シチズンズファイナンシャルGの適時開示・決算・その他

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): October 16, 2024

(Exact name of the registrant as specified in its charter)


Delaware		001-36636	05-0412693
(State or Other Jurisdiction of Incorporation)		(Commission File Number)	(I.R.S. Employer Identification Number)

One Citizens Plaza
Providence,	RI		02903
(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 class	Trading symbol(s)	Name of each exchange on which registered
Common stock, $0.01 par value per share	CFG	New 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 E	CFG PrE	New 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 H	CFG PrH	New 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 October 16, 2024, Citizens Financial Group, Inc. (the “Company”) issued a press release announcing its third 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 Number	Description

(d)	Exhibit 99.1	Citizens Financial Group, Inc. press release dated October 16, 2024

	Exhibit 99.2	Citizens Financial Group, Inc. earnings release presentation issued October 16, 2024

	Exhibit 99.3	Citizens Financial Group, Inc. financial supplement for third quarter 2024

	Exhibit 104	Cover 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: October 16, 2024

EX-99.1 2 a3q24earningsrelease.htm EX-99.1 Document

Citizens Financial Group, Inc. Reports Third Quarter 2024 Net Income of

$382 million and EPS of $0.77

Underlying Net Income of $392 million and EPS of $0.79*

CET1 ratio of 10.6%; LDR 80.8%


	Key Financial Data	3Q24			2Q24			3Q23			Third Quarter 2024 Highlights

Income Statement	($s in millions)										■Underlying EPS of $0.79 and ROTCE of 9.7% ■Underlying PPNR of $655 million –NII down 2.9% QoQ, driven by a 10 bp decline in NIM primarily related to the impact of forward starting swaps –Fees down 2.7% QoQ reflecting seasonally lower Capital Markets; solid results in Card and Wealth –Expenses down 1.3% QoQ notwithstanding continued investment in the Private Bank ■Strong ACL coverage of 1.61%, down 2 bps QoQ ■Period-end loans broadly stable with Non-Core run off offset by Core loan growth, namely Private Bank and retail; period-end Private Bank loans up $634 million to $2.0 billion ■Average deposits stable QoQ; Private Bank spot deposits up $1.6 billion to $5.6 billion ■Strong liquidity profile; spot LDR of 80.8%; FHLB reduced to $553 million, down $6.5 billion YoY on a spot basis –Pro forma LCR of 122% exceeds Category 1 Bank requirement of 100% ■Net charge-offs of 54 bps, up 2 bps QoQ ■Strong CET1 ratio of 10.6%; TCE ratio of 7.0% ■TBV/share of $33.54, up 9.6% QoQ reflects net AOCI benefit
	Total revenue	$	1,901		$	1,963		$	2,014
	Pre-provision profit	642			662			721
	Underlying pre-provision profit	655			694			743
	Provision for credit losses	172			182			172

	Net income	382			392			430

	Underlying net income	392			408			448




Balance Sheet & Credit Quality	($s in billions)
	Period-end loans and leases	$	141.6		$	141.8		$	149.7
	Average loans and leases	142.0			143.1			150.8
	Period-end deposits	175.2			176.4			178.2
	Average deposits	174.1			173.7			176.5
	Period-end loan-to-deposit ratio	80.8		%	80.4		%	84.0		%

	NCO ratio	0.54		%	0.52		%	0.40		%

Financial Metrics	Diluted EPS	$	0.77		$	0.78		$	0.85
	Underlying Diluted EPS	0.79			0.82			0.89
	ROTCE	9.5		%	10.6		%	12.0		%
	Underlying ROTCE	9.7			11.1			12.5
	Net interest margin, FTE	2.77			2.87			3.03
	Efficiency ratio	66.2			66.3			64.2
	Underlying efficiency ratio	65.6			64.6			63.1
	CET1	10.6		%	10.7		%	10.4		%
	TBV/Share	$	33.54		$	30.61		$	27.73


Notable Items		3Q24
	($s in millions except per share data)	Pre-tax $		EPS
	Integration-related	$	(2)	$	—


	TOP and Other items	(11)		(0.02)



	Total	$	(13)	$	(0.02)


Comments from Chairman and CEO Bruce Van Saun

“We continue to be pleased with the strong execution of our key initiatives during the third quarter,” said Chairman and CEO Bruce Van Saun. “Our Private Bank reached $5.6 billion in deposits and $4.1 billion in AUM, our NYC Metro region continues to achieve strong growth, and we are close to launching a TOP 10 program with $100 million plus impact. Our balance sheet

*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.

remains strong across capital, liquidity, funding and loan loss reserves. While Q3 was impacted by the drag from forward-starting swaps that commenced in July, as well as some fees that pushed out to Q4, we project a strong fourth quarter and launch into 2025.”

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 November 13, 2024 to shareholders of record at the close of business on October 30, 2024.

Citizens Financial Group, Inc.

Earnings highlights(1):


	Quarterly Trends
										3Q24 change from
($s in millions, except per share data)	3Q24			2Q24			3Q23			2Q24					3Q23
Earnings										$/bps			%		$/bps			%
Net interest income	$	1,369		$	1,410		$	1,522		$	(41)		(3)	%	$	(153)		(10)	%
Noninterest income	532			553			492			(21)			(4)		40			8
Total revenue	1,901			1,963			2,014			(62)			(3)		(113)			(6)
Noninterest expense	1,259			1,301			1,293			(42)			(3)		(34)			(3)
Pre-provision profit	642			662			721			(20)			(3)		(79)			(11)
Provision for credit losses	172			182			172			(10)			(5)		—			—

Net income	382			392			430			(10)			(3)		(48)			(11)
Preferred dividends	38			35			30			3			9		8			27
Net income available to common stockholders	$	344		$	357		$	400		$	(13)		(4)	%	$	(56)		(14)	%
After-tax notable Items	10			16			18			(6)			(38)		(8)			(44)
Underlying net income	$	392		$	408		$	448		$	(16)		(4)	%	$	(56)		(13)	%
Underlying net income available to common stockholders	354			373			418			(19)			(5)		(64)			(15)
Average common shares outstanding
Basic (in millions)	446.6			454.1			469.5			(7.6)			(2)		(22.9)			(5)
Diluted (in millions)	449.9			456.6			471.2			(6.6)			(1)		(21.3)			(5)
Diluted earnings per share	$	0.77		$	0.78		$	0.85		$	(0.01)		(1)	%	$	(0.08)		(9)	%
Underlying diluted earnings per share	0.79			0.82			0.89			(0.03)			(4)		(0.10)			(11)
Performance metrics
Net interest margin	2.76		%	2.86		%	3.03		%	(10)		bps			(27)		bps
Net interest margin, FTE	2.77			2.87			3.03			(10)					(26)
Effective income tax rate	18.6			18.5			21.5			7					(295)

Efficiency ratio	66.2			66.3			64.2			(4)					202
Underlying efficiency ratio	65.6			64.6			63.1			102					253


Return on average tangible common equity	9.5			10.6			12.0			(116)					(255)
Underlying return on average tangible common equity	9.7			11.1			12.5			(138)					(280)

Return on average total tangible assets	0.72			0.75			0.81			(3)					(9)
Underlying return on average total tangible assets	0.74		%	0.78		%	0.84		%	(4)		bps			(10)		bps
Capital adequacy(2,3)
Common equity tier 1 capital ratio	10.6		%	10.7		%	10.4		%
Total capital ratio	13.9			14.0			13.4
Tier 1 leverage ratio	9.4			9.4			9.4
Tangible common equity ratio	7.0			6.5			5.9
Allowance for credit losses to loans and leases	1.61		%	1.63		%	1.55		%	(2)		bps			6		bps
Asset quality(3)
Nonaccrual loans and leases to loans and leases	1.19		%	1.08		%	0.87		%	11		bps			32		bps
Allowance for credit losses to nonaccrual loans and leases	136			151			179			(15)					(43)
Net charge-offs as a % of average loans and leases	0.54		%	0.52		%	0.40		%	2		bps			14		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.

Citizens Financial Group, Inc.

The following table provides information on Underlying results which exclude the impact of notable items.

Underlying results:


	Quarterly Trends
										3Q24 change from
($s in millions, except per share data)	3Q24			2Q24			3Q23			2Q24					3Q23
										$/bps			%		$/bps			%
Net interest income	$	1,369		$	1,410		$	1,522		$	(41)		(3)	%	$	(153)		(10)	%
Noninterest income	534			549			492			(15)			(3)		42			9


Total revenue	$	1,903		$	1,959		$	2,014		$	(56)		(3)	%	$	(111)		(6)	%





Noninterest expense	1,248			1,265			1,271			(17)			(1)		(23)			(2)






Provision for credit losses	172			182			172			(10)			(5)		—			—

Net income available to common stockholders	$	354		$	373		$	418		$	(19)		(5)	%	$	(64)		(15)	%
Performance metrics

EPS	$	0.79		$	0.82		$	0.89		$	(0.03)		(4)	%	$	(0.10)		(11)	%

Efficiency ratio	65.6		%	64.6		%	63.1		%	102		bps			253		bps

Return on average tangible common equity	9.7		%	11.1		%	12.5		%	(138)		bps			(280)		bps

Consolidated balance sheet summary(1):


										3Q24 change from
($s in millions)	3Q24			2Q24			3Q23			2Q24					3Q23
										$/bps			%		$/bps			%
Total assets	$	219,706		$	219,938		$	225,270		$	(232)		—	%	$	(5,564)		(2)	%
Total loans and leases	141,632			141,842			149,746			(210)			—		(8,114)			(5)
Total loans held for sale	663			683			848			(20)			(3)		(185)			(22)
Deposits	175,188			176,352			178,197			(1,164)			(1)		(3,009)			(2)

Stockholders' equity	24,932			23,869			22,878			1,063			4		2,054			9
Stockholders' common equity	22,819			21,757			20,864			1,062			5		1,955			9
Tangible common equity	$	14,930		$	13,866		$	12,930		$	1,064		8	%	$	2,000		15	%
Loan-to-deposit ratio (period-end)(2)	80.8		%	80.4		%	84.0		%	42		bps			(318)		bps
Loan-to-deposit ratio (average)(2)	81.6		%	82.4		%	85.5		%	(79)		bps			(387)		bps


(1) Represents period-end unless otherwise noted.
(2) Excludes loans held for sale.

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 includes 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-related	3Q24				2Q24			3Q23
($s in millions, except per share data)	Pre-tax		After-tax			Pre-tax		After-tax		Pre-tax		After-tax





Salaries & benefits	$	(2)	$	(2)		$	(3)	$	(2)	$	(4)	$	(3)
Equipment and software	—		—			—		—		—		—
Outside services	—		—			—		—		(4)		(3)
Occupancy	—		—			—		—		—		—
Other expense	—		—			—		—		—		—
Noninterest expense	$	(2)	$	(2)		$	(3)	$	(2)	$	(8)	$	(6)

EPS Impact - Noninterest expense			$	—				$	(0.01)			$	(0.02)












Total integration related	$	(2)	$	(2)		$	(3)	$	(2)	$	(8)	$	(6)

EPS Impact - Total Integration-related			$	—				$	(0.01)			$	(0.02)

Other notable items - TOP & Other	3Q24				2Q24			3Q23
($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	(2)		(1)			4		3		—		—

Salaries & benefits	(2)		(2)			(5)		(4)		(1)		—
Equipment and software	(2)		(2)			(4)		(3)		(6)		(5)
Outside services	(2)		(2)			(10)		(7)		(3)		(3)
Occupancy	(1)		—			(6)		(4)		(2)		(2)
FDIC special assessment(1)	—		—			(5)		(4)		—		—
Other expense	(2)		(1)			(3)		(2)		(2)		(2)
Noninterest expense	$	(9)	$	(7)		$	(33)	$	(24)	$	(14)	$	(12)

Total Other Notable Items	$	(11)	$	(8)		$	(29)	$	(14)	$	(14)	$	(12)

EPS Impact - Other Notable Items			$	(0.02)				$	(0.03)			$	(0.02)

Total Notable Items	$	(13)	$	(10)		$	(32)	$	(16)	$	(22)	$	(18)

Total EPS Impact			$	(0.02)				$	(0.04)			$	(0.04)
(1) The FDIC special assessment earnings per share impact is $(0.01) for second quarter 2024.

Citizens Financial Group, Inc.

Discussion of results:


Net interest income										3Q24 change from
($s in millions)	3Q24			2Q24			3Q23			2Q24					3Q23
										$/bps			%		$/bps			%
Interest income:
Interest and fees on loans and leases and loans held for sale	$	1,995		$	2,028		$	2,194		$	(33)		(2)	%	$	(199)		(9)	%
Investment securities	423			417			290			6			1		133			46
Interest-bearing deposits in banks	121			130			111			(9)			(7)		10			9
Total interest income	$	2,539		$	2,575		$	2,595		$	(36)		(1)	%	$	(56)		(2)	%
Interest expense:
Deposits	$	990		$	965		$	898		$	25		3	%	$	92		10	%


Short-term borrowed funds	3			4			8			(1)			(25)		(5)			(63)
Long-term borrowed funds	177			196			167			(19)			(10)		10			6
Total interest expense	$	1,170		$	1,165		$	1,073		$	5		—	%	$	97		9	%
Net interest income	$	1,369		$	1,410		$	1,522		$	(41)		(3)	%	$	(153)		(10)	%

Net interest margin, FTE	2.77		%	2.87		%	3.03		%	(10)		bps			(26)		bps


Third quarter 2024			vs.			second quarter 2024

Net interest income of $1.4 billion decreased 2.9%, primarily reflecting lower net interest margin and slightly lower interest-earning assets.

•Net interest margin of 2.77% was down 10 basis points, largely reflecting the impact of forward starting swaps (9 basis points) and low-cost deposit migration, partly offset by the benefit of higher fixed-rate repricing and Non-Core run off.

•Interest-bearing deposit costs were up 4 basis points; total deposit costs were up 2 basis points, while total cost of funds was stable at 2.48%.


Third quarter 2024			vs.			third quarter 2023

Net interest income of $1.4 billion decreased 10%, reflecting lower net interest margin and a 1% decline in average interest-earning assets.

•Net interest margin of 2.77% decreased 26 basis points, as an increase in swap and funding costs, and the impact of building liquidity were partly offset by higher interest-earning-asset yields and the benefit of Non-Core run off.

Citizens Financial Group, Inc.


Noninterest Income							3Q24 change from
($s in millions)	3Q24		2Q24		3Q23		2Q24				3Q23
							$		%		$		%

Service charges and fees	$	109	$	106	$	105	$	3	3	%	$	4	4	%
Capital markets fees	94		134		67		(40)		(30)		27		40
Card fees	93		92		74		1		1		19		26
Wealth fees(1)	76		75		63		1		1		13		21
Mortgage banking fees	46		54		69		(8)		(15)		(23)		(33)
Foreign exchange and derivative products	36		39		48		(3)		(8)		(12)		(25)
Letter of credit and loan fees	45		43		43		2		5		2		5
Securities gains, net	9		—		5		9		100		4		80
Other income(2)	24		10		18		14		140		6		33
Noninterest income	$	532	$	553	$	492	$	(21)	(4)	%	$	40	8	%
Underlying, as applicable
Card fees	$	87	$	88	$	74	$	(1)	(1)		$	13	18
Other income(2)	$	32	$	10	$	18	$	22	220		$	14	78

Underlying noninterest income	$	534	$	549	$	492	$	(15)	(3)	%	$	42	9	%


(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.


Third quarter 2024			vs.			second quarter 2024

Underlying noninterest income of $534 million decreased $15 million, or 2.7%.

•Service charges increased $3 million reflecting higher overdraft and cash management fees.

•Capital markets fees decreased $40 million, largely driven by seasonally lower loan syndication and debt underwriting fees. Additionally, several meaningful expected 3Q M&A fees pushed into 4Q.

•Wealth fees increased $1 million, reflecting higher asset management fees, largely offset by lower transaction sales activity.

•Mortgage banking fees decreased $8 million, driven by lower MSR valuation, net of hedging. This drop in MSR revenue was offset by securities gains in the quarter which resulted from investment portfolio repositioning actions.

•Foreign exchange and derivative products revenue decreased $3 million, primarily reflecting lower client hedging activity given the commencement of Fed rate cuts and the shift lower of the forward curve.

•Other income increased $22 million from second quarter levels that included higher operational losses.


Third quarter 2024			vs.			third quarter 2023

Underlying noninterest income of $534 million increased $42 million, or 9%.

•Service charges and fees increased $4 million, primarily driven by higher overdraft and cash management fees.

•Capital markets fees increased $27 million, given higher bond underwriting and M&A advisory, partly offset by lower loan syndication fees.

•Card fees increased $13 million, largely due to favorable vendor contract negotiations.

•Wealth fees increased $13 million, reflecting increased sales activity and higher asset management fees.

•Mortgage banking fees decreased $23 million, primarily reflecting lower MSR valuation, net of hedging.

•FX and derivative products revenue decreased $12 million given lower client activity in interest rate and commodities hedging.

Citizens Financial Group, Inc.


Noninterest Expense							3Q24 change from
($s in millions)	3Q24		2Q24		3Q23		2Q24				3Q23
							$		%		$		%
Salaries and employee benefits	$	647	$	645	$	659	$	2	—	%	$	(12)	(2)	%
Equipment and software	194		190		191		4		2		3		2
Outside services	146		165		160		(19)		(12)		(14)		(9)
Occupancy	108		113		107		(5)		(4)		1		1
Other operating expense	164		188		176		(24)		(13)		(12)		(7)
Noninterest expense	$	1,259	$	1,301	$	1,293	$	(42)	(3)	%	$	(34)	(3)	%

Notable items	$	11	$	36	$	22	$	(25)	(69)	%	$	(11)	(50)%

Underlying, as applicable
Salaries and employee benefits	$	643	$	637	$	654	$	6	1	%	$	(11)	(2)	%
Equipment and software	192		186		185		6		3		7		4
Outside services	144		155		153		(11)		(7)		(9)		(6)
Occupancy	107		107		105		—		—		2		2
Other operating expense	162		180		174		(18)		(10)		(12)		(7)
Underlying noninterest expense	$	1,248	$	1,265	$	1,271	$	(17)	(1)	%	$	(23)	(2)	%


Third quarter 2024			vs.			second quarter 2024

Underlying noninterest expense of $1.2 billion decreased 1.3%.

•Salaries and employee benefits increased $6 million, primarily reflecting hiring related to the Private Bank build-out.

•Equipment and software increased $6 million given technology investments and maintenance.

•Outside services decreased $11 million, largely driven by vendor efficiencies.

•Other operating expense decreased $18 million, primarily reflecting lower marketing-related costs and miscellaneous items.

Reported noninterest expense of $1.3 billion decreased $42 million, reflecting a reduction in Notable items.

The effective tax rate was 18.6% in third quarter 2024. On an underlying basis, the effective tax rate of 18.7% decreased modestly compared to 20.3% in second quarter 2024, primarily reflecting a higher benefit from tax-advantaged investments.


Third quarter 2024			vs.			third quarter 2023

Underlying noninterest expense of $1.2 billion decreased 2%.

•Salaries and employee benefits decreased $11 million, primarily reflecting lower headcount, partly offset by hiring related to the Private Bank build-out.

•Equipment and software increased $7 million given technology investments and maintenance.

•Other operating expense decreased $12 million, primarily related to lower marketing-related costs.

The effective tax rate was 18.6% in third quarter 2024. On an underlying basis, the effective tax rate of 18.7% compared with 21.7% in third quarter 2023.

Citizens Financial Group, Inc.


Interest-earning assets							3Q24 change from
($s in millions)	3Q24		2Q24		3Q23		2Q24				3Q23
Period-end interest-earning assets							$		%		$		%
Investments	$	42,428	$	41,677	$	35,547	$	751	2	%	$	6,881	19	%
Interest-bearing deposits in banks	10,584		11,139		14,329		(555)		(5)		(3,745)		(26)
Commercial loans and leases	71,808		71,934		77,457		(126)		—		(5,649)		(7)
Retail loans	69,824		69,908		72,289		(84)		—		(2,465)		(3)
Total loans and leases	141,632		141,842		149,746		(210)		—		(8,114)		(5)
Loans held for sale, at fair value	614		591		749		23		4		(135)		(18)
Other loans held for sale	49		92		99		(43)		(47)		(50)		(51)
Total loans and leases and loans held for sale	142,295		142,525		150,594		(230)		—		(8,299)		(6)
Total period-end interest-earning assets	$	195,307	$	195,341	$	200,470	$	(34)	—	%	$	(5,163)	(3)	%
Average interest-earning assets
Investments(1)	$	45,084	$	44,692	$	39,273	$	392	1	%	$	5,811	15	%
Interest-bearing deposits in banks	8,896		9,650		8,005		(754)		(8)		891		11
Commercial loans and leases	72,280		72,955		78,261		(675)		(1)		(5,981)		(8)
Retail loans	69,723		70,112		72,530		(389)		(1)		(2,807)		(4)
Total loans and leases	142,003		143,067		150,791		(1,064)		(1)		(8,788)		(6)
Loans held for sale, at fair value	1,108		896		1,204		212		24		(96)		(8)
Other loans held for sale	73		160		321		(87)		(54)		(248)		(77)
Total loans and leases and loans held for sale	143,184		144,123		152,316		(939)		(1)		(9,132)		(6)
Total average interest-earning assets	$	197,164	$	198,465	$	199,594	$	(1,301)	(1)	%	$	(2,430)	(1)	%
(1) Total average interest-earning assets excludes the mark-to-market on investment securities and unsettled purchases or sales of loans and investments.


Third quarter 2024			vs.			second quarter 2024

Period-end interest-earning assets of $195.3 billion were relatively stable reflecting a $210 million decrease in loans and leases and a $555 million decrease in cash held in interest-bearing deposits, partly offset by a $751 million increase in investments in securities. The decrease in loans and leases reflects a $126 million decline in commercial driven by paydowns and balance sheet optimization actions as well as market conditions resulting in lower client demand. Results also reflect an $84 million decrease in retail, given $1.0 billion of Non-Core portfolio run off, partly offset by growth in home equity and mortgage.

Average interest-earning assets of $197.2 billion decreased $1.3 billion, or 1%, reflecting a $1.1 billion decrease in total loans and leases and a $754 million decrease in cash held in interest-bearing deposits, partly offset by a $392 million increase in investments. The decrease in loans and leases reflects a $675 million decrease in commercial given paydowns and balance sheet optimization actions as well as market conditions driving lower client demand. Retail decreased $389 million driven by Non-Core portfolio run off, partly offset by growth in home equity and mortgage.

The average effective duration of the securities portfolio was 3.3 years, compared with 3.7 years at June 30, 2024 and 5.2 years at September 30, 2023.


Third quarter 2024			vs.			third quarter 2023

Period-end interest-earning assets of $195.3 billion decreased $5.2 billion, or 3%, reflecting a $8.3 billion decrease in total loans and leases and loans held for sale and a $3.7 billion decrease in investments in cash held in interest-bearing deposits, partly offset by a $6.9 billion increase in investments in securities. The decrease in loans and leases reflects a $5.6 billion decline in commercial given paydowns, balance sheet optimization actions and lower client demand, and a $2.5 billion decline in retail given $4.5 billion of Non-Core portfolio run off, partly offset by growth in home equity and mortgage.

Average interest-earning assets of $197.2 billion decreased $2.4 billion, or 1%, reflecting a $9.1 billion decrease in total loans and leases and loans held for sale, partly offset by a $5.8 billion increase in investments in securities and a $891 million increase in cash held in interest-bearing deposits.

Citizens Financial Group, Inc.


Deposits							3Q24 change from
($s in millions)	3Q24		2Q24		3Q23		2Q24				3Q23
Period-end deposits							$		%		$		%
Demand	$	35,978	$	36,927	$	38,561	$	(949)	(3)	%	$	(2,583)	(7)	%
Money market	54,654		52,599		53,517		2,055		4		1,137		2
Checking with interest	33,680		34,421		33,355		(741)		(2)		325		1
Savings	26,489		27,240		29,139		(751)		(3)		(2,650)		(9)
Term	24,387		25,165		23,625		(778)		(3)		762		3
Total period-end deposits	$	175,188	$	176,352	$	178,197	$	(1,164)	(1)	%	$	(3,009)	(2)	%
Average deposits
Demand	$	36,236	$	36,205	$	39,728	$	31	—	%	$	(3,492)	(9)	%
Money market	53,152		51,570		52,057		1,582		3		1,095		2
Checking with interest	33,090		33,659		33,545		(569)		(2)		(455)		(1)
Savings	26,868		27,560		29,516		(692)		(3)		(2,648)		(9)
Term	24,705		24,676		21,604		29		—		3,101		14
Total average deposits	$	174,051	$	173,670	$	176,450	$	381	—	%	$	(2,399)	(1)	%


Third quarter 2024			vs.			second quarter 2024

Total period-end deposits of $175.2 billion decreased 1% reflecting a reduction in higher-cost Treasury deposits, largely offset by $1.6 billion of growth in the Private Bank.

Average deposits of $174.1 billion are broadly stable reflecting $1.7 billion growth in Private Bank deposits, as well as stable Retail and Commercial deposits, largely offset by reduced higher-cost Treasury deposits.


Third quarter 2024			vs.			third quarter 2023

Average deposits of $174.1 billion decreased 1%. Total period-end deposits of $175.2 billion decreased 2% driven by a reduction in higher-cost Treasury deposits, as well as rate-driven migration in Commercial and Retail, largely offset by growth in Private Bank deposits of $5.4 billion.

Citizens Financial Group, Inc.


Borrowed Funds							3Q24 change from
($s in millions)	3Q24		2Q24		3Q23		2Q24				3Q23
Period-end borrowed funds							$		%		$		%
Short-term borrowed funds	$	15	$	2	$	232	$	13	NM		$	(217)	(94)	%
Long-term borrowed funds
FHLB advances	553		553		7,036		—		—		(6,483)		(92)
Senior debt	7,766		6,512		5,258		1,254		19		2,508		48
Subordinated debt and other debt	1,824		1,827		1,815		(3)		—		9		—
Auto collateralized borrowings	3,801		4,190		3,245		(389)		(9)		556		17
Total borrowed funds	$	13,959	$	13,084	$	17,586	$	875	7	%	$	(3,627)	(21)	%
Average borrowed funds
Short-term borrowed funds	$	150	$	325	$	506	$	(175)	(54) %		$	(356)	(70)	%
Long-term borrowed funds
FHLB advances	477		2,375		4,023		(1,898)		(80)		(3,546)		(88)
Senior debt	7,462		6,684		5,259		778		12		2,203		42
Subordinated debt and other debt	1,758		1,826		1,814		(68)		(4)		(56)		(3)
Auto collateralized borrowings	3,993		4,207		2,106		(214)		(5)		1,887		90
Total average borrowed funds	$	13,840	$	15,417	$	13,708	$	(1,577)	(10)	%	$	132	1	%


Third quarter 2024			vs.			second quarter 2024

Period-end borrowed funds increased by $875 million. Senior debt increased by $1.3 billion, reflecting new issuance. This was partly offset by a $389 million decrease in collateralized borrowings on auto loans given run off of the associated portfolio.

Average borrowed funds decreased $1.6 billion, largely driven by a $1.9 billion decrease in FHLB advances. Senior debt increased by $778 million, reflecting new issuance, and collateralized borrowings on auto loans decreased by $214 million.


Third quarter 2024			vs.			third quarter 2023

Period-end borrowed funds decreased by $3.6 billion, primarily due to a decrease in FHLB advances of $6.5 billion, partly offset by the $2.5 billion increase in senior debt issuances and $556 million increase in auto collateralized borrowings.

Average borrowed funds increased by $132 million, reflecting a $3.5 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 $1.9 billion, and senior debt issuances, up $2.2 billion.

Citizens Financial Group, Inc.


Capital										3Q24 change from
($s and shares in millions, except per share data)	3Q24			2Q24			3Q23			2Q24				3Q23
Period-end capital										$		%		$		%
Stockholders' equity	$	24,932		$	23,869		$	22,878		$	1,063	4	%	$	2,054	9	%
Stockholders' common equity	22,819			21,757			20,864			1,062		5		1,955		9
Tangible common equity	14,930			13,866			12,930			1,064		8		2,000		15
Tangible book value per common share	$	33.54		$	30.61		$	27.73		$	2.93	10	%	$	5.81	21	%
Common shares - at end of period	445.2			453.0			466.2			(7.7)		(2)		(21.0)		(5)
Common shares - average (diluted)	449.9			456.6			471.2			(6.6)		(1)	%	(21.3)		(5)	%
Common equity tier 1 capital ratio(1)	10.6		%	10.7		%	10.4		%
Total capital ratio(1)	13.9			14.0			13.4
Tangible common equity ratio	7.0			6.5			5.9
Tier 1 leverage ratio(1)	9.4			9.4			9.4
(1) Current reporting-period regulatory capital ratios are preliminary.


Third quarter 2024

•The CET1 capital ratio of 10.6% as of September 30, 2024 compares with 10.7% at June 30, 2024 and 10.4% at September 30, 2023.

•Total capital ratio of 13.9% compares with 14.0% at June 30, 2024 and 13.4% as of September 30, 2023.

•Tangible common equity ratio of 7.0% compares with 6.5% at June 30, 2024 and 5.9% as of September 30, 2023.

•Tangible book value per common share of $33.54 increased 10% compared with second quarter 2024 reflecting the AOCI benefit from lower unrealized losses associated with the impact of lower rates.

•Paid $191 million in common dividends to shareholders during third quarter 2024. This compares with $193 million in common dividends during second quarter 2024 and $200 million during third quarter 2023.

•Repurchased $325 million of common shares during third quarter 2024, compared with $200 million in second quarter 2024 and $250 million in third quarter 2023.

Citizens Financial Group, Inc.


Credit quality review										3Q24 change from
($s in millions)	3Q24			2Q24			3Q23			2Q24					3Q23
										$/bps			%		$/bps			%
Nonaccrual loans and leases(1)	$	1,687		$	1,527		$	1,296		$	160		10	%	$	391		30	%
90+ days past due and accruing(2)	169			228			248			(59)			(26)		(79)			(32)
Net charge-offs	192			184			153			8			4		39			25
Provision for credit losses	172			182			172			(10)			(5)		—			—

Allowance for credit losses	$	2,286		$	2,306		$	2,318		$	(20)		(1)	%	$	(32)		(1)	%
Nonaccrual loans and leases to loans and leases	1.19		%	1.08		%	0.87		%	11		bps			32
Net charge-offs as a % of total loans and leases	0.54			0.52			0.40			2					14

Allowance for credit losses to loans and leases	1.61			1.63			1.55			(2)					6

Allowance for credit losses to nonaccrual loans and leases	136		%	151		%	179		%	(15)		bps			(43)		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 $145 million, $168 million, and $216 million of loans fully or partially guaranteed by the FHA, VA, and USDA for September 30, 2024, June 30, 2024, and September 30, 2023, respectively.


Third quarter 2024			vs.			second quarter 2024

•The nonaccrual loans to total loans ratio of 1.19% compares with 1.08% at June 30, 2024. Nonaccrual loans of $1.7 billion increased $160 million, or 10%, primarily reflecting a $132 million increase in Commercial, given an increase in General Office as we proceed with workout actions.

•Net charge-offs of $192 million, or 54 basis points of average loans and leases, increased 2 basis points compared with the prior quarter. The increase primarily reflects seasonality in Auto. A sequential decline in commercial real estate charge-offs was offset by the resolution of several nonperforming credits in C&I.

•The third quarter 2024 provision for credit losses of $172 million compares with $182 million for second quarter 2024. The ratio of allowance for credit losses to total loans of 1.61% decreased from 1.63% as of June 30, 2024, primarily reflecting an improved macroeconomic outlook and loan mix given Non-Core run off and high quality originations.

•The allowance for credit losses to nonaccrual loans and leases ratio of 136% compares with 151% as of June 30, 2024.


Third quarter 2024			vs.			third quarter 2023

•The nonaccrual loans to total loans ratio of 1.19% increased from 0.87% at September 30, 2023.

•Nonaccrual loans increased $391 million, or 30%, primarily reflecting an increase in the General Office segment of commercial real estate.

•Net charge-offs of $192 million, or 54 basis points of average loans and leases, increased $39 million, primarily reflecting a $28 million increase in commercial.

•Provision for credit losses of $172 million compares with a $172 million provision in third quarter 2023.

•Allowance for credit losses of $2.3 billion decreased $32 million compared with September 30, 2023. Allowance for credit losses ratio of 1.61% as of September 30, 2024, compares with 1.55% as of September 30, 2023.

•The allowance for credit losses to nonaccrual loans and leases ratio of 136% compares with 179% as of September 30, 2023.

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) 336-4440, conference ID 4816160

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 1:00 pm ET on October 16, 2024 through November 16, 2024. Please dial (866) 207-1041 and enter access code 2124050. 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 $219.7 billion in assets as of September 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 3,100 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.

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.

Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations

(in millions, except share, per-share and ratio data)


		QUARTERLY TRENDS
					3Q24 Change
		3Q24	2Q24	3Q23	2Q24			3Q23
					$	%		$	%
Noninterest income, Underlying:
Noninterest income (GAAP)		$532	$553	$492	($21)	(4	%)	$40	8	%
Less: Notable items		(2)	4	—	(6)	(150)		(2)	(100)
Noninterest income, Underlying (non-GAAP)		$534	$549	$492	($15)	(3	%)	$42	9	%
Total revenue, Underlying:
Total revenue (GAAP)	A	$1,901	$1,963	$2,014	($62)	(3	%)	($113)	(6	%)
Less: Notable items		(2)	4	—	(6)	(150)		(2)	(100)
Total revenue, Underlying (non-GAAP)	B	$1,903	$1,959	$2,014	($56)	(3	%)	($111)	(6	%)
Noninterest expense, Underlying:
Noninterest expense (GAAP)	C	$1,259	$1,301	$1,293	($42)	(3	%)	($34)	(3	%)
Less: Notable items		11	36	22	(25)	(69)		(11)	(50)
Noninterest expense, Underlying (non-GAAP)	D	$1,248	$1,265	$1,271	($17)	(1	%)	($23)	(2	%)
Pre-provision profit:
Total revenue (GAAP)	A	$1,901	$1,963	$2,014	($62)	(3	%)	($113)	(6	%)
Less: Noninterest expense (GAAP)	C	1,259	1,301	1,293	(42)	(3)		(34)	(3)
Pre-provision profit (non-GAAP)		$642	$662	$721	($20)	(3	%)	($79)	(11	%)
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)	B	$1,903	$1,959	$2,014	($56)	(3	%)	($111)	(6	%)
Less: Noninterest expense, Underlying (non-GAAP)	D	1,248	1,265	1,271	(17)	(1)		(23)	(2)
Pre-provision profit, Underlying (non-GAAP)		$655	$694	$743	($39)	(6	%)	($88)	(12	%)








Income before income tax expense, Underlying:
Income before income tax expense (GAAP)	E	$470	$480	$549	($10)	(2	%)	($79)	(14	%)
Less: Income (expense) before income tax expense (benefit) related to notable items		(13)	(32)	(22)	19	59		9	41
Income before income tax expense, Underlying (non-GAAP)	F	$483	$512	$571	($29)	(6	%)	($88)	(15	%)
Income tax expense, Underlying:
Income tax expense (GAAP)	G	$88	$88	$119	$—	—	%	($31)	(26	%)
Less: Income tax expense (benefit) related to notable items		(3)	(16)	(4)	13	81		1	25
Income tax expense, Underlying (non-GAAP)	H	$91	$104	$123	($13)	(13	%)	($32)	(26	%)
Net income, Underlying:
Net income (GAAP)	I	$382	$392	$430	($10)	(3	%)	($48)	(11	%)
Add: Notable items, net of income tax benefit		10	16	18	(6)	(38)		(8)	(44)
Net income, Underlying (non-GAAP)	J	$392	$408	$448	($16)	(4	%)	($56)	(13	%)
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)	K	$344	$357	$400	($13)	(4	%)	($56)	(14	%)
Add: Notable items, net of income tax benefit		10	16	18	(6)	(38)		(8)	(44)
Net income available to common stockholders, Underlying (non-GAAP)	L	$354	$373	$418	($19)	(5	%)	($64)	(15	%)

Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations (continued)

(in millions, except share, per-share and ratio data)


		QUARTERLY TRENDS
								3Q24 Change
		3Q24		2Q24		3Q23		2Q24				3Q23
								$/bps		%		$/bps		%
Operating leverage:
Total revenue (GAAP)	A	$1,901		$1,963		$2,014		($62)		(3.23	%)	($113)		(5.67	%)
Less: Noninterest expense (GAAP)	C	1,259		1,301		1,293		(42)		(3.28)		(34)		(2.69)
Operating leverage										0.05	%			(2.98	%)
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)	B	$1,903		$1,959		$2,014		($56)		(2.88	%)	($111)		(5.54	%)
Less: Noninterest expense, Underlying (non-GAAP)	D	1,248		1,265		1,271		(17)		(1.35)		(23)		(1.75)
Operating leverage, Underlying (non-GAAP)										(1.53	%)			(3.79	%)
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio	C/A	66.23	%	66.27	%	64.21	%	(4)	bps			202	bps
Efficiency ratio, Underlying (non-GAAP)	D/B	65.61		64.59		63.08		102	bps			253	bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rate	G/E	18.56	%	18.49	%	21.51	%	7	bps			(295)	bps
Effective income tax rate, Underlying (non-GAAP)	H/F	18.75		20.33		21.69		(158)	bps			(294)	bps




Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)	M	$22,380		$21,427		$21,177		$953		4	%	$1,203		6	%
Less: Average goodwill (GAAP)		8,187		8,188		8,188		(1)		—		(1)		—
Less: Average other intangibles (GAAP)		140		144		173		(4)		(3)		(33)		(19)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		435		432		422		3		1		13		3
Average tangible common equity	N	$14,488		$13,527		$13,238		$961		7	%	$1,250		9	%
Return on average tangible common equity	K/N	9.45	%	10.61	%	12.00	%	(116)	bps			(255)	bps
Return on average tangible common equity, Underlying (non-GAAP)	L/N	9.71		11.09		12.51		(138)	bps			(280)	bps




Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)	O	$218,578		$219,222		$220,162		($644)		—	%	($1,584)		(1	%)
Less: Average goodwill (GAAP)		8,187		8,188		8,188		(1)		—		(1)		—
Less: Average other intangibles (GAAP)		140		144		173		(4)		(3)		(33)		(19)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		435		432		422		3		1		13		3
Average tangible assets	P	$210,686		$211,322		$212,223		($636)		—	%	($1,537)		(1	%)
Return on average total tangible assets	I/P	0.72	%	0.75	%	0.81	%	(3)	bps			(9)	bps
Return on average total tangible assets, Underlying (non-GAAP)	J/P	0.74		0.78		0.84		(4)	bps			(10)	bps

Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations (continued)

(in millions, except share, per-share and ratio data)


		QUARTERLY TRENDS
					3Q24 Change
		3Q24	2Q24	3Q23	2Q24			3Q23
					$/bps	%		$/bps	%
Tangible book value per common share:
Common shares - at period-end (GAAP)	Q	445,216,549	452,961,853	466,221,795	(7,745,304)	(2	%)	(21,005,246)	(5	%)
Common stockholders' equity (GAAP)		$22,819	$21,757	$20,864	$1,062	5		$1,955	9
Less: Goodwill (GAAP)		8,187	8,187	8,188	—	—		(1)	—
Less: Other intangible assets (GAAP)		137	139	167	(2)	(1)		(30)	(18)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)		435	435	421	—	—		14	3
Tangible common equity	R	$14,930	$13,866	$12,930	$1,064	8	%	$2,000	15	%
Tangible book value per common share	R/Q	$33.54	$30.61	$27.73	$2.93	10	%	$5.81	21	%
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)	S	446,561,996	454,142,489	469,481,085	(7,580,493)	(2	%)	(22,919,089)	(5	%)
Average common shares outstanding - diluted (GAAP)	T	449,913,467	456,561,022	471,183,719	(6,647,555)	(1)		(21,270,252)	(5)
Net income per average common share - basic (GAAP)	K/S	$0.77	$0.79	$0.85	($0.02)	(3)		($0.08)	(9)
Net income per average common share - diluted (GAAP)	K/T	0.77	0.78	0.85	(0.01)	(1)		(0.08)	(9)
Net income per average common share - basic, Underlying (non-GAAP)	L/S	0.79	0.82	0.89	(0.03)	(4)		(0.10)	(11)
Net income per average common share - diluted, Underlying (non-GAAP)	L/T	0.79	0.82	0.89	(0.03)	(4)		(0.10)	(11)

Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations (continued)

(in millions, except share, per-share and ratio data)


	QUARTERLY TRENDS
				3Q24 Change
	3Q24	2Q24	3Q23	2Q24			3Q23
				$/bps	%		$/bps	%




Card fees, Underlying:
Card fees (GAAP)	$93	$92	$74	$1	1		$19	26%
Less: Notable items	6	4	—	2	50		6	100
Card fees, Underlying (non-GAAP)	$87	$88	$74	($1)	(1)		$13	18	%
Other income, Underlying:
Other income (GAAP)	$24	$10	$18	$14	140		$6	33%
Less: Notable items	(8)	—	—	(8)	(100)		(8)	(100)
Other income, Underlying (non-GAAP)	$32	$10	$18	$22	220		$14	78	%
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)	$647	$645	$659	$2	—	%	($12)	(2	%)
Less: Notable items	4	8	5	(4)	(50)		(1)	(20)
Salaries and employee benefits, Underlying (non-GAAP)	$643	$637	$654	$6	1	%	($11)	(2	%)
Equipment and software, Underlying:
Equipment and software (GAAP)	$194	$190	$191	$4	2	%	$3	2	%
Less: Notable items	2	4	6	(2)	(50)		(4)	(67)
Equipment and software, Underlying (non-GAAP)	$192	$186	$185	$6	3	%	$7	4	%
Outside services, Underlying:
Outside services (GAAP)	$146	$165	$160	($19)	(12	%)	($14)	(9	%)
Less: Notable items	2	10	7	(8)	(80)		(5)	(71)
Outside services, Underlying (non-GAAP)	$144	$155	$153	($11)	(7	%)	($9)	(6	%)
Occupancy, Underlying:
Occupancy (GAAP)	$108	$113	$107	($5)	(4	%)	$1	1	%
Less: Notable items	1	6	2	(5)	(83)		(1)	(50)
Occupancy, Underlying (non-GAAP)	$107	$107	$105	$—	—	%	$2	2	%
Other operating expense, Underlying:
Other operating expense (GAAP)	$164	$188	$176	($24)	(13	%)	($12)	(7	%)
Less: Notable items	2	8	2	(6)	(75)		—	—
Other operating expense, Underlying (non-GAAP)	$162	$180	$174	($18)	(10	%)	($12)	(7	%)

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 and Commercial businesses, including our Private Bank;

•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.

Citizens Financial Group, Inc.

CFG-IR

EX-99.2 3 a3q24earningspresentatio.htm EX-99.2 a3q24earningspresentatio

3Q24 Financial Results October 16, 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 and Commercial businesses, including our Private Bank; • 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 3Q24 GAAP summary 3Q24 2Q24 3Q23 Q/Q Y/Y $s in millions $/bps % $/bps % Net interest income $ 1,369 $ 1,410 $ 1,522 $ (41) (3) % $ (153) (10) % Noninterest income 532 553 492 (21) (4) 40 8 Total revenue 1,901 1,963 2,014 (62) (3) (113) (6) Noninterest Expense 1,259 1,301 1,293 (42) (3) (34) (3) Pre-provision profit 642 662 721 (20) (3) (79) (11) Provision for credit losses 172 182 172 (10) (5) — — Income before income tax expense 470 480 549 (10) (2) (79) (14) Income tax expense 88 88 119 — — (31) (26) Net income $ 382 $ 392 $ 430 $ (10) (3) % $ (48) (11) % Preferred dividends 38 35 30 3 9 8 27 Net income available to common stockholders $ 344 $ 357 $ 400 $ (13) (4) % $ (56) (14) % $s in billions Average interest-earning assets $ 197.2 $ 198.5 $ 199.6 $ (1.3) (1) % $ (2.4) (1) % Average deposits $ 174.1 $ 173.7 $ 176.5 $ 0.4 — % $ (2.4) (1) % Performance metrics Net interest margin(1) 2.76 % 2.86 % 3.03 % (10) bps (27) bps Net interest margin, FTE(1) 2.77 2.87 3.03 (10) (26) Loan-to-deposit ratio (period-end) 80.8 80.4 84.0 42 (318) ROTCE 9.5 10.6 12.0 (116) (255) Efficiency ratio 66.2 66.3 64.2 (4) 202 Noninterest income as a % of total revenue 28 % 28 % 24 % (21) bps 351 bps Full-time equivalent colleagues 17,329 17,510 18,214 (181) (1) (885) (5) Operating leverage 0.05 % (2.98) % Per common share Diluted earnings $ 0.77 $ 0.78 $ 0.85 $ (0.01) (1) % $ (0.08) (9) % Tangible book value $ 33.54 $ 30.61 $ 27.73 $ 2.93 10 % $ 5.81 21 % Average diluted shares outstanding (in millions) 449.9 456.6 471.2 (6.6) (1) % (21.3) (5) % See pages 34-35 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 33.

4 3Q24 Underlying financial summary(1) Q/Q Y/Y $s in millions 3Q24 $/bps % $/bps % Net interest income $ 1,369 $ (41) (3) % $ (153) (10) % Noninterest income 534 (15) (3) 42 9 Total revenue 1,903 (56) (3) (111) (6) Noninterest expense 1,248 (17) (1) (23) (2) Pre-provision profit 655 (39) (6) (88) (12) Provision for credit losses 172 (10) (5) — — Net income available to common stockholders $ 354 $ (19) (5) % $ (64) (15) % Performance metrics Diluted EPS $ 0.79 $ (0.03) (4) % $ (0.10) (11) % Efficiency ratio 65.6 102 bps 253 bps Noninterest income as a % of total revenue 28 % 5 bps 361 bps ROTCE 9.7 % (138) bps (280) bps Tangible book value per share $ 33.54 $ 2.93 10 % $ 5.81 21 % 3Q24 Notable items impacts Pre-tax EPS ($s in millions except per share data) Integration-related $ (2) $ — TOP and Other items (11) (0.02) Total $ (13) $ (0.02) See pages 34-35 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 33.

5 ■ CFG performance reflects stabilizing Legacy Core results, less drag from the Private Bank investment and continued loss in Non-Core ■ Private Bank reached break-even mid-quarter, expected to be profitable in 4Q ■ Non-Core portfolio run off of $1.0 billion in 3Q24 ($3.2 billion YTD) 3Q24 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 $1,356 $41.2 $1,397 $(28) $1,369 Noninterest income 525 8.5 534 — 534 Total revenue 1,881 49.7 1,931 (28) 1,903 Noninterest Expense 1,174 50.8 1,225 23 1,248 Pre-provision profit 707 (1.1) 706 (51) 655 Provision for credit losses 155 — 155 17 172 Income before income tax expense 552 (1.1) 551 (68) 483 Income tax expense 108 (0.3) 108 (17) 91 Net income 444 (0.8) 443 (51) 392 Preferred dividends 38 — 38 — 38 Net income available to common stockholders $406 $(0.8) $405 $(51) $354 Contribution to total CFG Diluted EPS $0.90 $— $0.90 $(0.11) $0.79 $s in billions Interest-earning assets (spot) $185 $2.0 $187 $7.9 $195 Loans (spot) 132 2.0 134 7.9 142 Deposits (spot) 169 5.6 175 — 175 Risk-weighted assets (spot) 158 2.3 161 7.9 169 Performance metrics: Net interest margin, FTE(4) 2.89% NM 2.95% (1.30)% 2.77% Loan-to-deposit ratio (spot) 77.7 36.1 76.4 NM 80.8 CET1 capital ratio(5) 11.4 NM 11.2 NM 10.6 ROTCE 11.1 NM 11.1 NM 9.7 Efficiency ratio 62.4 NM 63.5 NM 65.6 Noninterest income as a % of total revenue 27.9 17.0 27.7 NM 28.0 See pages 34-35 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 33.

6 ■ CET1 ratio of 10.6%(2); 9.2% adjusted for AOCI opt-out removal ■ Strong liquidity profile; Spot LDR of 80.8%; pro forma LCR of 122% exceeds Category I Bank requirement of 100% – Average deposits stable QoQ; Private Bank spot deposits up $1.6 billion to $5.6 billion – Continued to increase structural funding; issued $1.25 billion of senior debt in 3Q; reduced FHLB advances to $553 million, down $6.5 billion YoY on a spot basis ■ Underlying EPS of $0.79; ROTCE of 9.7% ■ PPNR of $655 million – NII down 2.9% QoQ driven by a 10 bp decline in NIM primarily related to the impact of forward starting swaps – Fees down 2.7% QoQ reflecting seasonally lower Capital Markets; solid results in Card and Wealth – Expenses down 1.3% QoQ notwithstanding continued investment in the Private Bank 3Q24 Overview(1) Underlying PPNR drivers 3Q24 QoQ NII $ 1,369 (2.9) % Fees 534 (2.7) % Expenses 1,248 (1.3) % See pages 34-35 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 33. 3Q24 Underlying results Credit and loan trends Well positioned for the medium term Maintaining strong capital and liquidity position ■ Net charge-offs of 54 bps, up 2 bps QoQ reflecting slightly higher retail charge-offs given seasonality in Auto ■ ACL coverage decreased 2 bps QoQ to 1.61%; reflects improved macroeconomic outlook and loan mix; General Office reserve of 12.1% ■ Period-end loans broadly stable with Non-Core run off offset by Core loan growth, namely Private Bank and retail ■ Strategic initiatives progressing well: Private Bank, NYC Metro, serving private capital, Balance Sheet Optimization, TOP 9; preparing for launch of TOP 10 ■ 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 2.87% 0.02% 0.01% (0.01)% (0.03)% (0.09)% 2.77% 2Q24 Non-Core Impact Asset yields & mix Day count Funding Pricing/Mix Receive-fixed Swaps 3Q24 $199.6B $203.1B $200.1B $198.5B $197.2B $1,522 $1,488 $1,442 $1,410 $1,369 3.03% 2.91% 2.91% 2.87% 2.77% 3Q23 4Q23 1Q24 2Q24 3Q24 ■ NII down 2.9%, primarily reflecting lower NIM and slightly lower interest-earning assets – NIM of 2.77%, down 10 bps QoQ, given the impact of forward-starting swaps and low-cost deposit migration, partly offset by the benefit of fixed-rate repricing and Non-Core run off ■ Interest-earning assets yield of 5.09%, down 8 bps, reflects the increase in swap expense, partly offset by the benefit of fixed-rate repricing ■ Interest-bearing deposit costs increased 4 bps to 2.86% reflecting deposit migration ■ Total deposit costs were up 2 basis points to 2.26%, while total cost of funds was stable at 2.48% Net interest income NII and NIM Average interest-earning assets Net interest income NIM, FTE Linked Quarter NIM 2Q24 to 3Q24 $s in millions, except earning assets

8 ■ Underlying noninterest income decreased 2.7% with the following key business drivers: – Capital markets fees decreased $40 million, largely driven by seasonally lower loan syndication and debt underwriting fees. Additionally, several meaningful M&A fees pushed into 4Q – Wealth fees increased $1 million, reflecting higher asset management fees, largely offset by lower sales activity – Mortgage banking fees decreased $8 million driven by lower MSR valuation, net of hedging. This drop in MSR revenue was offset by securities gains in the quarter which resulted from investment portfolio repositioning actions – Foreign exchange and derivative products revenue decreased $3 million, primarily reflecting lower client hedging activity given the commencement of Fed rate cuts and the shift lower of the forward curve – Other income increased $22 million from second quarter levels that included higher operational losses $492 $500 $517 $553 $532 $492 $500 $514 $549 $534 Underlying Notable items 3Q23 4Q23 1Q24 2Q24 3Q24 Noninterest income(1) $s in millions ■ Underlying noninterest income increased 9%, with the following key business drivers: – Capital markets fees increased $27 million, given higher bond underwriting and M&A advisory, partially offset by lower loan syndication fees – Card fees increased $13 million, largely due to favorable vendor contract negotiations – Wealth fees increased $13 million, reflecting increased sales activity and higher asset management fees – Mortgage banking fees decreased $23 million, primarily reflecting lower MSR valuation, net of hedging – FX and derivative products revenue decreased $12 million given lower client activity in interest rate and commodities hedging See pages 34-35 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 33. Linked Quarter Year-Over-YearNoninterest income $s in millions 3Q24 2Q24 3Q23 $ Q/Q Y/Y Service charges and fees $ 109 $ 106 $ 105 $ 3 $ 4 Capital markets fees 94 134 67 (40) 27 Card fees 87 88 74 (1) 13 Wealth fees(2) 76 75 63 1 13 Mortgage banking fees 46 54 69 (8) (23) FX and derivative products 36 39 48 (3) (12) Letter of credit and loan fees 45 43 43 2 2 Securities gains, net 9 — 5 9 4 Other income(3) 32 10 18 22 14 Noninterest income, underlying $ 534 $ 549 $ 492 $ (15) $ 42 Notable items (4) (2) 4 — (6) (2) Noninterest income, reported $ 532 $ 553 $ 492 $ (21) $ 40 * Noninterest Income details *3Q24 has notable items of ($2MM)

9 ■ Underlying noninterest expense of $1.2 billion, down 1.3% – Salaries and benefits increased $6 million, primarily reflecting hiring related to the Private Bank build-out – Equipment and software increased $6 million given technology investments and maintenance – Outside services decreased $11 million largely driven by vendor efficiencies – Other operating expense decreased $18 million, primarily reflecting lower marketing-related costs and miscellaneous items Noninterest expense(1) See pages 34-35 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 33. Efficiency ratio Underlying expense down 1.3% QoQ reflecting expense discipline while strategically investing Linked Quarter Year-Over-Year 64.2% 81.1% 69.3% 66.3% 66.2% 63.1% 63.8% 65.1% 64.6% 65.6% Underlying Notable items 3Q23 4Q23 1Q24 2Q24 3Q24 3Q24 2Q24 3Q23 $ $s in millions Q/Q Y/Y Salaries & employee benefits $ 643 $ 637 $ 654 $ 6 $ (11) Equipment & software 192 186 185 6 7 Outside services 144 155 153 (11) (9) Occupancy 107 107 105 — 2 Other operating expense 162 180 174 (18) (12) Noninterest expense, underlying $ 1,248 $ 1,265 $ 1,271 $ (17) $ (23) Notable items (1) 11 36 22 (25) (11) Noninterest expense, reported $ 1,259 $ 1,301 $ 1,293 $ (42) $ (34) Full-time equivalents (FTEs) 17,329 17,510 18,214 (181) (885) ■ Underlying noninterest expense of $1.2 billion decreased 2% – Salaries and benefits decreased $11 million, reflecting lower headcount, partly offset by hiring related to the Private Bank build-out – Equipment and software increased $7 million given technology investments and maintenance – Other operating expense decreased $12 million, primarily related to lower marketing-related costs

10 $150.8 $148.0 $144.8 $143.1 $142.0 $137.8 $136.3 $134.3 $133.7 $133.6 $13.0 $11.7 $10.5 $9.4 $8.4 Core Non-Core Loan yield 3Q23 4Q23 1Q24 2Q24 3Q24 ~11% QoQ ■ Period-end loans broadly stable with Non-Core portfolio run off of $1.0 billion offset by Core loan growth – Private Bank growth of $0.6 billion – Retail* up $0.7 billion driven by home equity and mortgage – Commercial* down $0.6 billion reflecting paydowns, continued BSO actions, and low client demand ■ Average loans down 1%; Core loans stable ■ Loan yield of 5.50%, down 10 bps QoQ; up 2 bps excluding swaps Loans and leases $s in billions Period-end loans stable QoQ with Core loan growth offset by Non-Core run off Average loans and leases $149.7 $146.0 $143.2 $141.8 $141.6 $137.4 $134.9 $133.3 $132.9 $133.7 $12.3 $11.1 $9.9 $8.9 $7.9 Core Non-Core 3Q23 4Q23 1Q24 2Q24 3Q24 $s in billions Period-end loans and leases 5.66% 5.71% 5.64% 5.60% 5.50% Linked Quarter Year-Over-Year ~11% QoQ ~1% QoQ stable QoQ *Excludes Non-Core portfolio and Private Bank. See page 42 for details. ■ Period-end loans down $8.1 billion, or 5%, reflecting – Non-Core portfolio run off of $4.5 billion – Private Bank growth of $2.0 billion – Retail* up $1.3 billion driven by home equity and mortgage – Commercial* down $7.0 billion reflecting paydowns, continued BSO, and low client demand ■ Average loans down $8.8 billion, or 6%

11 $176.5 $177.1 $176.1 $173.7 $174.1 3Q23 4Q23 1Q24 2Q24 3Q24 Deposit performance and cost of funds Strong growth in franchise deposits driven by the Private Bank $s in billions 3Q24 Average deposits 2.02% 2.18% 2.25% 2.24% 2.26% 2.60% 2.79% 2.85% 2.82% 2.86% Total deposit costs Interest-bearing deposit costs CommercialConsumer Treasury/Other Year-Over-Year 3Q24 Period-end deposits Linked Quarter ■ Period-end deposits down 1%, driven by a reduction in higher- cost Treasury deposits, partially offset by Private Bank growth – Private Bank deposits of $5.6 billion increased $1.6 billion – Citizens Access period-end deposits slightly lower at $10.9 billion ■ Average deposits broadly stable reflecting $1.7 billion growth in Private Bank, as well as stable Retail and Commercial deposits, largely offset by a reduction in higher-cost Treasury deposits ■ Interest-bearing deposit costs increased 4 bps; total deposit costs increased 2 bps, while total cost of funds was stable – Terminal interest-bearing deposit beta of 53% $s in billions ■ Average deposits down 1%; Period-end deposits down $3.0 billion, or 2% reflecting reduced higher-cost Treasury deposits as well as rate-driven migration in Commercial and Retail, largely offset by growth in Private Bank deposits ■ Total deposit costs up 24 bps and interest-bearing deposit costs up 26 bps ■ Total cost of funds up 24 bps $178.2 $177.3 $176.4 $176.4 $175.2 Consumer Commercial Treasury/Other 3Q23 4Q23 1Q24 2Q24 3Q24

12 NIB 21% Money Market 31%Checking With Interest 19% Citizens Access Savings 5% Savings 10% Term 14% Branch Deposits 51% Citizens Access 6% Wealth 1% Business Banking 12% Commercial 26% Treasury/ Other 4% (As of 9/30/24) Highly diversified and retail-oriented deposit base $175.2B Period-end deposits Peer Avg(1) Business mix Product mix See pages 34-35 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 33. Total deposits insured/secured(2) Stable Consumer Banking deposits Peer Avg(1) 44% 42% 41% 22% 21% 21% 22% 21% 20% NIB Low-cost deposits 3Q23 2Q24 3Q24 % NIB and low- cost deposits (3) 57% 69% 70% 2Q24 2Q24 3Q24 65% 70% 68% 2Q24 2Q24 3Q24 Proforma LCR under Category I Bank rules 120% 119% 122% 1Q24 2Q24 3Q24 100%* *Minimum LCR requirement under Category I Bank rules

13 ■ NCOs of $192 million, or 54 bps of average loans, compares with $184 million, or 52 bps, in the prior quarter. The increase primarily reflects seasonality in Auto. A sequential decline in commercial real estate charge-offs was offset by the resolution of several nonperforming credits in C&I ■ Nonaccrual loans increased 10% QoQ to 119 bps of total loans given an increase in CRE General Office as we proceed with workout actions on a handful of loans ■ ACL coverage ratio of 1.61%, down 2 bps QoQ primarily reflects an improved macroeconomic outlook and mix given Non- Core run off and high-quality originations $172 $171 $171 $182 $172 $153 $171 $181 $184 $192 0.40% 0.46% 0.50% 0.52% 0.54% Provision for credit losses Net charge-offs Net c/o ratio 3Q23 4Q23 1Q24 2Q24 3Q24 Credit quality overview $s in millions $s in millions Credit provision expense; net charge-offs (1) $1,296 $1,364 $1,469 $1,527 $1,687 $715 $774 $891 $939 $1,071 $581 $590 $578 $588 $616 179% 170% 157% 151% 136% Commercial Retail ACL to nonaccrual loans and leases 3Q23 4Q23 1Q24 2Q24 3Q24 $s in millions Nonaccrual loans

14 2Q24 3Q24 ACL % Coverage ACL % Coverage Retail $ 877 1.25 % $ 935 1.34 % Commercial 1,429 1.99 1,351 1.88 C&I(2) 690 1.58 621 1.42 CRE 739 2.61 730 2.61 Total $ 2,306 1.63 % $ 2,286 1.61 % Allowance for credit losses $s in millions Allowance for credit losses detail Current assumptions Property valuations, peak-to-trough % decline ~71% Avg. loss severity (%) ~41% Default rate (%) ~30% General Office ACL coverage 12.1% Allowance for credit losses $382 million General Office key reserve assumptions ■ CRE General Office portfolio of $3.2 billion, down ~$159 million, or 5%, QoQ driven by paydowns and charge-offs ■ 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 12.1% from 11.1% in 2Q24 – Absorbed ~$364 million NCOs over quarters 2Q23-3Q24; equates to a cumulative loss rate of ~9% on the March 31, 2023 balance See pages 34-35 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 33. 2Q24 3Q24 Balance ($B) $ 3.3 $ 3.2 ACL ($MM; % coverage) $ 369 11.1 % $ 382 12.1 % Cumulative NCOs* ($MM) $ 319 $ 364 CRE General Office reserve *Cumulative losses since 3/31/23; loan balance of $4.1B at 3/31/23 $2,318 $2,318 $2,308 $2,306 $2,286 1.23% 1.25% 1.25% 1.25% 1.34% 1.84% 1.91% 1.96% 1.99% 1.88% Retail Commercial Retail ACL Commercial ACL 3Q23 4Q23 1Q24 2Q24 3Q24 $s in millions Allowance for credit losses (1)

15 Strong capital position $s in billions (period-end) 3Q23 4Q23 1Q24 2Q24 3Q24 Basel III basis(1)(2) Common equity tier 1 capital $ 18.4 $ 18.4 $ 18.1 $ 18.1 $ 17.9 Risk-weighted assets $ 176.4 $ 172.6 $ 170.1 $ 168.4 $ 168.6 Common equity tier 1 ratio 10.4 % 10.6 % 10.6 % 10.7 % 10.6 % Tier 1 capital ratio 11.5 % 11.8 % 11.8 % 12.0 % 11.9 % Total capital ratio 13.4 % 13.7 % 13.8 % 14.0 % 13.9 % Tangible common equity ratio 5.9 % 6.7 % 6.5 % 6.5 % 7.0 % See pages 34-35 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 33. TBV/share CET1 $ % 2Q24 10.7% $30.61 Net Income 0.23 0.86 2.8% Common and preferred dividends (0.13) (0.53) (1.7) RWA decrease (0.01) Treasury stock (0.20) (0.16) (0.5) Goodwill and intangibles — — — AOCI — 2.72 8.9 Other 0.01 0.04 0.1 Total change (0.10) 2.93 9.6% 3Q24 10.6% $33.54 CET1 ratio remains strong(3) Highlights ■ 3Q24 CET1 ratio of 10.6%(1) compares with 10.7% in 2Q24 – 9.2% CET1 ratio adjusted for AOCI opt-out removal ■ TBV/share of $33.54, up 9.6% QoQ, reflects the AOCI benefit from lower unrealized losses associated with the impact of lower rates – Tangible common equity ratio of 7.0%, up 51 bps QoQ ■ Total capital returned to shareholders, including common dividends, was $516 million in 3Q24 – Paid $191 million in common dividends to shareholders in 3Q24 – Repurchased $325 million of common stock at a weighted-average price of $40.60 in 3Q24

16 Capital level remains strong relative to peers CET1 Ratio adjusted for AOCI opt-out removalCET1 Ratio(1) ■ Well positioned for changing regulatory environment and uncertain macro environment ■ CET1 ratio under current rules of 10.6%(1), and 9.2% adjusted for AOCI opt-out removal; among the strongest within the peer group – We continue to maintain a target range of 10.0-10.5% over the medium term Peer data as of June 30, 2024. Peers include CMA, FITB, HBAN, KEY, MTB, PNC, RF, TFC and USB. See pages 34-35 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 33. 11.6% 11.5% 11.5% 10.7% 10.6% 10.6% 10.5% 10.4% 10.4% 10.3% 10.2% Peer 1 Peer 2 Peer 3 CFG (2Q24) CFG (3Q24) Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 11.3% 9.5% 9.2% 9.0% 8.7% 8.5% 8.2% 8.0% 7.9% 7.8% 7.1% Peer 1 Peer 2 CFG (3Q24) CFG (2Q24) Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9

17 Building a premier private bankTransformed franchise Best positioned 33% 67% Well positioned for the future Private BankConsumer 2018 2023 +7% CAGR Low-cost branch-based deposits $0.5 $3.6 $4.1 1Q24 2Q24 3Q24 Wealth AUM High-quality loans $1.2 $2.4 $4.0 $5.6 4Q23 1Q24 2Q24 3Q24 ■ ~82% of deposits are Commercial ■ DDA/CWI is ~38% of deposit mix Deposits $9.9 $10.5 Sept-23 Sept-24 Retail deposit growth ($ billions) Retail HH growth: +15% +30% YoY growth in 3Q investment fees YoY growth in total AUM Strong league table results Middle market bookrunner by deal count 12 months ended September 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 Citizens Wealth Management +7% YoY +5% YoY $2.0 billion Avg. Yield of ~7% Private capital opportunity Distinctive capabilities serving the private capital ecosystem Capital Markets Fees Treasury Solutions +19% Retail Commercial See pages 34-35 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 33. Revenue CAGR 2015 to 2024YTD(1) +10% Commercial Reached break-even mid-3Q; Added SoCal team & 2 PB offices $s in billions; period-end

18 4Q24 outlook vs. 3Q24 See pages 34-35 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 33. ■ Assumes 25 bps Fed rate cut in November and December with YE2024 Fed funds target of 4.50% ■ Impact from Notable items was lower in 3Q; expect impact on 4Q reported results to be close to zero 3Q24 Underlying(1) 4Q24 Underlying outlook Net interest income $1,369MM ■ Up 1.5-2.5% ■ NIM up ~5 basis points; spot loans up slightly Noninterest income $534MM ■ Up mid to high single digits Noninterest expense $1,248MM ■ Up ~2% Net charge-offs $192MM; 54 bps ■ Broadly stable ■ ACL will continue to benefit from Non-Core run off CET1 ratio(2) 10.6% ■ Broadly stable; $200MM to $250MM share repurchases Tax rate 18.7% ■ ~20%

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; opened two offices in the San Francisco Bay area and hired a top private banking team in Southern California in 3Q24 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 to launch 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 – 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 $325 million of common shares in 3Q24 – 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 ê6% $694 $655 2Q24 3Q24 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 ê4% $143.1 $142.0 2Q24 3Q24 $173.7 $174.1 2Q24 3Q24 0.94% 0.88% 0.78% 0.74% 2Q24 3Q24 12.9% 11.1% 11.1% 9.7% 2Q24 3Q24 $373 $354 $0.82 $0.79 2Q24 3Q24 ê5% Pre-provision profit $s in millions See pages 34-35 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 33. ê138 bps ê4 bpsstable

22 $743 $655 3Q23 3Q24 Year-over-year Underlying results(1) Return on average total tangible assets ê12% Average loans $s in billions ê6% 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 ê10 bps $3.5 6 $150.8 $142.0 3Q23 3Q24 $176.5 $174.1 3Q23 3Q24 1.08% 0.88% 0.84% 0.74% 3Q23 3Q24 15.3% 11.1% 12.5% 9.7% 3Q23 3Q24 ê1% Pre-provision profit $s in millions ê280 bps $418 $354 $0.89 $0.79 3Q23 3Q24 See pages 34-35 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 33. ê11% ê15%

23 3Q24 4Q25 4Q26 4Q27 Meaningful NIM improvement over the medium term Medium-term NIM target 3.25 to 3.40% 2.77% 3.25% • Terminated swaps +25 bps • Non-Core run off +15 bps(1) ■ Expect progression toward 3.25 to 3.40% NIM range over the next 3 years consistent with a Fed funds range of 3.00 to 3.75% 1. Majority of NIM improvement from 3Q24 to 4Q27 is time based and not rate dependent 2. The run off of legacy active swaps in a negative carry position will also benefit medium-term NIM 3. Additional positive impact will result from active balance sheet management and fixed-asset repricing 4. These benefits will be partly offset by the asset sensitive balance sheet as rates are forecast to decline over the period Higher end of range • Fed funds stabilizes at or above 3.5% Lower end of range • Fed funds stabilizes within a range of 3.0-3.25% 3.40% Graphic is illustrative; not to scale Net benefit ~10-25 bps +40 bps time-based NIM benefit 3Q24 to 4Q27 Cumulative time-based NIM benefit +18 bps +33 bps +40 bps Maturing of legacy active swaps +30 bps Net of asset sensitivity/ other impacts -5 to -20 bps Projected NIM range ~3.25 - 3.40% Factors supporting 3.25% - 3.40% NIM • Swaps and Non-Core run off • Steadily improving balance sheet mix • Fed funds terminal range of 3.00% - 3.75% • Cumulative IBD beta of 50-55% (1) Non-Core impact includes benefit from denominator effect which accounts for ~60% of the NIM tailwind by 4Q27

24 Protecting NII and reducing earnings volatility through economic cycles $24.2 $28.6 $22.4 $8.6 2024 2025 2026 2027 $27.6 $26.2 $26.3 $26.3 $29.8 $31.8 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 W.A. receive-fixed rate at 9/30/24 3.1% 3.1% 3.1% 3.1% 3.2% 3.3% 3.2% 3.2% 3.5% 3.8% Active receive-fixed cash flow swaps (avg. notional in $ billions at 9/30/24) ■ Receive-fixed cash flow swaps represent the primary tool to manage overall asset sensitivity – Will opportunistically add swaps to increase protection to downside in rates in 2026 and beyond ■ Slightly asset sensitive to a gradual change in rates at 3Q24 – Approximately +/- 1% impact to NII over the next 12 months with a gradual +/- 100 bps change in rates relative to the forward curve

25 Education and other retail (purchased) ■ Non-Core retail loan portfolio of $7.9 billion at 9/30/24 – $1.0 billion QoQ decline in 3Q24 – ~4.4% WA loan yield (~98% fixed rate); ~5.6% WA funding cost ■ Retail products targeted for growth include areas with greatest relationship potential – Home equity, card, mortgage $7.9 $7.1 $4.7 $5.5 $4.9 $2.9 $2.4 $2.2 $1.8 3Q24 4Q24 4Q25 BSO actions to further strengthen capital & liquidity, improve returns Non-Core portfolio Dedicated structural funding Non-Core portfolio Indirect auto Auto collateralized borrowings $s in billions Commercial BSO ■ Originations are highly selective, with a focus on multi- product relationships that deliver a higher risk-adjusted return profile ■ Continue to exit low-returning commercial credit-only client relationships ■ Will strategically reduce the commercial real estate portfolio over the next 3 to 5 years $3.8 $3.4 $1.5 Education and Other Retail (purchased)

26 $10.2 $11.9 $12.5 $13.4 $3.8 $2.0 $0.6 $0.6$5.2 $6.4 $6.5 $7.8 Senior debt Subordinated debt Auto Collateralized borrowings Other FHLB 4Q23 1Q24 2Q24 3Q24 8.1% 8.0% 6.6% 5.5% 5.3% 5.2% 5.1% 3.5% 3.0% 1.8% 1.0% 0.7% FHLB advances Repurchase agreements sold Fed funds purchased Trading liabilities Commercial paper Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer Avg Peer 6 Peer 7 Peer 8 Peer 9 CFG (2Q24) CFG (3Q24) $50.2 $52.0 $52.8 $53.0 $10.2 $10.9 $11.1 $10.6 $40.0 $41.1 $41.7 $42.4 26% 27% 27% 27% Interest-bearing deposits in banks Investments As % of interest-earning assets 4Q23 1Q24 2Q24 3Q24 126% 124% 122% 119% 117% 115% 113% 112% 106% GSIB #1 GSIB #2 CFG (3Q24) CFG (2Q24) GSIB #3 GSIB #4 GSIB #5 GSIB #6 GSIB #7 Strong liquidity and improving funding profile Increasing structural long-term debt while reducing shorter-term borrowings $s in billions Maintaining a high level of liquidity $s in billions; period-end Low reliance on shorter-term market- based funding relative to peers(2) As % of tangible assets 100%* * Minimum LCR requirement under Category I Bank rules; GSIB data as of 6/30/24 See pages 34-35 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 33. (3) Liquidity Coverage Ratios - CFG vs GSIBs(1) (As of 9/30/24)

27 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 $(1.9) $(1.7) $(1.6) $(0.3) $(0.3) $(0.3) $(0.6) $(0.2) Swaps Pension Securities 9/30/2024 12/31/2025 12/31/2026 $(2.9) $(2.2) $(2.0) ~32% TCE CET1(2) $(2.3) $(2.1) $(2.0) Commentary ■ Expect benefit to capital via accretion to AOCI as unrealized losses "burn off" – ~$0.3 billion in unrealized losses related to securities and pension expected to "burn off" by YE2026, adding ~20 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 bp parallel increase in rates would negatively impact CET1 ratio adjusted for AOCI opt-out removal by ~17 bps; a 50 bp parallel decrease would positively impact by ~15 bps Burn-off by YE2026~13% (1) Select totals may not sum due to rounding (2) CET1 adjusted for AOCI opt-out removal accretion based on forward curve with Fed funds reaching 3.50% by YE2025 and a terminal rate of 3.25-3.50% (3) Unrealized losses in swap portfolio includes both active and terminated swaps (4) CET1 ratio impact for illustrative purposes assumes the RWA balance at 9/30/24 Projected accretion to TCE and CET1 adjusted for AOCI opt-out removal(1) Accretes to CET1(2) (3)

28 $71.8B Commercial credit portfolio See pages 34-35 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 33. Commercial portfolio risk ratings(4) $s in billions 59% 57% 58% 17% 16% 16% 17% 19% 18% 7% 8% 8% 3Q23 2Q24 3Q24 B- and lower B+ to B BB+ to BB- AAA+ to BBB- $71.8 Highlights $71.9($ in billions) Balances % of total CFG C&I Finance and Insurance Capital call facilities $ 5.9 4 % Other Finance and Insurance 6.0 4 Other Manufacturing 3.8 3 Technology 3.4 2 Accommodation and Food Services 2.6 2 Health, Pharma, Social Assistance 2.3 2 Professional, Scientific, and Technical Services 2.3 2 Wholesale Trade 2.2 1 Retail Trade 2.2 1 Other Services 2.4 2 Energy & Related 2.1 1 Rental and Leasing 1.1 1 Consumer Products Manufacturing 0.8 1 Administrative and Waste Management Services 1.3 1 Arts, Entertainment, and Recreation 1.5 1 Automotive 1.0 1 Other (1) 2.9 2 Total C&I(2) $ 43.8 31 % CRE Multi-family $ 10.0 7 % Office 5.4 4 Credit tenant lease and life sciences(3) 2.2 2 Other general office 3.2 2 Industrial 3.7 3 Retail 3.0 2 Co-op 1.8 1 Data Center 1.0 1 Hospitality 0.4 — Other (1) 2.7 2 Total CRE $ 28.0 20 % Total Commercial loans & leases $ 71.8 51 % Total CFG $ 141.6 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 $77.5

29 Suburban Class C 2% CBD Class C 5% Suburban Class A 40% CBD Class A 15% Suburban Class B 28% CBD Class B 10% 52% 100% 100% 85% 54% 72% 41% 3% 78% 100% 48% 15% 46% 28% 59% 97% 22% New York, NY Washington, DC Los Angeles, CA Dallas, TX Atlanta, GA Philadelphia, PA Boston, MA Chicago, IL Baltimore, MD Phoenix, AZ Suburban CBD NY 14.3% VA 11.9% NJ 10.7% CA 9.7% TX 7.5% MD 6.8% PA 4.8% GA 4.7% MA 4.0% OH 3.8% IL 3.5% AZ 2.9% CO 2.7% MN 2.4% WA 2.0% Other 8.3% Commercial Real Estate - $5.4B Office portfolio: well diversified $3.2B General Office by state Other NC CT VT MO FL DC MI UT SC RI NH DE 22% 19% 59% General Office $3.2B Credit Tenant $1.2B Life Sciences $1.0B Property type $3.2B General Office class & location Top 10 General Office MSA breakdown Outstanding *Manhattan is ~$114 million $ 749 467 193 156 147 124 119 112 98 92 $ in millions (As of 9/30/24)

30 43% 45% 45% 32% 31% 31% 16% 15% 15% 4% 4% 4% 5% 5% 5% 3Q23 2Q24 3Q24 46% 23% 9% 4% 11% 7% $69.8B Retail credit portfolio 800+ 740-799 680-739 640-679 <640 $69.8 $s in billions $69.9 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 ~52% ■ Home equity – FICO ~760 – ~33% secured by 1st lien – ~99% CLTV less than 80% – ~87% CLTV less than 70% ■ Auto – FICO ~740 ■ Education – FICO ~785 ■ 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 34-35 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 33. Retail portfolio FICOs(2) $72.3

31 Allocation of allowance for credit losses by product type September 30, 2024 June 30, 2024 $s in millions Loans and Leases Allowance Coverage Loans and Leases Allowance Coverage Commercial and industrial(1)(2) $ 43,825 $621 1.42 % $ 43,623 $690 1.58 % Commercial real estate 27,983 730 2.61 28,311 739 2.61 Total commercial 71,808 1,351 1.88 71,934 1,429 1.99 Residential mortgages 32,379 164 0.51 31,890 172 0.54 Home equity 15,992 138 0.86 15,534 129 0.83 Automobile 5,540 29 0.52 6,383 33 0.52 Education 11,118 295 2.66 11,265 258 2.29 Other retail 4,795 309 6.44 4,836 285 5.89 Total retail loans 69,824 935 1.34 69,908 877 1.25 Allowance for credit losses(3) $141,632 $2,286 1.61 % $141,842 $2,306 1.63 % See pages 34-35 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 33.

32 Delinquency by product type See pages 34-35 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 33. September 30, 2024 (%) June 30, 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) 99.36 % 0.12 % 0.01 % 0.01 % 0.50 % 99.28 % 0.06 % 0.04 % 0.02 % 0.60 % Commercial real estate 96.35 0.26 0.30 0.05 3.04 96.87 0.25 0.36 0.13 2.39 Total commercial 98.18 0.18 0.12 0.03 1.49 98.33 0.14 0.16 0.06 1.31 Residential mortgages(2) 98.59 0.29 0.15 0.45 0.52 98.52 0.29 0.14 0.57 0.48 Home equity 97.49 0.58 0.17 — 1.76 97.50 0.51 0.19 — 1.80 Automobile 96.51 1.97 0.69 — 0.83 96.98 1.77 0.56 — 0.69 Education 98.84 0.39 0.22 0.02 0.53 99.01 0.33 0.18 0.02 0.46 Other retail 97.14 0.92 0.65 0.02 1.27 97.33 0.83 0.58 0.02 1.24 Total retail 98.12 0.55 0.24 0.21 0.88 98.15 0.52 0.23 0.26 0.84 Total 98.15 % 0.36 % 0.18 % 0.12 % 1.19 % 98.24 % 0.33 % 0.19 % 0.16 % 1.08 %

33 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 includes 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. See pages 34-35 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 3Q24 2Q24 3Q23 $s in millions, except per share data Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Salaries & benefits $ (2) $ (2) $ (3) $ (2) $ (4) $ (3) Equipment and software — — — — — — Outside services — — — — (4) (3) Occupancy — — — — — — Other expense — — — — — — Noninterest expense $ (2) $ (2) $ (3) $ (2) $ (8) $ (6) EPS Impact - Noninterest expense $ — $ (0.01) $ (0.02) Total Integration Costs $ (2) $ (2) $ (3) $ (2) $ (8) $ (6) EPS Impact - Total Integration-related $ — $ (0.01) $ (0.02) Other notable items - TOP & Other 3Q24 2Q24 3Q23 $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 $ (2) $ (1) $ 4 $ 3 $ — $ — Salaries & benefits $ (2) $ (2) $ (5) $ (4) $ (1) $ — Equipment and software (2) (2) (4) (3) (6) (5) Outside services (2) (2) (10) (7) (3) (3) Occupancy (1) — (6) (4) (2) (2) FDIC Assessment(1) — — (5) (4) — — Other expense (2) (1) (3) (2) (2) (2) Noninterest expense $ (9) $ (7) $ (33) $ (24) $ (14) $ (12) Total Other Notable Items $ (11) $ (8) $ (29) $ (14) $ (14) $ (12) EPS Impact - Other Notable Items $ (0.02) $ (0.03) $ (0.02) Total Notable Items $ (13) $ (10) $ (32) $ (16) $ (22) $ (18) Total EPS Impact $ (0.02) $ (0.04) $ (0.04) (1) The FDIC special assessment earnings per share impact is $(0.01) for second quarter 2024.

34 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 - 3Q24 GAAP Summary 1) See general note a). Notes on slide 4 - 3Q24 Underlying financial summary 1) See note on non-GAAP financial measures. Notes on slide 5 - 3Q24 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 September 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 - 3Q24 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 33 for more detail. Notes on slide 9 - Noninterest expense 1) See above note on non-GAAP financial measures. See Notable Items slide 33 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 14 - Allowance for credit losses 1) Allowance for credit losses to nonaccrual loans and leases. 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. 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 strong relative to peers 1) See general note d).

35 Notes continued Notes on slide 17 - Well positioned for the future 1) Compounded annual growth rate is calculated using 2024 YTD annualized results. Notes on slide 18 - 4Q24 outlook vs. 3Q24 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 26 - Strong liquidity and improving funding profile 1) GSIB data as of June 30, 2024. GSIBs include GS, WFC, C, BK, BAC, JPM, and STT. 2) Peer data as of June 30, 2024. Peers include CMA, FITB, HBAN, KEY, MTB, PNC, RF, TFC and USB. 3) Includes all FHLB advances. Notes on slide 28 - $71.8B 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 30 - $69.8B Retail credit portfolio 1) See general note c). 2) Reflects period end balances. Notes on slide 31 - 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 32 - 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 $145 million,$168 million, and $216 million of loans fully or partially guaranteed by the FHA, VA, and USDA for September 30, 2024, June 30, 2024, and September 30, 2023, respectively. Notes on slide 33 - Notable items 1) See note on non-GAAP financial measures. Notes on slide 45 - 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 September 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).

36 Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS 3Q24 Change 3Q24 2Q24 3Q23 2Q24 3Q23 $ % $ % Noninterest income, Underlying: Noninterest income (GAAP) A $532 $553 $492 ($21) (4%) $40 8% Less: Notable items (2) 4 — (6) (150) (2) (100) Noninterest income, Underlying (non-GAAP) B $534 $549 $492 ($15) (3%) $42 9% Total revenue, Underlying: Total revenue (GAAP) C $1,901 $1,963 $2,014 ($62) (3%) ($113) (6%) Less: Notable items (2) 4 — (6) (150) (2) (100) Total revenue, Underlying (non-GAAP) D $1,903 $1,959 $2,014 ($56) (3%) ($111) (6%) Noninterest expense, Underlying: Noninterest expense (GAAP) E $1,259 $1,301 $1,293 ($42) (3%) ($34) (3%) Less: Notable items 11 36 22 (25) (69) (11) (50) Noninterest expense, Underlying (non-GAAP) F $1,248 $1,265 $1,271 ($17) (1%) ($23) (2%) Pre-provision profit: Total revenue (GAAP) C $1,901 $1,963 $2,014 ($62) (3%) ($113) (6%) Less: Noninterest expense (GAAP) E 1,259 1,301 1,293 (42) (3) (34) (3) Pre-provision profit (non-GAAP) $642 $662 $721 ($20) (3%) ($79) (11%) Pre-provision profit, Underlying: Total revenue, Underlying (non-GAAP) D $1,903 $1,959 $2,014 ($56) (3%) ($111) (6%) Less: Noninterest expense, Underlying (non-GAAP) F 1,248 1,265 1,271 (17) (1) (23) (2) Pre-provision profit, Underlying (non-GAAP) $655 $694 $743 ($39) (6%) ($88) (12%) Income before income tax expense, Underlying: Income before income tax expense (GAAP) G $470 $480 $549 ($10) (2%) ($79) (14%) Less: Income (expense) before income tax expense (benefit) related to notable items (13) (32) (22) 19 59 9 41 Income before income tax expense, Underlying (non-GAAP) H $483 $512 $571 ($29) (6%) ($88) (15%) Income tax expense, Underlying: Income tax expense (GAAP) I $88 $88 $119 $— —% ($31) (26%) Less: Income tax expense (benefit) related to notable items (3) (16) (4) 13 81 1 25 Income tax expense, Underlying (non-GAAP) J $91 $104 $123 ($13) (13%) ($32) (26%) Net income, Underlying: Net income (GAAP) K $382 $392 $430 ($10) (3%) ($48) (11%) Add: Notable items, net of income tax benefit 10 16 18 (6) (38) (8) (44) Net income, Underlying (non-GAAP) L $392 $408 $448 ($16) (4%) ($56) (13%) Net income available to common stockholders, Underlying: Net income available to common stockholders (GAAP) M $344 $357 $400 ($13) (4%) ($56) (14%) Add: Notable items, net of income tax benefit 10 16 18 (6) (38) (8) (44) Net income available to common stockholders, Underlying (non-GAAP) N $354 $373 $418 ($19) (5%) ($64) (15%)

37 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 3Q24 Change 3Q24 2Q24 3Q23 2Q24 3Q23 $/bps % $/bps % Operating leverage: Total revenue (GAAP) C $1,901 $1,963 $2,014 ($62) (3.23%) ($113) (5.67%) Less: Noninterest expense (GAAP) E 1,259 1,301 1,293 (42) (3.28) (34) (2.69) Operating leverage 0.05% (2.98%) Operating leverage, Underlying: Total revenue, Underlying (non-GAAP) D $1,903 $1,959 $2,014 ($56) (2.88%) ($111) (5.54%) Less: Noninterest expense, Underlying (non-GAAP) F 1,248 1,265 1,271 (17) (1.35) (23) (1.75) Operating leverage, Underlying (non-GAAP) (1.53%) (3.79%) Efficiency ratio and efficiency ratio, Underlying: Efficiency ratio E/C 66.23 % 66.27% 64.21 % (4) bps 202 bps Efficiency ratio, Underlying (non-GAAP) F/D 65.61 64.59 63.08 102 bps 253 bps Effective income tax rate and effective income tax rate, Underlying: Effective income tax rate I/G 18.56% 18.49% 21.51 % 7 bps (295) bps Effective income tax rate, Underlying (non-GAAP) J/H 18.75 20.33 21.69 (158) bps (294) bps Return on average tangible common equity and return on average tangible common equity, Underlying: Average common equity (GAAP) O $22,380 $21,427 $21,177 $953 4% $1,203 6% Less: Average goodwill (GAAP) 8,187 8,188 8,188 (1) — (1) — Less: Average other intangibles (GAAP) 140 144 173 (4) (3) (33) (19) Add: Average deferred tax liabilities related to goodwill (GAAP) 435 432 422 3 1 13 3 Average tangible common equity P $14,488 $13,527 $13,238 $961 7% $1,250 9% Return on average tangible common equity M/P 9.45 % 10.61% 12.00 % (116) bps (255) bps Return on average tangible common equity, Underlying (non-GAAP) N/P 9.71 11.09 12.51 (138) bps (280) bps Return on average total assets and return on average total assets, Underlying: Average total assets (GAAP) Q $218,578 $219,222 $220,162 ($644) —% ($1,584) (1%) Return on average total assets K/Q 0.70 % 0.72% 0.78 % (2) bps (8) bps Return on average total assets, Underlying (non-GAAP) L/Q 0.71 0.75 0.81 (4) bps (10) bps $s in millions, except share, per share and ratio data

38 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 3Q24 Change 3Q24 2Q24 3Q23 2Q24 3Q23 $/bps % $/bps % Return on average total tangible assets and return on average total tangible assets, Underlying: Average total assets (GAAP) Q $218,578 $219,222 $220,162 ($644) —% ($1,584) (1%) Less: Average goodwill (GAAP) 8,187 8,188 8,188 (1) — (1) — Less: Average other intangibles (GAAP) 140 144 173 (4) (3) (33) (19) Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 435 432 422 3 1 13 3 Average tangible assets R $210,686 $211,322 $212,223 ($636) —% ($1,537) (1%) Return on average total tangible assets K/R 0.72 % 0.75% 0.81 % (3) bps (9) bps Return on average total tangible assets, Underlying (non-GAAP) L/R 0.74 0.78 0.84 (4) bps (10) bps Tangible book value per common share: Common shares - at period-end (GAAP) S 445,216,549 452,961,853 466,221,795 (7,745,304) (2%) (21,005,246) (5%) Common stockholders' equity (GAAP) $22,819 $21,757 $20,864 $1,062 5 $1,955 9 Less: Goodwill (GAAP) 8,187 8,187 8,188 — — (1) — Less: Other intangible assets (GAAP) 137 139 167 (2) (1) (30) (18) Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP) 435 435 421 — — 14 3 Tangible common equity T $14,930 $13,866 $12,930 $1,064 8% $2,000 15% Tangible book value per common share T/S $33.54 $30.61 $27.73 $2.93 10% $5.81 21% 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 446,561,996 454,142,489 469,481,085 (7,580,493) (2%) (22,919,089) (5%) Average common shares outstanding - diluted (GAAP) V 449,913,467 456,561,022 471,183,719 (6,647,555) (1) (21,270,252) (5) Net income per average common share - basic (GAAP) M/U $0.77 $0.79 $0.85 ($0.02) (3) ($0.08) (9) Net income per average common share - diluted (GAAP) M/V 0.77 0.78 0.85 (0.01) (1) (0.08) (9) Net income per average common share - basic, Underlying (non-GAAP) N/U 0.79 0.82 0.89 (0.03) (4) (0.10) (11) Net income per average common share - diluted, Underlying (non- GAAP) N/V 0.79 0.82 0.89 (0.03) (4) (0.10) (11) 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) 55 % 53 % 49 % 139 bps 514 bps Dividend payout ratio, Underlying (non-GAAP) W/(N/U) 53 51 47 200 bps 600 bps $s in millions, except share, per share and ratio data

39 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 3Q24 Change 3Q24 2Q24 3Q23 2Q24 3Q23 $/bps % $/bps % Card fees, Underlying: Card fees (GAAP) $93 $92 $74 $1 1% $19 26% Less: Notable items 6 4 — 2 50 6 100 Card fees, Underlying (non-GAAP) $87 $88 $74 ($1) (1%) $13 18% Other income, Underlying Other income (GAAP) $24 $10 $18 $14 140% $6 33% Less: Notable items (8) — — (8) (100) (8) (100) Other income, Underlying (non-GAAP) $32 $10 $18 $22 220% $14 78% Salaries and employee benefits, Underlying: Salaries and employee benefits (GAAP) $647 $645 $659 $2 —% ($12) (2%) Less: Notable items 4 8 5 (4) (50) (1) (20) Salaries and employee benefits, Underlying (non-GAAP) $643 $637 $654 $6 1% ($11) (2%) Equipment and software, Underlying: Equipment and software (GAAP) $194 $190 $191 $4 2% $3 2% Less: Notable items 2 4 6 (2) (50) (4) (67) Equipment and software, Underlying (non-GAAP) $192 $186 $185 $6 3% $7 4% Outside services, Underlying: Outside services (GAAP) $146 $165 $160 ($19) (12%) ($14) (9%) Less: Notable items 2 10 7 (8) (80) (5) (71) Outside services, Underlying (non-GAAP) $144 $155 $153 ($11) (7%) ($9) (6%) Occupancy, Underlying: Occupancy (GAAP) $108 $113 $107 ($5) (4%) $1 1% Less: Notable items 1 6 2 (5) (83) (1) (50) Occupancy, Underlying (non-GAAP) $107 $107 $105 $— —% $2 2% Other operating expense, Underlying: Other operating expense (GAAP) $164 $188 $176 ($24) (13%) ($12) (7%) Less: Notable items 2 8 2 (6) (75) — — Other operating expense, Underlying (non-GAAP) $162 $180 $174 ($18) (10%) ($12) (7%) $s in millions, except share, per share and ratio data

40 Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS 1Q24 4Q23 Noninterest income, Underlying: Noninterest income (GAAP) A $517 $500 Less: Notable items 3 — Noninterest income, Underlying (non-GAAP) B $514 $500 Total revenue, Underlying: Total revenue (GAAP) C $1,959 $1,988 Less: Notable items 3 — Total revenue, Underlying (non-GAAP) D $1,956 $1,988 Noninterest expense, Underlying: Noninterest expense (GAAP) E $1,358 $1,612 Less: Notable items 85 345 Noninterest expense, Underlying (non-GAAP) F $1,273 $1,267 Efficiency ratio and efficiency ratio, Underlying: Efficiency ratio E/C 69.3 % 81.1% Efficiency ratio, Underlying (non-GAAP) F/D 65.1 63.8

41 Non-GAAP financial measures and reconciliations - CET1 adjusted for AOCI opt-out removal 3Q24 2Q24 CET1 Ratio adjusted for AOCI opt-out removal CET1 capital $ 17,941 $ 18,086 Less: AFS securities - AOCI 1,181 1,716 HTM securities - AOCI(1) 776 795 DTA for AFS/HTM securities 11 13 Pension 320 322 DTA for Pension 1 1 CET 1 capital adjusted for AOCI opt-out removal A $15,652 $15,239 Risk-weighted assets 168,552 168,393 Less: HTM securities - AOCI 136 140 AFS securities - AOCI 184 285 DTA for AFS/HTM securities (1,630) (2,083) Pension 320 322 DTA for Pension (289) (291) Risk-weighted assets adjusted for AOCI opt-out removal B $169,831 $170,020 CET1 Ratio adjusted for AOCI opt-out removal A/B 9.2 % 9.0 % $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

42 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 3Q24 Change 3Q24 2Q24 3Q23 2Q24 3Q23 $/bps % $/bps % Total Retail loans - at period-end $69,824 $69,907 $72,289 ($83) —% ($2,465) (3%) Less: Non-core retail loans - at period-end 7,869 8,870 12,343 (1,001) (11) (4,474) (36) Less: Private bank retail loans - at period-end 670 494 11 176 36 659 NM Total Retail loans excluding Private Bank and non-core - at period-end $61,285 $60,543 $59,935 $742 1% $1,350 2% Total Commercial loans - at period-end $71,807 $71,934 $77,457 ($127) —% ($5,650) (7%) Less: Private bank commercial loans - at period-end $1,353 $895 $— $458 51 $1,353 NM Total Commercial loans excluding Private Bank - at period-end $70,454 $71,039 $77,457 ($585) (1%) ($7,003) (9%) $s in millions, except share, per share and ratio data

43 Non-GAAP financial measures and reconciliations excluding Private Bank & Non-Core $s in millions, except share, per share and ratio data QUARTERLY TRENDS 3Q24 2Q24 3Q23 Net income available to common stockholders, Underlying: Net income available to common stockholders (GAAP) $344 $357 $400 Add: Notable items, net of income tax benefit 10 16 18 Net income available to common stockholders, Underlying (non-GAAP) A $354 $373 $418 Private Bank Net income available to common stockholders, (GAAP) (2) (12) (27) Less: Private Bank Notable Items (1) — (1) Private Bank Net income available to common stockholders, Underlying (non-GAAP) B ($1) ($12) ($26) Non-Core Net income available to common stockholders, (GAAP) C ($51) ($50) ($67) Net income available to common stockholders excluding Private Bank & Non-Core, Underlying (non-GAAP) D=(A-B-C) $406 $435 $511 Return on average tangible common equity and return on average tangible common equity, Underlying: Average common equity (GAAP) $22,380 $21,427 $21,177 Less: Average goodwill (GAAP) 8,187 8,188 8,188 Less: Average other intangibles (GAAP) 140 144 173 Add: Average deferred tax liabilities related to goodwill (GAAP) 435 432 422 Average tangible common equity E $14,488 $13,527 $13,238 Return on average tangible common equity excluding Private Bank & Non-Core, Underlying (non-GAAP) D/E 11.1 % 12.9 % 15.3 %

44 Non-GAAP financial measures and reconciliations excluding Private Bank & Non-Core $s in millions, except share, per share and ratio data QUARTERLY TRENDS 3Q24 2Q24 3Q23 Return on average total tangible assets and return on average total tangible assets, Underlying: Average total assets (GAAP) $218,578 $219,222 $220,162 Less: Average goodwill (GAAP) 8,187 8,188 8,188 Less: Average other intangibles (GAAP) 140 144 173 Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 435 432 422 Average tangible assets $210,686 $211,322 $212,223 Less: Private Bank Average total assets (GAAP) 1,784 1,208 5 Less: Non-Core Average total assets (GAAP) 8,389 9,418 13,113 Average tangible assets excluding Private Bank & Non-Core, Underlying (non-GAAP) A $200,512 $200,696 $199,106 Net income, Underlying: Net income (GAAP) $382 $392 $430 Add: Notable items, net of income tax benefit 10 16 18 Net income, Underlying (non-GAAP) B $392 $408 $448 Private Bank Net income (GAAP) (2) (12) (27) Less: Private Bank Notables (1) — (1) Net income Private Bank, Underlying (non-GAAP) C ($1) ($12) ($26) Non-Core Net income (GAAP) D (51) (50) (67) Net income excluding Private Bank & Non-Core, Underlying (non-GAAP) E=B-C-D $444 $470 $541 Return on average total tangible assets excluding Private Bank & Non-Core, Underlying (non-GAAP) E/A 0.88 % 0.94 % 1.08 %

45 Non-GAAP financial measures and reconciliations excluding Private Bank & Non-Core* 3Q24 (GAAP) 3Q24 Notables 3Q24 (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 $ 478 $ 1,115 $ (237) $ 1,356 $ 41.2 $ (28) $ — $ — $ — $ 1,356 $ 41.2 $ (28) $ 1,369 Noninterest income 207 276 40 523 8.5 — (2) — — 525 8.5 — 534 Total revenue 685 1,391 (197) 1,879 49.7 (28) (2) — — 1,881 49.7 (28) 1,903 Noninterest Expense 300 864 20 1,184 51.6 23 10 0.8 — 1,174 50.8 23 1,248 Pre-provision profit 385 527 (217) 695 (1.9) (51) (12) (0.8) — 707 (1.1) (51) 655 Provision for credit losses 91 84 (20) 155 — 17 — — — 155 — 17 172 Income before income tax expense 294 443 (197) 540 (1.9) (68) (12) (0.8) — 552 (1.1) (68) 483 Income tax expense 63 115 (72) 106 (0.5) (17) (2) (0.2) — 108 (0.3) (17) 91 Net income 231 328 (125) 434 (1.4) (51) (10) (0.6) — 444 (0.8) (51) 392 Preferred dividends — — 38 38 — — — — — 38 — — 38 Net income available to common stockholders $ 231 $ 328 $ (163) $ 396 $ (1.4) $ (51) $ (10) $ (0.6) $ — $ 406 $ (0.8) $ (51) $ 354 Contribution to total CFG Diluted EPS $ 0.51 $ 0.73 $ (0.36) $ 0.88 $ — $ (0.11) $ (0.02) $ — $ — $ 0.90 $ — $ (0.11) $ 0.79 $s in billions Interest-earning assets (spot) $ 65 $ 68 $ 52 $ 185 $ 2.0 $ 7.9 $— $— $— $185 $2.0 $7.9 $195 Loans (spot) 64 67 1 132 2.0 7.9 — — — 132 2.0 7.9 142 Deposits (spot) 45 117 7 169 5.6 — — — — 169 5.6 — 175 Risk-weighted assets (spot) $ 87 $ 55 $ 16 $ 158 $ 2.3 $ 7.9 $— $— $— $158 $2.3 $7.9 $169 Performance metrics: Net interest margin, FTE(4) 2.89 % (1.30) % 2.89 % (1.30) % 2.77 % Loans-to-deposit ratio (spot) 77.7 % 36.1 % 77.7 % 36.1 % 80.8 % CET1 capital ratio(5) 11.4 % 11.4 % 10.6 % ROTCE 10.9 % 11.1 % 9.7 % Efficiency ratio 63.0 % 62.4 % 65.6 % Noninterest income as a % of total revenue 27.9 % 17.0 % 27.9 % 17.0 % 28.0 % (3) *Select totals may not sum due to rounding

EX-99.3 4 q324financialsupplement.htm EX-99.3 Document

Financial Supplement

Third Quarter 2024


Table of Contents						Page

Consolidated Financial Highlights						3

Consolidated Statements of Operations (unaudited)						5

Consolidated Balance Sheets (unaudited)						6

Loans and Deposits						7

Average Balance Sheets, Annualized Yields and Rates						8

Mortgage Banking Fees						10

Segment Financial Highlights						11

Credit-Related Information:
Nonaccrual loans and leases						15
Loans and Leases 90 Days or More Past Due and Accruing						16
Charge-offs, Recoveries, and Related Ratios						17
Summary of Changes in the Components of the Allowance for Credit Losses						19

Capital and Ratios						20

Non-GAAP Financial Measures and Reconciliations						21
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.

CONSOLIDATED FINANCIAL HIGHLIGHTS

(dollars in millions, except per share data)


	QUARTERLY TRENDS																		FOR THE NINE MONTHS ENDED SEPTEMBER 30,
											3Q24 Change												2024 Change
	3Q24		2Q24		1Q24		4Q23		3Q23		2Q24				3Q23				2024		2023		2023
											$/bps		%		$/bps		%						$/bps		%
SELECTED OPERATING DATA
Total revenue	$1,901		$1,963		$1,959		$1,988		$2,014		($62)		(3	%)	($113)		(6	%)	$5,823		$6,236		($413)		(7	%)
Noninterest expense	1,259		1,301		1,358		1,612		1,293		(42)		(3)		(34)		(3)		3,918		3,895		23		1
Profit before provision (benefit) for credit losses	642		662		601		376		721		(20)		(3)		(79)		(11)		1,905		2,341		(436)		(19)
Provision (benefit) for credit losses	172		182		171		171		172		(10)		(5)		—		—		525		516		9		2
NET INCOME	382		392		334		189		430		(10)		(3)		(48)		(11)		1,108		1,419		(311)		(22)
Net income, Underlying1	392		408		395		426		448		(16)		(4)		(56)		(13)		1,195		1,539		(344)		(22)
Net income available to common stockholders	344		357		304		159		400		(13)		(4)		(56)		(14)		1,005		1,332		(327)		(25)
Net income available to common stockholders, Underlying1	354		373		365		396		418		(19)		(5)		(64)		(15)		1,092		1,452		(360)		(25)
PER COMMON SHARE DATA
Basic earnings	$0.77		$0.79		$0.66		$0.34		$0.85		($0.02)		(3	%)	($0.08)		(9	%)	$2.21		$2.79		($0.58)		(21	%)
Diluted earnings	0.77		0.78		0.65		0.34		0.85		(0.01)		(1)		(0.08)		(9)		2.20		2.78		(0.58)		(21)
Basic earnings, Underlying1	0.79		0.82		0.79		0.85		0.89		(0.03)		(4)		(0.10)		(11)		2.40		3.04		(0.64)		(21)
Diluted earnings, Underlying1	0.79		0.82		0.79		0.85		0.89		(0.03)		(4)		(0.10)		(11)		2.39		3.03		(0.64)		(21)
Cash dividends declared and paid per common share	0.42		0.42		0.42		0.42		0.42		—		—		—		—		1.26		1.26		—		—
Book value per common share	51.25		48.03		47.43		47.87		44.75		3.22		7		6.50		15		51.25		44.75		6.50		15
Tangible book value per common share	33.54		30.61		30.19		30.91		27.73		2.93		10		5.81		21		33.54		27.73		5.81		21
Dividend payout ratio	55	%	53	%	64	%	124	%	49	%	139	bps			514	bps			57	%	45	%	1,185	bps
Dividend payout ratio, Underlying1	53		51		53		49		47		200	bps			600	bps			53		41		1,200	bps
COMMON SHARES OUTSTANDING
Average: Basic	446,561,996		454,142,489		461,358,681		466,234,324		469,481,085		(7,580,493)		(2	%)	(22,919,089)		(5	%)	453,993,833		478,073,507		(24,079,674)		(5	%)
Diluted	449,913,467		456,561,022		463,797,964		468,159,167		471,183,719		(6,647,555)		(1)		(21,270,252)		(5)		456,461,330		479,733,008		(23,271,678)		(5)
Common shares at period-end	445,216,549		452,961,853		458,485,032		466,418,055		466,221,795		(7,745,304)		(2)		(21,005,246)		(5)		445,216,549		466,221,795		(21,005,246)		(5)

1 These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."

CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED

(dollars in millions, except per share data)


	QUARTERLY TRENDS																FOR THE NINE MONTHS ENDED SEPTEMBER 30,
											3Q24 Change										2024 Change
	3Q24		2Q24		1Q24		4Q23		3Q23		2Q24			3Q23			2024		2023		2023
											$/bps		%	$/bps		%					$/bps		%
FINANCIAL RATIOS
Net interest margin	2.76	%	2.86	%	2.90	%	2.90	%	3.03	%	(10) bps			(27) bps			2.84	%	3.16	%	(32)	bps
Net interest margin, FTE1	2.77		2.87		2.91		2.91		3.03		(10)			(26)			2.85		3.17		(32)
Return on average common equity	6.12		6.70		5.63		2.96		7.50		(58)			(138)			6.15		8.20		(205)
Return on average common equity, Underlying2	6.29		7.00		6.77		7.41		7.82		(71)			(153)			6.68		8.93		(225)
Return on average tangible common equity	9.45		10.61		8.86		4.72		12.00		(116)			(255)			9.63		12.93		(330)
Return on average tangible common equity, Underlying2	9.71		11.09		10.65		11.84		12.51		(138)			(280)			10.46		14.09		(363)
Return on average total assets	0.70		0.72		0.61		0.33		0.78		(2)			(8)			0.67		0.86		(19)
Return on average total assets, Underlying2	0.71		0.75		0.72		0.76		0.81		(4)			(10)			0.73		0.93		(20)
Return on average total tangible assets	0.72		0.75		0.63		0.35		0.81		(3)			(9)			0.70		0.89		(19)
Return on average total tangible assets, Underlying2	0.74		0.78		0.75		0.78		0.84		(4)			(10)			0.75		0.96		(21)
Effective income tax rate	18.56		18.49		22.28		7.59		21.51		7			(295)			19.69		22.24		(255)
Effective income tax rate, Underlying2	18.75		20.33		22.84		22.25		21.69		(158)			(294)			20.68		22.55		(187)
Efficiency ratio	66.23		66.27		69.33		81.13		64.21		(4)			202			67.28		62.45		483
Efficiency ratio, Underlying2	65.61		64.59		65.05		63.77		63.08		102			253			65.08		59.87		521
Noninterest income as a % of total revenue	27.95		28.16		26.41		25.16		24.44		(21)			351			27.51		23.78		373
Noninterest income as a % of total revenue, Underlying2	28.05		28.00		26.32		25.16		24.44		5			361			27.45		23.78		367
CAPITAL RATIOS - PERIOD-END (PRELIMINARY)
CET1 capital ratio	10.6	%	10.7	%	10.6	%	10.6	%	10.4	%
Tier 1 capital ratio	11.9		12.0		11.8		11.8		11.5
Total capital ratio	13.9		14.0		13.8		13.7		13.4
Tier 1 leverage ratio	9.4		9.4		9.3		9.3		9.4
Tangible common equity ratio	7.0		6.5		6.5		6.7		5.9
SELECTED BALANCE SHEET DATA
Loan-to-deposit ratio (period-end balances)	80.85	%	80.43	%	81.16	%	82.30	%	84.03	%	42	bps		(318)	bps		80.85	%	84.03	%	(318)	bps
Loan-to-deposit ratio (average balances)	81.59		82.38		82.24		83.54		85.46		(79)	bps		(387)	bps		82.07		87.95		(588)	bps
Full-time equivalent colleagues (period-end)	17,329		17,510		17,354		17,570		18,214		(181)		(1)	(885)		(5)	17,329		18,214		(885)		(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."

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(dollars in millions)


	QUARTERLY TRENDS											FOR THE NINE MONTHS ENDED SEPTEMBER 30,
						3Q24 Change								2024 Change
	3Q24	2Q24	1Q24	4Q23	3Q23	2Q24			3Q23			2024	2023	2023
						$	%		$	%				$	%
INTEREST INCOME
Interest and fees on loans and leases	$1,976	$2,011	$2,051	$2,144	$2,166	($35)	(2	%)	($190)	(9	%)	$6,038	$6,345	($307)	(5	%)
Interest and fees on loans held for sale	18	13	14	18	20	5	38		(2)	(10)		45	55	(10)	(18)
Interest and fees on other loans held for sale	1	4	6	4	8	(3)	(75)		(7)	(88)		11	25	(14)	(56)
Investment securities	423	417	399	339	290	6	1		133	46		1,239	823	416	51
Interest-bearing deposits in banks	121	130	140	171	111	(9)	(7)		10	9		391	280	111	40
Total interest income	2,539	2,575	2,610	2,676	2,595	(36)	(1)		(56)	(2)		7,724	7,528	196	3
INTEREST EXPENSE
Deposits	990	965	987	974	898	25	3		92	10		2,942	2,171	771	36
Short-term borrowed funds	3	4	7	7	8	(1)	(25)		(5)	(63)		14	36	(22)	(61)
Long-term borrowed funds	177	196	174	207	167	(19)	(10)		10	6		547	568	(21)	(4)
Total interest expense	1,170	1,165	1,168	1,188	1,073	5	—		97	9		3,503	2,775	728	26
Net interest income	1,369	1,410	1,442	1,488	1,522	(41)	(3)		(153)	(10)		4,221	4,753	(532)	(11)
NONINTEREST INCOME
Service charges and fees	109	106	96	104	105	3	3		4	4		311	306	5	2
Capital markets fees	94	134	118	87	67	(40)	(30)		27	40		346	232	114	49
Card fees	93	92	86	70	74	1	1		19	26		271	226	45	20
Wealth fees1	76	75	68	68	63	1	1		13	21		219	191	28	15
Mortgage banking fees	46	54	49	57	69	(8)	(15)		(23)	(33)		149	185	(36)	(19)
Foreign exchange and derivative products	36	39	36	43	48	(3)	(8)		(12)	(25)		111	140	(29)	(21)
Letter of credit and loan fees	45	43	42	42	43	2	5		2	5		130	126	4	3
Securities gains, net	9	—	5	9	5	9	100		4	80		14	19	(5)	(26)
Other income	24	10	17	20	18	14	140		6	33		51	58	(7)	(12)
Total noninterest income	532	553	517	500	492	(21)	(4)		40	8		1,602	1,483	119	8
TOTAL REVENUE	1,901	1,963	1,959	1,988	2,014	(62)	(3)		(113)	(6)		5,823	6,236	(413)	(7)
Provision (benefit) for credit losses	172	182	171	171	172	(10)	(5)		—	—		525	516	9	2
NONINTEREST EXPENSE
Salaries and employee benefits	647	645	691	667	659	2	—		(12)	(2)		1,983	1,932	51	3
Equipment and software	194	190	192	215	191	4	2		3	2		576	541	35	6
Outside services	146	165	158	174	160	(19)	(12)		(14)	(9)		469	513	(44)	(9)
Occupancy	108	113	114	125	107	(5)	(4)		1	1		335	367	(32)	(9)
Other operating expense	164	188	203	431	176	(24)	(13)		(12)	(7)		555	542	13	2
Total noninterest expense	1,259	1,301	1,358	1,612	1,293	(42)	(3)		(34)	(3)		3,918	3,895	23	1
Income before income tax expense	470	480	430	205	549	(10)	(2)		(79)	(14)		1,380	1,825	(445)	(24)
Income tax expense	88	88	96	16	119	—	—		(31)	(26)		272	406	(134)	(33)
Net income	$382	$392	$334	$189	$430	($10)	(3	%)	($48)	(11	%)	$1,108	$1,419	($311)	(22	%)
Net income, Underlying2	$392	$408	$395	$426	$448	($16)	(4	%)	($56)	(13	%)	$1,195	$1,539	($344)	(22	%)
Net income available to common stockholders	$344	$357	$304	$159	$400	($13)	(4	%)	($56)	(14	%)	$1,005	$1,332	($327)	(25	%)
Net income available to common stockholders, Underlying2	$354	$373	$365	$396	$418	($19)	(5	%)	($64)	(15	%)	$1,092	$1,452	($360)	(25	%)

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."

CONSOLIDATED BALANCE SHEETS (unaudited)

(dollars in millions, except par value)


PERIOD-END BALANCES	AS OF					SEPTEMBER 30, 2024 CHANGE
	Sept 30, 2024	June 30, 2024	Mar 31, 2024	Dec 31, 2023	Sept 30, 2023	June 30, 2024			September 30, 2023
						$	%		$	%
ASSETS
Cash and due from banks	$979	$1,191	$1,098	$1,794	$1,395	($212)	(18	%)	($416)	(30	%)
Interest-bearing cash and due from banks	9,936	10,580	10,501	9,834	14,005	(644)	(6)		(4,069)	(29)
Interest-bearing deposits in banks	648	559	392	405	324	89	16		324	100
Debt securities available for sale, at fair value	32,835	31,938	31,187	29,777	25,069	897	3		7,766	31
Debt securities held to maturity	8,738	8,895	9,054	9,184	9,320	(157)	(2)		(582)	(6)
Loans held for sale, at fair value	614	591	505	676	749	23	4		(135)	(18)
Other loans held for sale	49	92	50	103	99	(43)	(47)		(50)	(51)
Loans and leases	141,632	141,842	143,188	145,959	149,746	(210)	—		(8,114)	(5)
Less: Allowance for loan and lease losses	(2,079)	(2,125)	(2,086)	(2,098)	(2,080)	46	(2)		1	—
Net loans and leases	139,553	139,717	141,102	143,861	147,666	(164)	—		(8,113)	(5)
Derivative assets	586	367	469	440	522	219	60		64	12
Premises and equipment	862	863	872	895	878	(1)	—		(16)	(2)
Bank-owned life insurance	3,346	3,325	3,311	3,291	3,275	21	1		71	2
Goodwill	8,187	8,187	8,188	8,188	8,188	—	—		(1)	—
Other intangible assets	137	139	148	157	167	(2)	(1)		(30)	(18)
Other assets	13,236	13,494	13,571	13,359	13,613	(258)	(2)		(377)	(3)
TOTAL ASSETS	$219,706	$219,938	$220,448	$221,964	$225,270	($232)	—	%	($5,564)	(2	%)
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest-bearing	$35,978	$36,927	$36,593	$37,107	$38,561	($949)	(3	%)	($2,583)	(7	%)
Interest-bearing	139,210	139,425	139,835	140,235	139,636	(215)	—		(426)	—
Total deposits	175,188	176,352	176,428	177,342	178,197	(1,164)	(1)		(3,009)	(2)
Short-term borrowed funds	15	2	9	505	232	13	NM		(217)	(94)
Derivative liabilities	1,012	1,547	1,705	1,562	2,109	(535)	(35)		(1,097)	(52)
Long-term borrowed funds:
FHLB advances	553	553	2,036	3,786	7,036	—	—		(6,483)	(92)
Senior debt	7,766	6,512	6,414	5,170	5,258	1,254	19		2,508	48
Subordinated debt and other debt	5,625	6,017	5,354	4,511	5,060	(392)	(7)		565	11
Total long-term borrowed funds	13,944	13,082	13,804	13,467	17,354	862	7		(3,410)	(20)
Other liabilities	4,615	5,086	4,741	4,746	4,500	(471)	(9)		115	3
TOTAL LIABILITIES	194,774	196,069	196,687	197,622	202,392	(1,295)	(1)		(7,618)	(4)
STOCKHOLDERS' EQUITY
Preferred stock:
$25.00 par value, 100,000,000 shares authorized for each of the periods presented	2,112	2,112	2,014	2,014	2,014	—	—		98	5
Common stock:
$0.01 par value, 1,000,000,000 shares authorized for each of the periods presented	6	6	6	6	6	—	—		—	—
Additional paid-in capital	22,327	22,299	22,272	22,250	22,231	28	—		96	—
Retained earnings	10,233	10,079	9,923	9,816	9,856	154	2		377	4
Treasury stock, at cost	(6,820)	(6,492)	(6,290)	(5,986)	(5,986)	(328)	(5)		(834)	(14)
Accumulated other comprehensive income (loss)	(2,926)	(4,135)	(4,164)	(3,758)	(5,243)	1,209	29		2,317	44
TOTAL STOCKHOLDERS' EQUITY	24,932	23,869	23,761	24,342	22,878	1,063	4		2,054	9
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$219,706	$219,938	$220,448	$221,964	$225,270	($232)	—	%	($5,564)	(2	%)
Memo: Total tangible common equity	$14,930	$13,866	$13,844	$14,417	$12,930	$1,064	8	%	$2,000	15	%

LOANS AND DEPOSITS

(dollars in millions)


PERIOD-END BALANCES	AS OF					SEPTEMBER 30, 2024 CHANGE
	Sept 30, 2024	June 30, 2024	Mar 31, 2024	Dec 31, 2023	Sept 30, 2023	June 30, 2024			September 30, 2023
						$	%		$	%
LOANS AND LEASES
Commercial and industrial1	$43,825	$43,623	$43,951	$44,974	$47,971	$202	—	%	($4,146)	(9	%)
Commercial real estate	27,983	28,311	28,872	29,471	29,486	(328)	(1)		(1,503)	(5)

Total commercial	71,808	71,934	72,823	74,445	77,457	(126)	—		(5,649)	(7)
Residential mortgages	32,379	31,890	31,512	31,332	30,983	489	2		1,396	5
Home equity	15,992	15,534	15,113	15,040	14,729	458	3		1,263	9
Automobile	5,540	6,383	7,277	8,258	9,290	(843)	(13)		(3,750)	(40)
Education	11,118	11,265	11,646	11,834	12,134	(147)	(1)		(1,016)	(8)
Other retail	4,795	4,836	4,817	5,050	5,153	(41)	(1)		(358)	(7)
Total retail	69,824	69,908	70,365	71,514	72,289	(84)	—		(2,465)	(3)
Total loans and leases	$141,632	$141,842	$143,188	$145,959	$149,746	($210)	—	%	($8,114)	(5	%)
Loans held for sale, at fair value	614	591	505	676	749	23	4		(135)	(18)
Other loans held for sale	49	92	50	103	99	(43)	(47)		(50)	(51)
Loans and leases and loans held for sale	$142,295	$142,525	$143,743	$146,738	$150,594	($230)	—	%	($8,299)	(6	%)

DEPOSITS
Demand	$35,978	$36,927	$36,593	$37,107	$38,561	($949)	(3	%)	($2,583)	(7	%)
Money market	54,654	52,599	52,182	53,812	53,517	2,055	4		1,137	2
Checking with interest	33,680	34,421	34,487	31,876	33,355	(741)	(2)		325	1
Savings	26,489	27,240	27,912	27,983	29,139	(751)	(3)		(2,650)	(9)
Term	24,387	25,165	25,254	26,564	23,625	(778)	(3)		762	3
Total deposits	$175,188	$176,352	$176,428	$177,342	$178,197	($1,164)	(1	%)	($3,009)	(2	%)

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.


AVERAGE BALANCE SHEETS, ANNUALIZED YIELDS AND RATES
(dollars in millions)

	QUARTERLY TRENDS												3Q24 Change
	3Q24				2Q24				3Q23				2Q24			3Q23
	Average Balances	Interest	Rate		Average Balances	Interest	Rate		Average Balances	Interest	Rate		Average Balances	Interest	Rate	Average Balances	Interest	Rate
INTEREST-EARNING ASSETS
Interest-bearing cash and due from banks and deposits in banks	$8,896	$121	5.30	%	$9,650	$130	5.35	%	$8,005	$111	5.42	%	($754)	($9)	(5) bps	$891	$10	(12) bps
Taxable investment securities	45,083	423	3.75		44,691	417	3.73		39,271	290	2.95		392	6	2	5,812	133	80
Non-taxable investment securities	1	—	2.60		1	—	2.60		2	—	2.68		—	—	—	(1)	—	(8)
Total investment securities	45,084	423	3.75		44,692	417	3.73		39,273	290	2.95		392	6	2	5,811	133	80

Commercial and industrial1	44,071	556	4.95		44,381	604	5.38		48,908	762	6.10		(310)	(48)	(43)	(4,837)	(206)	(115)
Commercial real estate	28,209	452	6.26		28,574	456	6.32		29,353	467	6.23		(365)	(4)	(6)	(1,144)	(15)	3

Total commercial	72,280	1,008	5.46		72,955	1,060	5.75		78,261	1,229	6.15		(675)	(52)	(29)	(5,981)	(221)	(69)
Residential mortgages	32,117	301	3.75		31,633	290	3.67		30,838	267	3.46		484	11	8	1,279	34	29
Home equity	15,733	317	8.02		15,343	305	7.99		14,589	286	7.77		390	12	3	1,144	31	25
Automobile	5,942	64	4.28		6,807	72	4.28		9,849	103	4.16		(865)	(8)	—	(3,907)	(39)	12
Education	11,155	153	5.45		11,447	154	5.40		12,147	156	5.11		(292)	(1)	5	(992)	(3)	34
Other retail	4,776	133	11.04		4,882	130	10.71		5,107	125	9.67		(106)	3	33	(331)	8	137
Total retail	69,723	968	5.53		70,112	951	5.45		72,530	937	5.14		(389)	17	8	(2,807)	31	39
Total loans and leases	142,003	1,976	5.50		143,067	2,011	5.60		150,791	2,166	5.66		(1,064)	(35)	(10)	(8,788)	(190)	(16)
Loans held for sale, at fair value	1,108	18	6.31		896	13	6.19		1,204	20	6.72		212	5	12	(96)	(2)	(41)
Other loans held for sale	73	1	5.46		160	4	9.34		321	8	9.01		(87)	(3)	(388)	(248)	(7)	(355)
Total interest-earning assets	197,164	2,539	5.09		198,465	2,575	5.17		199,594	2,595	5.13		(1,301)	(36)	(8)	(2,430)	(56)	(4)


Noninterest-earning assets	21,414				20,757				20,568				657			846
TOTAL ASSETS	$218,578				$219,222				$220,162				($644)			($1,584)
INTEREST-BEARING LIABILITIES
Checking with interest	$33,090	$131	1.58	%	$33,659	$128	1.54	%	$33,545	$126	1.49	%	($569)	$3	4	($455)	$5	9
Money market	53,152	444	3.32		51,570	431	3.36		52,057	415	3.17		1,582	13	(4)	1,095	29	15
Savings	26,868	128	1.89		27,560	120	1.75		29,516	123	1.65		(692)	8	14	(2,648)	5	24
Term	24,705	287	4.65		24,676	286	4.66		21,604	234	4.29		29	1	(1)	3,101	53	36
Total interest-bearing deposits	137,815	990	2.86		137,465	965	2.82		136,722	898	2.60		350	25	4	1,093	92	26
Short-term borrowed funds	150	3	6.06		325	4	5.62		506	8	6.21		(175)	(1)	44	(356)	(5)	(15)
FHLB advances	477	6	5.38		2,375	34	5.55		4,023	56	5.54		(1,898)	(28)	(17)	(3,546)	(50)	(16)
Senior debt	7,462	93	5.01		6,684	80	4.81		5,259	56	4.33		778	13	20	2,203	37	68
Subordinated debt and other debt	5,751	78	5.43		6,033	82	5.43		3,920	55	5.43		(282)	(4)	—	1,831	23	—
Total long-term borrowed funds	13,690	177	5.20		15,092	196	5.18		13,202	167	5.02		(1,402)	(19)	2	488	10	18
Total borrowed funds	13,840	180	5.21		15,417	200	5.18		13,708	175	5.07		(1,577)	(20)	3	132	5	14
Total interest-bearing liabilities	151,655	1,170	3.07		152,882	1,165	3.06		150,430	1,073	2.83		(1,227)	5	1	1,225	97	24
Demand deposits	36,236				36,205				39,728				31			(3,492)
Other noninterest-bearing liabilities	6,194				6,652				6,813				(458)			(619)
TOTAL LIABILITIES	194,085				195,739				196,971				(1,654)			(2,886)
STOCKHOLDERS' EQUITY	24,493				23,483				23,191				1,010			1,302
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$218,578				$219,222				$220,162				($644)			($1,584)
INTEREST RATE SPREAD			2.02	%			2.11	%			2.30	%			(9)			(28)
NET INTEREST MARGIN AND NET INTEREST INCOME		$1,369	2.76	%		$1,410	2.86	%		$1,522	3.03	%		($41)	(10)		($153)	(27)
NET INTEREST MARGIN AND NET INTEREST INCOME, FTE2		$1,373	2.77	%		$1,415	2.87	%		$1,526	3.03	%		($42)	(10)		($153)	(26)
Memo: Total deposits (interest-bearing and demand)	$174,051	$990	2.26	%	$173,670	$965	2.24	%	$176,450	$898	2.02	%	$381	$25	2 bps	($2,399)	$92	24 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.


AVERAGE BALANCE SHEETS, ANNUALIZED YIELDS AND RATES
(dollars in millions)

	FOR THE NINE MONTHS ENDED SEPTEMBER 30,								2024 Change
	2024				2023				2023
	Average Balances	Interest	Rate		Average Balances	Interest	Rate		Average Balances	Interest	Rate
INTEREST-EARNING ASSETS
Interest-bearing cash and due from banks and deposits in banks	$9,602	$391	5.35	%	$7,232	$280	5.10	%	$2,370	$111	25	bps
Taxable investment securities	44,561	1,239	3.71		38,742	823	2.83		5,819	416	88
Non-taxable investment securities	1	—	2.60		2	—	2.68		(1)	—	(8)
Total investment securities	44,562	1,239	3.71		38,744	823	2.83		5,818	416	88
Commercial and industrial1	44,342	1,795	5.32		51,136	2,286	5.90		(6,794)	(491)	(58)
Commercial real estate	28,681	1,376	6.30		29,122	1,328	6.01		(441)	48	29

Total commercial	73,023	3,171	5.71		80,258	3,614	5.94		(7,235)	(443)	(23)
Residential mortgages	31,713	874	3.68		30,496	776	3.39		1,217	98	29
Home equity	15,387	920	7.99		14,336	790	7.37		1,051	130	62
Automobile	6,832	218	4.27		10,920	335	4.11		(4,088)	(117)	16
Education	11,472	463	5.39		12,455	465	5.00		(983)	(2)	39
Other retail	4,866	392	10.76		5,184	365	9.41		(318)	27	135
Total retail	70,270	2,867	5.45		73,391	2,731	4.97		(3,121)	136	48
Total loans and leases	143,293	6,038	5.58		153,649	6,345	5.48		(10,356)	(307)	10
Loans held for sale, at fair value	952	45	6.29		1,199	55	6.10		(247)	(10)	19
Other loans held for sale	152	11	9.39		380	25	8.57		(228)	(14)	82
Total interest-earning assets	198,561	7,724	5.15		201,204	7,528	4.96		(2,643)	196	19
Noninterest-earning assets	20,959				20,535				424
TOTAL ASSETS	$219,520				$221,739				($2,219)
INTEREST-BEARING LIABILITIES
Checking with interest	$33,017	$368	1.49	%	$34,693	$333	1.28	%	($1,676)	$35	21
Money market	52,552	1,320	3.35		50,562	1,050	2.78		1,990	270	57
Savings	27,389	369	1.80		29,539	310	1.40		(2,150)	59	40
Term	25,274	885	4.68		17,240	478	3.70		8,034	407	98
Total interest-bearing deposits	138,232	2,942	2.84		132,034	2,171	2.20		6,198	771	64
Short-term borrowed funds	324	14	5.64		831	36	5.71		(507)	(22)	(7)
FHLB advances	1,704	72	5.56		7,997	300	4.96		(6,293)	(228)	60
Senior debt	6,755	243	4.80		5,375	174	4.33		1,380	69	47
Subordinated debt and other debt	5,688	232	5.44		2,537	94	4.91		3,151	138	53
Total long-term borrowed funds	14,147	547	5.15		15,909	568	4.74		(1,762)	(21)	41
Total borrowed funds	14,471	561	5.16		16,740	604	4.79		(2,269)	(43)	37
Total interest-bearing liabilities	152,703	3,503	3.06		148,774	2,775	2.49		3,929	728	57
Demand deposits	36,374				42,657				(6,283)
Other noninterest-bearing liabilities	6,544				6,573				(29)
TOTAL LIABILITIES	195,621				198,004				(2,383)
STOCKHOLDERS' EQUITY	23,899				23,735				164
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$219,520				$221,739				($2,219)
INTEREST RATE SPREAD			2.09	%			2.47	%			(38)
NET INTEREST MARGIN AND NET INTEREST INCOME		$4,221	2.84	%		$4,753	3.16	%		($532)	(32)
NET INTEREST MARGIN AND NET INTEREST INCOME, FTE2		$4,234	2.85	%		$4,766	3.17	%		($532)	(32)
Memo: Total deposits (interest-bearing and demand)	$174,606	$2,942	2.25	%	$174,691	$2,171	1.66	%	($85)	$771	59	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.

MORTGAGE BANKING FEES SUMMARY

(dollars in millions)


	QUARTERLY TRENDS																		FOR THE NINE MONTHS ENDED SEPTEMBER 30,
											3Q24 Change												2024 Change
	3Q24		2Q24		1Q24		4Q23		3Q23		2Q24				3Q23				2024		2023		2023
											$/bps		%		$/bps		%						$/bps		%
MORTGAGE BANKING FEES
Production revenue	$15		$14		$15		$11		$19		$1		7	%	($4)		(21	%)	$44		$60		($16)		(27	%)
Mortgage servicing revenue	33		35		33		37		35		(2)		(6)		(2)		(6)		101		106		(5)		(5)
MSR valuation changes, net of hedge impact	(2)		5		1		9		15		(7)		NM		(17)		NM		4		19		(15)		(79)
Total mortgage banking fees	$46		$54		$49		$57		$69		($8)		(15	%)	($23)		(33	%)	$149		$185		($36)		(19	%)

Pull-through adjusted locks	$1,996		$1,930		$1,404		$1,412		$2,397		$66		3	%	($401)		(17	%)	$5,330		$7,345		($2,015)		(27	%)

Production revenue as a percentage of Pull-through adjusted locks	0.76	%	0.74	%	1.05	%	0.78	%	0.79	%	3	bps			(3)	bps			0.83	%	0.82	%	1	bps



RESIDENTIAL REAL ESTATE ORIGINATIONS
Retail	$1,749		$1,584		$1,045		$958		$1,146		$165		10	%	$603		53	%	$4,378		$3,417		$961		28	%
Third Party	1,504		1,323		892		1,214		2,285		181		14		(781)		(34)		3,719		5,968		(2,249)		(38)
Total	$3,253		$2,907		$1,937		$2,172		$3,431		$346		12	%	($178)		(5	%)	$8,097		$9,385		($1,288)		(14	%)

Originated for sale	$2,148		$1,872		$1,296		$1,595		$2,815		$276		15	%	($667)		(24	%)	$5,316		$7,340		($2,024)		(28	%)
Originated for investment	1,105		1,035		641		577		616		70		7		489		79		2,781		2,045		736		36
Total	$3,253		$2,907		$1,937		$2,172		$3,431		$346		12	%	($178)		(5	%)	$8,097		$9,385		($1,288)		(14	%)

MORTGAGE SERVICING INFORMATION (UPB)
Loans serviced for others	$96,120		$96,439		$96,952		$97,420		$97,603		($319)		—	%	($1,483)		(2	%)	$96,120		$97,603		($1,483)		(2	%)
Owned loans serviced	32,655		32,118		31,659		31,640		31,436		537		2		1,219		4		32,655		31,436		1,219		4
Total	$128,775		$128,557		$128,611		$129,060		$129,039		$218		—	%	($264)		—	%	$128,775		$129,039		($264)		—	%

MSR at fair value	$1,501		$1,568		$1,564		$1,552		$1,620		($67)		(4	%)	($119)		(7	%)	$1,501		$1,620		($119)		(7	%)

SEGMENT FINANCIAL HIGHLIGHTS - CONSUMER BANKING

(dollars in millions)


	QUARTERLY TRENDS																		FOR THE NINE MONTHS ENDED SEPTEMBER 30,
CONSUMER BANKING											3Q24 Change												2024 Change
	3Q24		2Q24		1Q24		4Q23		3Q23		2Q24				3Q23				2024		2023		2023
											$/bps		%		$/bps		%						$/bps		%
Net interest income	$1,156		$1,120		$1,093		$1,086		$1,067		$36		3	%	$89		8	%	$3,369		$3,101		$268		9	%
Noninterest income	285		277		258		265		278		8		3		7		3		820		802		18		2
Total revenue	1,441		1,397		1,351		1,351		1,345		44		3		96		7		4,189		3,903		286		7
Noninterest expense	916		915		903		905		905		1		—		11		1		2,734		2,637		97		4
Profit (loss) before credit losses	525		482		448		446		440		43		9		85		19		1,455		1,266		189		15
Net charge-offs	84		84		81		82		67		—		—		17		25		249		198		51		26
Income (loss) before income tax expense (benefit)	441		398		367		364		373		43		11		68		18		1,206		1,068		138		13
Income tax expense (benefit)	114		102		95		95		97		12		12		17		18		311		278		33		12
Net income (loss)	$327		$296		$272		$269		$276		$31		10	%	$51		18	%	$895		$790		$105		13	%
AVERAGE BALANCES
Total assets	$75,392		$74,295		$73,833		$73,334		$72,964		$1,097		1	%	$2,428		3	%	$74,510		$72,477		$2,033		3	%
Total loans and leases1	69,021		67,960		67,448		66,906		66,641		1,061		2		2,380		4		68,146		66,171		1,975		3
Deposits	121,899		120,478		120,019		118,474		117,979		1,421		1		3,920		3		120,803		116,477		4,326		4
Interest-earning assets	69,608		68,552		68,050		67,524		67,273		1,056		2		2,335		3		68,740		66,823		1,917		3
KEY METRICS
Net interest margin	6.60	%	6.57	%	6.46	%	6.40	%	6.28	%	3	bps			32	bps			6.54	%	6.20	%	34	bps
Efficiency ratio	63.53		65.49		66.87		67.08		67.18		(196)	bps			(365)	bps			65.26		67.54		(228)	bps
Loan-to-deposit ratio (period-end balances)	56.34		55.73		55.25		55.52		55.81		61	bps			53	bps			56.34		55.81		53	bps
Loan-to-deposit ratio (average balances)	56.05		55.97		55.80		55.88		55.71		8	bps			34	bps			55.94		56.13		(19)	bps
Return on average total tangible assets	1.74		1.61		1.49		1.47		1.51		13	bps			23	bps			1.62		1.47		15	bps

1 Includes loans held for sale.

SEGMENT FINANCIAL HIGHLIGHTS - COMMERCIAL BANKING

(dollars in millions)


	QUARTERLY TRENDS																		FOR THE NINE MONTHS ENDED SEPTEMBER 30,
COMMERCIAL BANKING											3Q24 Change												2024 Change
	3Q24		2Q24		1Q24		4Q23		3Q23		2Q24				3Q23				2024		2023		2023
											$/bps		%		$/bps		%						$/bps		%
Net interest income	$478		$494		$514		$551		$560		($16)		(3	%)	($82)		(15	%)	$1,486		$1,741		($255)		(15	%)
Noninterest income	207		242		227		196		180		(35)		(14)		27		15		676		588		88		15
Total revenue	685		736		741		747		740		(51)		(7)		(55)		(7)		2,162		2,329		(167)		(7)
Noninterest expense	300		311		317		324		325		(11)		(4)		(25)		(8)		928		971		(43)		(4)
Profit (loss) before credit losses	385		425		424		423		415		(40)		(9)		(30)		(7)		1,234		1,358		(124)		(9)
Net charge-offs	91		90		81		65		67		1		1		24		36		262		185		77		42
Income (loss) before income tax expense (benefit)	294		335		343		358		348		(41)		(12)		(54)		(16)		972		1,173		(201)		(17)
Income tax expense (benefit)	63		76		84		89		88		(13)		(17)		(25)		(28)		223		289		(66)		(23)
Net income (loss)	$231		$259		$259		$269		$260		($28)		(11	%)	($29)		(11	%)	$749		$884		($135)		(15	%)
AVERAGE BALANCES
Total assets	$68,092		$68,958		$70,100		$72,758		$74,997		($866)		(1	%)	($6,905)		(9	%)	$69,046		$77,130		($8,084)		(10	%)
Total loans and leases1	64,974		65,997		67,187		69,899		71,898		(1,023)		(2)		(6,924)		(10)		66,048		73,961		(7,913)		(11)
Deposits	44,190		44,203		45,912		46,962		47,221		(13)		—		(3,031)		(6)		44,766		47,221		(2,455)		(5)
Interest-earning assets	65,550		66,447		67,536		70,267		72,275		(897)		(1)		(6,725)		(9)		66,507		74,350		(7,843)		(11)
KEY METRICS
Net interest margin	2.90	%	2.99	%	3.07	%	3.11	%	3.07	%	(9)	bps			(17)	bps			2.98	%	3.13	%	(15)	bps
Efficiency ratio	43.84		42.28		42.80		43.44		43.93		156	bps			(9)	bps			42.95		41.67		128	bps
Loan-to-deposit ratio (period-end balances)	140.42		141.41		143.98		146.09		145.77		(99)	bps			(535)	bps			140.42		145.77		(535)	bps
Loan-to-deposit ratio (average balances)	145.93		148.15		145.05		147.64		150.96		(222)	bps			(503)	bps			146.36		154.96		(860)	bps
Return on average total tangible assets	1.37		1.52		1.50		1.48		1.39		(15)	bps			(2)	bps			1.47		1.55		(8)	bps

1 Includes loans held for sale.

SEGMENT FINANCIAL HIGHLIGHTS - NON-CORE

(dollars in millions)


	QUARTERLY TRENDS																		FOR THE NINE MONTHS ENDED SEPTEMBER 30,
NON-CORE											3Q24 Change												2024 Change
	3Q24		2Q24		1Q24		4Q23		3Q23		2Q24				3Q23				2024		2023		2023
											$/bps		%		$/bps		%						$/bps		%
Net interest income	($28)		($31)		($37)		($45)		($41)		$3		10	%	$13		32	%	($96)		($84)		($12)		(14	%)
Noninterest income	—		—		—		—		—		—		—		—		—		—		—		—		—
Total revenue	(28)		(31)		(37)		(45)		(41)		3		10		13		32		(96)		(84)		(12)		(14)
Noninterest expense	23		26		25		28		30		(3)		(12)		(7)		(23)		74		95		(21)		(22)
Profit (loss) before credit losses	(51)		(57)		(62)		(73)		(71)		6		11		20		28		(170)		(179)		9		5
Net charge offs	17		10		19		24		20		7		70		(3)		(15)		46		54		(8)		(15)
Income (loss) before income tax expense (benefit)	(68)		(67)		(81)		(97)		(91)		(1)		(1)		23		25		(216)		(233)		17		7
Income tax expense (benefit)	(17)		(17)		(21)		(25)		(24)		—		—		7		29		(55)		(61)		6		10
Net income (loss)	($51)		($50)		($60)		($72)		($67)		($1)		(2	%)	$16		24	%	($161)		($172)		$11		6	%
AVERAGE BALANCES
Total assets	$8,389		$9,418		$10,554		$11,776		$13,113		($1,029)		(11	%)	($4,724)		(36	%)	$9,450		$14,409		($4,959)		(34	%)
Total loans and leases1	8,352		9,376		10,507		11,701		13,010		(1,024)		(11)		(4,658)		(36)		9,408		14,332		(4,924)		(34)
Interest-earning assets	8,352		9,376		10,507		11,726		13,010		(1,024)		(11)		(4,658)		(36)		9,408		14,332		(4,924)		(34)
KEY METRICS
Net interest margin	(1.30)	%	(1.36)	%	(1.41)	%	(1.54)	%	(1.24)	%	6	bps			(6)	bps			(1.36)	%	(0.78)	%	(58)	bps

Return on average total tangible assets	(2.40)		(2.14)		(2.30)		(2.42)		(2.03)		(26)	bps			(37)	bps			(2.28)		(1.60)		(68)	bps

1 Includes loans held for sale.

SEGMENT FINANCIAL HIGHLIGHTS - OTHER

(dollars in millions)


	QUARTERLY TRENDS											FOR THE NINE MONTHS ENDED SEPTEMBER 30,
OTHER1						3Q24 Change								2024 Change
	3Q24	2Q24	1Q24	4Q23	3Q23	2Q24			3Q23			2024	2023	2023
						$	%		$	%				$	%
Net interest income	($237)	($173)	($128)	($104)	($64)	($64)	(37	%)	($173)	NM		($538)	($5)	($533)	NM
Noninterest income	40	34	32	39	34	6	18		6	18		106	93	13	14
Total revenue	(197)	(139)	(96)	(65)	(30)	(58)	(42)		(167)	NM		(432)	88	(520)	NM
Noninterest expense	20	49	113	355	33	(29)	(59)		(13)	(39)		182	192	(10)	(5)
Profit (loss) before provision (benefit) for credit losses	(217)	(188)	(209)	(420)	(63)	(29)	(15)		(154)	(244)		(614)	(104)	(510)	NM
Provision (benefit) for credit losses	(20)	(2)	(10)	—	18	(18)	NM		(38)	NM		(32)	79	(111)	NM
Income (loss) before income tax expense (benefit)	(197)	(186)	(199)	(420)	(81)	(11)	(6)		(116)	(143)		(582)	(183)	(399)	(218)
Income tax expense (benefit)	(72)	(73)	(62)	(143)	(42)	1	1		(30)	(71)		(207)	(100)	(107)	(107)
Net income (loss)	($125)	($113)	($137)	($277)	($39)	($12)	(11	%)	($86)	(221	%)	($375)	($83)	($292)	NM
AVERAGE BALANCES
Total assets	$66,705	$66,551	$66,283	$65,785	$59,088	$154	—	%	$7,617	13	%	$66,514	$57,723	$8,791	15	%
Total loans and leases2	837	789	754	729	766	48	6		71	9		794	763	31	4
Deposits	7,962	8,989	10,173	11,692	11,250	(1,027)	(11)		(3,288)	(29)		9,037	10,993	(1,956)	(18)
Interest-earning assets	53,654	54,089	53,976	53,604	47,035	(435)	(1)		6,619	14		53,906	45,698	8,208	18

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.

CREDIT-RELATED INFORMATION

(dollars in millions)


	AS OF										SEPTEMBER 30, 2024 CHANGE
	Sept 30, 2024		June 30, 2024		Mar 31, 2024		Dec 31, 2023		Sept 30, 2023		June 30, 2024				September 30, 2023
											$/bps/%		%		$/bps/%		%
NONACCRUAL LOANS AND LEASES
Commercial and industrial1	$219		$261		$294		$297		$245		($42)		(16	%)	($26)		(11	%)
Commercial real estate	852		678		597		477		470		174		26		382		81

Total commercial	1,071		939		891		774		715		132		14		356		50
Residential mortgages2	169		153		174		177		190		16		10		(21)		(11)
Home equity	281		279		288		285		268		2		1		13		5
Automobile	46		44		47		61		62		2		5		(16)		(26)
Education	59		52		29		28		23		7		13		36		157
Other retail	61		60		40		39		38		1		2		23		61
Total retail	616		588		578		590		581		28		5		35		6
Nonaccrual loans and leases	1,687		1,527		1,469		1,364		1,296		160		10		391		30
Repossessed assets	14		13		14		14		15		1		8		(1)		(7)
Nonaccrual loans and leases and repossessed assets	$1,701		$1,540		$1,483		$1,378		$1,311		$161		10	%	$390		30	%
NONACCRUAL LOANS AND LEASES BY PRODUCT3
Commercial	$1,071		$939		$891		$774		$715		$132		14	%	$356		50	%
Retail	630		601		592		604		596		29		5		34		6
Total nonaccrual loans and leases	$1,701		$1,540		$1,483		$1,378		$1,311		$161		10	%	$390		30	%
ASSET QUALITY RATIOS
Allowance for loan and lease losses to loans and leases	1.47	%	1.50	%	1.46	%	1.44	%	1.39	%	(3)	bps			8	bps
Allowance for credit losses to loans and leases	1.61		1.63		1.61		1.59		1.55		(2)	bps			6	bps
Allowance for loan and lease losses to nonaccrual loans and leases	123		139		142		154		160		(16	%)			(37	%)
Allowance for credit losses to nonaccrual loans and leases	136		151		157		170		179		(15	%)			(43	%)
Nonaccrual loans and leases to loans and leases	1.19		1.08		1.02		0.93		0.87		11	bps			32	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.

CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)


	AS OF					SEPTEMBER 30, 2024 CHANGE
	Sept 30, 2024	June 30, 2024	Mar 31, 2024	Dec 31, 2023	Sept 30, 2023	June 30, 2024			September 30, 2023
						$/bps	%		$/bps	%
LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Commercial and industrial1	$5	$7	$23	$6	$4	($2)	(29	%)	$1	25	%
Commercial real estate	15	36	39	40	3	(21)	(58)		12	NM

Total commercial	20	43	62	46	7	(23)	(53)		13	186
Residential mortgages2	146	182	209	256	217	(36)	(20)		(71)	(33)
Home equity	—	—	—	—	—	—	—		—	—
Automobile	—	—	—	—	—	—	—		—	—
Education	2	2	2	2	3	—	—		(1)	(33)
Other retail	1	1	27	29	21	—	—		(20)	(95)
Total retail	149	185	238	287	241	(36)	(19)		(92)	(38)
Total loans and leases	$169	$228	$300	$333	$248	($59)	(26	%)	($79)	(32	%)

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 $145 million, $168 million, $202 million, $243 million, and $216 million of loans fully or partially guaranteed by the FHA, VA, and USDA for September 30, 2024, June 30, 2024, March 31, 2024, December 31, 2023 and September 30, 2023, respectively.

CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)


	QUARTERLY TRENDS											FOR THE NINE MONTHS ENDED SEPTEMBER 30,
						3Q24 Change								2024 Change
	3Q24	2Q24	1Q24	4Q23	3Q23	2Q24			3Q23			2024	2023	2023
						$	%		$	%				$	%
CHARGE-OFFS, RECOVERIES AND RELATED RATIOS
GROSS CHARGE-OFFS
Commercial and industrial1	$57	$14	$14	$24	$25	$43	NM		$32	128	%	$85	$97	($12)	(12	%)
Commercial real estate	49	86	88	49	49	(37)	(43)		—	—		223	115	108	94

Total commercial	106	100	102	73	74	6	6		32	43		308	212	96	45
Residential mortgages	1	1	2	3	1	—	—		—	—		4	3	1	33
Home equity	4	4	4	4	3	—	—		1	33		12	8	4	50
Automobile	25	19	28	31	28	6	32		(3)	(11)		72	82	(10)	(12)
Education	30	31	32	35	27	(1)	(3)		3	11		93	76	17	22
Other retail	65	68	63	60	58	(3)	(4)		7	12		196	170	26	15
Total retail	125	123	129	133	117	2	2		8	7		377	339	38	11
Total gross charge-offs	$231	$223	$231	$206	$191	$8	4	%	$40	21	%	$685	$551	$134	24	%
GROSS RECOVERIES
Commercial and industrial1	$3	$4	$17	$3	$3	($1)	(25	%)	$—	—	%	$24	$12	$12	100	%
Commercial real estate	5	—	—	1	1	5	100		4	NM		5	2	3	150

Total commercial	8	4	17	4	4	4	100		4	100		29	14	15	107
Residential mortgages	1	1	1	1	2	—	—		(1)	(50)		3	3	—	—
Home equity	5	7	6	5	6	(2)	(29)		(1)	(17)		18	17	1	6
Automobile	12	15	14	14	13	(3)	(20)		(1)	(8)		41	44	(3)	(7)
Education	6	5	5	5	5	1	20		1	20		16	14	2	14
Other retail	7	7	7	6	8	—	—		(1)	(13)		21	21	—	—
Total retail	31	35	33	31	34	(4)	(11)		(3)	(9)		99	99	—	—
Total gross recoveries	$39	$39	$50	$35	$38	$—	—	%	$1	3	%	$128	$113	$15	13	%
NET CHARGE-OFFS (RECOVERIES)
Commercial and industrial1	$54	$10	($3)	$21	$22	$44	NM		$32	145	%	$61	$85	($24)	(28	%)
Commercial real estate	44	86	88	48	48	(42)	(49)		(4)	(8)		218	113	105	93

Total commercial	98	96	85	69	70	2	2		28	40		279	198	81	41
Residential mortgages	—	—	1	2	(1)	—	—		1	100		1	—	1	100
Home equity	(1)	(3)	(2)	(1)	(3)	2	67		2	67		(6)	(9)	3	33
Automobile	13	4	14	17	15	9	225		(2)	(13)		31	38	(7)	(18)
Education	24	26	27	30	22	(2)	(8)		2	9		77	62	15	24
Other retail	58	61	56	54	50	(3)	(5)		8	16		175	149	26	17
Total retail	94	88	96	102	83	6	7		11	13		278	240	38	16
Total net charge-offs	$192	$184	$181	$171	$153	$8	4	%	$39	25	%	$557	$438	$119	27	%

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.

CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)


	QUARTERLY TRENDS																		FOR THE NINE MONTHS ENDED SEPTEMBER 30,
											3Q24 Change												2024 Change
	3Q24		2Q24		1Q24		4Q23		3Q23		2Q24				3Q23				2024		2023		2023
											$/bps		%		$/bps		%						$/bps		%
ANNUALIZED NET CHARGE-OFF (RECOVERY) RATES
Commercial and industrial1	0.49	%	0.09	%	(0.03	%)	0.18	%	0.18	%	40	bps			31	bps			0.18	%	0.22	%	(4)	bps
Commercial real estate	0.62		1.20		1.22		0.66		0.65		(58)				(3)				1.02		0.52		50

Total commercial	0.54		0.53		0.47		0.36		0.35		1				19				0.51		0.33		18
Residential mortgages	—		—		0.01		0.02		(0.02)		—				2				—		—		—
Home equity	(0.03)		(0.07)		(0.06)		(0.04)		(0.08)		4				5				(0.05)		(0.08)		3
Automobile	0.81		0.27		0.73		0.77		0.60		54				21				0.60		0.47		13
Education	0.85		0.93		0.92		1.00		0.72		(8)				13				0.90		0.66		24
Other retail	4.93		4.98		4.56		4.13		3.95		(5)				98				4.82		3.87		95
Total retail	0.54		0.51		0.54		0.56		0.46		3				8				0.53		0.44		9
Total loans and leases	0.54	%	0.52	%	0.50	%	0.46	%	0.40	%	2	bps			14	bps			0.52	%	0.38	%	14	bps
Memo: Average loans
Commercial and industrial1	$44,071		$44,381		$44,577		$46,618		$48,908		($310)		(1	%)	($4,837)		(10	%)	$44,342		$51,136		($6,794)		(13	%)
Commercial real estate	28,209		28,574		29,265		29,460		29,353		(365)		(1)		(1,144)		(4)		28,681		29,122		(441)		(2)

Total commercial	72,280		72,955		73,842		76,078		78,261		(675)		(1)		(5,981)		(8)		73,023		80,258		(7,235)		(9)
Residential mortgages	32,117		31,633		31,384		31,146		30,838		484		2		1,279		4		31,713		30,496		1,217		4
Home equity	15,733		15,343		15,080		14,889		14,589		390		3		1,144		8		15,387		14,336		1,051		7
Automobile	5,942		6,807		7,758		8,752		9,849		(865)		(13)		(3,907)		(40)		6,832		10,920		(4,088)		(37)
Education	11,155		11,447		11,816		11,971		12,147		(292)		(3)		(992)		(8)		11,472		12,455		(983)		(8)
Other retail	4,776		4,882		4,942		5,133		5,107		(106)		(2)		(331)		(6)		4,866		5,184		(318)		(6)
Total retail	69,723		70,112		70,980		71,891		72,530		(389)		(1)		(2,807)		(4)		70,270		73,391		(3,121)		(4)
Total loans and leases	$142,003		$143,067		$144,822		$147,969		$150,791		($1,064)		(1	%)	($8,788)		(6	%)	$143,293		$153,649		($10,356)		(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.

CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)


	QUARTERLY TRENDS											FOR THE NINE MONTHS ENDED SEPTEMBER 30,
						3Q24 Change								2024 Change
	3Q24	2Q24	1Q24	4Q23	3Q23	2Q24			3Q23			2024	2023	2023
						$	%		$	%				$	%
SUMMARY OF CHANGES IN THE COMPONENTS OF THE ALLOWANCE FOR CREDIT LOSSES
Allowance for loan and lease losses - beginning	$2,125	$2,086	$2,098	$2,080	$2,044	$39	2	%	$81	4	%	$2,098	$1,983	$115	6	%









Charge-offs:
Commercial	106	100	102	73	74	6	6		32	43		308	212	96	45
Retail	125	123	129	133	117	2	2		8	7		377	339	38	11
Total charge-offs	231	223	231	206	191	8	4		40	21		685	551	134	24
Recoveries:
Commercial	8	4	17	4	4	4	100		4	100		29	14	15	107
Retail	31	35	33	31	34	(4)	(11)		(3)	(9)		99	99	—	—
Total recoveries	39	39	50	35	38	—	—		1	3		128	113	15	13
Net charge-offs	192	184	181	171	153	8	4		39	25		557	438	119	27
Provision (benefit) for loan and lease losses:
Commercial	3	144	69	86	146	(141)	(98)		(143)	(98)		216	371	(155)	(42)
Retail	143	79	100	103	43	64	81		100	233		322	164	158	96
Total provision (benefit) for loan and lease losses	146	223	169	189	189	(77)	(35)		(43)	(23)		538	535	3	1
Allowance for loan and lease losses - ending	$2,079	$2,125	$2,086	$2,098	$2,080	($46)	(2	%)	($1)	—	%	$2,079	$2,080	($1)	—	%

Allowance for unfunded lending commitments - beginning	$181	$222	$220	$238	$255	($41)	(18	%)	($74)	(29	%)	$220	$257	($37)	(14	%)


Provision (benefit) for unfunded lending commitments	26	(41)	2	(18)	(17)	67	NM		43	NM		(13)	(19)	6	32
Allowance for unfunded lending commitments - ending	$207	$181	$222	$220	$238	$26	14	%	($31)	(13	%)	$207	$238	($31)	(13	%)
Total allowance for credit losses - ending	$2,286	$2,306	$2,308	$2,318	$2,318	($20)	(1	%)	($32)	(1	%)	$2,286	$2,318	($32)	(1	%)

Memo: Total allowance for credit losses by product
Commercial	$1,351	$1,429	$1,425	$1,425	$1,425	($78)	(5	%)	($74)	(5	%)	$1,351	$1,425	($74)	(5	%)
Retail	935	877	883	893	893	58	7		42	5		935	893	42	5
Total allowance for credit losses	$2,286	$2,306	$2,308	$2,318	$2,318	($20)	(1	%)	($32)	(1	%)	$2,286	$2,318	($32)	(1	%)

CAPITAL AND RATIOS

(dollars in millions)


	AS OF																FOR THE NINE MONTHS ENDED SEPTEMBER 30,
											SEPTEMBER 30, 2024 CHANGE								2024 Change
	Sept 30, 2024		June 30, 2024		Mar 31, 2024		Dec 31, 2023		Sept 30, 2023		June 30, 2024			September 30, 2023			2024	2023	2023
											$	%		$	%				$	%
CAPITAL RATIOS AND COMPONENTS (PRELIMINARY)
CET1 capital	$17,941		$18,086		$18,090		$18,358		$18,360		($145)	(1	%)	($419)	(2	%)
Tier 1 capital	20,053		20,198		20,104		20,372		20,374		(145)	(1)		(321)	(2)
Total capital	23,352		23,551		23,466		23,608		23,682		(199)	(1)		(330)	(1)
Risk-weighted assets	168,552		168,393		170,125		172,601		176,407		159	—		(7,855)	(4)
Adjusted average assets1	213,274		214,574		216,001		219,591		215,877		(1,300)	(1)		(2,603)	(1)
CET1 capital ratio	10.6	%	10.7	%	10.6	%	10.6	%	10.4	%
Tier 1 capital ratio	11.9		12.0		11.8		11.8		11.5
Total capital ratio	13.9		14.0		13.8		13.7		13.4
Tier 1 leverage ratio	9.4		9.4		9.3		9.3		9.4
TANGIBLE COMMON EQUITY (PERIOD-END)
Common stockholders' equity	$22,819		$21,757		$21,747		$22,329		$20,864		$1,062	5	%	$1,955	9	%	$22,819	$20,864	$1,955	9	%
Less: Goodwill	8,187		8,187		8,188		8,188		8,188		—	—		(1)	—		8,187	8,188	(1)	—
Less: Other intangible assets	137		139		148		157		167		(2)	(1)		(30)	(18)		137	167	(30)	(18)
Add: Deferred tax liabilities2	435		435		433		433		421		—	—		14	3		435	421	14	3
Total tangible common equity	$14,930		$13,866		$13,844		$14,417		$12,930		$1,064	8	%	$2,000	15	%	$14,930	$12,930	$2,000	15	%
TANGIBLE COMMON EQUITY (AVERAGE)
Common stockholders' equity	$22,380		$21,427		$21,700		$21,209		$21,177		$953	4	%	$1,203	6	%	$21,838	$21,721	$117	1	%
Less: Goodwill	8,187		8,188		8,188		8,188		8,188		(1)	—		(1)	—		8,187	8,182	5	—
Less: Other intangible assets	140		144		153		163		173		(4)	(3)		(33)	(19)		146	182	(36)	(20)
Add: Deferred tax liabilities2	435		432		433		421		422		3	1		13	3		433	422	11	3
Total tangible common equity	$14,488		$13,527		$13,792		$13,279		$13,238		$961	7	%	$1,250	9	%	$13,938	$13,779	$159	1	%
INTANGIBLE ASSETS (PERIOD-END)
Goodwill	$8,187		$8,187		$8,188		$8,188		$8,188		$—	—	%	($1)	—	%	$8,187	$8,188	($1)	—	%
Other intangible assets	137		139		148		157		167		(2)	(1)		(30)	(18)		137	167	(30)	(18)
Total intangible assets	$8,324		$8,326		$8,336		$8,345		$8,355		($2)	—	%	($31)	—	%	$8,324	$8,355	($31)	—	%

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.

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.

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


		QUARTERLY TRENDS											FOR THE NINE MONTHS ENDED SEPTEMBER 30,
							3Q24 Change								2024 Change
		3Q24	2Q24	1Q24	4Q23	3Q23	2Q24			3Q23			2024	2023	2023
							$	%		$	%				$	%
Noninterest income, Underlying:
Noninterest income (GAAP)	A	$532	$553	$517	$500	$492	($21)	(4	%)	$40	8	%	$1,602	$1,483	$119	8	%
Less: Notable items		(2)	4	3	—	—	(6)	(150)		(2)	(100)		5	—	5	100
Noninterest income, Underlying (non-GAAP)	B	$534	$549	$514	$500	$492	($15)	(3	%)	$42	9	%	$1,597	$1,483	$114	8	%
Total revenue, Underlying:
Total revenue (GAAP)	C	$1,901	$1,963	$1,959	$1,988	$2,014	($62)	(3	%)	($113)	(6	%)	$5,823	$6,236	($413)	(7	%)
Less: Notable items		(2)	4	3	—	—	(6)	(150)		(2)	(100)		5	—	5	100
Total revenue, Underlying (non-GAAP)	D	$1,903	$1,959	$1,956	$1,988	$2,014	($56)	(3	%)	($111)	(6	%)	$5,818	$6,236	($418)	(7	%)
Noninterest expense, Underlying:
Noninterest expense (GAAP)	E	$1,259	$1,301	$1,358	$1,612	$1,293	($42)	(3	%)	($34)	(3	%)	$3,918	$3,895	$23	1	%
Less: Notable items		11	36	85	345	22	(25)	(69)		(11)	(50)		132	161	(29)	(18)
Noninterest expense, Underlying (non-GAAP)	F	$1,248	$1,265	$1,273	$1,267	$1,271	($17)	(1	%)	($23)	(2	%)	$3,786	$3,734	$52	1	%
Pre-provision profit:
Total revenue (GAAP)	C	$1,901	$1,963	$1,959	$1,988	$2,014	($62)	(3	%)	($113)	(6	%)	$5,823	$6,236	($413)	(7	%)
Less: Noninterest expense (GAAP)	E	1,259	1,301	1,358	1,612	1,293	(42)	(3)		(34)	(3)		3,918	3,895	23	1
Pre-provision profit (non-GAAP)		$642	$662	$601	$376	$721	($20)	(3	%)	($79)	(11	%)	$1,905	$2,341	($436)	(19	%)
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)	D	$1,903	$1,959	$1,956	$1,988	$2,014	($56)	(3	%)	($111)	(6	%)	$5,818	$6,236	($418)	(7	%)
Less: Noninterest expense, Underlying (non-GAAP)	F	1,248	1,265	1,273	1,267	1,271	(17)	(1)		(23)	(2)		3,786	3,734	52	1
Pre-provision profit, Underlying (non-GAAP)		$655	$694	$683	$721	$743	($39)	(6	%)	($88)	(12	%)	$2,032	$2,502	($470)	(19	%)




Income before income tax expense, Underlying:
Income before income tax expense (GAAP)	G	$470	$480	$430	$205	$549	($10)	(2	%)	($79)	(14	%)	$1,380	$1,825	($445)	(24	%)
Less: Income (expense) before income tax expense (benefit) related to notable items		(13)	(32)	(82)	(345)	(22)	19	59		9	41		(127)	(161)	34	21
Income before income tax expense, Underlying (non-GAAP)	H	$483	$512	$512	$550	$571	($29)	(6	%)	($88)	(15	%)	$1,507	$1,986	($479)	(24	%)
Income tax expense, Underlying:
Income tax expense (GAAP)	I	$88	$88	$96	$16	$119	$—	—	%	($31)	(26	%)	$272	$406	($134)	(33	%)
Less: Income tax expense (benefit) related to notable items		(3)	(16)	(21)	(108)	(4)	13	81		1	25		(40)	(41)	1	2
Income tax expense, Underlying (non-GAAP)	J	$91	$104	$117	$124	$123	($13)	(13	%)	($32)	(26	%)	$312	$447	($135)	(30	%)
Net income, Underlying:
Net income (GAAP)	K	$382	$392	$334	$189	$430	($10)	(3	%)	($48)	(11	%)	$1,108	$1,419	($311)	(22	%)
Add: Notable items, net of income tax benefit		10	16	61	237	18	(6)	(38)		(8)	(44)		87	120	(33)	(28)
Net income, Underlying (non-GAAP)	L	$392	$408	$395	$426	$448	($16)	(4	%)	($56)	(13	%)	$1,195	$1,539	($344)	(22	%)
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)	M	$344	$357	$304	$159	$400	($13)	(4	%)	($56)	(14	%)	$1,005	$1,332	($327)	(25	%)
Add: Notable items, net of income tax benefit		10	16	61	237	18	(6)	(38)		(8)	(44)		87	120	(33)	(28)
Net income available to common stockholders, Underlying (non-GAAP)	N	$354	$373	$365	$396	$418	($19)	(5	%)	($64)	(15	%)	$1,092	$1,452	($360)	(25	%)

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(dollars in millions, except per share data)


		QUARTERLY TRENDS																		FOR THE NINE MONTHS ENDED SEPTEMBER 30,
												3Q24 Change												2024 Change
		3Q24		2Q24		1Q24		4Q23		3Q23		2Q24				3Q23				2024		2023		2023
												$/bps		%		$/bps		%						$/bps		%
Operating leverage:
Total revenue (GAAP)	C	$1,901		$1,963		$1,959		$1,988		$2,014		($62)		(3.23	%)	($113)		(5.67	%)	$5,823		$6,236		($413)		(6.65	%)
Less: Noninterest expense (GAAP)	E	1,259		1,301		1,358		1,612		1,293		(42)		(3.28)		(34)		(2.69)		3,918		3,895		23		0.57
Operating leverage														0.05	%			(2.98	%)							(7.22	%)
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)	D	$1,903		$1,959		$1,956		$1,988		$2,014		($56)		(2.88	%)	($111)		(5.54	%)	$5,818		$6,236		($418)		(6.73	%)
Less: Noninterest expense, Underlying (non-GAAP)	F	1,248		1,265		1,273		1,267		1,271		(17)		(1.35)		(23)		(1.75)		3,786		3,734		52		1.38
Operating leverage, Underlying (non-GAAP)														(1.53	%)			(3.79	%)							(8.11	%)
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio	E/C	66.23	%	66.27	%	69.33	%	81.13	%	64.21	%	(4)	bps			202	bps			67.28	%	62.45	%	483	bps
Efficiency ratio, Underlying (non-GAAP)	F/D	65.61		64.59		65.05		63.77		63.08		102	bps			253	bps			65.08		59.87		521	bps
Noninterest income as a % of total revenue, Underlying:
Noninterest income as a % of total revenue	A/C	27.95	%	28.16	%	26.41	%	25.16	%	24.44	%	(21)	bps			351	bps			27.51	%	23.78	%	373	bps
Noninterest income as a % of total revenue, Underlying	B/D	28.05		28.00		26.32		25.16		24.44		5	bps			361	bps			27.45		23.78		367	bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rate	I/G	18.56	%	18.49	%	22.28	%	7.59	%	21.51	%	7	bps			(295)	bps			19.69	%	22.24	%	(255)	bps
Effective income tax rate, Underlying (non-GAAP)	J/H	18.75		20.33		22.84		22.25		21.69		(158)	bps			(294)	bps			20.68		22.55		(187)	bps
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP)	O	$22,380		$21,427		$21,700		$21,209		$21,177		$953		4	%	$1,203		6	%	$21,838		$21,721		$117		1	%
Return on average common equity	M/O	6.12	%	6.70	%	5.63	%	2.96	%	7.50	%	(58)	bps			(138)	bps			6.15	%	8.20	%	(205)	bps
Return on average common equity, Underlying (non-GAAP)	N/O	6.29		7.00		6.77		7.41		7.82		(71)	bps			(153)	bps			6.68		8.93		(225)	bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)	O	$22,380		$21,427		$21,700		$21,209		$21,177		$953		4	%	$1,203		6	%	$21,838		$21,721		$117		1	%
Less: Average goodwill (GAAP)		8,187		8,188		8,188		8,188		8,188		(1)		—		(1)		—		8,187		8,182		5		—
Less: Average other intangibles (GAAP)		140		144		153		163		173		(4)		(3)		(33)		(19)		146		182		(36)		(20)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		435		432		433		421		422		3		1		13		3		433		422		11		3
Average tangible common equity	P	$14,488		$13,527		$13,792		$13,279		$13,238		$961		7	%	$1,250		9	%	$13,938		$13,779		$159		1	%
Return on average tangible common equity	M/P	9.45	%	10.61	%	8.86	%	4.72	%	12.00	%	(116)	bps			(255)	bps			9.63	%	12.93	%	(330)	bps
Return on average tangible common equity, Underlying (non-GAAP)	N/P	9.71		11.09		10.65		11.84		12.51		(138)	bps			(280)	bps			10.46		14.09		(363)	bps
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP)	Q	$218,578		$219,222		$220,770		$223,653		$220,162		($644)		—	%	($1,584)		(1	%)	$219,520		$221,739		($2,219)		(1	%)
Return on average total assets	K/Q	0.70	%	0.72	%	0.61	%	0.33	%	0.78	%	(2)	bps			(8)	bps			0.67	%	0.86	%	(19)	bps
Return on average total assets, Underlying (non-GAAP)	L/Q	0.71		0.75		0.72		0.76		0.81		(4)	bps			(10)	bps			0.73		0.93		(20)	bps

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(dollars in millions, except per share data)


		QUARTERLY TRENDS																		FOR THE NINE MONTHS ENDED SEPTEMBER 30,
												3Q24 Change												2024 Change
		3Q24		2Q24		1Q24		4Q23		3Q23		2Q24				3Q23				2024		2023		2023
												$/bps		%		$/bps		%						$/bps		%
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)	Q	$218,578		$219,222		$220,770		$223,653		$220,162		($644)		—	%	($1,584)		(1	%)	$219,520		$221,739		($2,219)		(1	%)
Less: Average goodwill (GAAP)		8,187		8,188		8,188		8,188		8,188		(1)		—		(1)		—		8,187		8,182		5		—
Less: Average other intangibles (GAAP)		140		144		153		163		173		(4)		(3)		(33)		(19)		146		182		(36)		(20)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		435		432		433		421		422		3		1		13		3		433		422		11		3
Average tangible assets	R	$210,686		$211,322		$212,862		$215,723		$212,223		($636)		—	%	($1,537)		(1	%)	$211,620		$213,797		($2,177)		(1	%)
Return on average total tangible assets	K/R	0.72	%	0.75	%	0.63	%	0.35	%	0.81	%	(3)	bps			(9)	bps			0.70	%	0.89	%	(19)	bps
Return on average total tangible assets, Underlying (non-GAAP)	L/R	0.74		0.78		0.75		0.78		0.84		(4)	bps			(10)	bps			0.75		0.96		(21)	bps
Tangible book value per common share:
Common shares - at period-end (GAAP)	S	445,216,549		452,961,853		458,485,032		466,418,055		466,221,795		(7,745,304)		(2	%)	(21,005,246)		(5	%)	445,216,549		466,221,795		(21,005,246)		(5	%)
Common stockholders' equity (GAAP)		$22,819		$21,757		$21,747		$22,329		$20,864		$1,062		5		$1,955		9		$22,819		$20,864		$1,955		9
Less: Goodwill (GAAP)		8,187		8,187		8,188		8,188		8,188		—		—		(1)		—		8,187		8,188		(1)		—
Less: Other intangible assets (GAAP)		137		139		148		157		167		(2)		(1)		(30)		(18)		137		167		(30)		(18)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)		435		435		433		433		421		—		—		14		3		435		421		14		3
Tangible common equity	T	$14,930		$13,866		$13,844		$14,417		$12,930		$1,064		8	%	$2,000		15	%	$14,930		$12,930		$2,000		15	%
Tangible book value per common share	T/S	$33.54		$30.61		$30.19		$30.91		$27.73		$2.93		10	%	$5.81		21	%	$33.54		$27.73		$5.81		21	%
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	446,561,996		454,142,489		461,358,681		466,234,324		469,481,085		(7,580,493)		(2	%)	(22,919,089)		(5	%)	453,993,833		478,073,507		(24,079,674)		(5	%)
Average common shares outstanding - diluted (GAAP)	V	449,913,467		456,561,022		463,797,964		468,159,167		471,183,719		(6,647,555)		(1)		(21,270,252)		(5)		456,461,330		479,733,008		(23,271,678)		(5)
Net income per average common share - basic (GAAP)	M/U	$0.77		$0.79		$0.66		$0.34		$0.85		($0.02)		(3)		($0.08)		(9)		$2.21		$2.79		($0.58)		(21)
Net income per average common share - diluted (GAAP)	M/V	0.77		0.78		0.65		0.34		0.85		(0.01)		(1)		(0.08)		(9)		2.20		2.78		(0.58)		(21)
Net income per average common share - basic, Underlying (non-GAAP)	N/U	0.79		0.82		0.79		0.85		0.89		(0.03)		(4)		(0.10)		(11)		2.40		3.04		(0.64)		(21)
Net income per average common share - diluted, Underlying (non-GAAP)	N/V	0.79		0.82		0.79		0.85		0.89		(0.03)		(4)		(0.10)		(11)		2.39		3.03		(0.64)		(21)
Dividend payout ratio and dividend payout ratio, Underlying:
Cash dividends declared and paid per common share	W	$0.42		$0.42		$0.42		$0.42		$0.42		$—		—	%	$—		—	%	$1.26		$1.26		$—		—	%
Dividend payout ratio	W/(M/U)	55	%	53	%	64	%	124	%	49	%	139 bps				514 bps				57	%	45	%	1,185 bps
Dividend payout ratio, Underlying (non-GAAP)	W/(N/U)	53		51		53		49		47		200 bps				600 bps				53		41		1,200 bps

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(dollars in millions, except per share data)


	QUARTERLY TRENDS											FOR THE NINE MONTHS ENDED SEPTEMBER 30,
						3Q24 Change								2024 Change
	3Q24	2Q24	1Q24	4Q23	3Q23	2Q24			3Q23			2024	2023	2023
						$	%		$	%				$/bps	%
Card fees, Underlying:
Card fees (GAAP)	$93	$92	$86	$70	$74	$1	1	%	$19	26	%	$271	$226	$45	20	%
Less: Notable items	6	4	3	—	—	2	50		6	100		13	—	13	100
Card fees, Underlying (non-GAAP)	$87	$88	$83	$70	$74	($1)	(1	%)	$13	18	%	$258	$226	$32	14	%




Other income, Underlying:
Other income (GAAP)	$24	$10	$17	$20	$18	$14	140	%	$6	33	%	$51	$58	($7)	(12	%)
Less: Notable items	(8)	—	—	—	—	(8)	(100)		(8)	(100)		(8)	—	(8)	(100)
Other income, Underlying (non-GAAP)	$32	$10	$17	$20	$18	$22	220		$14	78	%	$59	$58	$1	2	%
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)	$647	$645	$691	$667	$659	$2	—	%	($12)	(2	%)	$1,983	$1,932	$51	3	%
Less: Notable items	4	8	17	32	5	(4)	(50)		(1)	(20)		29	35	(6)	(17)
Salaries and employee benefits, Underlying (non-GAAP)	$643	$637	$674	$635	$654	$6	1	%	($11)	(2	%)	$1,954	$1,897	$57	3	%
Equipment and software, Underlying:
Equipment and software (GAAP)	$194	$190	$192	$215	$191	$4	2	%	$3	2	%	$576	$541	$35	6	%
Less: Notable items	2	4	8	37	6	(2)	(50)		(4)	(67)		14	14	—	—
Equipment and software, Underlying (non-GAAP)	$192	$186	$184	$178	$185	$6	3	%	$7	4	%	$562	$527	$35	7	%
Outside services, Underlying:
Outside services (GAAP)	$146	$165	$158	$174	$160	($19)	(12	%)	($14)	(9	%)	$469	$513	($44)	(9	%)
Less: Notable items	2	10	12	13	7	(8)	(80)		(5)	(71)		24	55	(31)	(56)
Outside services, Underlying (non-GAAP)	$144	$155	$146	$161	$153	($11)	(7	%)	($9)	(6	%)	$445	$458	($13)	(3	%)
Occupancy, Underlying:
Occupancy (GAAP)	$108	$113	$114	$125	$107	($5)	(4	%)	$1	1	%	$335	$367	($32)	(9	%)
Less: Notable items	1	6	7	20	2	(5)	(83)		(1)	(50)		14	50	(36)	(72)
Occupancy, Underlying (non-GAAP)	$107	$107	$107	$105	$105	$—	—	%	$2	2	%	$321	$317	$4	1	%
Other operating expense, Underlying:
Other operating expense (GAAP)	$164	$188	$203	$431	$176	($24)	(13	%)	($12)	(7	%)	$555	$542	$13	2	%
Less: Notable items	2	8	41	243	2	(6)	(75)		—	—		51	7	44	NM
Other operating expense, Underlying (non-GAAP)	$162	$180	$162	$188	$174	($18)	(10	%)	($12)	(7	%)	$504	$535	($31)	(6	%)

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS

(dollars in millions)


		THIRD QUARTER 2024									SECOND QUARTER 2024

		Consumer Banking		Commercial Banking		Non-Core		Other	Consolidated		Consumer Banking		Commercial Banking		Non-Core		Other	Consolidated
Net income (loss) available to common stockholders:
Net income (loss)	A	$327		$231		($51)		($125)	$382		$296		$259		($50)		($113)	$392
Less: Preferred stock dividends		—		—		—		38	38		—		—		—		35	35

Net income (loss) available to common stockholders	B	$327		$231		($51)		($163)	$344		$296		$259		($50)		($148)	$357
Return on average total tangible assets:
Average total assets (GAAP)		$75,392		$68,092		$8,389		$66,705	$218,578		$74,295		$68,958		$9,418		$66,551	$219,222
Less: Average goodwill (GAAP)		542		769		—		6,876	8,187		542		770		—		6,876	8,188
Average other intangibles (GAAP)		83		29		—		28	140		87		31		—		26	144
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		27		9		—		399	435		27		9		—		396	432
Average tangible assets	C	$74,794		$67,303		$8,389		$60,200	$210,686		$73,693		$68,166		$9,418		$60,045	$211,322
Return on average total tangible assets	A/C	1.74	%	1.37	%	(2.40)	%	NM	0.72	%	1.61	%	1.52	%	(2.14)	%	NM	0.75	%
Efficiency ratio:
Noninterest expense (GAAP)	D	$916		$300		$23		$20	$1,259		$915		$311		$26		$49	$1,301
Net interest income (GAAP)		1,156		478		(28)		(237)	1,369		1,120		494		(31)		(173)	1,410
Noninterest income (GAAP)		285		207		—		40	532		277		242		—		34	553
Total revenue (GAAP)	E	$1,441		$685		($28)		($197)	$1,901		$1,397		$736		($31)		($139)	$1,963
Efficiency ratio	D/E	63.53	%	43.84	%	NM		NM	66.23	%	65.49	%	42.28	%	NM		NM	66.27	%


		FIRST QUARTER 2024									FOURTH QUARTER 2023

		Consumer Banking		Commercial Banking		Non-Core		Other	Consolidated		Consumer Banking		Commercial Banking		Non-Core		Other	Consolidated
Net income (loss) available to common stockholders:
Net income (loss)	A	$272		$259		($60)		($137)	$334		$269		$269		($72)		($277)	$189
Less: Preferred stock dividends		—		—		—		30	30		—		—		—		30	30

Net income (loss) available to common stockholders	B	$272		$259		($60)		($167)	$304		$269		$269		($72)		($307)	$159
Return on average total tangible assets:
Average total assets (GAAP)		$73,833		$70,100		$10,554		$66,283	$220,770		$73,334		$72,758		$11,776		$65,785	$223,653
Less: Average goodwill (GAAP)		542		770		—		6,876	8,188		542		770		—		6,876	8,188
Average other intangibles (GAAP)		92		33		—		28	153		98		35		—		30	163
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		26		10		—		397	433		26		10		—		385	421
Average tangible assets	C	$73,225		$69,307		$10,554		$59,776	$212,862		$72,720		$71,963		$11,776		$59,264	$215,723
Return on average total tangible assets	A/C	1.49	%	1.50	%	(2.30)	%	NM	0.63	%	1.47	%	1.48	%	(2.42)	%	NM	0.35	%
Efficiency ratio:
Noninterest expense (GAAP)	D	$903		$317		$25		$113	$1,358		$905		$324		$28		$355	$1,612
Net interest income (GAAP)		1,093		514		(37)		(128)	1,442		1,086		551		(45)		(104)	1,488
Noninterest income (GAAP)		258		227		—		32	517		265		196		—		39	500
Total revenue (GAAP)	E	$1,351		$741		($37)		($96)	$1,959		$1,351		$747		($45)		($65)	$1,988
Efficiency ratio	D/E	66.87	%	42.80	%	NM		NM	69.33	%	67.08	%	43.44	%	NM		NM	81.13	%

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS, CONTINUED

(dollars in millions)


		THIRD QUARTER 2023

		Consumer Banking		Commercial Banking		Non-Core		Other	Consolidated
Net income (loss) available to common stockholders:
Net income (loss)	A	$276		$260		($67)		($39)	$430
Less: Preferred stock dividends		—		—		—		30	30

Net income (loss) available to common stockholders	B	$276		$260		($67)		($69)	$400
Return on average total tangible assets:
Average total assets (GAAP)		$72,964		$74,997		$13,113		$59,088	$220,162
Less: Average goodwill (GAAP)		542		770		—		6,876	8,188
Average other intangibles (GAAP)		103		39		—		31	173
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		24		12		—		386	422
Average tangible assets	C	$72,343		$74,200		$13,113		$52,567	$212,223
Return on average total tangible assets	A/C	1.51	%	1.39	%	(2.03)	%	NM	0.81	%
Efficiency ratio:
Noninterest expense (GAAP)	D	$905		$325		$30		$33	$1,293
Net interest income (GAAP)		1,067		560		(41)		(64)	1,522
Noninterest income (GAAP)		278		180		—		34	492
Total revenue (GAAP)	E	$1,345		$740		($41)		($30)	$2,014
Efficiency ratio	D/E	67.18	%	43.93	%	NM		NM	64.21	%

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS, CONTINUED

(dollars in millions)


		FOR THE NINE MONTHS ENDED SEPTEMBER 30,
		2024									2023
		Consumer Banking		Commercial Banking		Non-Core		Other	Consolidated		Consumer Banking		Commercial Banking		Non-Core		Other	Consolidated
Net income (loss) available to common stockholders:
Net income (loss)	A	$895		$749		($161)		($375)	$1,108		$790		$884		($172)		($83)	$1,419
Less: Preferred stock dividends		—		—		—		103	103		—		—		—		87	87

Net income (loss) available to common stockholders	B	$895		$749		($161)		($478)	$1,005		$790		$884		($172)		($170)	$1,332
Return on average total tangible assets:
Average total assets (GAAP)		$74,510		$69,046		$9,450		$66,514	$219,520		$72,477		$77,130		$14,409		$57,723	$221,739
Less: Average goodwill (GAAP)		542		770		—		6,875	8,187		540		766		—		6,876	8,182
Average other intangibles (GAAP)		87		31		—		28	146		109		41		—		32	182
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		27		9		—		397	433		23		12		—		387	422
Average tangible assets	C	$73,908		$68,254		$9,450		$60,008	$211,620		$71,851		$76,335		$14,409		$51,202	$213,797
Return on average total tangible assets	A/C	1.62	%	1.47	%	(2.28)	%	NM	0.70	%	1.47	%	1.55	%	(1.60)	%	NM	0.89	%
Efficiency ratio:
Noninterest expense (GAAP)	D	$2,734		$928		$74		$182	$3,918		$2,637		$971		$95		$192	$3,895
Net interest income (GAAP)		3,369		1,486		(96)		(538)	4,221		3,101		1,741		(84)		(5)	4,753
Noninterest income (GAAP)		820		676		—		106	1,602		802		588		—		93	1,483
Total revenue (GAAP)	E	$4,189		$2,162		($96)		($432)	$5,823		$3,903		$2,329		($84)		$88	$6,236
Efficiency ratio	D/E	65.26	%	42.95	%	NM		NM	67.28	%	67.54	%	41.67	%	NM		NM	62.45	%