non-GAAP) D/E 12.9 % 12.8 % 15.5 %


 
42 Non-GAAP financial measures and reconciliations excluding Private Bank & Non-Core $s in millions, except share, per share and ratio data QUARTERLY TRENDS 2Q24 1Q24 2Q23 Return on average total tangible assets and return on average total tangible assets, Underlying: Average total assets (GAAP) $219,222 $220,770 $222,373 Less: Average goodwill (GAAP) 8,188 8,188 8,182 Less: Average other intangibles (GAAP) 144 153 181 Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 432 433 422 Average tangible assets $211,322 $212,862 $214,432 Less: Private Bank Average total assets (GAAP) 1,208 800 — Less: Non-Core Average total assets (GAAP) 9,418 10,554 14,456 Average tangible assets excluding Private Bank & Non-Core, Underlying (non-GAAP) A $200,696 $201,507 $199,976 Net income, Underlying: Net income (GAAP) $392 $334 $478 Add: Notable items, net of income tax benefit 16 61 53 Net income, Underlying (non-GAAP) B $408 $395 $531 Private Bank Net income (GAAP) (12) (16) (5) Less: Private Bank Notables — (1) (4) Net income Private Bank, Underlying (non-GAAP) C ($12) ($15) ($1) Non-Core Net income (GAAP) D (50) (60) (55) Net income excluding Private Bank & Non-Core, Underlying (non-GAAP) E=B-C-D $470 $470 $587 Return on average total tangible assets excluding Private Bank & Non-Core, Underlying (non-GAAP) E/A 0.94 % 0.94 % 1.18 %


 
43 Non-GAAP financial measures and reconciliations excluding Private Bank & Non-Core* 2Q24 (GAAP) 2Q24 Notables 2Q24 (Non-GAAP) $s in millions Commercial Banking Consumer Banking(1) Other Legacy Core(2) Private Bank Non-Core Legacy Private Bank Non-Core Legacy Core Private Bank Non-Core Total Net interest income $ 494 $ 1,094 $ (173) $ 1,415 $ 26.2 $ (31) $ — $ — $ — $ 1,415 $ 26.2 $ (31) $ 1,410 Noninterest income 242 273 34 549 4.1 — 4.0 — — 545 4.1 — 549 Total revenue 736 1,367 (139) 1,964 30.3 (31) 4.0 — — 1,960 30.3 (31) 1,959 Noninterest Expense 311 869 49 1,229 46.5 26 36 0.4 — 1,193 46.1 26 1,265 Pre-provision profit 425 498 (188) 735 (16.2) (57) (32) (0.4) — 767 (15.8) (57) 694 Provision for credit losses 90 84 (2) 172 — 10 — — — 172 — 10 182 Income before income tax expense 335 414 (186) 563 (16.2) (67) (32) (0.4) — 595 (15.8) (67) 512 Income tax expense 76 106 (73) 109 (4.2) (17) (16) (0.1) — 125 (4.1) (17) 104 Net income 259 308 (113) 454 (12.0) (50) (16) (0.3) — 470 (11.7) (50) 408 Preferred dividends — — 35 35 — — — — — 35 — — 35 Net income available to common stockholders $ 259 $ 308 $ (148) $ 419 $ (12.0) $ (50) $ (16) $ (0.3) $ — $ 435 $ (11.7) $ (50) $ 373 Contribution to total CFG Diluted EPS $ 0.57 $ 0.67 $ (0.33) $ 0.91 $ (0.03) $ (0.10) $ (0.04) $ — $ — $ 0.95 $ (0.03) $ (0.10) $ 0.82 $s in billions Interest-earning assets (spot) $ 65 $ 68 $ 52 $ 185 $ 1.4 $ 9 $— $— $— $185 $1.4 $8.9 $195 Loans (spot) 64 66 2 132 1.4 9 — — — 132 1.4 8.9 142 Deposits (spot) 45 118 9 172 4.0 — — — — 172 4.0 — 176 Risk-weighted assets (spot) $ 87 $ 55 $ 16 $ 158 $ 1.6 $ 9 $— $— $— $158 $1.6 $8.9 $168 Performance metrics: Net interest margin, FTE(4) 3.04 % (1.36) % 3.04 % (1.36) % 2.87 % Loans-to-deposit ratio (spot) 76.4 % 34.5 % 76.4 % 34.5 % 80.4 % CET1 capital ratio(5) 11.5 % 11.5 % 10.7 % ROTCE 12.5 % 12.9 % 11.1 % Efficiency ratio 62.6 % 60.9 % 64.6 % Noninterest income as a % of total revenue 28.0 % 13.5 % 27.8 % 13.5 % 28.0 % (3) *Select totals may not sum due to rounding


 


 
















newcfglogomediuma01a21a.jpg


Financial Supplement

Second Quarter 2024





















1


Table of ContentsPage
Credit-Related Information:
The information in this Financial Supplement is preliminary and based on company data available at the time of the earnings presentation. It speaks only as of the particular date or dates included in the accompanying pages. The Company does not undertake an obligation to, and disclaims any duty to, update any of the information provided. Any forward-looking statements in this Financial Supplement are subject to the forward-looking statements language contained in the Company’s reports filed with the SEC pursuant to the Securities Exchange Act of 1934, which can be found on the SEC’s website (www.sec.gov) or on the Company’s website (www.citizensbank.com). The Company’s future financial performance is subject to the risks and uncertainties described in its SEC filings.
2


CONSOLIDATED FINANCIAL HIGHLIGHTS
(dollars in millions, except per share data)
QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
2Q24 Change2024 Change
2Q241Q244Q233Q232Q231Q242Q23202420232023
$/bps%$/bps%$/bps%
SELECTED OPERATING DATA
Total revenue$1,963 $1,959 $1,988 $2,014 $2,094 $4 — %($131)(6 %)$3,922 $4,222 ($300)(7 %)
Noninterest expense1,301 1,358 1,612 1,293 1,306 (57)(4)(5)— 2,659 2,602 57 
Profit before provision (benefit) for credit losses662 601 376 721 788 61 10 (126)(16)1,263 1,620 (357)(22)
Provision (benefit) for credit losses182 171 171 172 176 11 353 344 
NET INCOME392 334 189 430 478 58 17 (86)(18)726 989 (263)(27)
Net income, Underlying1
408 395 426 448 531 13 (123)(23)803 1,091 (288)(26)
Net income available to common stockholders357 304 159 400 444 53 17 (87)(20)661 932 (271)(29)
Net income available to common stockholders, Underlying1
373 365 396 418 497 (124)(25)738 1,034 (296)(29)
PER COMMON SHARE DATA
Basic earnings$0.79 $0.66 $0.34 $0.85 $0.93 $0.13 20 %($0.14)(15 %)$1.44 $1.93 ($0.49)(25 %)
Diluted earnings0.78 0.65 0.34 0.85 0.92 0.13 20 (0.14)(15)1.44 1.92 (0.48)(25)
Basic earnings, Underlying1
0.82 0.79 0.85 0.89 1.04 0.03 (0.22)(21)1.61 2.14 (0.53)(25)
Diluted earnings, Underlying1
0.82 0.79 0.85 0.89 1.04 0.03 (0.22)(21)1.60 2.14 (0.54)(25)
Cash dividends declared and paid per common share 0.42 0.42 0.42 0.42 0.42 — — — — 0.84 0.84 — — 
Book value per common share48.03 47.43 47.87 44.75 45.44 0.60 2.59 48.03 45.44 2.59 
Tangible book value per common share30.61 30.19 30.91 27.73 28.72 0.42 1.89 30.61 28.72 1.89 
Dividend payout ratio53 %64 %124 %49 %45 %(1,048) bps816  bps58 %44 %1,433  bps
Dividend payout ratio, Underlying1
51 53 49 47 40 (200) bps1,100  bps52 39 1,300  bps
COMMON SHARES OUTSTANDING
Average: Basic454,142,489 461,358,681 466,234,324 469,481,085 479,470,543 (7,216,192)(2 %)(25,328,054)(5 %)457,750,585 482,440,926 (24,690,341)(5 %)
   Diluted456,561,022 463,797,964 468,159,167 471,183,719 480,975,281 (7,236,942)(2)(24,414,259)(5)460,009,546 484,252,103 (24,242,557)(5)
Common shares at period-end452,961,853 458,485,032 466,418,055 466,221,795 474,682,759 (5,523,179)(1)(21,720,906)(5)452,961,853 474,682,759 (21,720,906)(5)
1 These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."

3


CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(dollars in millions, except per share data)
QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
2Q24 Change2024 Change
2Q241Q244Q233Q232Q231Q242Q23202420232023
$/bps%$/bps%$/bps%
FINANCIAL RATIOS
Net interest margin2.86 %2.90 %2.90 %3.03 %3.16 %(4) bps(30) bps2.88 %3.23 %(35) bps
Net interest margin, FTE1
2.87 2.91 2.91 3.03 3.17 (4)(30)2.89 3.23 (34) 
Return on average common equity6.70 5.63 2.96 7.50 8.00 107 (130)6.16 8.54 (238) 
Return on average common equity, Underlying2
7.00 6.77 7.41 7.82 8.97 23 (197)6.88 9.48 (260) 
Return on average tangible common equity10.61 8.86 4.72 12.00 12.42 175 (181)9.73 13.37 (364) 
Return on average tangible common equity, Underlying2
11.09 10.65 11.84 12.51 13.93 44 (284)10.87 14.84 (397) 
Return on average total assets0.72 0.61 0.33 0.78 0.86 11 (14)0.66 0.90 (24) 
Return on average total assets, Underlying2
0.75 0.72 0.76 0.81 0.96 (21)0.73 0.99 (26) 
Return on average total tangible assets0.75 0.63 0.35 0.81 0.89 12 (14)0.69 0.93 (24) 
Return on average total tangible assets, Underlying2
0.78 0.75 0.78 0.84 0.99 (21)0.76 1.03 (27) 
Effective income tax rate18.49 22.28 7.59 21.51 22.09 (379)(360)20.28 22.55 (227) 
Effective income tax rate, Underlying2
20.33 22.84 22.25 21.69 22.51 (251)(218)21.59 22.89 (130) 
Efficiency ratio66.27 69.33 81.13 64.21 62.34 (306)393 67.79 61.62 617  
Efficiency ratio, Underlying2
64.59 65.05 63.77 63.08 58.86 (46)573 64.82 58.34 648  
Noninterest income as a % of total revenue28.16 26.41 25.16 24.44 24.14 175 402 27.29 23.47 382 
Noninterest income as a % of total revenue, Underlying2
28.00 26.32 25.16 24.44 24.14 168 386 27.16 23.47 369  
CAPITAL RATIOS - PERIOD-END (PRELIMINARY)
CET1 capital ratio10.7 %10.6 %10.6 %10.4 %10.3 %
Tier 1 capital ratio12.0 11.8 11.8 11.5 11.4 
Total capital ratio14.0 13.8 13.7 13.4 13.3 
Tier 1 leverage ratio9.4 9.3 9.3 9.4 9.4 
Tangible common equity ratio6.5 6.5 6.7 5.9 6.3 
SELECTED BALANCE SHEET DATA
Loan-to-deposit ratio (period-end balances)80.43 %81.16 %82.30 %84.03 %85.17 %(73) bps(474) bps80.43 %85.17 %(474) bps
Loan-to-deposit ratio (average balances)82.38 82.24 83.54 85.46 88.73 14  bps(635) bps82.31 89.24 (693) bps
Full-time equivalent colleagues (period-end)17,510 17,354 17,570 18,214 18,468 156 (958)(5)17,510 18,468 (958)(5)
1Net interest margin is presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21%. The FTE impact is predominantly attributable to commercial loans for the periods presented.
2These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."




4


CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(dollars in millions)
QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
2Q24 Change2024 Change
2Q241Q244Q233Q232Q231Q242Q23202420232023
$%$%$%
INTEREST INCOME
Interest and fees on loans and leases$2,011 $2,051 $2,144 $2,166 $2,132 ($40)(2 %)($121)(6 %)$4,062 $4,179 ($117)(3 %)
Interest and fees on loans held for sale13 14 18 20 20 (1)(7)(7)(35)27 35 (8)(23)
Interest and fees on other loans held for sale12 (2)(33)(8)(67)10 17 (7)(41)
Investment securities417 399 339 290 267 18 150 56 816 533 283 53 
Interest-bearing deposits in banks130 140 171 111 100 (10)(7)30 30 270 169 101 60 
Total interest income2,575 2,610 2,676 2,595 2,531 (35)(1)44 5,185 4,933 252 
INTEREST EXPENSE
Deposits965 987 974 898 723 (22)(2)242 33 1,952 1,273 679 53 
Short-term borrowed funds22 (3)(43)(18)(82)11 28 (17)(61)
Long-term borrowed funds196 174 207 167 198 22 13 (2)(1)370 401 (31)(8)
Total interest expense1,165 1,168 1,188 1,073 943 (3)— 222 24 2,333 1,702 631 37 
Net interest income1,410 1,442 1,488 1,522 1,588 (32)(2)(178)(11)2,852 3,231 (379)(12)
NONINTEREST INCOME
Service charges and fees106 96 104 105 101 10 10 202 201 — 
Capital markets fees134 118 87 67 82 16 14 52 63 252 165 87 53 
Card fees92 86 70 74 80 12 15 178 152 26 17 
Wealth fees1
75 68 68 63 65 10 10 15 143 128 15 12 
Mortgage banking fees54 49 57 69 59 10 (5)(8)103 116 (13)(11)
Foreign exchange and derivative products39 36 43 48 44 (5)(11)75 92 (17)(18)
Letter of credit and loan fees43 42 42 43 43 — — 85 83 
Securities gains, net— (5)(100)(9)(100)14 (9)(64)
Other income10 17 20 18 23 (7)(41)(13)(57)27 40 (13)(33)
Total noninterest income553 517 500 492 506 36 47 1,070 991 79 
TOTAL REVENUE1,963 1,959 1,988 2,014 2,094 — (131)(6)3,922 4,222 (300)(7)
Provision (benefit) for credit losses182 171 171 172 176 11 353 344 
NONINTEREST EXPENSE
Salaries and employee benefits645 691 667 659 615 (46)(7)30 1,336 1,273 63 
Equipment and software190 192 215 191 181 (2)(1)382 350 32 
Outside services165 158 174 160 177 (12)(7)323 353 (30)(8)
Occupancy113 114 125 107 136 (1)(1)(23)(17)227 260 (33)(13)
Other operating expense188 203 431 176 197 (15)(7)(9)(5)391 366 25 
Total noninterest expense1,301 1,358 1,612 1,293 1,306 (57)(4)(5)— 2,659 2,602 57 
Income before income tax expense480 430 205 549 612 50 12 (132)(22)910 1,276 (366)(29)
Income tax expense88 96 16 119 134 (8)(8)(46)(34)184 287 (103)(36)
Net income$392 $334 $189 $430 $478 $58 17 %($86)(18 %)$726 $989 ($263)(27 %)
Net income, Underlying2
$408 $395 $426 $448 $531 $13 %($123)(23 %)$803 $1,091 ($288)(26 %)
Net income available to common stockholders$357 $304 $159 $400 $444 $53 17 %($87)(20 %)$661 $932 ($271)(29 %)
Net income available to common stockholders, Underlying2
$373 $365 $396 $418 $497 $8 %($124)(25 %)$738 $1,034 ($296)(29 %)
1 Effective for the second quarter of 2024, Trust and investment services fees was renamed to Wealth fees to better reflect the broad range of wealth-related management fees and services provided to our customers.
2 These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."
5


CONSOLIDATED BALANCE SHEETS (unaudited)
(dollars in millions, except par value)
PERIOD-END BALANCESAS OFJUNE 30, 2024 CHANGE
June 30, 2024Mar 31, 2024Dec 31, 2023Sept 30, 2023June 30, 2023March 31, 2024June 30, 2023
$%$%
ASSETS
Cash and due from banks$1,191 $1,098 $1,794 $1,395 $1,689 $93 %($498)(29 %)
Interest-bearing cash and due from banks10,580 10,501 9,834 14,005 9,878 79 702 
Interest-bearing deposits in banks559 392 405 324 284 167 43 275 97 
Debt securities available for sale, at fair value31,938 31,187 29,777 25,069 24,755 751 7,183 29 
Debt securities held to maturity8,895 9,054 9,184 9,320 9,520 (159)(2)(625)(7)
Loans held for sale, at fair value591 505 676 749 1,225 86 17 (634)(52)
Other loans held for sale92 50 103 99 196 42 84 (104)(53)
Loans and leases141,842 143,188 145,959 149,746 151,320 (1,346)(1)(9,478)(6)
Less: Allowance for loan and lease losses(2,125)(2,086)(2,098)(2,080)(2,044)(39)(81)
Net loans and leases139,717 141,102 143,861 147,666 149,276 (1,385)(1)(9,559)(6)
Derivative assets367 469 440 522 719 (102)(22)(352)(49)
Premises and equipment863 872 895 878 876 (9)(1)(13)(1)
Bank-owned life insurance3,325 3,311 3,291 3,275 3,263 14 — 62 
Goodwill8,187 8,188 8,188 8,188 8,188 (1)— (1)— 
Other intangible assets139 148 157 167 175 (9)(6)(36)(21)
Other assets13,494 13,571 13,359 13,613 13,022 (77)(1)472 
TOTAL ASSETS$219,938 $220,448 $221,964 $225,270 $223,066 ($510)— %($3,128)(1 %)
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest-bearing$36,927 $36,593 $37,107 $38,561 $40,286 $334 %($3,359)(8 %)
Interest-bearing139,425 139,835 140,235 139,636 137,381 (410)— 2,044 
Total deposits176,352 176,428 177,342 178,197 177,667 (76)— (1,315)(1)
Short-term borrowed funds505 232 1,099 (7)(78)(1,097)(100)
Derivative liabilities1,547 1,705 1,562 2,109 2,270 (158)(9)(723)(32)
Long-term borrowed funds:
FHLB advances553 2,036 3,786 7,036 5,029 (1,483)(73)(4,476)(89)
Senior debt6,512 6,414 5,170 5,258 5,258 98 1,254 24 
Subordinated debt and other debt6,017 5,354 4,511 5,060 3,813 663 12 2,204 58 
Total long-term borrowed funds13,082 13,804 13,467 17,354 14,100 (722)(5)(1,018)(7)
Other liabilities5,086 4,741 4,746 4,500 4,345 345 741 17 
TOTAL LIABILITIES196,069 196,687 197,622 202,392 199,481 (618)— (3,412)(2)
STOCKHOLDERS' EQUITY
Preferred stock:
$25.00 par value, 100,000,000 shares authorized for each of the periods presented2,112 2,014 2,014 2,014 2,014 98 98 
Common stock:
$0.01 par value, 1,000,000,000 shares authorized for each of the periods presented— — — — 
Additional paid-in capital22,299 22,272 22,250 22,231 22,207 27 — 92 — 
Retained earnings10,079 9,923 9,816 9,856 9,655 156 424 
Treasury stock, at cost(6,492)(6,290)(5,986)(5,986)(5,734)(202)(3)(758)(13)
Accumulated other comprehensive income (loss)(4,135)(4,164)(3,758)(5,243)(4,563)29 428 
TOTAL STOCKHOLDERS' EQUITY23,869 23,761 24,342 22,878 23,585 108 — 284 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$219,938 $220,448 $221,964 $225,270 $223,066 ($510)— %($3,128)(1 %)
Memo: Total tangible common equity$13,866 $13,844 $14,417 $12,930 $13,630 $22 — %$236 %

6


LOANS AND DEPOSITS
(dollars in millions)
PERIOD-END BALANCESAS OFJUNE 30, 2024 CHANGE
June 30, 2024Mar 31, 2024Dec 31, 2023Sept 30, 2023June 30, 2023Mar 31, 2024June 30, 2023
$%$%
LOANS AND LEASES
Commercial and industrial1
$43,623 $43,951 $44,974 $47,971 $49,332 ($328)(1 %)($5,709)(12 %)
Commercial real estate28,311 28,872 29,471 29,486 28,947 (561)(2)(636)(2)
Total commercial71,934 72,823 74,445 77,457 78,279 (889)(1)(6,345)(8)
Residential mortgages31,890 31,512 31,332 30,983 30,769 378 1,121 
Home equity15,534 15,113 15,040 14,729 14,487 421 1,047 
Automobile6,383 7,277 8,258 9,290 10,428 (894)(12)(4,045)(39)
Education11,265 11,646 11,834 12,134 12,246 (381)(3)(981)(8)
Other retail4,836 4,817 5,050 5,153 5,111 19 — (275)(5)
Total retail69,908 70,365 71,514 72,289 73,041 (457)(1)(3,133)(4)
Total loans and leases$141,842 $143,188$145,959$149,746$151,320($1,346)(1 %)($9,478)(6 %)
Loans held for sale, at fair value591 505 676 749 1,225 86 17 (634)(52)
Other loans held for sale92 50 103 99 196 42 84 (104)(53)
Loans and leases and loans held for sale$142,525 $143,743 $146,738 $150,594 $152,741 ($1,218)(1 %)($10,216)(7 %)
DEPOSITS
Demand$36,927 $36,593 $37,107 $38,561 $40,286 $334 %($3,359)(8 %)
Money market52,599 52,182 53,812 53,517 52,542 417 57 — 
Checking with interest34,421 34,487 31,876 33,355 35,028 (66)— (607)(2)
Savings27,240 27,912 27,983 29,139 29,824 (672)(2)(2,584)(9)
Term25,165 25,254 26,564 23,625 19,987 (89)— 5,178 26 
Total deposits$176,352 $176,428 $177,342 $178,197 $177,667 ($76)— %($1,315)(1 %)
1Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation.

7


AVERAGE BALANCE SHEETS, ANNUALIZED YIELDS AND RATES
(dollars in millions)
QUARTERLY TRENDS2Q24 Change
2Q241Q242Q231Q242Q23
Average BalancesInterestRateAverage BalancesInterestRateAverage BalancesInterestRateAverage BalancesInterestRateAverage BalancesInterestRate
INTEREST-EARNING ASSETS
Interest-bearing cash and due from banks and deposits in banks$9,650 $130 5.35 %$10,268 $140 5.39 %$7,768 $100 5.10 %($618)($10)(4) bps$1,882 $30 25 bps
Taxable investment securities44,691 417 3.73 43,904 399 3.63 38,000 267 2.81 787 18 106,691 150 92
Non-taxable investment securities— 2.60 — 2.60 — 2.68 — — (1)— (8)
Total investment securities44,692 417 3.73 43,905 399 3.63 38,002 267 2.81 787 18 106,690 150 92
Commercial and industrial1
44,381 604 5.38 44,577 635 5.64 51,122 777 6.02 (196)(31)(26)(6,741)(173)(64)
Commercial real estate28,574 456 6.32 29,265 468 6.32 29,115 445 6.05 (691)(12)(541)11 27
Total commercial72,955 1,060 5.75 73,842 1,103 5.91 80,237 1,222 6.03 (887)(43)(16)(7,282)(162)(28)
Residential mortgages31,633 290 3.67 31,384 283 3.60 30,566 259 3.38 249 71,067 31 29
Home equity15,343 305 7.99 15,080 298 7.94 14,340 264 7.38 263 51,003 41 61
Automobile6,807 72 4.28 7,758 82 4.25 10,997 113 4.14 (951)(10)3(4,190)(41)14
Education11,447 154 5.40 11,816 156 5.31 12,430 155 5.00 (369)(2)9(983)(1)40
Other retail4,882 130 10.71 4,942 129 10.54 5,155 119 9.30 (60)17(273)11 141
Total retail70,112 951 5.45 70,980 948 5.36 73,488 910 4.96 (868)9(3,376)41 49
Total loans and leases143,067 2,011 5.60 144,822 2,051 5.64 153,725 2,132 5.52 (1,755)(40)(4)(10,658)(121)8
Loans held for sale, at fair value896 13 6.19 850 14 6.37 1,381 20 5.74 46 (1)(18)(485)(7)45
Other loans held for sale160 9.34 223 10.72 622 12 7.90 (63)(2)(138)(462)(8)144
Total interest-earning assets198,465 2,575 5.17 200,068 2,610 5.20 201,498 2,531 5.00 (1,603)(35)(3)(3,033)44 17
Noninterest-earning assets20,757 20,702 20,875 55 (118)
TOTAL ASSETS$219,222 $220,770 $222,373 ($1,548)($3,151)
INTEREST-BEARING LIABILITIES
Checking with interest$33,659 128 1.54 $32,302 109 1.35 $34,586 110 1.28 $1,357 19 19($927)$18 26
Money market51,570 431 3.36 52,926 445 3.38 49,665 348 2.81 (1,356)(14)(2)1,905 83 55
Regular savings27,560 120 1.75 27,745 121 1.76 29,640 108 1.46 (185)(1)(1)(2,080)12 29
Term24,676 286 4.66 26,447 312 4.74 17,180 157 3.68 (1,771)(26)(8)7,496 129 98
Total interest-bearing deposits137,465 965 2.82 139,420 987 2.85 131,071 723 2.21 (1,955)(22)(3)6,394 242 61
Short-term borrowed funds325 5.62 498 5.53 1,446 22 5.82 (173)(3)9(1,121)(18)(20)
FHLB advances2,375 34 5.55 2,272 32 5.60 9,674 123 5.01 103 (5)(7,299)(89)54
Senior debt6,684 80 4.81 6,113 70 4.56 5,264 57 4.27 571 10 251,420 23 54
Subordinated debt and other debt6,033 82 5.43 5,279 72 5.45 1,857 18 4.37 754 10 (2)4,176 64 106
Total long-term borrowed funds15,092 196 5.18 13,664 174 5.08 16,795 198 4.70 1,428 22 10(1,703)(2)48
Total borrowed funds15,417 200 5.18 14,162 181 5.09 18,241 220 4.80 1,255 19 9(2,824)(20)38
Total interest-bearing liabilities152,882 1,165 3.06 153,582 1,168 3.05 149,312 943 2.53 (700)(3)13,570 222 53
Demand deposits36,205 36,684 42,178 (479)(5,973)
Other noninterest-bearing liabilities6,652 6,791 6,580 (139)72 
TOTAL LIABILITIES195,739 197,057 198,070 (1,318)(2,331)
STOCKHOLDERS' EQUITY23,483 23,713 24,303 (230)(820)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$219,222 $220,770 $222,373 ($1,548)($3,151)
INTEREST RATE SPREAD2.11 %2.15 %2.47 %(4)(36)
NET INTEREST MARGIN AND NET INTEREST INCOME$1,410 2.86 %$1,442 2.90 %$1,588 3.16 %($32)(4)($178)(30)
NET INTEREST MARGIN AND NET INTEREST INCOME, FTE2
$1,415 2.87 %$1,446 2.91 %$1,593 3.17 %($31)(4)($178)(30)
Memo: Total deposits (interest-bearing and demand)$173,670 $965 2.24 %$176,104 $987 2.25 %$173,249 $723 1.68 %($2,434)($22)(1) bps$421 $242 56 bps

1Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation.
2Net interest income and net interest margin is presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21%. The FTE impact is predominantly attributable to commercial loans for the periods presented.
8


AVERAGE BALANCE SHEETS, ANNUALIZED YIELDS AND RATES
(dollars in millions)
FOR THE SIX MONTHS ENDED JUNE 30,2024 Change
202420232023
Average BalancesInterestRateAverage BalancesInterestRateAverage BalancesInterestRate
INTEREST-EARNING ASSETS
Interest-bearing cash and due from banks and deposits in banks$9,959 $270 5.37 %$6,839 $169 4.91 %$3,120 $101 46  bps
Taxable investment securities44,297 816 3.68 38,474 533 2.77 5,823 283 91 
Non-taxable investment securities— 2.60 — 2.68 (1)— (8)
Total investment securities44,298 816 3.68 38,476 533 2.77 5,822 283 91 
Commercial and industrial1
44,479 1,239 5.51 52,269 1,524 5.81 (7,790)(285)(30)
Commercial real estate28,920 924 6.32 29,004 861 5.90 (84)63 42 
Total commercial73,399 2,163 5.83 81,273 2,385 5.84 (7,874)(222)(1)
Residential mortgages31,508 573 3.64 30,322 509 3.35 1,186 64 29 
Home equity15,212 603 7.97 14,207 504 7.16 1,005 99 81 
Automobile7,282 154 4.26 11,465 232 4.09 (4,183)(78)17 
Education11,632 310 5.35 12,612 309 4.94 (980)41 
Other retail4,912 259 10.62 5,222 240 9.27 (310)19 135 
Total retail70,546 1,899 5.40 73,828 1,794 4.89 (3,282)105 51 
Total loans and leases143,945 4,062 5.62 155,101 4,179 5.39 (11,156)(117)23 
Loans held for sale, at fair value873 27 6.28 1,196 35 5.79 (323)(8)49 
Other loans held for sale191 10 10.14 410 17 8.40 (219)(7)174 
Total interest-earning assets199,266 5,185 5.18 202,022 4,933 4.88 (2,756)252 30 
Noninterest-earning assets20,730 20,519 211 
TOTAL ASSETS$219,996 $222,541 ($2,545)
INTEREST-BEARING LIABILITIES
Checking with interest$32,980 237 1.45 $35,276 207 1.18 ($2,296)30 27 
Money market52,248 876 3.37 49,803 635 2.57 2,445 241 80 
Regular savings27,653 241 1.75 29,551 187 1.28 (1,898)54 47 
Term25,562 598 4.70 15,021 244 3.27 10,541 354 143 
Total interest-bearing deposits138,443 1,952 2.84 129,651 1,273 1.98 8,792 679 86 
Short-term borrowed funds411 11 5.57 997 28 5.59 (586)(17)(2)
FHLB advances2,323 66 5.58 10,016 244 4.84 (7,693)(178)74 
Senior debt6,399 150 4.69 5,434 118 4.33 965 32 36 
Subordinated debt and other debt5,656 154 5.44 1,834 39 4.37 3,822 115 107 
Total long-term borrowed funds14,378 370 5.13 17,284 401 4.63 (2,906)(31)50 
Total borrowed funds14,789 381 5.14 18,281 429 4.68 (3,492)(48)46 
Total interest-bearing liabilities153,232 2,333 3.06 147,932 1,702 2.31 5,300 631 75 
Demand deposits36,444 44,145 (7,701)
Other noninterest-bearing liabilities6,722 6,453 269 
TOTAL LIABILITIES196,398 198,530 (2,132)
STOCKHOLDERS' EQUITY23,598 24,011 (413)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$219,996 $222,541 ($2,545)
INTEREST RATE SPREAD2.12 %2.57 %(45)
NET INTEREST MARGIN AND NET INTEREST INCOME$2,852 2.88 %$3,231 3.23 %($379)(35)
NET INTEREST MARGIN AND NET INTEREST INCOME, FTE2
$2,861 2.89 %$3,240 3.23 %($379)(34)
Memo: Total deposits (interest-bearing and demand)$174,887 $1,952 2.24 %$173,796 $1,273 1.48 %$1,091 $679 76  bps
1Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation.
2Net interest income and net interest margin is presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21%. The FTE impact is predominantly attributable to commercial loans for the periods presented.
9


MORTGAGE BANKING FEES SUMMARY
(dollars in millions)
QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
2Q24 Change2024 Change
2Q241Q244Q233Q232Q231Q242Q23202420232023
$/bps%$/bps%$/bps%
MORTGAGE BANKING FEES
Production revenue$14 $15 $11 $19 $23 ($1)(7 %)($9)(39 %)$29 $41 ($12)(29 %)
Mortgage servicing revenue35 33 37 35 34 2168 71 (3)(4)
MSR valuation changes, net of hedge impact15 4NM3150 50 
Total mortgage banking fees$54 $49 $57 $69 $59 $510 %($5)(8 %)$103 $116 ($13)(11 %)
Pull-through adjusted locks$1,930 $1,404 $1,412 $2,397 $2,870 $52637 %($940)(33 %)$3,334 $4,948 ($1,614)(33 %)
Production revenue as a percentage of Pull-through adjusted locks0.74 %1.05 %0.78 %0.79 %0.79 %(31) bps(5) bps0.87 %0.84 % bps
RESIDENTIAL REAL ESTATE ORIGINATIONS
Retail$1,584 $1,045 $958 $1,146 $1,260 $53952 %$32426 %$2,629 $2,271 $35816 %
Third Party1,323 892 1,214 2,285 2,350 43148 (1,027)(44)2,215 3,683 (1,468)(40)
Total$2,907 $1,937 $2,172 $3,431 $3,610 $97050 %(703)(19 %)$4,844 $5,954 ($1,110)(19 %)
Originated for sale$1,872 $1,296 $1,595 $2,815 $2,874 $57644 %($1,002)(35 %)$3,168 $4,525 ($1,357)(30 %)
Originated for investment1,035 641 577 616 736 39461 29941 1,676 1,429 24717 
Total$2,907 $1,937 $2,172 $3,431 $3,610 $97050 %($703)(19 %)$4,844 $5,954 ($1,110)(19 %)
MORTGAGE SERVICING INFORMATION (UPB)
Loans serviced for others$96,439 $96,952 $97,420 $97,603 $96,591 ($513)(1 %)($152)— %$96,439 $96,591 ($152)— %
Owned loans serviced32,118 31,659 31,640 31,436 31,636 45948232,118 31,636 482
Total$128,557 $128,611 $129,060 $129,039 $128,227 ($54)— %$330— %$128,557 $128,227 $330— %
MSR at fair value$1,568 $1,564 $1,552 $1,620 $1,524 $4— %$44%$1,568 $1,524 $44%
    

10


SEGMENT FINANCIAL HIGHLIGHTS - CONSUMER BANKING
(dollars in millions)

QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
CONSUMER BANKING
2Q24 Change2024 Change
2Q241Q244Q233Q232Q231Q242Q23202420232023
$/bps%$/bps%$/bps%
Net interest income$1,120 $1,093 $1,086 $1,067 $1,023 $27 %$97 %$2,213 $2,034 $179 %
Noninterest income277 258 265 278 268 19 535 524 11 
Total revenue1,397 1,351 1,351 1,345 1,291 46 106 2,748 2,558 190 
Noninterest expense915 903 905 905 875 12 40 1,818 1,732 86 
Profit (loss) before credit losses482 448 446 440 416 34 66 16 930 826 104 13 
Net charge-offs84 81 82 67 68 16 24 165 131 34 26 
Income (loss) before income tax expense (benefit)398 367 364 373 348 31 50 14 765 695 70 10 
Income tax expense (benefit)102 95 95 97 91 11 12 197 181 16 
Net income (loss)$296 $272 $269 $276 $257 $24 %$39 15 %$568 $514 $54 11 %
AVERAGE BALANCES
Total assets$74,295 $73,833 $73,334 $72,964 $72,583 $462 %$1,712 %$74,064 $72,230 $1,834 %
Total loans and leases1
67,960 67,448 66,906 66,641 66,289 512 1,671 67,704 65,931 1,773 
Deposits120,478 120,019 118,474 117,979 115,847 459 — 4,631 120,248 115,713 4,535 
Interest-earning assets68,552 68,050 67,524 67,273 66,933 502 1,619 68,301 66,594 1,707 
KEY METRICS
Net interest margin6.57 %6.46 %6.40 %6.28 %6.12 %11  bps45  bps6.51 %6.16 %35  bps
Efficiency ratio65.49 66.87 67.08 67.18 67.74 (138) bps(225) bps66.17 67.72 (155) bps
Loan-to-deposit ratio (period-end balances)55.73 55.25 55.52 55.81 55.35 48  bps38  bps55.73 55.35 38  bps
Loan-to-deposit ratio (average balances)55.97 55.80 55.88 55.71 56.44 17  bps(47) bps55.88 56.35 (47) bps
Return on average total tangible assets1.61 1.49 1.47 1.51 1.43 12  bps18  bps1.55 1.45 10  bps
1 Includes loans held for sale.
















11


SEGMENT FINANCIAL HIGHLIGHTS - COMMERCIAL BANKING
(dollars in millions)

QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
COMMERCIAL BANKING2Q24 Change2024 Change
2Q241Q244Q233Q232Q231Q242Q23202420232023
$/bps%$/bps%$/bps%
Net interest income$494 $514 $551 $560 $584 ($20)(4 %)($90)(15 %)$1,008 $1,181 ($173)(15 %)
Noninterest income242 227 196 180 207 15 35 17 469 408 61 15 
Total revenue736 741 747 740 791 (5)(1)(55)(7)1,477 1,589 (112)(7)
Noninterest expense311 317 324 325 315 (6)(2)(4)(1)628 646 (18)(3)
Profit (loss) before credit losses425 424 423 415 476 — (51)(11)849 943 (94)(10)
Net charge-offs90 81 65 67 71 11 19 27 171 118 53 45 
Income (loss) before income tax expense (benefit)335 343 358 348 405 (8)(2)(70)(17)678 825 (147)(18)
Income tax expense (benefit)76 84 89 88 100 (8)(10)(24)(24)160 201 (41)(20)
Net income (loss)$259 $259 $269 $260 $305 $— — %($46)(15 %)$518 $624 ($106)(17 %)
AVERAGE BALANCES
Total assets$68,958 $70,100 $72,758 $74,997 $77,546 ($1,142)(2 %)($8,588)(11 %)$69,529 $78,215 ($8,686)(11 %)
Total loans and leases1
65,997 67,187 69,899 71,898 74,295 (1,190)(2)(8,298)(11)66,592 75,010 (8,418)(11)
Deposits44,203 45,912 46,962 47,221 45,494 (1,709)(4)(1,291)(3)45,058 47,220 (2,162)(5)
Interest-earning assets66,447 67,536 70,267 72,275 74,687 (1,089)(2)(8,240)(11)66,991 75,405 (8,414)(11)
KEY METRICS
Net interest margin2.99 %3.07 %3.11 %3.07 %3.13 %(8) bps(14) bps3.03 %3.16 %(13) bps
Efficiency ratio42.28 42.80 43.44 43.93 39.76 (52) bps252  bps42.54 40.62 192  bps
Loan-to-deposit ratio (period-end balances)141.41 143.98 146.09 145.77 150.41 (257) bps(900) bps141.41 150.41 (900) bps
Loan-to-deposit ratio (average balances)148.15 145.05 147.64 150.96 160.89 310  bps(1,274) bps146.57 156.99 (1,042) bps
Return on average total tangible assets1.52 1.50 1.48 1.39 1.59  bps(7) bps1.51 1.62 (11) bps
1 Includes loans held for sale.
















12


SEGMENT FINANCIAL HIGHLIGHTS - NON-CORE
(dollars in millions)

QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
NON-CORE
2Q24 Change2024 Change
2Q241Q244Q233Q232Q231Q242Q23202420232023
$/bps%$/bps%$/bps%
Net interest income($31)($37)($45)($41)($28)$6 16 %($3)(11 %)($68)($43)($25)(58 %)
Noninterest income— — — — — — — — — — — — — 
Total revenue(31)(37)(45)(41)(28)16 (3)(11)(68)(43)(25)(58)
Noninterest expense26 25 28 30 33 (7)(21)51 65 (14)(22)
Profit (loss) before credit losses(57)(62)(73)(71)(61)(119)(108)(11)(10)
Net charge offs10 19 24 20 13 (9)(47)(3)(23)29 34 (5)(15)
Income (loss) before income tax expense (benefit)(67)(81)(97)(91)(74)14 17 (148)(142)(6)(4)
Income tax expense (benefit)(17)(21)(25)(24)(19)19 11 (38)(37)(1)(3)
Net income (loss)($50)($60)($72)($67)($55)$10 17 %$5 %($110)($105)($5)(5 %)
AVERAGE BALANCES
Total assets$9,418 $10,554 $11,776 $13,113 $14,456 ($1,136)(11 %)($5,038)(35 %)$9,986 $15,068 ($5,082)(34 %)
Total loans and leases1
9,376 10,507 11,701 13,010 14,395 (1,131)(11)(5,019)(35)9,942 15,004 (5,062)(34)
Interest-earning assets9,376 10,507 11,726 13,010 14,395 (1,131)(11)(5,019)(35)9,942 15,004 (5,062)(34)
KEY METRICS
Net interest margin(1.36)%(1.41)%(1.54)%(1.24)%(0.77)% bps(59) bps(1.38)%(0.57)%(81) bps
Return on average total tangible assets(2.14)(2.30)(2.42)(2.03)(1.53)16  bps(61) bps(2.22)(1.41)(81) bps
1 Includes loans held for sale.
13


SEGMENT FINANCIAL HIGHLIGHTS - OTHER
(dollars in millions)

QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
OTHER1
2Q24 Change2024 Change
2Q241Q244Q233Q232Q231Q242Q23202420232023
$%$%$%
Net interest income($173)($128)($104)($64)$9 ($45)(35 %)($182)NM($301)$59 ($360)NM
Noninterest income34 32 39 34 31 10 66 59 12 
Total revenue(139)(96)(65)(30)40 (43)(45)(179)NM(235)118 (353)NM
Noninterest expense49 113 355 33 83 (64)(57)(34)(41)162 159 
Profit (loss) before provision (benefit) for credit losses(188)(209)(420)(63)(43)21 10 (145)NM(397)(41)(356)NM
Provision (benefit) for credit losses(2)(10)— 18 24 80 (26)NM(12)61 (73)NM
Income (loss) before income tax expense (benefit)(186)(199)(420)(81)(67)13 (119)(178)(385)(102)(283)NM
Income tax expense (benefit)(73)(62)(143)(42)(38)(11)(18)(35)(92)(135)(58)(77)(133)
Net income (loss)($113)($137)($277)($39)($29)$24 18 %($84)NM($250)($44)($206)NM
AVERAGE BALANCES
Total assets$66,551 $66,283 $65,785 $59,088 $57,788 $268 — %$8,763 15 %$66,417 $57,028 $9,389 16 %
Total loans and leases2
789 754 729 766 748 35 41 771 762 
Deposits8,989 10,173 11,692 11,250 11,908 (1,184)(12)(2,919)(25)9,581 10,863 (1,282)(12)
Interest-earning assets54,089 53,976 53,604 47,035 45,482 113 — 8,607 19 54,033 45,018 9,015 20 
1 Includes assets, liabilities, capital, revenues, provision for credit losses, expenses and income tax expense not attributed to our Consumer Banking, Commercial Banking, or Non-Core segments as well as treasury and community development.
2 Includes loans held for sale.
14


CREDIT-RELATED INFORMATION
(dollars in millions)
AS OFJUNE 30, 2024 CHANGE
June 30, 2024Mar 31, 2024Dec 31, 2023Sept 30, 2023June 30, 2023Mar 31, 2024June 30, 2023
$/bps/%%$/bps/%%
NONACCRUAL LOANS AND LEASES
Commercial and industrial1
$261 $294 $297 $245 $283 ($33)(11 %)($22)(8 %)
Commercial real estate678 597 477 470 352 81 14 326 93 
Total commercial939 891 774 715 635 48 304 48 
Residential mortgages2
153 174 177 190 201 (21)(12)(48)(24)
Home equity279 288 285 268 251 (9)(3)28 11 
Automobile44 47 61 62 51 (3)(6)(7)(14)
Education52 29 28 23 22 23 79 30 136 
Other retail60 40 39 38 31 20 50 29 94 
Total retail588 578 590 581 556 10 32 
Nonaccrual loans and leases1,527 1,469 1,364 1,296 1,191 58 336 28 
Repossessed assets13 14 14 15 11 (1)(7)18 
Nonaccrual loans and leases and repossessed assets$1,540 $1,483 $1,378 $1,311 $1,202 $57 %$338 28 %
NONACCRUAL LOANS AND LEASES BY PRODUCT3
Commercial$939 $891 $774 $715 $635 $48 %$304 48 %
Retail601 592 604 596 567 34 
Total nonaccrual loans and leases$1,540 $1,483 $1,378 $1,311 $1,202 $57 %$338 28 %
ASSET QUALITY RATIOS
Allowance for loan and lease losses to loans and leases1.50 %1.46 %1.44 %1.39 %1.35 % bps15  bps
Allowance for credit losses to loans and leases1.63 1.61 1.59 1.55 1.52 11 
Allowance for loan and lease losses to nonaccrual loans and leases139 142 154 160 172 (3 %)(33 %)
Allowance for credit losses to nonaccrual loans and leases151 157 170 179 193 (6 %)(42 %)
Nonaccrual loans and leases to loans and leases1.08 1.02 0.93 0.87 0.79  bps29  bps
1Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation.
2Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.
3Nonaccrual loans and leases by product includes repossessed assets.



15


CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
AS OFJUNE 30, 2024 CHANGE
June 30, 2024Mar 31, 2024Dec 31, 2023Sept 30, 2023June 30, 2023Mar 31, 2024June 30, 2023
$/bps%$/bps%
LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Commercial and industrial1
$7 $23 $6 $4 $2 ($16)(70 %)$5 250 %
Commercial real estate36 39 40 — (3)(8)36 100 
Total commercial43 62 46 (19)(31)41 NM
Residential mortgages2
182 209 256 217 257 (27)(13)(75)(29)
Home equity— — — — — — — — — 
Automobile— — — — — — — — — 
Education— — (1)(33)
Other retail27 29 21 20 (26)(96)(19)(95)
Total retail185 238 287 241 280 (53)(22)(95)(34)
Total loans and leases$228 $300 $333 $248 $282 ($72)(24 %)($54)(19 %)
1Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation.
2 90+ days past due and accruing includes $168 million, $202 million, $243 million, $216 million, and $256 million of loans fully or partially guaranteed by the FHA, VA, and USDA for June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023, respectively.

16


CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
2Q24 Change2024 Change
2Q241Q244Q233Q232Q231Q242Q23202420232023
$%$%$%
CHARGE-OFFS, RECOVERIES AND RELATED RATIOS
GROSS CHARGE-OFFS
Commercial and industrial1
$14 $14 $24 $25 $17 $— — %($3)(18)$28 $72 ($44)(61 %)
Commercial real estate86 88 49 49 62 (2)(2)24 39 174 66 108 164 
Total commercial100 102 73 74 79 (2)(2)21 27 202 138 64 46 
Residential mortgages(1)(50)— — 50 
Home equity— — 33 60 
Automobile19 28 31 28 24 (9)(32)(5)(21)47 54 (7)(13)
Education31 32 35 27 26 (1)(3)19 63 49 14 29 
Other retail68 63 60 58 56 12 21 131 112 19 17 
Total retail123 129 133 117 110 (6)(5)13 12 252 222 30 14 
Total gross charge-offs$223 $231 $206 $191 $189 ($8)(3 %)$34 18 %$454 $360 $94 26 %
GROSS RECOVERIES
Commercial and industrial1
$4 $17 $3 $3 $3 ($13)(76 %)$1 33 %$21 $9 $12 133 %
Commercial real estate— — — — — — — — (1)(100)
Total commercial17 (13)(76)33 21 10 11 110 
Residential mortgages— — — — 100 
Home equity17 17 13 11 18 
Automobile15 14 14 13 16 (1)(6)29 31 (2)(6)
Education— — 25 10 11 
Other retail— — — — 14 13 
Total retail35 33 31 34 34 68 65 
Total gross recoveries$39 $50 $35 $38 $37 ($11)(22 %)$2 %$89 $75 $14 19 %
NET CHARGE-OFFS (RECOVERIES)
Commercial and industrial1
$10 ($3)$21 $22 $14 $13 NM($4)(29)$7 $63 ($56)(89)
Commercial real estate86 88 48 48 62 (2)(2)24 39 174 65 109 168 
Total commercial96 85 69 70 76 11 13 20 26 181 128 53 41 
Residential mortgages— (1)— (1)(100)— — — — 
Home equity(3)(2)(1)(3)(3)(1)(50)— — (5)(6)17 
Automobile14 17 15 (10)(71)(4)(50)18 23 (5)(22)
Education26 27 30 22 22 (1)(4)18 53 40 13 33 
Other retail61 56 54 50 49 12 24 117 99 18 18 
Total retail88 96 102 83 76 (8)(8)12 16 184 157 27 17 
Total net charge-offs$184 $181 $171 $153 $152 $3 %$32 21 %$365 $285 $80 28 %
1Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation.
17


CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
2Q24 Change2024 Change
2Q241Q244Q233Q232Q231Q242Q23202420232023
$/bps%$/bps%$/bps%
ANNUALIZED NET CHARGE-OFF (RECOVERY) RATES
Commercial and industrial1
0.09 %(0.03 %)0.18 %0.18 %0.11 %12  bps(2) bps0.03 %0.24 %(21) bps
Commercial real estate1.20 1.22 0.66 0.65 0.86 (2)34 1.21 0.46 75 
Total commercial0.53 0.47 0.36 0.35 0.38 15 0.50 0.32 18 
Residential mortgages— 0.01 0.02 (0.02)— (1)— — — — 
Home equity(0.07)(0.06)(0.04)(0.08)(0.08)(1)(0.06)(0.08)
Automobile0.27 0.73 0.77 0.60 0.30 (46)(3)0.52 0.41 11 
Education0.93 0.92 1.00 0.72 0.68 25 0.92 0.63 29 
Other retail4.98 4.56 4.13 3.95 3.84 42 114 4.77 3.83 94 
Total retail0.51 0.54 0.56 0.46 0.41 (3)10 0.52 0.43 
Total loans and leases0.52 %0.50 %0.46 %0.40 %0.40 % bps12  bps0.51 %0.37 %14  bps
Memo: Average loans
Commercial and industrial1
$44,381 $44,577 $46,618 $48,908 $51,122 ($196)— %($6,741)(13 %)$44,479 $52,269 ($7,790)(15 %)
Commercial real estate28,574 29,265 29,460 29,353 29,115 (691)(2)(541)(2)28,920 29,004 (84)— 
Total commercial72,955 73,842 76,078 78,261 80,237 (887)(1)(7,282)(9)73,399 81,273 (7,874)(10)
Residential mortgages31,633 31,384 31,146 30,838 30,566 249 1,067 31,508 30,322 1,186 
Home equity15,343 15,080 14,889 14,589 14,340 263 1,003 15,212 14,207 1,005 
Automobile6,807 7,758 8,752 9,849 10,997 (951)(12)(4,190)(38)7,282 11,465 (4,183)(36)
Education11,447 11,816 11,971 12,147 12,430 (369)(3)(983)(8)11,632 12,612 (980)(8)
Other retail4,882 4,942 5,133 5,107 5,155 (60)(1)(273)(5)4,912 5,222 (310)(6)
Total retail70,112 70,980 71,891 72,530 73,488 (868)(1)(3,376)(5)70,546 73,828 (3,282)(4)
Total loans and leases$143,067 $144,822 $147,969 $150,791 $153,725 ($1,755)(1 %)($10,658)(7 %)$143,945 $155,101 ($11,156)(7 %)
1Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation.


18


CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
2Q24 Change2024 Change
2Q241Q244Q233Q232Q231Q242Q23202420232023
$%$%$%
SUMMARY OF CHANGES IN THE COMPONENTS OF THE ALLOWANCE FOR CREDIT LOSSES
Allowance for loan and lease losses - beginning$2,086 $2,098 $2,080 $2,044 $2,017 ($12)(1 %)$69 %$2,098 $1,983 $115 %
Charge-offs:
Commercial100 102 73 74 79 (2)(2)21 27 202 138 64 46 
Retail 123 129 133 117 110 (6)(5)13 12 252 222 30 14 
Total charge-offs223 231 206 191 189 (8)(3)34 18 454 360 94 26 
Recoveries:
Commercial17 (13)(76)33 21 10 11 110 
Retail 35 33 31 34 34 68 65 
Total recoveries39 50 35 38 37 (11)(22)89 75 14 19 
Net charge-offs184 181 171 153 152 32 21 365 285 80 28 
Provision (benefit) for loan and lease losses:
Commercial144 69 86 146 122 75 109 22 18 213 225 (12)(5)
Retail79 100 103 43 57 (21)(21)22 39 179 121 58 48 
Total provision (benefit) for loan and lease losses223 169 189 189 179 54 32 44 25 392 346 46 13 
Allowance for loan and lease losses - ending$2,125 $2,086 $2,098 $2,080 $2,044 $39 %$81 %$2,125 $2,044 $81 %
Allowance for unfunded lending commitments - beginning$222 $220 $238 $255 $258 $2 %($36)(14 %)$220 $257 ($37)(14 %)
Provision (benefit) for unfunded lending commitments(41)(18)(17)(3)(43)NM(38)NM(39)(2)(37)NM
Allowance for unfunded lending commitments - ending$181 $222 $220 $238 $255 ($41)(18 %)($74)(29)$181 $255 ($74)(29)
Total allowance for credit losses - ending$2,306 $2,308 $2,318 $2,318 $2,299 ($2)— %$7 — %$2,306 $2,299 $7 — %
Memo: Total allowance for credit losses by product
Commercial $1,429 $1,425 $1,425 $1,425 $1,370 $4 — %$59 %$1,429 $1,370 $59 %
Retail 877 883 893 893 929 (6)(1)(52)(6)877 929 (52)(6)
Total allowance for credit losses$2,306 $2,308 $2,318 $2,318 $2,299 ($2)— %$7 — %$2,306 $2,299 $7 — %
19


CAPITAL AND RATIOS
(dollars in millions)
AS OFFOR THE SIX MONTHS ENDED JUNE 30,
JUNE 30, 2024 CHANGE2024 Change
June 30, 2024Mar 31, 2024Dec 31, 2023Sept 30, 2023June 30, 2023Mar 31, 2024June 30, 2023202420232023
$%$%$%
CAPITAL RATIOS AND COMPONENTS (PRELIMINARY)
CET1 capital$18,086 $18,090 $18,358 $18,360 $18,381 ($4)— %($295)(2 %)
Tier 1 capital20,198 20,104 20,372 20,374 20,395 94 — (197)(1)
Total capital23,551 23,466 23,608 23,682 23,748 85 — (197)(1)
Risk-weighted assets168,393 170,125 172,601 176,407 179,034 (1,732)(1)(10,641)(6)
Adjusted average assets1
214,574 216,001 219,591 215,877 217,264 (1,427)(1)(2,690)(1)
CET1 capital ratio10.7 %10.6 %10.6 %10.4 %10.3 %
Tier 1 capital ratio12.0 11.8 11.8 11.5 11.4 
Total capital ratio14.0 13.8 13.7 13.4 13.3 
Tier 1 leverage ratio9.4 9.3 9.3 9.4 9.4 
TANGIBLE COMMON EQUITY (PERIOD-END)
Common stockholders' equity$21,757 $21,747 $22,329 $20,864 $21,571 $10 — %$186 %$21,757 $21,571 $186 %
Less: Goodwill8,187 8,188 8,188 8,188 8,188 (1)— (1)— 8,187 8,188 (1)— 
Less: Other intangible assets139 148 157 167 175 (9)(6)(36)(21)139 175 (36)(21)
Add: Deferred tax liabilities2
435 433 433 421 422 — 13 435 422 13 
Total tangible common equity$13,866 $13,844 $14,417 $12,930 $13,630 $22 — %$236 %$13,866 $13,630 $236 %
TANGIBLE COMMON EQUITY (AVERAGE)
Common stockholders' equity$21,427 $21,700 $21,209 $21,177 $22,289 ($273)(1 %)($862)(4 %)$21,563 $21,997 ($434)(2 %)
Less: Goodwill8,188 8,188 8,188 8,188 8,182 — — — 8,188 8,179 — 
Less: Other intangible assets144 153 163 173 181 (9)(6)(37)(20)149 186 (37)(20)
Add: Deferred tax liabilities2
432 433 421 422 422 (1)— 10 433 421 12 
Total tangible common equity$13,527 $13,792 $13,279 $13,238 $14,348 ($265)(2 %)($821)(6 %)$13,659 $14,053 ($394)(3 %)
INTANGIBLE ASSETS (PERIOD-END)
Goodwill$8,187 $8,188 $8,188 $8,188 $8,188 ($1)— %($1)— %$8,187 $8,188 ($1)— %
Other intangible assets139 148 157 167 175 (9)(6)(36)(21)139 175 (36)(21)
Total intangible assets$8,326 $8,336 $8,345 $8,355 $8,363 ($10)— %($37)— %$8,326 $8,363 ($37)— %
1Adjusted average assets include quarterly average assets, less deductions for disallowed goodwill and other intangible assets, net of deferred taxes, and the accumulated other comprehensive
income impact related to the adoption of post-retirement benefit plan guidance under GAAP.
2Deferred tax liabilities relate to tax-deductible goodwill and other intangible assets.




20



NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
(dollars in millions, except per share data)

Non-GAAP Financial Measures
This document contains non-GAAP financial measures denoted as Underlying. Underlying results for any given reporting period exclude certain items that may occur in that period which management does not consider indicative of the Company’s on-going financial performance. We believe these non-GAAP financial measures provide useful information to investors because they are used by our management to evaluate our operating performance and make day-to-day operating decisions. In addition, we believe our Underlying results in any given reporting period reflect our on-going financial performance in that period and, accordingly, are useful to consider in addition to our GAAP financial results. The following tables present reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures.

Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Accordingly, our non-GAAP financial measures may not be comparable to similar measures used by such companies. We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP 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.

21


NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED (dollars in millions, except per share data)
QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
2Q24 Change2024 Change
2Q241Q244Q233Q232Q231Q242Q23202420232023
$%$%$%
Noninterest income, Underlying:
Noninterest income (GAAP)A$553 $517 $500 $492 $506 $36 %$47 %$1,070 $991 $79 %
Less: Notable items— — — 33 100 — 100 
Noninterest income, Underlying (non-GAAP)B$549 $514 $500 $492 $506 $35 %$43 %$1,063 $991 $72 %
Total revenue, Underlying:
Total revenue (GAAP)C$1,963 $1,959 $1,988 $2,014 $2,094 $4 — %($131)(6 %)$3,922 $4,222 ($300)(7 %)
Less: Notable items— — — 33 100 — 100 
Total revenue, Underlying (non-GAAP)D$1,959 $1,956 $1,988 $2,014 $2,094 $3 — %($135)(6 %)$3,915 $4,222 ($307)(7 %)
Noninterest expense, Underlying:
Noninterest expense (GAAP)E$1,301 $1,358 $1,612 $1,293 $1,306 ($57)(4 %)($5)— %$2,659 $2,602 $57 %
Less: Notable items36 85 345 22 73 (49)(58)(37)(51)121 139 (18)(13)
Noninterest expense, Underlying (non-GAAP)F$1,265 $1,273 $1,267 $1,271 $1,233 ($8)(1 %)$32 %$2,538 $2,463 $75 %
Pre-provision profit:
Total revenue (GAAP)C$1,963 $1,959 $1,988 $2,014 $2,094 $4 — %($131)(6 %)$3,922 $4,222 ($300)(7 %)
Less: Noninterest expense (GAAP)E1,301 1,358 1,612 1,293 1,306 (57)(4)(5)— 2,659 2,602 57 
Pre-provision profit (non-GAAP)
$662 $601 $376 $721 $788 $61 10 %($126)(16 %)$1,263 $1,620 ($357)(22 %)
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)D$1,959 $1,956 $1,988 $2,014 $2,094 $3 — %($135)(6 %)$3,915 $4,222 ($307)(7 %)
Less: Noninterest expense, Underlying (non-GAAP)F1,265 1,273 1,267 1,271 1,233 (8)(1)32 2,538 2,463 75 
Pre-provision profit, Underlying (non-GAAP)$694 $683 $721 $743 $861 $11 %($167)(19 %)$1,377 $1,759 ($382)(22 %)
Income before income tax expense, Underlying:
Income before income tax expense (GAAP)G$480 $430 $205 $549 $612 $50 12 %($132)(22 %)$910 $1,276 ($366)(29 %)
Less: Income (expense) before income tax expense (benefit) related to notable items(32)(82)(345)(22)(73)50 61 41 56 (114)(139)25 18 
Income before income tax expense, Underlying (non-GAAP)H$512 $512 $550 $571 $685 $— — %($173)(25 %)$1,024 $1,415 ($391)(28 %)
Income tax expense, Underlying:
Income tax expense (GAAP)I$88 $96 $16 $119 $134 ($8)(8 %)($46)(34 %)$184 $287 ($103)(36 %)
Less: Income tax expense (benefit) related to notable items(16)(21)(108)(4)(20)24 20 (37)(37)— — 
Income tax expense, Underlying (non-GAAP)J$104 $117 $124 $123 $154 ($13)(11 %)($50)(32 %)$221 $324 ($103)(32 %)
Net income, Underlying:
Net income (GAAP)K$392 $334 $189 $430 $478 $58 17 %($86)(18 %)$726 $989 ($263)(27 %)
Add: Notable items, net of income tax benefit16 61 237 18 53 (45)(74)(37)(70)77 102 (25)(25)
Net income, Underlying (non-GAAP)L$408 $395 $426 $448 $531 $13 %($123)(23 %)$803 $1,091 ($288)(26 %)
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)M$357 $304 $159 $400 $444 $53 17 %($87)(20 %)$661 $932 ($271)(29 %)
Add: Notable items, net of income tax benefit16 61 237 18 53 (45)(74)(37)(70)77 102 (25)(25)
Net income available to common stockholders, Underlying (non-GAAP)N$373 $365 $396 $418 $497 $8 %($124)(25 %)$738 $1,034 ($296)(29 %)
22


NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(dollars in millions, except per share data)

QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
2Q24 Change2024 Change
2Q241Q244Q233Q232Q231Q242Q23202420232023
$/bps%$/bps%$/bps%
Operating leverage:
Total revenue (GAAP)C$1,963 $1,959 $1,988 $2,014 $2,094 $4 0.27 %($131)(6.26 %)$3,922 $4,222 ($300)(7.12 %)
Less: Noninterest expense (GAAP)E1,301 1,358 1,612 1,293 1,306 (57)(4.15)(5)(0.36)2,659 2,602 57 2.19 
Operating leverage4.42 %(5.90 %)(9.31 %)
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)D$1,959 $1,956 $1,988 $2,014 $2,094 $3 0.17 %($135)(6.48 %)$3,915 $4,222 ($307)(7.29 %)
Less: Noninterest expense, Underlying (non-GAAP)F1,265 1,273 1,267 1,271 1,233 (8)(0.54)32 2.63 2,538 2,463 75 3.01 
Operating leverage, Underlying (non-GAAP)0.71 %(9.11 %)(10.30 %)
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio E/C66.27 %69.33 %81.13 %64.21 %62.34 %(306) bps393  bps67.79 %61.62 %617  bps
Efficiency ratio, Underlying (non-GAAP)F/D64.59 65.05 63.77 63.08 58.86 (46) bps573  bps64.82 58.34 648  bps
Noninterest income as a % of total revenue, Underlying:
Noninterest income as a % of total revenueA/C28.16 %26.41 %25.16 %24.44 %24.14 %175  bps402  bps27.29 %23.47 %382  bps
Noninterest income as a % of total revenue, UnderlyingB/D28.00 26.32 25.16 24.44 24.14 168  bps386  bps27.16 23.47 369  bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rateI/G18.49 %22.28 %7.59 %21.51 %22.09 %(379) bps(360) bps20.28 %22.55 %(227) bps
Effective income tax rate, Underlying (non-GAAP)J/H20.33 22.84 22.25 21.69 22.51 (251) bps(218) bps21.59 22.89 (130) bps
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP)O$21,427 $21,700 $21,209 $21,177 $22,289 ($273)(1 %)($862)(4 %)$21,563 $21,997 ($434)(2 %)
Return on average common equityM/O6.70 %5.63 %2.96 %7.50 %8.00 %107  bps(130) bps6.16 %8.54 %(238) bps
Return on average common equity, Underlying (non-GAAP)N/O7.00 6.77 7.41 7.82 8.97 23  bps(197) bps6.88 9.48 (260) bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)O$21,427 $21,700 $21,209 $21,177 $22,289 ($273)(1 %)($862)(4 %)$21,563 $21,997 ($434)(2 %)
Less: Average goodwill (GAAP)8,188 8,188 8,188 8,188 8,182 — — — 8,188 8,179 — 
Less: Average other intangibles (GAAP)144 153 163 173 181 (9)(6)(37)(20)149 186 (37)(20)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)432 433 421 422 422 (1)— 10 433 421 12 
Average tangible common equityP$13,527 $13,792 $13,279 $13,238 $14,348 ($265)(2 %)($821)(6 %)$13,659 $14,053 ($394)(3 %)
Return on average tangible common equity M/P10.61 %8.86 %4.72 %12.00 %12.42 %175  bps(181) bps9.73 %13.37 %(364) bps
Return on average tangible common equity, Underlying (non-GAAP)N/P11.09 10.65 11.84 12.51 13.93 44  bps(284) bps10.87 14.84 (397) bps
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP)Q$219,222 $220,770 $223,653 $220,162 $222,373 ($1,548)(1 %)($3,151)(1 %)$219,996 $222,541 ($2,545)(1 %)
Return on average total assetsK/Q0.72 %0.61 %0.33 %0.78 %0.86 %11  bps(14) bps0.66 %0.90 %(24) bps
Return on average total assets, Underlying (non-GAAP)L/Q0.75 0.72 0.76 0.81 0.96  bps(21) bps0.73 0.99 (26) bps
23


NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(dollars in millions, except per share data)
QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
2Q24 Change2024 Change
2Q241Q244Q233Q232Q231Q242Q23202420232023
$/bps%$/bps%$/bps%
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)Q$219,222 $220,770 $223,653 $220,162 $222,373 ($1,548)(1 %)($3,151)(1 %)$219,996 $222,541 ($2,545)(1 %)
Less: Average goodwill (GAAP)8,188 8,188 8,188 8,188 8,182 — 6— 8,188 8,179 9— 
Less: Average other intangibles (GAAP)144 153 163 173 181 (9)(6)(37)(20)149 186 (37)(20)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)432 433 421 422 422 (1)— 10433 421 12
Average tangible assetsR$211,322 $212,862 $215,723 $212,223 $214,432 ($1,540)(1 %)($3,110)(1 %)$212,092 $214,597 ($2,505)(1 %)
Return on average total tangible assets K/R0.75 %0.63 %0.35 %0.81 %0.89 %12  bps(14) bps0.69 %0.93 %(24) bps
Return on average total tangible assets, Underlying (non-GAAP)L/R0.78 0.75 0.78 0.84 0.99  bps(21) bps0.76 1.03 (27) bps
Tangible book value per common share:
Common shares - at period-end (GAAP)S452,961,853 458,485,032 466,418,055 466,221,795 474,682,759 (5,523,179)(1 %)(21,720,906)(5 %)452,961,853 474,682,759 (21,720,906)(5 %)
Common stockholders' equity (GAAP)$21,757 $21,747 $22,329 $20,864 $21,571 $10— $186$21,757 $21,571 $186
Less: Goodwill (GAAP)8,187 8,188 8,188 8,188 8,188 (1)— (1)— 8,187 8,188 (1)— 
Less: Other intangible assets (GAAP)139 148 157 167 175 (9)(6)(36)(21)139 175 (36)(21)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)435 433 433 421 422 2— 13435 422 13
Tangible common equityT$13,866 $13,844 $14,417 $12,930 $13,630 $22— %$236%$13,866 $13,630 $236%
Tangible book value per common shareT/S$30.61 $30.19 $30.91 $27.73 $28.72 $0.42 %$1.89 %$30.61 $28.72 $1.89 %
Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying:
Average common shares outstanding - basic (GAAP)U454,142,489 461,358,681 466,234,324 469,481,085 479,470,543 (7,216,192)(2 %)(25,328,054)(5 %)457,750,585 482,440,926 (24,690,341)(5 %)
Average common shares outstanding - diluted (GAAP)V456,561,022 463,797,964 468,159,167 471,183,719 480,975,281 (7,236,942)(2)(24,414,259)(5)460,009,546 484,252,103 (24,242,557)(5)
Net income per average common share - basic (GAAP)M/U$0.79 $0.66 $0.34 $0.85 $0.93 $0.13 20 ($0.14)(15)$1.44 $1.93 ($0.49)(25)
Net income per average common share - diluted (GAAP)M/V0.78 0.65 0.34 0.85 0.92 0.13 20 (0.14)(15)1.44 1.92 (0.48)(25)
Net income per average common share - basic, Underlying (non-GAAP)N/U0.82 0.79 0.85 0.89 1.04 0.03 (0.22)(21)1.61 2.14 (0.53)(25)
Net income per average common share - diluted, Underlying (non-GAAP)N/V0.82 0.79 0.85 0.89 1.04 0.03 (0.22)(21)1.60 2.14 (0.54)(25)
Dividend payout ratio and dividend payout ratio, Underlying:
Cash dividends declared and paid per common shareW$0.42 $0.42 $0.42 $0.42 $0.42 $— — %$— — %$0.84 $0.84 $— — %
Dividend payout ratioW/(M/U)53 %64 %124 %49 %45 %(1,048) bps816 bps58 %44 %1,433 bps
Dividend payout ratio, Underlying (non-GAAP)W/(N/U)51 53 49 47 40 (200) bps1,100 bps52 39 1,300 bps
24


NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(dollars in millions, except per share data)
QUARTERLY TRENDSFOR THE SIX MONTHS ENDED JUNE 30,
2Q24 Change2024 Change
2Q241Q244Q233Q232Q231Q242Q23202420232023
$%$%$/bps%
Card fees, Underlying:
Card fees (GAAP)
$92 $86 $70 $74 $80 $6 %$12 15 %$178 $152 $26 17 %
Less: Notable items— — — 33 100 — 100 
Card fees, Underlying (non-GAAP)
$88 $83 $70 $74 $80 $5 %$8 10 %$171 $152 $19 13 %
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)$645 $691 $667 $659 $615 ($46)(7 %)$30 %$1,336 $1,273 $63 %
Less: Notable items17 32 14 (9)(53)(6)(43)25 30 (5)(17)
Salaries and employee benefits, Underlying (non-GAAP)$637 $674 $635 $654 $601 ($37)(5 %)$36 %$1,311 $1,243 $68 %
Equipment and software, Underlying:
Equipment and software (GAAP)
$190 $192 $215 $191 $181 ($2)(1 %)$9 %$382 $350 $32 %
Less: Notable items37 (4)(50)— — 12 50 
Equipment and software, Underlying (non-GAAP)$186 $184 $178 $185 $177 $2 %$9 %$370 $342 $28 %
Outside services, Underlying:
Outside services (GAAP)$165 $158 $174 $160 $177 $7 %($12)(7 %)$323 $353 ($30)(8 %)
Less: Notable items10 12 13 21 (2)(17)(11)(52)22 48 (26)(54)
Outside services, Underlying (non-GAAP)$155 $146 $161 $153 $156 $9 %($1)(1 %)$301 $305 ($4)(1 %)
Occupancy, Underlying:
Occupancy (GAAP)$113 $114 $125 $107 $136 ($1)(1 %)($23)(17 %)$227 $260 ($33)(13 %)
Less: Notable items20 30 (1)(14)(24)(80)13 48 (35)(73)
Occupancy, Underlying (non-GAAP)$107 $107 $105 $105 $106 $— — %$1 %$214 $212 $2 %
Other operating expense, Underlying:
Other operating expense (GAAP)$188 $203 $431 $176 $197 ($15)(7 %)($9)(5 %)$391 $366 $25 %
Less: Notable items41 243 (33)(80)100 49 44 NM
Other operating expense, Underlying (non-GAAP)$180 $162 $188 $174 $193 $18 11 %($13)(7 %)$342 $361 ($19)(5 %)

25




NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS
(dollars in millions)
SECOND QUARTER 2024FIRST QUARTER 2024
Consumer BankingCommercial BankingNon-CoreOtherConsolidatedConsumer BankingCommercial BankingNon-CoreOtherConsolidated
Net income (loss) available to common stockholders:
Net income (loss)A$296 $259 ($50)($113)$392 $272 $259 ($60)($137)$334 
Less: Preferred stock dividends— — — 35 35 — — — 30 30 
Net income (loss) available to common stockholdersB$296 $259 ($50)($148)$357 $272 $259 ($60)($167)$304 
Return on average total tangible assets:
Average total assets (GAAP)$74,295 $68,958 $9,418 $66,551 $219,222 $73,833 $70,100 $10,554 $66,283 $220,770 
 Less: Average goodwill (GAAP)542 770 — 6,876 8,188 542 770 — 6,876 8,188 
          Average other intangibles (GAAP)87 31 — 26 144 92 33 — 28 153 
 Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)27 — 396 432 26 10 — 397 433 
Average tangible assetsC$73,693 $68,166 $9,418 $60,045 $211,322 $73,225 $69,307 $10,554 $59,776 $212,862 
Return on average total tangible assets A/C1.61 %1.52 %(2.14)%NM0.75 %1.49 %1.50 %(2.30)%NM0.63 %
Efficiency ratio:
Noninterest expense (GAAP)D$915 $311 $26 $49 $1,301 $903 $317 $25 $113 $1,358 
Net interest income (GAAP)1,120 494 (31)(173)1,410 1,093 514 (37)(128)1,442 
Noninterest income (GAAP)277 242 — 34 553 258 227 — 32 517 
Total revenue (GAAP)E$1,397 $736 ($31)($139)$1,963 $1,351 $741 ($37)($96)$1,959 
Efficiency ratio D/E65.49 %42.28 %NMNM66.27 %66.87 %42.80 %NMNM69.33 %
FOURTH QUARTER 2023THIRD QUARTER 2023
Consumer BankingCommercial BankingNon-CoreOtherConsolidatedConsumer BankingCommercial BankingNon-CoreOtherConsolidated
Net income (loss) available to common stockholders:
Net income (loss)A$269 $269 ($72)($277)$189 $276 $260 ($67)($39)$430 
Less: Preferred stock dividends
— — — 30 30 — — — 30 30 
Net income (loss) available to common stockholdersB$269 $269 ($72)($307)$159 $276 $260 ($67)($69)$400 
Return on average total tangible assets:
Average total assets (GAAP)$73,334 $72,758 $11,776 $65,785 $223,653 $72,964 $74,997 $13,113 $59,088 $220,162 
 Less: Average goodwill (GAAP)542 770 — 6,876 8,188 542 770 — 6,876 8,188 
         Average other intangibles (GAAP)98 35 — 30 163 103 39 — 31 173 
 Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)26 10 — 385 421 24 12 — 386 422 
Average tangible assetsC$72,720 $71,963 $11,776 $59,264 $215,723 $72,343 $74,200 $13,113 $52,567 $212,223 
Return on average total tangible assets A/C1.47 %1.48 %(2.42)%NM0.35 %1.51 %1.39 %(2.03)%NM0.81 %
Efficiency ratio:
Noninterest expense (GAAP)D$905 $324 $28 $355 $1,612 $905 $325 $30 $33 $1,293 
Net interest income (GAAP)1,086 551 (45)(104)1,488 1,067 560 (41)(64)1,522 
Noninterest income (GAAP)265 196 — 39 500 278 180 — 34 492 
Total revenue (GAAP)E$1,351 $747 ($45)($65)$1,988 $1,345 $740 ($41)($30)$2,014 
Efficiency ratio D/E67.08 %43.44 %NMNM81.13 %67.18 %43.93 %NMNM64.21 %
26




NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS, CONTINUED
(dollars in millions)
SECOND QUARTER 2023
Consumer BankingCommercial BankingNon-CoreOtherConsolidated
Net income (loss) available to common stockholders:
Net income (loss)A$257 $305 ($55)($29)$478 
Less: Preferred stock dividends
— — — 34 34 
Net income (loss) available to common stockholdersB$257 $305 ($55)($63)$444 
Return on average total tangible assets:
Average total assets (GAAP)$72,583 $77,546 $14,456 $57,788 $222,373 
 Less: Average goodwill (GAAP)540 766 — 6,876 8,182 
         Average other intangibles (GAAP)109 41 — 31 181 
 Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)23 11 — 388 422 
Average tangible assetsC$71,957 $76,750 $14,456 $51,269 $214,432 
Return on average total tangible assets A/C1.43 %1.59 %(1.53)%NM0.89 %
Efficiency ratio:
Noninterest expense (GAAP)D$875 $315 $33 $83 $1,306 
Net interest income (GAAP)1,023 584 (28)1,588 
Noninterest income (GAAP)268 207 — 31 506 
Total revenue (GAAP)E$1,291 $791 ($28)$40 $2,094 
Efficiency ratio D/E67.74 %39.76 %NMNM62.34 %

27





NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS, CONTINUED
(dollars in millions)
FOR THE SIX MONTHS ENDED JUNE 30,
20242023
Consumer BankingCommercial BankingNon-CoreOtherConsolidatedConsumer BankingCommercial BankingNon-CoreOtherConsolidated
Net income (loss) available to common stockholders:
Net income (loss)A$568 $518 ($110)($250)$726 $514 $624 ($105)($44)$989 
Less: Preferred stock dividends— — — 65 65 — — — 57 57 
Net income (loss) available to common stockholdersB$568 $518 ($110)($315)$661 $514 $624 ($105)($101)$932 
Return on average total tangible assets:
Average total assets (GAAP)$74,064 $69,529 $9,986 $66,417 $219,996 $72,230 $78,215 $15,068 $57,028 $222,541 
 Less: Average goodwill (GAAP)542 770 — 6,876 8,188 539 764 — 6,876 8,179 
         Average other intangibles (GAAP)90 32 — 27 149 112 42 — 32 186 
 Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)27 10 — 396 433 23 12 — 386 421 
Average tangible assetsC$73,459 $68,737 $9,986 $59,910 $212,092 $71,602 $77,421 $15,068 $50,506 $214,597 
Return on average total tangible assets A/C1.55 %1.51 %(2.22)%NM0.69 %1.45 %1.62 %(1.41)%NM0.93 %
Efficiency ratio:
Noninterest expense (GAAP)D$1,818 $628 $51 $162 $2,659 $1,732 $646 $65 $159 $2,602 
Net interest income (GAAP)2,213 1,008 (68)(301)2,852 2,034 1,181 (43)59 3,231 
Noninterest income (GAAP)535 469 — 66 1,070 524 408 — 59 991 
Total revenue (GAAP)E$2,748 $1,477 ($68)($235)$3,922 $2,558 $1,589 ($43)$118 $4,222 
Efficiency ratio D/E66.17 %42.54 %NMNM67.79 %67.72 %40.62 %NMNM61.62 %

28
v3.24.2
Document and Entity Information Document
Jul. 17, 2024
Document and Entity Information [Line Items]  
Entity Registrant Name CITIZENS FINANCIAL GROUP INC/RI
Amendment Flag false
Entity Central Index Key 0000759944
Document Type 8-K
Document Period End Date Jul. 17, 2024
Entity Incorporation, State or Country Code DE
Entity File Number 001-36636
Entity Tax Identification Number 05-0412693
Entity Address, Address Line One One Citizens Plaza
Entity Address, City or Town Providence,
Entity Address, State or Province RI
Entity Address, Postal Zip Code 02903
City Area Code 203
Local Phone Number 900-6715
Entity Emerging Growth Company false
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Common Stock [Member]  
Document and Entity Information [Line Items]  
Title of 12(b) Security Common stock, $0.01 par value per share
Trading Symbol CFG
Security Exchange Name NYSE
Series E Preferred Stock [Member]  
Document and Entity Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/40th interest in a share of 5.000% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series E
Trading Symbol CFG PrE
Security Exchange Name NYSE
Series H Preferred Stock  
Document and Entity Information [Line Items]  
Title of 12(b) Security Depositary Shares, each representing a 1/40th interest in a share of 7.375% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series H
Trading Symbol CFG PrH
Security Exchange Name NYSE

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