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): January 17, 2025

(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 January 17, 2025, Citizens Financial Group, Inc. (the “Company”) issued a press release announcing its fourth quarter and full year 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 J anuary 1 7 , 202 5

	Exhibit 99.2	Citizens Financial Group, Inc. earnings release presentation issued January 17 , 202 5

	Exhibit 99.3	Citizens Financial Group, Inc. financial supplement for fourth quarter and full year 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: January 17, 2025

EX-99.1 2 a4q24earningsrelease.htm EX-99.1 Document

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

$401 million and EPS of $0.83

Underlying Net Income of $412 million and EPS of $0.85*

CET1 ratio of 10.8%; LDR 79.6%

2024 Net Income of $1.5 billion and EPS of $3.03; Underlying EPS of $3.24


	Key Financial Data	4Q24			3Q24			4Q23			Fourth Quarter 2024 Highlights

Income Statement	($s in millions)										■Underlying EPS of $0.85 and ROTCE of 10.7% ■Underlying PPNR of $684 million, up 4% QoQ –NII up 3%, driven by a 10 bp improvement in NIM to 2.87% –Fees up 6%, primarily reflecting higher Capital Markets fees –Expenses up 3.5% driven by investments, including Private Bank and Commercial middle market –Positive operating leverage of ~50 bps QoQ ■Strong ACL coverage of 1.62%, up 1 bp QoQ ■Period-end loans down 1.7% QoQ driven by continued Non-Core run off and lower C&I and CRE, partially offset by growth in Private Bank lending, which increased by $1.1 billion to $3.1 billion ■Average deposits broadly stable QoQ; Private Bank spot deposits up $1.4 billion to $7.0 billion ■Strong liquidity profile; spot LDR of 79.6%; spot FHLB reduced to $53 million, down $3.7 billion YoY –Pro forma LCR of 119% exceeds Category 1 Bank requirement of 100% ■Net charge-offs of 53 bps, stable QoQ ■Strong CET1 ratio of 10.8%; TCE ratio of 6.8% ■TBV/share of $32.34, down 3.6% QoQ reflects the AOCI impact of higher long-term rates
	Total revenue	$	1,986		$	1,901		$	1,988
	Pre-provision profit	670			642			376
	Underlying pre-provision profit	684			655			721
	Provision for credit losses	162			172			171

	Net income	401			382			189

	Underlying net income	412			392			426




Balance Sheet & Credit Quality	($s in billions)
	Period-end loans and leases	$	139.2		$	141.6		$	146.0
	Average loans and leases	140.9			142.0			148.0
	Period-end deposits	174.8			175.2			177.3
	Average deposits	174.3			174.1			177.1
	Period-end loan-to-deposit ratio	79.6		%	80.8		%	82.3		%

	NCO ratio	0.53		%	0.54		%	0.46		%

Financial Metrics	Diluted EPS	$	0.83		$	0.77		$	0.34
	Underlying Diluted EPS	0.85			0.79			0.85
	ROTCE	10.4		%	9.5		%	4.7		%
	Underlying ROTCE	10.7			9.7			11.8
	Net interest margin, FTE	2.87			2.77			2.91
	Efficiency ratio	66.3			66.2			81.1
	Underlying efficiency ratio	65.4			65.6			63.8
	CET1	10.8		%	10.6		%	10.6		%
	TBV/Share	$	32.34		$	33.54		$	30.91


Notable Items		4Q24
	($s in millions except per share data)	Pre-tax $		EPS
	Integration-related	$	(2)	$	—


	TOP and Other items	(12)		(0.02)



	Total	$	(14)	$	(0.02)


Comments from Chairman and CEO Bruce Van Saun

“We were pleased to post solid performance in Q4 given strong execution of our key initiatives and nice improvement in our net interest margin,” said Chairman and CEO Bruce Van Saun. “Good sequential growth in revenues delivered a return to

*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.

positive operating leverage, and our balance sheet remains strong with CET1 at 10.8%, LDR below 80% and credit metrics all trending favorably. Our Private Bank hit year end balances of $7 billion in deposits, $3.1 billion in loans, and $4.7 billion AUM, tracking very well to targets. I would like to thank our colleague base for their fine effort and dedication in continuing to serve our customers well and in positioning us for a strong 2025 and bright future.”

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 February 14, 2025 to shareholders of record at the close of business on January 31, 2025.

Citizens Financial Group, Inc.

Earnings highlights(1):


	Quarterly Trends																			Full Year
										4Q24 change from																2024 change from 2023
($s in millions, except per share data)	4Q24			3Q24			4Q23			3Q24					4Q23					2024			2023
Earnings										$/bps			%		$/bps			%		$			$			$/bps
Net interest income	$	1,412		$	1,369		$	1,488		$	43		3	%	$	(76)		(5)	%	$	5,633		$	6,241		$	(608)
Noninterest income	574			532			500			42			8		74			15		2,176			1,983			193
Total revenue	1,986			1,901			1,988			85			4		(2)			—		7,809			8,224			(415)
Noninterest expense	1,316			1,259			1,612			57			5		(296)			(18)		5,234			5,507			(273)
Pre-provision profit	670			642			376			28			4		294			78		2,575			2,717			(142)
Provision for credit losses	162			172			171			(10)			(6)		(9)			(5)		687			687			—

Net income	401			382			189			19			5		212			112		1,509			1,608			(99)
Preferred dividends	34			38			30			(4)			(11)		4			13		137			117			20
Net income available to common stockholders	$	367		$	344		$	159		$	23		7	%	$	208		131	%	$	1,372		$	1,491		$	(119)
After-tax notable Items	11			10			237			1			10		(226)			(95)		98			357			(259)
Underlying net income	$	412		$	392		$	426		$	20		5	%	$	(14)		(3)	%	$	1,607		$	1,965		$	(358)
Underlying net income available to common stockholders	378			354			396			24			7		(18)			(5)		$	1,470		$	1,848		$	(378)
Average common shares outstanding
Basic (in millions)	440.8			446.6			466.2			(5.8)			(1)		(25.4)			(5)		450.7			475.1			(24.4)
Diluted (in millions)	444.8			449.9			468.2			(5.1)			(1)		(23.3)			(5)		453.5			476.7			(23.2)
Diluted earnings per share	$	0.83		$	0.77		$	0.34		$	0.06		8	%	$	0.49		144	%	$	3.03		$	3.13		$	(0.10)
Underlying diluted earnings per share	0.85			0.79			0.85			0.06			8		—			—		$	3.24		$	3.88		$	(0.64)
Performance metrics
Net interest margin	2.86		%	2.76		%	2.90		%	10		bps			(4)		bps			2.84		%	3.09		%	(25)		bps
Net interest margin, FTE	2.87			2.77			2.91			10					(4)					2.85			3.10			(25)
Effective income tax rate	21.0			18.6			7.6			248					1,345					20.1			20.8			(70)

Efficiency ratio	66.3			66.2			81.1			4					(1,486)					67.0			67.0			6
Underlying efficiency ratio	65.4			65.6			63.8			(25)					159					65.2			60.8			434


Return on average tangible common equity	10.4			9.5			4.7			91					564					9.8			10.9			(111)
Underlying return on average tangible common equity	10.7			9.7			11.8			95					(118)					10.5			13.5			(302)

Return on average total tangible assets	0.76			0.72			0.35			4					41					0.71			0.75			(4)
Underlying return on average total tangible assets	0.78		%	0.74		%	0.78		%	4		bps			—		bps			0.76		%	0.92		%	(16)		bps
Capital adequacy(2,3)
Common equity tier 1 capital ratio	10.8		%	10.6		%	10.6		%
Total capital ratio	14.0			13.9			13.7
Tier 1 leverage ratio	9.4			9.4			9.3
Tangible common equity ratio	6.8			7.0			6.7
Allowance for credit losses to loans and leases	1.62		%	1.61		%	1.59		%	1		bps			3		bps
Asset quality(3)
Nonaccrual loans and leases to loans and leases	1.20		%	1.19		%	0.93		%	1		bps			27		bps
Allowance for credit losses to nonaccrual loans and leases	136			136			170			—					(34)
Net charge-offs as a % of average loans and leases	0.53		%	0.54		%	0.46		%	(1)		bps			7		bps			0.52		%	0.40		%	12		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																			Full Year
										4Q24 change from																2024 Change
($s in millions, except per share data)	4Q24			3Q24			4Q23			3Q24					4Q23					2024			2023			from 2023
										$/bps			%		$/bps			%								%
Net interest income	$	1,412		$	1,369		$	1,488		$	43		3	%	$	(76)		(5)	%	$	5,633		$	6,241		(10)	%
Noninterest income	564			534			500			30			6		64			13		2,161			1,983			9


Total revenue	$	1,976		$	1,903		$	1,988		$	73		4	%	$	(12)		(1)	%	$	7,794		$	8,224		(5)	%





Noninterest expense	1,292			1,248			1,267			44			4		25			2		5,078			5,001			2






Provision for credit losses	162			172			171			(10)			(6)		(9)			(5)		687			687			—

Net income available to common stockholders	$	378		$	354		$	396		$	24		7	%	$	(18)		(5)	%	$	1,470		$	1,848		(20)	%
Performance metrics

EPS	$	0.85		$	0.79		$	0.85		$	0.06		8	%	$	—		—	%	$	3.24		$	3.88		(16)	%

Efficiency ratio	65.4		%	65.6		%	63.8		%	(25)		bps			159		bps			65.2		%	60.8		%	434

Return on average tangible common equity	10.7		%	9.7		%	11.8		%	95		bps			(118)		bps			10.5		%	13.5		%	(302)	bps

Consolidated balance sheet summary(1):


										4Q24 change from
($s in millions)	4Q24			3Q24			4Q23			3Q24					4Q23
										$/bps			%		$/bps			%
Total assets	$	217,521		$	219,706		$	221,964		$	(2,185)		(1)	%	$	(4,443)		(2)	%
Total loans and leases	139,203			141,632			145,959			(2,429)			(2)		(6,756)			(5)
Total loans held for sale	858			663			779			195			29		79			10
Deposits	174,776			175,188			177,342			(412)			—		(2,566)			(1)

Stockholders' equity	24,254			24,932			24,342			(678)			(3)		(88)			—
Stockholders' common equity	22,141			22,820			22,329			(679)			(3)		(188)			(1)
Tangible common equity	$	14,246		$	14,931		$	14,417		$	(685)		(5)	%	$	(171)		(1)	%
Loan-to-deposit ratio (period-end)(2)	79.6		%	80.8		%	82.3		%	(120)		bps			(265)		bps
Loan-to-deposit ratio (average)(2)	80.9		%	81.6		%	83.5		%	(71)		bps			(266)		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, fourth quarter 2024 and fourth quarter 2023 include a notable item for an industry-wide FDIC special assessment. These notable items have been excluded from reported results to better reflect Underlying operating results.


Notable items - Integration-related	4Q24				3Q24					4Q23			FY 2024				FY 2023
($s in millions, except per share data)	Pre-tax		After-tax			Pre-tax		After-tax			Pre-tax		After-tax		Pre-tax		After-tax		Pre-tax		After-tax





Salaries & benefits	$	(2)	$	(1)		$	(2)	$	(2)		$	(2)	$	(1)	$	(9)	$	(6)	$	(15)	$	(11)
Equipment and software	—		—			—		—			—		—		—		—		(4)		(3)
Outside services	—		—			—		—			(3)		(2)		(1)		(1)		(43)		(31)
Occupancy	—		—			—		—			—		—		—		—		(41)		(30)
Other expense	—		—			—		—			—		—		—		—		(1)		(1)
Noninterest expense	$	(2)	$	(1)		$	(2)	$	(2)		$	(5)	$	(3)	$	(10)	$	(7)	$	(104)	$	(76)

EPS Impact - Noninterest expense			$	—				$	—				$	(0.01)			$	(0.02)			$	(0.16)












Total Integration-related	$	(2)	$	(1)		$	(2)	$	(2)		$	(5)	$	(3)	$	(10)	$	(7)	$	(104)	$	(76)

EPS Impact - Total Integration-related			$	—				$	—				$	(0.01)			$	(0.02)			$	(0.16)

Other notable items - TOP & Other	4Q24				3Q24					4Q23			FY 2024				FY 2023
($s in millions, except per share data)	Pre-tax		After-tax			Pre-tax		After-tax			Pre-tax		After-tax		Pre-tax		After-tax		Pre-tax		After-tax

Tax notable items	$	—	$	—		$	—	$	—		$	—	$	17	$	—	$	7	$	—	$	17





Noninterest income	10		8			(2)		(1)			—		—		15		11		—		—

Salaries & benefits	(15)		(12)			(2)		(2)			(30)		(22)		(37)		(27)		(52)		(38)
Equipment and software	(3)		(2)			(2)		(2)			(37)		(27)		(17)		(13)		(47)		(35)
Outside services	(4)		(3)			(2)		(2)			(10)		(7)		(27)		(21)		(25)		(19)
Occupancy	(5)		(4)			(1)		—			(20)		(15)		(19)		(14)		(29)		(22)
FDIC special assessment(1)	9		6			—		—			(225)		(167)		(31)		(24)		(225)		(167)
Other expense	(4)		(3)			(2)		(1)			(18)		(13)		(15)		(10)		(24)		(17)
Noninterest expense	$	(22)	$	(18)		$	(9)	$	(7)		$	(340)	$	(251)	$	(146)	$	(109)	$	(402)	$	(298)

Total Other Notable Items	$	(12)	$	(10)		$	(11)	$	(8)		$	(340)	$	(234)	$	(131)	$	(91)	$	(402)	$	(281)

EPS Impact - Other Notable Items			$	(0.02)				$	(0.02)				$	(0.50)			$	(0.19)			$	(0.59)

Total Notable Items	$	(14)	$	(11)		$	(13)	$	(10)		$	(345)	$	(237)	$	(141)	$	(98)	$	(506)	$	(357)

Total EPS Impact			$	(0.02)				$	(0.02)				$	(0.51)			$	(0.21)			$	(0.75)
(1) The FDIC special assessment earnings per share impact is $0.01, $(0.35), $(0.05), and $(0.35) for fourth quarter 2024, fourth quarter 2023, full year 2024, and full year 2023 respectively.

Citizens Financial Group, Inc.

Discussion of results:


Net interest income										4Q24 change from
($s in millions)	4Q24			3Q24			4Q23			3Q24					4Q23
										$/bps			%		$/bps			%
Interest income:
Interest and fees on loans and leases and loans held for sale	$	1,931		$	1,995		$	2,166		$	(64)		(3)	%	$	(235)		(11)	%
Investment securities	419			423			339			(4)			(1)		80			24
Interest-bearing deposits in banks	112			121			171			(9)			(7)		(59)			(35)
Total interest income	$	2,462		$	2,539		$	2,676		$	(77)		(3)	%	$	(214)		(8)	%
Interest expense:
Deposits	$	883		$	990		$	974		$	(107)		(11)	%	$	(91)		(9)	%


Short-term borrowed funds	1			3			7			(2)			(67)		(6)			(86)
Long-term borrowed funds	166			177			207			(11)			(6)		(41)			(20)
Total interest expense	$	1,050		$	1,170		$	1,188		$	(120)		(10)	%	$	(138)		(12)	%
Net interest income	$	1,412		$	1,369		$	1,488		$	43		3	%	$	(76)		(5)	%

Net interest margin, FTE	2.87		%	2.77		%	2.91		%	10		bps			(4)		bps


Fourth quarter 2024			vs.			third quarter 2024

Net interest income of $1.4 billion increased 3.1%, reflecting higher net interest margin and slightly lower interest-earning assets.

•Net interest margin of 2.87% increased 10 basis points, reflecting the benefit of lower deposit costs and improved mix, fixed-rate asset repricing and Non-Core run off, partially offset by the impact of variable-rate asset repricing, net of receive-fixed swaps.

•Interest-bearing deposit costs were down 31 basis points; total deposit costs were down 24 basis points, and total cost of funds were down 25 basis points to 2.23%.


Fourth quarter 2024			vs.			fourth quarter 2023

Net interest income of $1.4 billion decreased 5%, reflecting lower net interest margin and a 3% decline in average interest-earning assets.

•Net interest margin of 2.87% decreased 4 basis points, as an increase in swap costs and deposit migration were partially offset by the benefit of fixed-rate asset repricing and Non-Core run off.

Citizens Financial Group, Inc.


Noninterest Income							4Q24 change from
($s in millions)	4Q24		3Q24		4Q23		3Q24				4Q23
							$		%		$		%

Service charges and fees	$	109	$	109	$	104	$	—	—	%	$	5	5	%
Capital markets fees	121		94		87		27		29		34		39
Card fees	97		93		70		4		4		27		39
Wealth fees(1)	75		76		68		(1)		(1)		7		10
Mortgage banking fees	60		46		57		14		30		3		5
Foreign exchange and derivative products	35		36		43		(1)		(3)		(8)		(19)
Letter of credit and loan fees	45		45		42		—		—		3		7
Securities gains, net	4		9		9		(5)		(56)		(5)		(56)
Other income(2)	28		24		20		4		17		8		40
Noninterest income	$	574	$	532	$	500	$	42	8	%	$	74	15	%
Underlying, as applicable
Card fees	$	86	$	87	$	70	$	(1)	(1)		$	16	23
Other income(2)	$	29	$	32	$	20	$	(3)	(9)		$	9	45

Underlying noninterest income	$	564	$	534	$	500	$	30	6	%	$	64	13	%


(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.


Fourth quarter 2024			vs.			third quarter 2024

Underlying noninterest income of $564 million increased $30 million, or 5.6%.

•Capital markets fees increased $27 million, driven by higher loan syndication and M&A fees, partially offset by lower debt underwriting fees.

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

•Mortgage banking fees increased $14 million, primarily driven by higher MSR valuation net of hedge impact.

•Foreign exchange and derivative products revenue decreased $1 million, given lower client hedging activity in commodities and interest rates, partially offset by higher foreign exchange revenue.


Fourth quarter 2024			vs.			fourth quarter 2023

Underlying noninterest income of $564 million increased $64 million, or 13%.

•Service charges and fees increased $5 million, primarily driven by higher overdraft and cash management fees.

•Capital markets fees increased $34 million, driven by higher loan syndication and M&A fees.

•Card fees increased $16 million, largely due to the impact of favorable vendor contract negotiations.

•Wealth fees increased $7 million, reflecting higher asset management fees, partially offset by lower transactional sales activity.

•Mortgage banking fees increased $3 million, given higher production fees and higher MSR valuation net of hedging, partially offset by lower servicing revenue.

•Foreign exchange and derivative products revenue decreased $8 million, given lower client activity in commodities and interest rate hedging.

Citizens Financial Group, Inc.


Noninterest Expense							4Q24 change from
($s in millions)	4Q24		3Q24		4Q23		3Q24				4Q23
							$		%		$		%
Salaries and employee benefits	$	674	$	647	$	667	$	27	4	%	$	7	1	%
Equipment and software	193		194		215		(1)		(1)		(22)		(10)
Outside services	170		146		174		24		16		(4)		(2)
Occupancy	112		108		125		4		4		(13)		(10)
Other operating expense	167		164		431		3		2		(264)		(61)
Noninterest expense	$	1,316	$	1,259	$	1,612	$	57	5	%	$	(296)	(18)	%

Notable items	$	24	$	11	$	345	$	13	118	%	$	(321)	(93)%

Underlying, as applicable
Salaries and employee benefits	$	657	$	643	$	635	$	14	2	%	$	22	3	%
Equipment and software	190		192		178		(2)		(1)		12		7
Outside services	166		144		161		22		15		5		3
Occupancy	107		107		105		—		—		2		2
Other operating expense	172		162		188		10		6		(16)		(9)
Underlying noninterest expense	$	1,292	$	1,248	$	1,267	$	44	4	%	$	25	2	%


Fourth quarter 2024			vs.			third quarter 2024

Underlying noninterest expense of $1.3 billion increased 3.5%.

•Salaries and employee benefits increased $14 million, primarily reflecting hiring related to the Private Bank and Private Wealth build-out and Commercial middle market bankers in expansion markets.

•Equipment and software decreased $2 million.

•Outside services increased $22 million, largely reflecting elevated vendor-related costs and seasonality.

•Other operating expense increased $10 million, primarily reflecting higher marketing-related costs and travel.

The effective tax rate was 21.0% in fourth quarter 2024. On an underlying basis, the effective tax rate of 21.2% increased relative to 18.7% in third quarter 2024, primarily reflecting the reduced benefit of tax-advantaged investments, coupled with higher income.


Fourth quarter 2024			vs.			fourth quarter 2023

Underlying noninterest expense of $1.3 billion increased 2%.

•Salaries and employee benefits increased $22 million, reflecting hiring related to the Private Bank and Private Wealth build-out and Commercial middle market bankers in expansion markets, as well as a broader increase in salaries and benefits.

•Equipment and software increased $12 million given technology investments and maintenance.

•Other operating expense decreased $16 million, primarily reflecting lower fraud losses, deposit insurance and travel-related costs.

The effective tax rate was 21.0% in fourth quarter 2024. On an underlying basis, the effective tax rate of 21.2% compared with 22.3% in fourth quarter 2023.

Citizens Financial Group, Inc.


Interest-earning assets							4Q24 change from
($s in millions)	4Q24		3Q24		4Q23		3Q24				4Q23
Period-end interest-earning assets							$		%		$		%
Investments	$	42,217	$	42,428	$	40,003	$	(211)	—	%	$	2,214	6	%
Interest-bearing deposits in banks	9,827		10,584		10,239		(757)		(7)		(412)		(4)
Commercial loans and leases	69,776		71,808		74,445		(2,032)		(3)		(4,669)		(6)
Retail loans	69,427		69,824		71,514		(397)		(1)		(2,087)		(3)
Total loans and leases	139,203		141,632		145,959		(2,429)		(2)		(6,756)		(5)
Loans held for sale, at fair value	858		663		779		195		29		79		10

Total loans and leases and loans held for sale	140,061		142,295		146,738		(2,234)		(2)		(6,677)		(5)
Total period-end interest-earning assets	$	192,105	$	195,307	$	196,980	$	(3,202)	(2)	%	$	(4,875)	(2)	%
Average interest-earning assets
Investments(1)	$	44,823	$	45,084	$	41,499	$	(261)	(1)	%	$	3,324	8	%
Interest-bearing deposits in banks	9,459		8,896		12,387		563		6		(2,928)		(24)
Commercial loans and leases	71,355		72,280		76,078		(925)		(1)		(4,723)		(6)
Retail loans	69,592		69,723		71,891		(131)		—		(2,299)		(3)
Total loans and leases	140,947		142,003		147,969		(1,056)		(1)		(7,022)		(5)
Loans held for sale, at fair value	1,384		1,181		1,266		203		17		118		9

Total loans and leases and loans held for sale	142,331		143,184		149,235		(853)		(1)		(6,904)		(5)
Total average interest-earning assets	$	196,613	$	197,164	$	203,121	$	(551)	—	%	$	(6,508)	(3)	%
(1) Total average interest-earning assets excludes the mark-to-market on investment securities and unsettled purchases or sales of loans and investments.


Fourth quarter 2024			vs.			third quarter 2024

Period-end interest-earning assets of $192.1 billion were down 2% reflecting a $2.4 billion decrease in loans and leases, a $757 million decrease in cash held in interest-bearing deposits, and a $211 million decrease in investments in securities. The decrease in loans and leases reflects a $2.0 billion decline in commercial, driven by market conditions resulting in relatively low client demand and lower line of credit utilization, partially offset by growth in the Private Bank. Results also reflect a $397 million decrease in retail driven by $926 million of Non-Core portfolio run off, partially offset by growth in home equity and mortgage, including the Private Bank.

Average interest-earning assets of $196.6 billion decreased $551 million, reflecting a $1.1 billion decrease in total loans and leases and a $261 million decrease in investments, partially offset by a $563 million increase in cash held in interest-bearing deposits. The decrease in loans and leases reflects a $925 million decrease in commercial and a $131 million decrease in Retail.

The average effective duration of the securities portfolio was 3.7 years, compared with 3.3 years at September 30, 2024 and 3.9 years at December 31, 2023.


Fourth quarter 2024			vs.			fourth quarter 2023

Period-end interest-earning assets of $192.1 billion decreased $4.9 billion, or 2%, reflecting a $6.7 billion decrease in total loans and leases and loans held for sale and a $412 million decrease in investments in cash held in interest-bearing deposits, partially offset by a $2.2 billion increase in investments in securities. The decrease in loans and leases reflects a $4.7 billion decline in commercial given market conditions resulting in relatively low client demand and lower line of credit utilization, partially offset by growth in Private Bank. Retail decreased $2.1 billion given $4.2 billion of Non-Core portfolio run off, partially offset by growth in home equity and mortgage, including the Private Bank.

Average interest-earning assets of $196.6 billion decreased $6.5 billion, or 3%, reflecting a $6.9 billion decrease in total loans and leases and loans held for sale, partially offset by a $3.3 billion increase in investments in securities and a $2.9 billion decrease in cash held in interest-bearing deposits.

Citizens Financial Group, Inc.


Deposits							4Q24 change from
($s in millions)	4Q24		3Q24		4Q23		3Q24				4Q23
Period-end deposits							$		%		$		%
Non-interest bearing demand	$	36,920	$	35,978	$	37,107	$	942	3	%	$	(187)	(1)	%
Money market	55,321		54,654		53,812		667		1		1,509		3
Checking with interest	33,246		33,680		31,876		(434)		(1)		1,370		4
Savings	25,976		26,489		27,983		(513)		(2)		(2,007)		(7)
Time	23,313		24,387		26,564		(1,074)		(4)		(3,251)		(12)
Total period-end deposits	$	174,776	$	175,188	$	177,342	$	(412)	—	%	$	(2,566)	(1)	%
Average deposits
Non-interest bearing demand	$	36,704	$	36,236	$	38,390	$	468	1	%	$	(1,686)	(4)	%
Money market	54,548		53,152		53,003		1,396		3		1,545		3
Checking with interest	32,720		33,090		31,788		(370)		(1)		932		3
Savings	26,237		26,868		28,455		(631)		(2)		(2,218)		(8)
Time	24,053		24,705		25,492		(652)		(3)		(1,439)		(6)
Total average deposits	$	174,262	$	174,051	$	177,128	$	211	—	%	$	(2,866)	(2)	%


Fourth quarter 2024			vs.			third quarter 2024

Total period-end deposits of $174.8 billion are broadly stable, reflecting a reduction in higher-cost Treasury and Commercial deposits, largely offset by $3.3 billion of Consumer deposit growth, including $1.4 billion of growth in the Private Bank. Non-interest bearing demand deposits increased $942 million reflecting seasonal growth in Commercial and Private Bank growth.

Average deposits of $174.3 billion are broadly stable reflecting $1.7 billion of growth in Private Bank deposits, largely offset by a reduction in higher-cost Treasury and Commercial deposits.


Fourth quarter 2024			vs.			fourth quarter 2023

Average deposits of $174.3 billion decreased 2%. Total period-end deposits of $174.8 billion decreased 1% given a reduction in higher-cost Treasury deposits and lower Commercial balances, largely offset by growth in Private Bank deposits of $5.8 billion.

Citizens Financial Group, Inc.


Borrowed Funds							4Q24 change from
($s in millions)	4Q24		3Q24		4Q23		3Q24				4Q23
Period-end borrowed funds							$		%		$		%
Short-term borrowed funds	$	—	$	15	$	505	$	(15)	(100) %		$	(505)	(100)	%
Long-term borrowed funds
FHLB advances	53		553		3,786		(500)		(90)		(3,733)		(99)
Senior debt	7,168		7,766		5,170		(598)		(8)		1,998		39
Subordinated debt and other debt	1,805		1,824		1,819		(19)		(1)		(14)		(1)
Auto collateralized borrowings	3,375		3,801		2,692		(426)		(11)		683		25
Total borrowed funds	$	12,401	$	13,959	$	13,972	$	(1,558)	(11)	%	$	(1,571)	(11)	%
Average borrowed funds
Short-term borrowed funds	$	41	$	150	$	491	$	(109)	(73) %		$	(450)	(92)	%
Long-term borrowed funds
FHLB advances	172		477		5,751		(305)		(64)		(5,579)		(97)
Senior debt	7,316		7,462		5,217		(146)		(2)		2,099		40
Subordinated debt and other debt	1,808		1,758		1,816		50		3		(8)		—
Auto collateralized borrowings	3,593		3,993		2,904		(400)		(10)		689		24
Total average borrowed funds	$	12,930	$	13,840	$	16,179	$	(910)	(7)	%	$	(3,249)	(20)	%


Fourth quarter 2024			vs.			third quarter 2024

Period-end borrowed funds decreased by $1.6 billion. Senior debt decreased by $598 million, reflecting a redemption. FHLB advances decreased by $500 million driven primarily by continued Non-Core run off. Collateralized borrowings on auto loans decreased $426 million given run off of the associated portfolio.

Average borrowed funds decreased $910 million, largely reflecting a $400 million decrease in collateralized borrowings on auto loans and a $305 million decrease in FHLB advances.


Fourth quarter 2024			vs.			fourth quarter 2023

Period-end borrowed funds decreased by $1.6 billion, given a $3.7 billion decrease in FHLB advances and a $505 million decrease in short-term borrowings, partially offset by a $2.0 billion increase in senior debt given issuances and a $683 million increase in auto collateralized borrowings.

Average borrowed funds decreased by $3.2 billion, reflecting a $5.6 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 $689 million, and senior debt issuances, up $2.1 billion. Short-term borrowed funds decreased $450 million.

Citizens Financial Group, Inc.


Capital										4Q24 change from
($s and shares in millions, except per share data)	4Q24			3Q24			4Q23			3Q24				4Q23
Period-end capital										$		%		$		%
Stockholders' equity	$	24,254		$	24,932		$	24,342		$	(678)	(3)	%	$	(88)	—	%
Stockholders' common equity	22,141			22,820			22,329			(679)		(3)		(188)		(1)
Tangible common equity	14,246			14,931			14,417			(685)		(5)		(171)		(1)
Tangible book value per common share	$	32.34		$	33.54		$	30.91		$	(1.20)	(4)	%	$	1.43	5	%
Common shares - at end of period	440.5			445.2			466.4			(4.7)		(1)		(25.9)		(6)
Common shares - average (diluted)	444.8			449.9			468.2			(5.1)		(1)	%	(23.3)		(5)	%
Common equity tier 1 capital ratio(1)	10.8		%	10.6		%	10.6		%
Total capital ratio(1)	14.0			13.9			13.7
Tangible common equity ratio	6.8			7.0			6.7
Tier 1 leverage ratio(1)	9.4			9.4			9.3
(1) Current reporting-period regulatory capital ratios are preliminary.


Fourth quarter 2024

•The CET1 capital ratio of 10.8% as of December 31, 2024 compares with 10.6% at September 30, 2024 and 10.6% at December 31, 2023.

•Total capital ratio of 14.0% compares with 13.9% at September 30, 2024 and 13.7% as of December 31, 2023.

•Tangible common equity ratio of 6.8% compares with 7.0% at September 30, 2024 and 6.7% as of December 31, 2023.

•Tangible book value per common share of $32.34 decreased 3.6% compared with third quarter 2024 reflecting AOCI impacts from higher term rates.

•Paid $188 million in common dividends to shareholders during fourth quarter 2024. This compares with $191 million in common dividends during third quarter 2024 and $198 million during fourth quarter 2023.

•Repurchased $225 million of common shares during fourth quarter 2024, compared with $325 million in third quarter 2024 and no repurchases in fourth quarter 2023.

Citizens Financial Group, Inc.


Credit quality review										4Q24 change from
($s in millions)	4Q24			3Q24			4Q23			3Q24					4Q23
										$/bps			%		$/bps			%
Nonaccrual loans and leases(1)	$	1,664		$	1,687		$	1,364		$	(23)		(1)	%	$	300		22	%
90+ days past due and accruing(2)	196			169			333			27			16		(137)			(41)
Net charge-offs	189			192			171			(3)			(2)		18			11
Provision for credit losses	162			172			171			(10)			(6)		(9)			(5)

Allowance for credit losses	$	2,259		$	2,286		$	2,318		$	(27)		(1)	%	$	(59)		(3)	%
Nonaccrual loans and leases to loans and leases	1.20		%	1.19		%	0.93		%	1		bps			27
Net charge-offs as a % of total loans and leases	0.53			0.54			0.46			(1)					7

Allowance for credit losses to loans and leases	1.62			1.61			1.59			1					3

Allowance for credit losses to nonaccrual loans and leases	136		%	136		%	170		%	—		bps			(34)		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 $172 million, $145 million, and $243 million of loans fully or partially guaranteed by the FHA, VA, and USDA for December 31, 2024, September 30, 2024, and December 31, 2023, respectively.


Fourth quarter 2024			vs.			third quarter 2024

•Nonaccrual loans of $1.7 billion decreased $23 million, or 1%, primarily reflecting a decrease in Commercial, given decrease in General Office as we proceed with workout actions. The nonaccrual loans to total loans ratio of 1.20% compares with 1.19% at September 30, 2024.

•Net charge-offs of $189 million, or 53 basis points of average loans and leases, are broadly stable compared with the prior quarter. A decrease in C&I net charge offs was offset by an increase in commercial real estate, primarily coming from the General Office portfolio. Retail net charge offs were stable.

•The fourth quarter 2024 provision for credit losses of $162 million compares with $172 million for third quarter 2024. The decrease is primarily driven by an improving loan mix given the run off of the Non-Core auto portfolio and originations in retail real estate secured and commercial categories that have a lower loss content profile. The ratio of allowance for credit losses to total loans of 1.62% increased slightly from 1.61% as of September 30, 2024, primarily reflecting lower loan balances given Non-Core run off and C&I and Commercial Real Estate paydowns and balance sheet optimization.

•The allowance for credit losses to nonaccrual loans and leases ratio of 136% was stable with September 30, 2024.


Fourth quarter 2024			vs.			fourth quarter 2023

•Nonaccrual loans increased $300 million, or 22%, primarily reflecting an increase in the General Office segment of commercial real estate. The nonaccrual loans to total loans ratio of 1.20% increased from 0.93% at December 31, 2023.

•Net charge-offs of $189 million, or 53 basis points of average loans and leases, increased $18 million, primarily reflecting a $28 million increase in commercial, partially offset by a $10 million decrease in retail.

•Provision for credit losses of $162 million compares with a $171 million provision in fourth quarter 2023.

•Allowance for credit losses of $2.3 billion decreased $59 million compared with December 31, 2023. Allowance for credit losses ratio of 1.62% as of December 31, 2024, compares with 1.59% as of December 31, 2023.

•The allowance for credit losses to nonaccrual loans and leases ratio of 136% compares with 170% as of December 31, 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: (800) 369-1703, conference ID 1679767

Webcast/Presentation: The live webcast will be available at http://investor.citizensbank.com under Events & Presentations.

Replay Information: A replay of the conference call will be available beginning at 12:00 pm ET on January 17, 2025 through February 17, 2025. 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 $217.5 billion in assets as of December 31, 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						FULL YEAR
					4Q24 Change								2024 Change
		4Q24	3Q24	4Q23	3Q24			4Q23			2024	2023	2023
					$	%		$	%				$	%
Noninterest income, Underlying:
Noninterest income (GAAP)		$574	$532	$500	$42	8	%	$74	15	%	$2,176	$1,983	$193	10	%
Less: Notable items		10	(2)	—	12	NM		10	100		15	—	15	100
Noninterest income, Underlying (non-GAAP)		$564	$534	$500	$30	6	%	$64	13	%	$2,161	$1,983	$178	9	%
Total revenue, Underlying:
Total revenue (GAAP)	A	$1,986	$1,901	$1,988	$85	4	%	($2)	—	%	$7,809	$8,224	($415)	(5	%)
Less: Notable items		10	(2)	—	12	NM		10	100		15	—	15	100
Total revenue, Underlying (non-GAAP)	B	$1,976	$1,903	$1,988	$73	4	%	($12)	(1	%)	$7,794	$8,224	($430)	(5	%)
Noninterest expense, Underlying:
Noninterest expense (GAAP)	C	$1,316	$1,259	$1,612	$57	5	%	($296)	(18	%)	$5,234	$5,507	($273)	(5	%)
Less: Notable items		24	11	345	13	118		(321)	(93)		156	506	(350)	(69)
Noninterest expense, Underlying (non-GAAP)	D	$1,292	$1,248	$1,267	$44	4	%	$25	2	%	$5,078	$5,001	$77	2	%
Pre-provision profit:
Total revenue (GAAP)	A	$1,986	$1,901	$1,988	$85	4	%	($2)	—	%	$7,809	$8,224	($415)	(5	%)
Less: Noninterest expense (GAAP)	C	1,316	1,259	1,612	57	5		(296)	(18)		5,234	5,507	(273)	(5)
Pre-provision profit (non-GAAP)		$670	$642	$376	$28	4	%	$294	78	%	$2,575	$2,717	($142)	(5	%)
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)	B	$1,976	$1,903	$1,988	$73	4	%	($12)	(1	%)	$7,794	$8,224	($430)	(5	%)
Less: Noninterest expense, Underlying (non-GAAP)	D	1,292	1,248	1,267	44	4		25	2		5,078	5,001	77	2
Pre-provision profit, Underlying (non-GAAP)		$684	$655	$721	$29	4	%	($37)	(5	%)	$2,716	$3,223	($507)	(16	%)








Income before income tax expense, Underlying:
Income before income tax expense (GAAP)	E	$508	$470	$205	$38	8	%	$303	148	%	$1,888	$2,030	($142)	(7	%)
Less: Income (expense) before income tax expense (benefit) related to notable items		(14)	(13)	(345)	(1)	(8)		331	96		(141)	(506)	365	72
Income before income tax expense, Underlying (non-GAAP)	F	$522	$483	$550	$39	8	%	($28)	(5	%)	$2,029	$2,536	($507)	(20	%)
Income tax expense, Underlying:
Income tax expense (GAAP)	G	$107	$88	$16	$19	22	%	$91	NM		$379	$422	($43)	(10	%)
Less: Income tax expense (benefit) related to notable items		(3)	(3)	(108)	—	—		105	97		(43)	(149)	106	71
Income tax expense, Underlying (non-GAAP)	H	$110	$91	$124	$19	21	%	($14)	(11	%)	$422	$571	($149)	(26	%)
Net income, Underlying:
Net income (GAAP)	I	$401	$382	$189	$19	5	%	$212	112	%	$1,509	$1,608	($99)	(6	%)
Add: Notable items, net of income tax benefit		11	10	237	1	10		(226)	(95)		98	357	(259)	(73)
Net income, Underlying (non-GAAP)	J	$412	$392	$426	$20	5	%	($14)	(3	%)	$1,607	$1,965	($358)	(18	%)
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)	K	$367	$344	$159	$23	7	%	$208	131	%	$1,372	$1,491	($119)	(8	%)
Add: Notable items, net of income tax benefit		11	10	237	1	10		(226)	(95)		98	357	(259)	(73)
Net income available to common stockholders, Underlying (non-GAAP)	L	$378	$354	$396	$24	7	%	($18)	(5	%)	$1,470	$1,848	($378)	(20	%)

Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations (continued)

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


		QUARTERLY TRENDS										FULL YEAR
								4Q24 Change												2024 Change
		4Q24		3Q24		4Q23		3Q24				4Q23				2024		2023		2023
								$/bps		%		$/bps		%						$/bps		%
Operating leverage:
Total revenue (GAAP)	A	$1,986		$1,901		$1,988		$85		4.56	%	($2)		0.02	%	$7,809		$8,224		($415)		(5.04	%)
Less: Noninterest expense (GAAP)	C	1,316		1,259		1,612		57		4.61		(296)		(18.30)		5,234		5,507		(273)		(4.95)
Operating leverage										(0.05	%)			18.32	%							(0.09	%)
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)	B	$1,976		$1,903		$1,988		$73		3.89	%	($12)		(0.48	%)	$7,794		$8,224		($430)		(5.22	%)
Less: Noninterest expense, Underlying (non-GAAP)	D	1,292		1,248		1,267		44		3.50		25		2.00		5,078		5,001		77		1.54
Operating leverage, Underlying (non-GAAP)										0.39	%			(2.48	%)							(6.76	%)
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio	C/A	66.27	%	66.23	%	81.13	%	4	bps			(1,486)	bps			67.03	%	66.97	%	6	bps
Efficiency ratio, Underlying (non-GAAP)	D/B	65.36		65.61		63.77		(25)	bps			159	bps			65.15		60.81		434	bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rate	G/E	21.04	%	18.56	%	7.59	%	248	bps			1,345	bps			20.06	%	20.76	%	(70)	bps
Effective income tax rate, Underlying (non-GAAP)	H/F	21.17		18.75		22.25		242	bps			(108)	bps			20.80		22.48		(168)	bps




Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)	M	$22,009		$22,380		$21,209		($371)		(2	%)	$800		4	%	$21,881		$21,592		$289		1	%
Less: Average goodwill (GAAP)		8,187		8,187		8,188		—		—		(1)		—		8,187		8,184		3		—
Less: Average other intangibles (GAAP)		136		140		163		(4)		(3)		(27)		(17)		143		177		(34)		(19)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		436		435		421		1		—		15		4		433		422		11		3
Average tangible common equity	N	$14,122		$14,488		$13,279		($366)		(3	%)	$843		6	%	$13,984		$13,653		$331		2	%
Return on average tangible common equity	K/N	10.36	%	9.45	%	4.72	%	91	bps			564	bps			9.81	%	10.92	%	(111)	bps
Return on average tangible common equity, Underlying (non-GAAP)	L/N	10.66		9.71		11.84		95	bps			(118)	bps			10.51		13.53		(302)	bps




Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)	O	$217,548		$218,578		$223,653		($1,030)		—	%	($6,105)		(3	%)	$219,024		$222,221		($3,197)		(1	%)
Less: Average goodwill (GAAP)		8,187		8,187		8,188		—		—		(1)		—		8,187		8,184		3		—
Less: Average other intangibles (GAAP)		136		140		163		(4)		(3)		(27)		(17)		143		177		(34)		(19)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		436		435		421		1		—		15		4		433		422		11		3
Average tangible assets	P	$209,661		$210,686		$215,723		($1,025)		—	%	($6,062)		(3	%)	$211,127		$214,282		($3,155)		(1	%)
Return on average total tangible assets	I/P	0.76	%	0.72	%	0.35	%	4	bps			41	bps			0.71	%	0.75	%	(4)	bps
Return on average total tangible assets, Underlying (non-GAAP)	J/P	0.78		0.74		0.78		4	bps			—	bps			0.76		0.92		(16)	bps

Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations (continued)

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


		QUARTERLY TRENDS						FULL YEAR
					4Q24 Change								2024 Change
		4Q24	3Q24	4Q23	3Q24			4Q23			2024	2023	2023
					$/bps	%		$/bps	%				$/bps	%
Tangible book value per common share:
Common shares - at period-end (GAAP)	Q	440,543,381	445,216,549	466,418,055	(4,673,168)	(1	%)	(25,874,674)	(6	%)	440,543,381	466,418,055	(25,874,674)	(6	%)
Common stockholders' equity (GAAP)		$22,141	$22,820	$22,329	($679)	(3)		($188)	(1)		$22,141	$22,329	($188)	(1)
Less: Goodwill (GAAP)		8,187	8,187	8,188	—	—		(1)	—		8,187	8,188	(1)	—
Less: Other intangible assets (GAAP)		146	137	157	9	7		(11)	(7)		146	157	(11)	(7)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)		438	435	433	3	1		5	1		438	433	5	1
Tangible common equity	R	$14,246	$14,931	$14,417	($685)	(5	%)	($171)	(1	%)	$14,246	$14,417	($171)	(1	%)
Tangible book value per common share	R/Q	$32.34	$33.54	$30.91	($1.20)	(4	%)	$1.43	5	%	$32.34	$30.91	$1.43	5	%
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	440,802,738	446,561,996	466,234,324	(5,759,258)	(1	%)	(25,431,586)	(5	%)	450,678,038	475,089,384	(24,411,346)	(5	%)
Average common shares outstanding - diluted (GAAP)	T	444,836,786	449,913,467	468,159,167	(5,076,681)	(1)		(23,322,381)	(5)		453,510,245	476,693,148	(23,182,903)	(5)
Net income per average common share - basic (GAAP)	K/S	$0.83	$0.77	$0.34	$0.06	8		$0.49	144		$3.05	$3.14	($0.09)	(3)
Net income per average common share - diluted (GAAP)	K/T	0.83	0.77	0.34	0.06	8		0.49	144		3.03	3.13	(0.10)	(3)
Net income per average common share - basic, Underlying (non-GAAP)	L/S	0.86	0.79	0.85	0.07	9		0.01	1		3.26	3.89	(0.63)	(16)
Net income per average common share - diluted, Underlying (non-GAAP)	L/T	0.85	0.79	0.85	0.06	8		—	—		3.24	3.88	(0.64)	(16)

Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations (continued)

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


	QUARTERLY TRENDS						FULL YEAR
				4Q24 Change								2024 Change
	4Q24	3Q24	4Q23	3Q24			4Q23			2024	2023	2023
				$/bps	%		$/bps	%				$/bps		%




Card fees, Underlying:
Card fees (GAAP)	$97	$93	$70	$4	4		$27	39%		$368	$296	$72		24%
Less: Notable items	11	6	—	5	83		11	100		24	—	24		100
Card fees, Underlying (non-GAAP)	$86	$87	$70	($1)	(1)		$16	23	%	$344	$296	$48		16	%
Other income, Underlying:
Other income (GAAP)	$28	$24	$20	$4	17		$8	40%		$79	$78	$1		1%
Less: Notable items	(1)	(8)	—	7	88		(1)	(100)		(9)	—	(9)		(100)
Other income, Underlying (non-GAAP)	$29	$32	$20	($3)	(9)		$9	45	%	$88	$78	$10		13	%
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)	$674	$647	$667	$27	4	%	$7	1	%	$2,657	$2,599	$58	—	2	%
Less: Notable items	17	4	32	13	NM		(15)	(47)		46	67	(21)		(31)
Salaries and employee benefits, Underlying (non-GAAP)	$657	$643	$635	$14	2	%	$22	3	%	$2,611	$2,532	$79		3	%
Equipment and software, Underlying:
Equipment and software (GAAP)	$193	$194	$215	($1)	(1	%)	($22)	(10	%)	$769	$756	$13		2	%
Less: Notable items	3	2	37	1	50		(34)	(92)		17	51	(34)		(67)
Equipment and software, Underlying (non-GAAP)	$190	$192	$178	($2)	(1	%)	$12	7	%	$752	$705	$47		7	%
Outside services, Underlying:
Outside services (GAAP)	$170	$146	$174	$24	16	%	($4)	(2	%)	$639	$687	($48)	—	(7	%)
Less: Notable items	4	2	13	2	100		(9)	(69)		28	68	(40)		(59)
Outside services, Underlying (non-GAAP)	$166	$144	$161	$22	15	%	$5	3	%	$611	$619	($8)		(1	%)
Occupancy, Underlying:
Occupancy (GAAP)	$112	$108	$125	$4	4	%	($13)	(10	%)	$447	$492	($45)		(9	%)
Less: Notable items	5	1	20	4	NM		(15)	(75)		19	70	(51)		(73)
Occupancy, Underlying (non-GAAP)	$107	$107	$105	$—	—	%	$2	2	%	$428	$422	$6		1	%
Other operating expense, Underlying:
Other operating expense (GAAP)	$167	$164	$431	$3	2	%	($264)	(61	%)	$722	$973	($251)	—	(26	%)
Less: Notable items	(5)	2	243	(7)	NM		(248)	(102)		46	250	(204)		(82)
Other operating expense, Underlying (non-GAAP)	$172	$162	$188	$10	6	%	($16)	(9	%)	$676	$723	($47)		(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,” “likely”, “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 a4q24earningspresentatio.htm EX-99.2 a4q24earningspresentatio

4Q24 and 2024 Financial Results January 17, 2025

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,” “likely”, “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 4Q24 and FY2024 GAAP summary Full Year 4Q24 3Q24 4Q23 Q/Q Y/Y 2024 vs. 2023 $s in millions $/bps % $/bps % 2024 2023 $/bps % Net interest income $ 1,412 $ 1,369 $ 1,488 $ 43 3 % $ (76) (5) % $ 5,633 $ 6,241 $ (608) (10) % Noninterest income 574 532 500 42 8 74 15 2,176 1,983 193 10 Total revenue 1,986 1,901 1,988 85 4 (2) — 7,809 8,224 (415) (5) Noninterest Expense 1,316 1,259 1,612 57 5 (296) (18) 5,234 5,507 (273) (5) Pre-provision profit 670 642 376 28 4 294 78 2,575 2,717 (142) (5) Provision for credit losses 162 172 171 (10) (6) (9) (5) 687 687 — — Income before income tax expense 508 470 205 38 8 303 148 1,888 2,030 (142) (7) Income tax expense 107 88 16 19 22 91 NM 379 422 (43) (10) Net income $ 401 $ 382 $ 189 $ 19 5 % $ 212 112 % $ 1,509 $ 1,608 $ (99) (6) % Preferred dividends 34 38 30 (4) (11) 4 13 137 117 20 17 Net income available to common stockholders $ 367 $ 344 $ 159 $ 23 7 % $ 208 131 % $ 1,372 $ 1,491 $ (119) (8) % $s in billions Average interest-earning assets $ 196.6 $ 197.2 $ 203.1 $ (0.6) — % $ (6.5) (3) % $ 198.1 $ 201.7 $ (3.6) (2) % Average deposits $ 174.3 $ 174.1 $ 177.1 $ 0.2 — % $ (2.9) (2) % $ 174.5 $ 175.3 $ (0.8) — % Performance metrics Net interest margin(1) 2.86 % 2.76 % 2.90 % 10 bps (4) bps 2.84 % 3.09 % (25) bps Net interest margin, FTE(1) 2.87 2.77 2.91 10 (4) 2.85 3.10 (25) Loan-to-deposit ratio (period-end) 79.6 80.8 82.3 (120) (265) 79.6 82.3 (265) ROTCE 10.4 9.5 4.7 91 564 9.8 10.9 (111) Efficiency ratio 66.3 66.2 81.1 4 (1,486) 67.0 67.0 6 Noninterest income as a % of total revenue 29 % 28 % 25 % 95 bps 374 bps 28 % 24 % 374 bps Full-time equivalent colleagues 17,287 17,329 17,570 (42) — (283) (2) 17,287 17,570 (283) (2) % Operating leverage (0.05) % 18.32 % (0.09) % Per common share Diluted earnings $ 0.83 $ 0.77 $ 0.34 $ 0.06 8 % $ 0.49 144 % $ 3.03 $ 3.13 $ (0.10) (3) % Tangible book value $ 32.34 $ 33.54 $ 30.91 $ (1.20) (4) % $ 1.43 5 % $ 32.34 $ 30.91 $ 1.43 5 % Average diluted shares outstanding (in millions) 444.8 449.9 468.2 (5.1) (1) % (23.3) (5) % 453.5 476.7 (23.2) (5) % See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44.

4 4Q24 and FY24 Underlying financial summary(1) Full Year Q/Q Y/Y 2024 2023 2024 vs. 2023 $s in millions 4Q24 $/bps % $/bps % $/bps % Net interest income $ 1,412 $ 43 3 % $ (76) (5) % $ 5,633 $ 6,241 $ (608) (10)% Noninterest income 564 30 6 64 13 2,161 1,983 178 9 Total revenue 1,976 73 4 (12) (1) 7,794 8,224 (430) (5) Noninterest expense 1,292 44 4 25 2 5,078 5,001 77 2 Pre-provision profit 684 29 4 (37) (5) 2,716 3,223 (507) (16) Provision for credit losses 162 (10) (6) (9) (5) 687 687 — — Net income available to common stockholders $ 378 $ 24 7 % $ (18) (5) % $ 1,470 $ 1,848 $ (378) (20)% Performance metrics Diluted EPS $ 0.85 $ 0.06 8 % $ — — % $ 3.24 $ 3.88 $ (0.64) (16)% Efficiency ratio 65.4 (25) bps 159 bps 65.2 60.8 434 bps Noninterest income as a % of total revenue 29 % 49 bps 338 bps 28 % 24 % 361 bps ROTCE 10.7 % 95 bps (118) bps 10.5 % 13.5 % (302) bps Tangible book value per share $ 32.34 $ (1.20) (4) % $ 1.43 5 % $ 32.34 $ 30.91 $ 1.43 5% 4Q24 FY2024 Notable items impacts Pre-tax EPS Pre-tax EPS ($s in millions except per share data) Integration-related $ (2) $ — $ (10) $ (0.02) TOP and Other items (12) (0.02) (131) (0.19) Total $ (14) $ (0.02) $ (141) $ (0.21) See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44.

5 ■ CFG performance reflects improving Legacy Core, a net income contribution from the Private Bank and continued drag in Non-Core – Private Bank contributes $0.01 to 4Q24 EPS; first profitable quarter – Non-Core portfolio run off of $0.9 billion in 4Q24; $4.2 billion in 2024 4Q24 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 $1,376 $57.1 $1,433 $(21) $1,412 Noninterest income 553 10.9 564 — 564 Total revenue 1,929 68.1 1,997 (21) 1,976 Noninterest Expense 1,208 60.4 1,268 24 1,292 Pre-provision profit 721 7.7 729 (45) 684 Provision for credit losses 147 — 147 15 162 Income before income tax expense 574 7.7 582 (60) 522 Income tax expense 123 2.0 125 (15) 110 Net income 451 5.7 457 (45) 412 Preferred dividends 34 — 34 — 34 Net income available to common stockholders $417 $5.7 $423 $(45) $378 Contribution to total CFG Diluted EPS $0.94 $0.01 $0.95 $(0.10) $0.85 $s in billions Interest-earning assets (spot) $182 $3.1 $185 $6.9 $192 Loans (spot) 129 3.1 132 6.9 139 Deposits (spot) 168 7.0 175 — 175 Risk-weighted assets (spot) 155 3.5 159 7.0 166 Performance metrics: Net interest margin, FTE(4) 2.94% NM 3.02% (1.12)% 2.87% Loan-to-deposit ratio (spot) 77.0 44.9 75.7 NM 79.6 CET1 capital ratio(5) 11.5 NM 11.3 NM 10.8 ROTCE 11.8 NM 11.9 NM 10.7 Efficiency ratio 62.6 NM 63.5 NM 65.4 Noninterest income as a % of total revenue 28.7 16.1 28.2 NM 28.5 See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44.

6 2024 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 $5,609 $141.3 $5,750 $(117) $5,633 Noninterest income 2,136 24.7 2,161 — 2,161 Total revenue 7,745 166.1 7,911 (117) 7,794 Noninterest Expense 4,785 194.8 4,980 98 5,078 Pre-provision profit 2,960 (28.8) 2,931 (215) 2,716 Provision for credit losses 626 — 626 61 687 Income before income tax expense 2,334 (28.8) 2,305 (276) 2,029 Income tax expense 499 (7.4) 492 (70) 422 Net income 1,834 (21.4) 1,813 (206) 1,607 Preferred dividends 137 — 137 — 137 Net income available to common stockholders $1,697 $(21.4) $1,676 $(206) $1,470 Contribution to total CFG Diluted EPS $3.74 $(0.05) $3.69 $(0.45) $3.24 $s in billions Interest-earning assets (spot) $182 $3.1 $185 $6.9 $192 Loans (spot) 129 3.1 132 6.9 139 Deposits (spot) 168 7.0 175 — 175 Risk-weighted assets (spot) 155 3.5 159 7.0 166 Performance metrics: Net interest margin, FTE(4) 3.00% NM 3.05% (1.31)% 2.85% Loan-to-deposit ratio (spot) 77.0 44.9 75.7 NM 79.6 CET1 capital ratio(5) 11.5 NM 11.3 NM 10.8 ROTCE 12.1 NM 12.0 NM 10.5 Efficiency ratio 61.8 NM 62.9 NM 65.2 Noninterest income as a % of total revenue 27.6 14.9 27.3 NM 27.7 See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44.

7 Credit and loan trends Well positioned for the medium term Maintaining strong capital and liquidity position ■ 2024 Underlying net income of $1.6 billion and EPS of $3.24; Delivered FY2024 NIM of 2.85%, the top end of expectations; Fees up 9.0% and expenses up 1.5%, including Private Bank investments. NII down 9.7% given volumes lower than expected, consistent with market opportunities. Credit performed as expected, with net charge-offs of 52 bps ■ Strategic initiatives progressing well: Private Bank, NYC Metro, serving private capital, Balance Sheet Optimization; TOP 9 achieved ~$150 million year-end pre-tax run rate benefit; launching TOP 10 targeting ~$100 million pre-tax run-rate benefit by year-end 2025 ■ Significant NII tailwind from Non-Core and swaps over the medium term; target NIM range of 3.25 to 3.50% ■ Net charge-offs of 53 bps, stable QoQ; favorable trends in NPAs and criticized assets ■ ACL coverage increased 1 bp QoQ to 1.62%; General Office reserve of 12.4% ■ Period-end loans down 1.7% QoQ, driven by continued Non-Core run off, lower C&I and CRE, partially offset by growth in Private Bank lending, up $1.1 billion to $3.1 billion; Core loans down ~1% ■ CET1 ratio of 10.8%(2); 9.1% adjusted for AOCI opt-out removal ■ Strong liquidity profile; spot LDR of 79.6%; pro forma LCR of 119% exceeds Category I Bank requirement of 100% – Average deposits stable QoQ; Private Bank spot deposits up $1.4 billion to $7.0 billion – Increased structural funding; issued $3.25 billion of senior debt in 2024; reduced FHLB advances to $53 million, down $3.7 billion YoY on a spot basis 4Q24 and FY2024 Underlying results ■ 4Q24 Underlying EPS of $0.85; ROTCE of 10.7% ■ 4Q24 Underlying PPNR of $684 million, up 4% QoQ – NII up 3.1% driven by a 10 bp increase in NIM to 2.87% – Fees up 5.6% primarily reflecting higher Capital Markets fees – Expenses up 3.5% driven by investments, including Private Bank and Commercial middle market – Underlying sequential positive operating leverage of ~50 bps 4Q24 and FY2024 Overview(1) See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44. Underlying PPNR drivers 4Q24 QoQ FY24 YoY NII $ 1,412 3.1 % $ 5,633 (9.7) % Fees 564 5.6 % 2,161 9.0 % Expenses 1,292 3.5 % 5,078 1.5 % $s in millions

8 2.77% 0.03% 0.02% (0.17)% 0.22% 2.87% 3Q24 Non-Core impact Fixed-rate asset repricing Asset yields & mix, net of swaps* Funding pricing & mix 4Q24 $203.1B $200.1B $198.5B $197.2B $196.6B $1,488 $1,442 $1,410 $1,369 $1,412 2.91% 2.91% 2.87% 2.77% 2.87% 4Q23 1Q24 2Q24 3Q24 4Q24 ■ NII up 3.1%, reflects a higher NIM and slightly lower interest- earning assets – NIM of 2.87%, up 10 bps QoQ, given the benefit of lower deposit costs and improved mix, fixed-rate asset repricing and Non-Core run off, partially offset by the impact of variable-rate asset repricing, net of receive-fixed swaps ■ Interest-earning assets yield of 4.96%, down 13 bps, reflects variable-rate asset repricing given lower short-term rates, partially offset by the benefit of fixed-rate asset repricing and lower receive-fixed swap expense ■ Interest-bearing deposit costs decreased 31 bps to 2.55%; cumulative interest-bearing deposit down-beta of ~50% ■ Total deposit costs down 24 bps to 2.02%; total cost of funds down 25 bps to 2.23% Net interest income NII and NIM Average interest-earning assets Net interest income NIM, FTE Linked Quarter NIM 3Q24 to 4Q24 $s in millions, except earning assets *Includes 8 bp benefit related to lower receive-fixed swap expense

9 ■ Underlying noninterest income increased 5.6%, reflecting the following key business drivers: – Capital markets fees increased $27 million, largely driven by higher loan syndication and M&A fees, partially offset by lower debt underwriting fees – Wealth fees decreased $1 million, reflecting lower transactional sales activity, largely offset by higher asset management fees – Mortgage banking fees increased $14 million, primarily driven by higher MSR valuation net of hedge impact – Foreign exchange and derivative products revenue decreased $1 million, given lower client hedging activity in commodities and interest rates, partially offset by higher FX revenue $500 $517 $553 $532 $574 $500 $514 $549 $534 $564 Underlying Notable items 4Q23 1Q24 2Q24 3Q24 4Q24 Noninterest income(1) $s in millions ■ Underlying noninterest income increased 13%, reflecting the following key business drivers: – Capital markets fees increased $34 million, driven by higher loan syndication and M&A fees – Card fees increased $16 million, largely due to the impact of favorable vendor contract negotiations – Wealth fees increased $7 million, reflecting higher asset management fees, partially offset by lower transactional sales activity – Mortgage banking fees increased $3 million, given higher production fees and MSR valuation net of hedges, partially offset by lower servicing revenue – FX and derivative products revenue decreased $8 million primarily due to lower client activity in commodities and interest rate hedging See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44. Linked Quarter Year-Over-Year Noninterest income $s in millions 4Q24 3Q24 4Q23 $ Q/Q Y/Y Service charges and fees $ 109 $ 109 $ 104 $ — $ 5 Capital markets fees 121 94 87 27 34 Card fees 86 87 70 (1) 16 Wealth fees(2) 75 76 68 (1) 7 Mortgage banking fees 60 46 57 14 3 FX and derivative products 35 36 43 (1) (8) Letter of credit and loan fees 45 45 42 — 3 Securities gains, net 4 9 9 (5) (5) Other income(3) 29 32 20 (3) 9 Noninterest income, underlying $ 564 $ 534 $ 500 $ 30 $ 64 Notable items (4) 10 (2) — 12 10 Noninterest income, reported $ 574 $ 532 $ 500 $ 42 $ 74 * Noninterest Income details *3Q24 has notable items of ($2MM)

10 ■ Underlying noninterest expense of $1.3 billion, up 3.5% – Salaries and benefits increased $14 million, primarily reflecting hiring related to the Private Bank and Private Wealth build-out and Commercial middle market bankers in expansion markets – Equipment and software decreased $2 million – Outside services increased $22 million largely reflecting elevated vendor-related costs and seasonality – Other operating expense increased $10 million, primarily reflecting higher marketing-related costs and travel Noninterest expense(1) See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44. Efficiency ratio Underlying expense up 3.5% QoQ reflecting investments in Private Bank and Commercial Linked Quarter Year-Over-Year 81.1% 69.3% 66.3% 66.2% 66.3% 63.8% 65.1% 64.6% 65.6% 65.4% Underlying Notable items 4Q23 1Q24 2Q24 3Q24 4Q24 4Q24 3Q24 4Q23 $ $s in millions Q/Q Y/Y Salaries & employee benefits $ 657 $ 643 $ 635 $ 14 $ 22 Equipment & software 190 192 178 (2) 12 Outside services 166 144 161 22 5 Occupancy 107 107 105 — 2 Other operating expense 172 162 188 10 (16) Noninterest expense, underlying $ 1,292 $ 1,248 $ 1,267 $ 44 $ 25 Notable items (1) 24 11 345 13 (321) Noninterest expense, reported $ 1,316 $ 1,259 $ 1,612 $ 57 $ (296) Full-time equivalents (FTEs) 17,287 17,329 17,570 (42) (283) ■ Underlying noninterest expense of $1.3 billion, up 2% – Salaries and benefits increased $22 million, reflecting hiring related to the Private Bank and Private Wealth build-out and Commercial middle market bankers in expansion markets, as well as a broader increase in salaries and benefits – Equipment and software increased $12 million given technology investments and maintenance – Other operating expense decreased $16 million, primarily reflecting lower fraud losses, deposit insurance and travel-related costs

11 $148.0 $144.8 $143.1 $142.0 $140.9 $11.7 $10.5 $9.4 $8.4 $7.4 $136.3 $134.3 $133.7 $133.6 $133.5 Non-Core Core Loan yield 4Q23 1Q24 2Q24 3Q24 4Q24 ~11% QoQ ■ Period-end loans down 1.7% including Non-Core portfolio run off of $0.9 billion; Core loans down ~1% – Private Bank growth of $1.1 billion – Retail* up $0.3 billion driven by home equity and mortgage – Commercial* down $2.9 billion reflecting market conditions resulting in low client demand and lower line utilization, along with continued BSO actions ■ Average loans down 0.7%; Core loans stable ■ Loan yield of 5.35%, down 15 bps QoQ, including the benefit of lower swap expense Loans and leases $s in billions Period-end Core loans down ~1% QoQ with Private Bank growth largely offsetting Commercial declines Average loans and leases $146.0 $143.2 $141.8 $141.6 $139.2 $11.1 $9.9 $8.9 $7.9 $6.9 $134.9 $133.3 $132.9 $133.7 $132.3 Non-Core Core 4Q23 1Q24 2Q24 3Q24 4Q24 $s in billions Period-end loans and leases 5.71% 5.64% 5.60% 5.50% 5.35% Linked Quarter Year-Over-Year ~12% QoQ ~1% QoQ Stable QoQ *Excludes Non-Core portfolio and Private Bank. See page 54 for details. ■ Period-end loans down $6.8 billion, or 4.6%, reflecting – Non-Core portfolio run off of $4.2 billion – Private Bank growth of $2.9 billion – Retail* up $1.3 billion driven by home equity and mortgage – Commercial* down $6.7 billion reflecting market conditions and continued BSO actions ■ Average loans down $7.0 billion, or 4.7%

12 $177.1 $176.1 $173.7 $174.1 $174.3 4Q23 1Q24 2Q24 3Q24 4Q24 Deposit performance and cost of funds Strong growth in franchise deposits driven by the Private Bank $s in billions 4Q24 Average deposits 2.18% 2.25% 2.24% 2.26% 2.02% 2.79% 2.85% 2.82% 2.86% 2.55% Total deposit costs Interest-bearing deposit costs CommercialConsumer Treasury/Other Year-Over-Year 4Q24 Period-end deposits Linked Quarter ■ Period-end deposits broadly stable, driven by a reduction in higher-cost Treasury and Commercial deposits, offset by growth in retail and Private Bank deposits – Private Bank deposits of $7.0 billion increased $1.4 billion – Citizens Access period-end deposits slightly lower at $10.4 billion ■ Average deposits broadly stable reflecting growth in retail and $1.7 billion growth in Private Bank, largely offset by a reduction in higher-cost Treasury and Commercial deposits ■ Interest-bearing deposit costs down 31 bps – Cumulative interest-bearing deposit down-beta of ~50% ■ Total deposit costs down 24 bps ■ Total cost of funds down 25 bps $s in billions ■ Average deposits down 1.6%; Period-end deposits down $2.6 billion, or 1.4% reflecting a reduction in higher-cost Treasury deposits and lower Commercial balances, largely offset by growth in Private Bank deposits ■ Interest-bearing deposit costs down 24 bps ■ Total deposit costs down 16 bps ■ Total cost of funds down 21 bps $177.3 $176.4 $176.4 $175.2 $174.8 Consumer Commercial Treasury/Other 4Q23 1Q24 2Q24 3Q24 4Q24

13 NIB 21% Money Market 32%Checking With Interest 19% Citizens Access Savings 5% Savings 10% Time 13% Branch Deposits 53% Citizens Access 6% Wealth 1% Business Banking 12% Commercial 25% Treasury/ Other 3% (As of 12/31/24) Highly diversified and retail-oriented deposit base $174.8B Period-end deposits Peer Avg(1) Business mix Product mix See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44. Total deposits insured/secured(2) Stable Consumer Banking deposits Peer Avg(1) 42% 41% 42% 21% 21% 21% 21% 20% 21% NIB Low-cost deposits 4Q23 3Q24 4Q24 % NIB and low- cost deposits (3) 55% 70% 71% 3Q24 3Q24 4Q24 63% 68% 67% 3Q24 3Q24 4Q24 Proforma LCR under Category I Bank rules 119% 122% 119% 2Q24 3Q24 4Q24 100%* *Minimum LCR requirement under Category I Bank rules

14 ■ NCOs of $189 million, or 53 bps of average loans, compares with $192 million, or 54 bps, in the prior quarter. A sequential decline in C&I charge-offs was offset by the resolution of several nonperforming credits in CRE, primarily General Office ■ Nonaccrual loans decreased 1% QoQ primarily reflecting a decrease in CRE General Office from paydowns and charge offs as we proceed with workout actions $171 $171 $182 $172 $162$171 $181 $184 $192 $189 0.46% 0.50% 0.52% 0.54% 0.53% Provision for credit losses Net charge-offs Net c/o ratio 4Q23 1Q24 2Q24 3Q24 4Q24 Credit quality overview $s in millions $s in millions Credit provision expense; net charge-offs (1) $1,364 $1,469 $1,527 $1,687 $1,664 $774 $891 $939 $1,071 $1,017 $590 $578 $588 $616 $647 170% 157% 151% 136% 136% Commercial Retail ACL to nonaccrual loans and leases 4Q23 1Q24 2Q24 3Q24 4Q24 $s in millions Nonaccrual loans

15 3Q24 4Q24 ACL % Coverage ACL % Coverage Retail $ 935 1.34 % $ 964 1.39 % Commercial 1,351 1.88 1,295 1.86 C&I(2) 621 1.42 592 1.39 CRE 730 2.61 703 2.58 Total $ 2,286 1.61 % $ 2,259 1.62 % Allowance for credit losses $s in millions Allowance for credit losses detail Current assumptions Property valuations, peak-to-trough % decline ~70% Avg. loss severity (%) ~42% Default rate (%) ~29% General Office ACL coverage 12.4% Allowance for credit losses $364 million General Office key reserve assumptions ■ CRE General Office portfolio of $2.9 billion, down ~$226 million, or 7%, 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 – ACL coverage for CRE General Office increased to 12.4% from 12.1% in 3Q24, reflecting the lower portfolio balance – NCOs of~$433 million since March 31, 2023 plus the current ACL balance of $364 million equates to a potential loss rate of ~20%* See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44. 3Q24 4Q24 Balance ($B) $ 3.2 $ 2.9 ACL ($MM; % coverage) $ 382 12.1 % $ 364 12.4 % Cumulative NCOs* ($MM) $ 364 $ 433 CRE General Office reserve *Cumulative losses since 3/31/23; loan balance of $4.1B at 3/31/23 $2,318 $2,308 $2,306 $2,286 $2,259 1.25% 1.25% 1.25% 1.34% 1.39% 1.91% 1.96% 1.99% 1.88% 1.86% Retail Commercial Retail ACL Commercial ACL 4Q23 1Q24 2Q24 3Q24 4Q24 $s in millions Allowance for credit losses (1) *Potential loss rate calculated relative to the $4.1B General Office portfolio balance at 3/31/23, the start of loss emergence.

16 Strong capital position $s in billions (period-end) 4Q23 1Q24 2Q24 3Q24 4Q24 Basel III basis(1)(2) Common equity tier 1 capital $ 18.4 $ 18.1 $ 18.1 $ 17.9 $ 17.9 Risk-weighted assets $ 172.6 $ 170.1 $ 168.4 $ 168.6 $ 165.7 Common equity tier 1 ratio 10.6 % 10.6 % 10.7 % 10.6 % 10.8 % Tier 1 capital ratio 11.8 % 11.8 % 12.0 % 11.9 % 12.1 % Total capital ratio 13.7 % 13.8 % 14.0 % 13.9 % 14.0 % Tangible common equity ratio 6.7 % 6.5 % 6.5 % 7.0 % 6.8 % See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44. TBV/share CET1 $ % 3Q24 10.6% $33.54 Net Income 0.24 0.91 2.7% Common and preferred dividends (0.13) (0.50) (1.5) RWA decrease 0.18 Treasury stock (0.13) (0.13) (0.4) Goodwill and intangibles (0.01) (0.01) — AOCI — (1.52) (4.5) Other 0.01 0.05 0.1 Total change 0.16 (1.20) (3.6)% 4Q24 10.8% $32.34 CET1 ratio remains strong(3) Highlights ■ 4Q24 CET1 ratio of 10.8%(1) compares with 10.6% in 3Q24 – 9.1% CET1 ratio adjusted for AOCI opt-out removal ■ TBV/share of $32.34, down 3.6% QoQ, reflects the AOCI impact from unrealized losses associated with higher term rates – Tangible common equity ratio of 6.8%, down 25 bps QoQ ■ Total capital returned to shareholders was $413 million in 4Q24 – Paid $188 million in common dividends to shareholders in 4Q24 – Repurchased $225 million of common stock at a weighted-average price of $44.06 in 4Q24 ■ For FY2024, repurchased $1.05 billion of common stock, representing 28.1 million shares, or 6% of outstanding shares at the beginning of the year at a weighted- average price of $37.35

17 ■ Strong deposit franchise grounded in primary relationships and high-quality customer growth ■ Differentiated lending platform with focus on building relationships ■ Significant potential to scale NY Metro and capture more affluent households Consumer Commercial Private Bank ■ Building premier Private Bank with exceptional service model ■ High-quality growth in deposits, lending and wealth management ■ Geographically-aligned teams to leverage and deepen relationships ■ Full suite of Capital Markets & Advisory capabilities and Treasury Solutions ■ Integrated coverage model with focus on attractive high-growth markets, private capital and industry verticals ■ Digitization and operational transformation Well-positioned businesses Transformed Best-positioned Premier Grow high-quality deposits and deepen customer relationships Drive scale in growth markets, key industries, high-opportunity businesses Deliver high- quality solutions and advice Continue to optimize balance sheet and business mix Invest in our people and communities Strategic objectives Next Gen Tech Mobile/Digital Talent Risk Management Brand/Marketing Enablers

18 44% 52% 52% 53% 54% 55% 55% 56% 56% 58% 63% Peer 1 Peer 2 Peer 3 CFG Peer Avg. Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Transformed Consumer Bank Helped drive company-wide beta better than peer average this past cycle(4) Cumulative IBD beta (4Q21 to 3Q24) Consumer Deposits as % of Total Deposits(2) Insured/Secured as % of Total Deposits(3) 71% 67% 55% 63% CFG Peer Average Retail-oriented and highly insured/secured CFG deposit base Significant investments over the years have resulted in a higher-quality retail deposit franchise Scaled customer base Greater engagement ~56% Of households* are mass affluent and above(1) (Dec '24) ~2.5MM Households* at Dec'24; up ~15% since Dec '19 ~20% Growth in average low- cost deposit balances per household* (Dec '19-Dec '24) ~17% Primary household* growth (Dec '19-Dec '24) Guided digital onboarding Virtual chat assistant Citizens Savings Tracker Improved capabilities New channel in 2018 Better targeting with analytics: #2 mobile app New features: ~21% Multi-product household* growth (Dec '20-Dec '24) Among Regionals JD Power 2024 Customer Satisfaction Ranking *Household defined as retail branch checking households; excludes Citizens Access, Business Banking and Private Bank 4Q24 See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44.

19 Accelerate Treasury Solutions, Payments and digital capabilities Building momentum for 2025 Best-positioned Commercial Bank Delivering results Strong league table results Middle market bookrunner by deal count 12 months ended December 31, 2024(1) Sponsor #2 Overall #7 Capital Markets Fees Treasury Solutions Revenue CAGR 2015 to 2024 +10%+18% ■ Grow relationships in middle market, mid-corporate, subscription finance and asset-backed finance ■ Allocating capital to higher returning C&I relationships; managing down CRE exposure ■ Strong national coverage; building high-performing middle market teams in Florida and California and leveraging expanded NYC Metro presence ■ Focused on high-potential sectors, e.g., healthcare, with centralized banker coverage model to support mid-corp and middle market clients Expand geographies, segments and industry verticals ■ Expand partnerships and explore platform acquisitions to drive a leading solutions business ■ Building vertical solutions and embedded banking capabilities to increase payments fees Invest in talent with a focus on Private Capital Remix the balance sheet ■ Deepen the industry expertise we bring to financial sponsors and corporate clients ■ Leverage strong collaboration across Commercial, Private Bank and Private Wealth to serve Private Capital Leverage investments in capabilities ■ JMP well positioned for a rebound in IPO activity ■ DH Capital continuing to benefit from increased activity including M&A in digital infrastructure Improving Corporate Banking Net Promoter Score 9 points since 2016 CFG 2024 NPS is 34 points above industry norm(2) See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44.

20 $11.0$12.0 Building a premier Private Bank Three advisor teams added in 2024 $0.2 $1.2 $2.4 $4.0 $5.6 $7.0 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 $0.2$0.4 $0.5 $3.6$4.1 $4.7 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Avg. yield of ~7% ■ Hired wealth teams in San Francisco, Boston, and South Florida ■ Robust pipeline of advisors interested in our platform Total deposit cost of ~2.5% Loans ■ Deliver a world-class client experience ■ Build a distinctive HNW/UHNW brand ■ Investing in both bank and wealth product capabilities ■ Selectively add talent and expand geographically $s in billions $— $0.3 $1.1$1.4$2.0 $3.1 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Deposits As of 12/31/24 ■ 71% commercial; 29% retail ■ Launched Partner Loan Program in 3Q Positioning to win Financial profitability Expanding our PBO footprint AUM Momentum with high-quality growth $s in billions $s in billions ■ Generating $1B+ deposits quarterly in 2024 YTD ■ ~35% Noninterest-bearing Boston, MA Mill Valley, CA San Francisco, CA Palm Beach, FL New York, NY (1H25) Menlo Park, CA (2H25) Newport Beach, CA (2H25) San Diego, CA (2H25) ■ Business delivered first quarter of profitability in 4Q24 ■ Expect 5%+ earnings contribution to total CFG in 2025 ■ Confident the business will deliver a ~20 to 24% return on equity in the medium term 2025 Target $9.0 $7.0 RevisedOriginal $10.0$11.0 2025 Target 2025 Target

21 FY23 FY24 Building a leading NYC Metro/NJ franchise NYC Metro NPS +37 pts since mid-2022 $10.0 $10.8 Dec-23 Dec-24 Retail deposit growth ($ billions) Retail HH growth(1) +8% YoY +7% YoY Early momentum taking retail deposit share Driving brand awareness Building a strong brand in the highly competitive NY/NJ market Generating awareness of strong brand Taking a local/neighborhood-based approach Emphasis on attracting affluent+ households Prioritizing relationships with broad product suite Upgrading and Investing in talent ■ ~4K middle market companies with full relationship potential ■ Aligned coverage model to emphasize greater local market knowledge and accountability ■ Delivering sector-focused M&A advisory and capital markets solutions in partnership with the Investment Bank and Sponsor Coverage ■ Utilizing "One Citizens" approach with emerging middle-market companies ■ Adding talent from large in-market competitors to help grow market share Significant Commercial opportunity 4Q21 4Q24 Target growth Corporate Banking relationships in NYC Metro ~160 ~300 ~10% p.a. See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44.

22 FY2025 Outlook vs. 2024 2024 Underlying(1) 2025 Underlying outlook Net interest income $5,633MM Up 3-5% NIM 2.85% FY2025 NIM of ~3.00% Loans $139.2B spot $142.7B average Spot loans up low single digits driven by Private Bank and 2H25 Commercial activity; up mid single digits excluding Non-Core Average loans down ~2-3% reflecting 2H24 drop and continuing Non-Core run off Interest-earning assets $198.1B average Down ~1% Noninterest income $2,161MM Up ~8-10% driven primarily by Capital Markets and Wealth Noninterest expense $5,078MM Up ~4%*; up ~2.6% ex Private Bank & Private Wealth Net charge-off ratio $746MM; 52 bps ~$650MM-$700MM; high-40s bps; ACL likely to see releases over the course of the year CET1 ratio(2) 10.8% 10.5-10.75%; share repurchases dependent on market conditions and loan growth Tax rate 20.8% ~21% ■ FY2025 average real GDP growth of ~2%, CPI of ~2.5% and unemployment rate of ~4% ■ Fed funds of 4% by YE2025 with 25 bps rate cuts in Q2 and Q4 ■ 10-year Treasury rate of ~4.50-4.75% by YE2025 ■ Expect positive operating leverage in FY2025 of ~1.5% ■ Cumulative IBD down-beta to approach low/mid 50s by YE2025 ■ Expect Private Bank to contribute 5%+ to FY2025 earnings ■ Progressing towards medium-term financial targets Full-year 2025 outlook commentary Key 2025 economic and rate assumptions *Underlying noninterest expense outlook includes TOP-related costs See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44.

23 $4,883 CFG ex Private Bank FY24 TOP/ Other efficiencies Strategic investments Compensation/ Other CFG ex Private Bank FY25 $195 Private Bank FY24 Full-year impact of '24 investments Strategic investments/ Other Private Bank FY25 Underlying expenses in $s in millions FY2025 Underlying expense outlook(1) Incremental expense growth impact of ~1.4% to total CFG Up ~2.6% $5,078 $5,300 Total CFG FY24 Total CFG FY25 Total CFG Up ~4% ~$5.0B * *Adjustment to reflect annualized impact of 2024 investments ~$35 ~$0.3 B ~$5.3 B Private Bank & Private Wealth CFG ex Private Bank & Private Wealth See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44. ~$60 ~$180 ~$115 ~$(170)

24 Revenue Efficiencies and tax 2014 TOP 1 2015 TOP 2 2016 TOP 3 2017 TOP 4 2018 TOP 5 '19-21 TOP 6 2022 TOP 7 2023 TOP 8 2024 TOP 9 2025 TOP 10 ~$200 TOP programs key to driving positive operating leverage Transforming how we operate and deliver for customers and colleagues TOP program revenue and efficiency benefits$s in millions ~$140 ~$115 ~$115 ~$105 ~$425 ~$115 ~$115 TOP 9 achieved pre-tax run-rate benefit of ~$150 million as of YE2024 TOP 10 targeting ~$100 million pre-tax run-rate benefit by YE2025 ~$150 Commentary ■ Maintain discipline on discretionary expense categories ■ TOP 10 areas of focus – Optimize procurement/vendor costs – Transform operations with process reengineering, automation and AI – Simplify organization structure – Further optimize branch network – Further invest in data analytics to enhance customer experience – Invest in Card analytics, products and digital experience ~$100* *Target.

25 1Q25 outlook vs. 4Q24 See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44. 4Q24 Underlying(1) 1Q25 Underlying outlook Net interest income $1,412MM Down 1.5 to 2.5%, reflects day count impact of ~$25MM Noninterest income $564MM Down ~2% given seasonality Noninterest expense $1,292MM Up 1.5-2% given seasonality Net charge-offs $189MM; 53 bps Down moderately; continued reserve release expected CET1 ratio(2) 10.8% 10.50-10.75%; expect share repurchases Tax rate 21.2% 20-21%

26 Medium-term financial targets(1) Medium-term financial targets ROTCE(1) CET1 Dividend Payout Ratio Efficiency Ratio(1) ~16-18% ~10.00-10.50% ~35-40% Mid-50's % Key economic assumptions ■ Real GDP growth averaging ~2-2.5% annually over the medium term ■ Unemployment rate centered around ~4% over the medium term ■ Fed funds reaching terminal rate of ~3.50% by YE2027 ■ NII tailwind, [including Non-Core run off] ■ [NIM range of 3.25-3.40%] ■ Positive operating leverage ■ Significant share repurchases ■ Credit normalization [35-40 bps] See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44. ■ Business matures ■ Consistent meaningful revenue growth ■ Positive operating leverage ■ Attractive credit profile ■ [Accretive ROTCE, in excess of 20%]

27 4Q24 2025 2026 2027 Meaningful NIM improvement over the medium term Medium-term NIM target 3.25 to 3.50% 2.87% 3.25% • Terminated swaps +25 bps • Non-Core run off +13 bps ■ 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 Rates at or above 4% favor top end of range or above3.50% +38 bps time-based NIM benefit 4Q24 to 4Q27 4Q25 4Q26 4Q27 Terminated swaps +7 bps +21 bps +25 bps Non-Core +10 bps +12 bps +13 bps Cumulative time-based NIM benefit +17 bps +32 bps +38 bps Maturing of legacy active swaps +15 to 20 bps Fixed-rate asset repricing benefit +15 to 20 bps Asset sensitivity/ other impacts -15 to -30 bps Projected NIM range in 2027 ~3.25 - 3.50% Factors supporting 3.25 - 3.50% NIM • Swaps and Non-Core run off • Steadily improving balance sheet mix • Fed funds terminal range of 3.0 - 4.0% • Cumulative IBD beta of low/mid 50's % Rates at or below 3% favor bottom of range or below Net benefit 0 to +25 bps

28 4Q24 ROTCE Terminated swaps & Non-Core Consumer Commercial Private Bank performance Credit improvement AOCI & other capital impacts MTO ~16-18% Active swaps Medium-term ROTCE outlook(1) Time- based benefit See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44. 10.7% ~3-4% ~15-16%~1% ~(2)%~1%~2-3% ■ Significant ROTCE improvement over the medium term is driven by non rate-dependent terminated swaps amortization and Non-Core run off with capital and liquidity redeployed ■ Generating annual positive operating leverage, with portfolio of strategic initiatives including Private Bank contributing meaningful revenue growth ■ Expect loan growth inline with nominal GDP with growth from strategic initiatives offsetting Non-Core run-off and balance sheet optimization ■ Credit improvement to low-to-mid 30s bps NCOs given current elevated CRE costs ■ AOCI impacts reduce with time, partially offset by significant share repurchases Fixed-rate repricing/BSO Underlying asset sensitivity + + - NIM expands to ~3.25-3.50% ROTCE ~16-18%

29 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 - made strong progress in 2024, reaching profitability in 4Q24 and will continue progress to ~5%+ earnings accretion in 2025; added leading wealth teams in San Francisco, Boston and South Florida, accelerating AUM growth Citizens has robust capital, liquidity and funding position Citizens has performed well since the IPO given its sound strategy, capable and experienced leadership and a strong customer-focused culture – Track record of strong execution – Commitment to operating and financial discipline; TOP 9 completed, launching TOP 10 with a target pre-tax run rate benefit of ~$100 million by YE2025 – 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 $1.05 billion of common stock in 2024 at a weighted-average price of $37.35, including $225 million in 4Q24 – Significant NII tailwind from Non-Core and swaps over the medium term; target NIM range ~3.25 to 3.50% – Private Bank results go from start-up to delivering a ~20 to 24% return on equity in the medium term – Current significant drag from Non-Core dissipates with time

Appendix ■ Financial Performance ■ Balance Sheet Optimization ■ Interest Rate Risk Management ■ Credit

31 Net income available to common shareholders and EPS $s in millions, except per share data é4% $655 $684 3Q24 4Q24 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 é8% $142.0 $140.9 3Q24 4Q24 $174.1 $174.3 3Q24 4Q24 0.88% 0.90% 0.74% 0.78% 3Q24 4Q24 11.1% 11.8% 9.7% 10.7% 3Q24 4Q24 $354 $378 $0.79 $0.85 3Q24 4Q24 é7% Pre-provision profit $s in millions See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44. é95 bps é4 bpsstable

32 $721 $684 4Q23 4Q24 Year-over-year Underlying results(1) Return on average total tangible assets ê5% Average loans $s in billions ê5% 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 stable $3.5 6 $148.0 $140.9 4Q23 4Q24 $177.1 $174.3 4Q23 4Q24 1.02% 0.90% 0.78% 0.78% 4Q23 4Q24 14.8% 11.8% 11.8% 10.7% 4Q23 4Q24 ê2% Pre-provision profit $s in millions ê118 bps$396 $378 $0.85 $0.85 4Q23 4Q24 See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44. stable ê5%

33 $3,223 $2,716 FY2023 FY2024 Full year Underlying results(1) Return on average total tangible assets ê16% Average loans $s in billions 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 ê16 bps $3.5 6 $152.2 $142.7 FY2023 FY2024 $175.3 $174.5 FY2023 FY2024 1.13% 0.91% 0.92% 0.76% FY2023 FY2024 stable Pre-provision profit $s in millions ê302 bps$1,848 $1,470 $3.88 $3.24 FY2023 FY2024 ê20% ê16% 15.7% 12.1% 13.5% 10.5% FY2023 FY2024 ê6% FY2023 FY2024(fcst) % change Real Link to be pasted again after books close Average loans $ 152.2 $ 142.7 (6) % (6) % Average deposits $ 175.3 $ 174.5 — % — % EPS $ 3.9 $ 3.2 (18) % (16) % See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44.

34 FY2024 Scorecard(1) FY24 Underlying outlook(1) FY24 Underlying results Net interest income Down 6-9% Noninterest income Up 6-9%, market dependent Noninterest expense Up ~1-1.5% Net charge-offs [$750MM]; 50 bps $748MM; 52 bps CET1 ratio(2) ~10.5% Tax rate ~21-22% ~ 2024 Underlying outlook 2024 Underlying results Net interest income Down 6-9%; net swaps impact of ~4-5% Down 9.7%; net swaps impact of ~5% NIM FY2024 average 2.80-2.85%; 4Q24 exit NIM ~2.85% FY2024 average 2.85%; 4Q24 2.87% Loans Average loans down 2-3% reflecting Non-Core run off and the 2023 decline Spot loans up 3-5% driven by Private Bank and 2H24 Commercial activity Average loans down 6.2% Spot loans down 4.6% Earning assets Average earning assets up slightly reflecting 2023 liquidity build Average earning assets down 1.8% Noninterest income Up 6-9%, market dependent Up 9.0% Noninterest expense Up ~1-1.5% Up 1.5% Net charge-off ratio ~$745MM; ~50 bps; ACL likely to see releases over course of year $746MM; 52 bps CET1 ratio(2) ~10.5%; share repurchases dependent on market conditions and loan growth 10.8%; repurchased $1.05 billion of common stock Tax rate ~21-22% 21% See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44.

35 $10.2 $11.9 $12.5 $13.4 $12.3 $3.8 $2.0 $0.6 $0.6 $0.1 $5.2 $6.4 $6.5 $7.8 $7.2 Senior debt Subordinated debt Auto Collateralized borrowings Other FHLB 4Q23 1Q24 2Q24 3Q24 4Q24 6.5% 6.1% 5.8% 5.1% 4.3% 3.5% 3.5% 3.1% 2.5% 2.4% 0.7% 0.7% FHLB advances Repurchase agreements sold Fed funds purchased Trading liabilities Commercial paper Peer 1 Peer 2 Peer 3 Peer 4 Peer Avg Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 CFG (3Q24) CFG (4Q24) $50.2 $52.0 $52.8 $53.0 $52.0 $10.2 $10.9 $11.1 $10.6 $9.8 $40.0 $41.1 $41.7 $42.4 $42.2 26% 27% 27% 27% 27% Interest-bearing deposits in banks Investments As % of interest-earning assets 4Q23 1Q24 2Q24 3Q24 4Q24 133% 127% 122% 119% 117% 116% 115% 114% 107% GSIB #1 GSIB #2 CFG (3Q24) CFG (4Q24) 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 See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44. (3) Liquidity Coverage Ratios - CFG vs GSIBs(1)

36 $6.9 $6.2 $5.5 $5.0 $4.5 $2.9 $1.8 $3.4 $2.9 $2.4 $1.9 $1.5 $0.3 $— $4.7 $4.1 $3.5 $3.1 $2.7 $1.4 0.6 $2.2 $2.1 $2.0 $1.9 $1.8 $1.5 1.2 4Q24 1Q25 2Q25 3Q25 4Q25 4Q26 4Q27 ■ Non-Core retail loan portfolio of $6.9 billion at 12/31/24 – $0.9 billion QoQ decline in 4Q24 – ~4.4% WA loan yield (~98% fixed rate); ~5.5% WA funding cost ■ Retail products targeted for growth include areas with greatest relationship potential – Home equity, card, mortgage Education and other retail (purchased) $7.9 $6.9 $4.7 $5.5 $4.7 $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) Quarterly 2025 TBU

37 Protecting NII and reducing earnings volatility through economic cycles 28.6 22.4 8.6 8.6 2025 2026 2027 2028 W.A. receive-fixed rate 3.1% 3.1% 3.1% 3.2% 3.3% 3.4% 3.5% 3.5% 3.6% 3.2% 3.2% 3.5% 3.6% 3.6% 3.6% Executed post 6/30/23 - - - 4.0% 4.0% 3.9% 3.8% 3.8% 3.7% - 4.0% 3.8% 3.7% 3.6% 3.6% Executed pre 6/30/23 3.1% 3.1% 3.1% 3.1% 3.1% 3.2% 3.2% 3.2% 3.3% 3.2% 3.1% 3.2% 3.4% - - NII impact from terminated swaps ($MM) $(136) $(127) $(119) $(108) $(103) $(88) $(62) $(52) $(28) $(493) $(457) $(230) $(40) $(3) $0 Receive-fixed cash flow swaps (average notional in $ billions) ■ Receive-fixed cash flow swaps represent the primary tool to manage overall asset sensitivity – During 4Q24, executed ~$11.5 billion in forward starting swaps with start dates ranging from 1Q26 to 3Q27 and a W.A. receive rate of ~3.5% – Will opportunistically add swaps to further increase protection to lower rate scenarios in 2027 and beyond ■ Slightly asset sensitive to a gradual change in rates at 4Q24 – Approximately +/- 1% impact to NII over the next 12 months with a gradual +/- 100 bps change in rates relative to the forward curve ■ Given the Fed pivot to stop raising rates in 3Q23, we have bifurcated the active swap book into pre 6/30/2023 (legacy) and post 6/30/2023 (current). Substantially all of the terminated swaps were pre 6/30/2023 Receive-fixed swaps executed post 06/30/23 Receive-fixed swaps executed pre 6/30/23 (legacy) $26.2 $26.3 $26.3 $29.8 $31.8 $29.8 $26.0 $25.0 $26.6 $3.7 $7.3 $8.3 $11.0 $12.8 $17.6 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 $24.2 $28.6 $26.8 $19.3 $10.8 $2.7 $2.8 $12.4 $16.5 $10.6 2024 2025 2026 2027 2028 2029

38 AOCI accretion Protecting CET1 - AFS marks; duration decreasing with securities portfolio hedging; less sensitivity to rates. Illustrate how sensitivity to a 50 bp move has fallen from 12/31/22 to 9/30/23 to 12/31/23 ...As recent actions limit AOCI volatility to protect capital $(2.4) $(2.0) $(1.7) $(0.3) $(0.3) $(0.3) $(0.9) $(0.4) $(0.1) Swaps Pension Securities 12/31/2024 12/31/2025 12/31/2026 $(3.6) $(2.7) $(2.1) ~42% TCE CET1(2) $(2.7) $(2.3) $(2.0) Commentary ■ Expect benefit to capital via accretion to AOCI as unrealized losses "burn off" – ~$0.7 billion in unrealized losses related to securities and pension expected to "burn off" by YE2026, adding ~40 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 ~21 bps; a 50 bp parallel decrease would positively impact by ~20 bps Burn-off by YE2026~26% (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 a terminal rate of 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 12/31/24 Projected accretion to TCE and CET1 adjusted for AOCI opt-out removal(1) Accretes to CET1(2) (3) $s in billions

39 $69.8B Commercial credit portfolio See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44. Commercial portfolio risk ratings(4) $s in billions 57% 58% 59% 17% 16% 16% 19% 18% 18% 7% 8% 7% 4Q23 3Q24 4Q24 B- and lower B+ to B BB+ to BB- AAA+ to BBB- $69.8 Highlights $71.8($ in billions) Balances % of total CFG C&I Finance and Insurance Capital call facilities $ 6.1 4 % Other Finance and Insurance 6.4 5 Other Manufacturing 3.5 3 Technology 2.8 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 2.0 1 Retail Trade 2.0 1 Other Services 2.1 1 Energy & Related 2.1 1 Rental and Leasing 0.9 1 Consumer Products Manufacturing 0.7 1 Administrative and Waste Management Services 1.4 1 Arts, Entertainment, and Recreation 1.5 1 Automotive 1.0 1 Other (1) 2.9 2 Total C&I(2) $ 42.6 31 % CRE Multi-family $ 9.8 7 % Office 5.1 4 Credit tenant lease and life sciences(3) 2.1 2 Other general office 2.9 2 Industrial 3.6 3 Retail 2.9 2 Co-op 1.8 1 Data Center 1.0 1 Hospitality 0.4 — Other (1) 2.6 2 Total CRE $ 27.2 20 % Total Commercial loans & leases $ 69.8 50 % Total CFG $ 139.2 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 ~$12 million ■ CRE portfolio is well diversified across asset type, geography, and borrowers with the emphasis on strong sponsor selection $74.4

40 Suburban Class C 3% CBD Class C 5% Suburban Class A 39% CBD Class A 15% Suburban Class B 27% CBD Class B 11% 50% 100% 100% 83% 45% 71% 41% 78% 100% 50% 17% 55% 29% 59% 100% 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 16.9% NJ 12.0% VA 8.5% CA 8.2% TX 7.4%MD 6.7% PA 5.1% MA 4.3% GA 4.2% OH 4.0% IL 3.7% AZ 3.0% MN 2.6% CO 2.5% WA 2.2% Other 8.7% Commercial Real Estate - $5.1B Office portfolio: well diversified(1) $2.9B General Office by state Other NC CT VT MO FL DC MI UT SC RI NH DE 22% 20% 58% General Office $2.9B Credit Tenant $1.1B Life Sciences $1.0B Property type $2.9B General Office class & location Top 10 General Office MSA breakdown Outstanding *Manhattan is ~$159 million $ 805 322 193 137 123 122 120 109 97 89 $ in millions (As of 12/31/24) See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44.

41 43% 45% 46% 32% 31% 31% 16% 15% 14% 4% 4% 4% 5% 5% 5% 4Q23 3Q24 4Q24 47% 23% 7% 5% 11% 7% $69.4B Retail credit portfolio 800+ 740-799 680-739 640-679 <640 $69.4 $s in billions $69.8 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 ~790 – Weighted-average LTV of ~51% ■ Home equity – FICO ~760 – ~32% secured by 1st lien – ~99% CLTV less than 80% – ~87% CLTV less than 70% ■ Auto – FICO ~740 ■ Education – FICO ~790 ■ Other retail: – Credit card – FICO ~735 – Citizens Pay – FICO ~730 High quality, diverse portfolio *Super-prime/prime defined as FICO of 680 or above at origination See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44. Retail portfolio FICOs(2) $71.5

42 Allocation of allowance for credit losses by product type December 31, 2024 September 30, 2024 $s in millions Loans and Leases Allowance Coverage Loans and Leases Allowance Coverage Commercial and industrial(1)(2) $ 42,551 $592 1.39 % $ 43,825 $621 1.42 % Commercial real estate 27,225 703 2.58 27,983 730 2.61 Total commercial 69,776 1,295 1.86 71,808 1,351 1.88 Residential mortgages 32,726 194 0.59 32,379 164 0.51 Home equity 16,495 149 0.90 15,992 138 0.86 Automobile 4,744 24 0.51 5,540 29 0.52 Education 10,812 298 2.75 11,118 295 2.66 Other retail 4,650 299 6.44 4,795 309 6.44 Total retail loans 69,427 964 1.39 69,824 935 1.34 Allowance for credit losses(3) $139,203 $2,259 1.62 % $141,632 $2,286 1.61 % See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44.

43 Delinquency by product type See pages 45-47 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 44. December 31, 2024 (%) September 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) 99.28 % 0.08 % 0.05 % 0.02 % 0.57 % 99.36 % 0.12 % 0.01 % 0.01 % 0.50 % Commercial real estate 96.28 0.75 0.10 0.02 2.85 96.35 0.26 0.30 0.05 3.04 Total commercial 98.11 0.34 0.07 0.02 1.46 98.18 0.18 0.12 0.03 1.49 Residential mortgages(2) 97.81 0.77 0.28 0.55 0.59 98.59 0.29 0.15 0.45 0.52 Home equity 97.59 0.53 0.16 — 1.72 97.49 0.58 0.17 — 1.76 Automobile 96.18 2.11 0.70 — 1.01 96.51 1.97 0.69 — 0.83 Education 98.83 0.42 0.21 0.02 0.52 98.84 0.39 0.22 0.02 0.53 Other retail 96.86 0.99 0.67 0.02 1.46 97.14 0.92 0.65 0.02 1.27 Total retail 97.75 0.76 0.30 0.26 0.93 98.12 0.55 0.24 0.21 0.88 Total 97.93 % 0.55 % 0.18 % 0.14 % 1.20 % 98.15 % 0.36 % 0.18 % 0.12 % 1.19 %

44 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, fourth quarter 2024 and fourth quarter 2023 include a notable item for an industry-wide FDIC special assessment. These notable items have been excluded from reported results to better reflect Underlying operating results. See pages 45-47 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 4Q24 3Q24 4Q23 FY 2024 FY 2023 $s in millions, except per share data Pre-tax After- tax Pre-tax After- tax Pre-tax After- tax Pre-tax After- tax Pre-tax After- tax Salaries & benefits $ (2) $ (1) $ (2) $ (2) $ (2) $ (1) $ (9) $ (6) $ (15) $ (11) Equipment and software — — — — — — — — (4) (3) Outside services — — — — (3) (2) (1) (1) (43) (31) Occupancy — — — — — — — — (41) (30) Other expense — — — — — — — — (1) (1) Noninterest expense $ (2) $ (1) $ (2) $ (2) $ (5) $ (3) $ (10) $ (7) $ (104) $ (76) EPS Impact - Noninterest expense $ — $ — $ (0.01) $ (0.02) $ (0.16) Total Integration Costs $ (2) $ (1) $ (2) $ (2) $ (5) $ (3) $ (10) $ (7) $ (104) $ (76) EPS Impact - Total Integration-related $ — $ — $ (0.01) $ (0.02) $ (0.16) Other notable items - TOP & Other 4Q24 3Q24 4Q23 FY 2024 FY 2023 $s in millions, except per share data Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Tax notable items $ — $ — $ — $ — $ — $ 17 $ — $ 7 $ — $ 17 Noninterest income $ 10 $ 8 $ (2) $ (1) $ — $ — $ 15 $ 11 $ — $ — Salaries & benefits $ (15) $ (12) $ (2) $ (2) $ (30) $ (22) $ (37) $ (27) $ (52) $ (38) Equipment and software (3) (2) (2) (2) (37) (27) (17) (13) (47) (35) Outside services (4) (3) (2) (2) (10) (7) (27) (21) (25) (19) Occupancy (5) (4) (1) — (20) (15) (19) (14) (29) (22) FDIC Assessment(1) 9 6 — — (225) (167) (31) (24) (225) (167) Other expense (4) (3) (2) (1) (18) (13) (15) (10) (24) (17) Noninterest expense $ (22) $ (18) $ (9) $ (7) $ (340) $ (251) $ (146) $ (109) $ (402) $ (298) Total Other Notable Items $ (12) $ (10) $ (11) $ (8) $ (340) $ (234) $ (131) $ (91) $ (402) $ (281) EPS Impact - Other Notable Items $ (0.02) $ (0.02) $ (0.50) $ (0.19) $ (0.59) Total Notable Items $ (14) $ (11) $ (13) $ (10) $ (345) $ (237) $ (141) $ (98) $ (506) $ (357) Total EPS Impact $ (0.02) $ (0.02) $ (0.51) $ (0.21) $ (0.75) (1) The FDIC special assessment earnings per share impact is $0.01, $(0.35), $(0.05), and $(0.35) for fourth quarter 2024, fourth quarter 2023, full year 2024, and full year 2023 respectively.

45 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 - 4Q24 GAAP Summary 1) See general note a). Notes on slide 4 - 4Q24 and FY24 Underlying financial summary 1) See note on non-GAAP financial measures. Notes on slide 5 - 4Q24 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 December 31, 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 - 2024 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 December 31, 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 7 - 4Q24 Overview and FY2024 Overview 1) See note on non-GAAP financial measures. 2) See general note d). Notes on slide 9 - 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 44 for more detail. Notes on slide 10 - Noninterest expense 1) See above note on non-GAAP financial measures. See Notable Items slide 44 for more detail. Notes on slide 13 - 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 15 - 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 16 - 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).

46 Notes continued Notes on slide 18 - Transformed Consumer Bank 1) Mass affluent and above are retail households with the higher value of IXI or current month deposit/investment balances greater than or equal to $100K. 2) Estimated based on available company disclosures. 3) Includes collateralized state and municipal balances and excludes bank and nonbank subsidiaries. 4) Peer data as of September 30, 2024. Peers include CMA, FITB, HBAN, KEY, MTB, PNC, RF, TFC and USB. Notes on slide 19 - Best-positioned Commercial Bank 1) Includes syndicated loans; source: Pitchbook. 2) Normative data: Barlow Research’s Middle Market National Business Banking Study rolling 4-quarter data (3Q2023-2Q2024) Large bank lead clients (assets >$50B) with $25MM-<$500MM in annual sales revenue. Notes on slide 21 - Building a leading NYC Metro/NJ franchise 1) Full year retail household growth is calculated on an average basis. Notes on slide 22 - FY2025 Outlook vs. 2024 1) See note on non-GAAP financial measures. 2) See general note d). Notes on slide 23 - FY2025 Underlying expense outlook 1) See note on non-GAAP financial measures. Notes on slide 25 - 1Q25 outlook vs. 4Q24 1) See note on non-GAAP financial measures. 2) See general note d). Notes on slide 26 - Medium-term financial targets 1) See note on non-GAAP financial measures. Notes on slide 28 - Medium-term ROTCE outlook 1) See note on non-GAAP financial measures. Notes on slide 31 - Linked-quarter Underlying results 1) See note on non-GAAP financial measures. Notes on slide 32 - Year-over-year Underlying results 1) See note on non-GAAP financial measures. Notes on slide 33 - Full year Underlying results 1) See note on non-GAAP financial measures. Notes on slide 34 - FY2024 Scorecard 1) See note on non-GAAP financial measures. 2) See general note d). Notes on slide 35 - Strong liquidity and improving funding profile 1) GSIB data as of September 30, 2024. GSIBs include GS, WFC, C, BK, BAC, JPM, and STT. 2) Peer data as of September 30, 2024. Peers include CMA, FITB, HBAN, KEY, MTB, PNC, RF, TFC and USB. 3) Includes all FHLB advances. Notes on slide 39 - $69.8B 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 40 - Commercial Real Estate - $5.1B Office portfolio: well diversified 1) See general note c).

47 Notes continued Notes on slide 41 - $69.4B Retail credit portfolio 1) See general note c). 2) Reflects period end balances. Notes on slide 42 - 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 43 - 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 $172 million,$145 million, and $243 million of loans fully or partially guaranteed by the FHA, VA, and USDA for December 31, 2024, June 30, 2024, and December 30, 2023, respectively. Notes on slide 44 - Notable items 1) See note on non-GAAP financial measures. Notes on slide 57 - 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 December 31, 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 58 - 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 December 31, 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).

48 Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS FULL YEAR 4Q24 Change 2024 Change 4Q24 3Q24 4Q23 3Q24 4Q23 2024 2023 2023 $ % $ % $ % Noninterest income, Underlying: Noninterest income (GAAP) A $574 $532 $500 $42 8% $74 15% $2,176 $1,983 $193 10% Less: Notable items 10 (2) — 12 NM 10 100 15 — 15 100 Noninterest income, Underlying (non-GAAP) B $564 $534 $500 $30 6% $64 13% $2,161 $1,983 $178 9% Total revenue, Underlying: Total revenue (GAAP) C $1,986 $1,901 $1,988 $85 4% ($2) —% $7,809 $8,224 ($415) (5%) Less: Notable items 10 (2) — 12 NM 10 100 15 — 15 100 Total revenue, Underlying (non-GAAP) D $1,976 $1,903 $1,988 $73 4% ($12) (1%) $7,794 $8,224 ($430) (5%) Noninterest expense, Underlying: Noninterest expense (GAAP) E $1,316 $1,259 $1,612 $57 5% ($296) (18%) $5,234 $5,507 ($273) (5%) Less: Notable items 24 11 345 13 118 (321) (93) 156 506 (350) (69) Noninterest expense, Underlying (non-GAAP) F $1,292 $1,248 $1,267 $44 4% $25 2% $5,078 $5,001 $77 2% Pre-provision profit: Total revenue (GAAP) C $1,986 $1,901 $1,988 $85 4% ($2) —% $7,809 $8,224 ($415) (5%) Less: Noninterest expense (GAAP) E 1,316 1,259 1,612 57 5 (296) (18) 5,234 5,507 (273) (5) Pre-provision profit (non-GAAP) $670 $642 $376 $28 4% $294 78% $2,575 $2,717 ($142) (5%) Pre-provision profit, Underlying: Total revenue, Underlying (non-GAAP) D $1,976 $1,903 $1,988 $73 4% ($12) (1%) $7,794 $8,224 ($430) (5%) Less: Noninterest expense, Underlying (non-GAAP) F 1,292 1,248 1,267 44 4 25 2 5,078 5,001 77 2 Pre-provision profit, Underlying (non-GAAP) $684 $655 $721 $29 4% ($37) (5%) $2,716 $3,223 ($507) (16%) Income before income tax expense, Underlying: Income before income tax expense (GAAP) G $508 $470 $205 $38 8% $303 148% $1,888 $2,030 ($142) (7%) Less: Income (expense) before income tax expense (benefit) related to notable items (14) (13) (345) (1) (8) 331 96 (141) (506) 365 72 GAAP) H $522 $483 $550 $39 8% ($28) (5%) $2,029 $2,536 ($507) (20%) Income tax expense, Underlying: Income tax expense (GAAP) I $107 $88 $16 $19 22% $91 NM $379 $422 ($43) (10%) items (3) (3) (108) — — 105 97 (43) (149) 106 71 Income tax expense, Underlying (non-GAAP) J $110 $91 $124 $19 21% ($14) (11%) $422 $571 ($149) (26%) Net income, Underlying: Net income (GAAP) K $401 $382 $189 $19 5% $212 112% $1,509 $1,608 ($99) (6%) Add: Notable items, net of income tax benefit 11 10 237 1 10 (226) (95) 98 357 (259) (73) Net income, Underlying (non-GAAP) L $412 $392 $426 $20 5% ($14) (3%) $1,607 $1,965 ($358) (18%) et inco e available to common stockholders, Underlying: Net income available to common stockholders (GAAP) M $367 $344 $159 $23 7% $208 131% $1,372 $1,491 ($119) (8%) Add: Notable items, net of income tax benefit 11 10 237 1 10 (226) (95) 98 357 (259) (73) Underlying (non-GAAP) N $378 $354 $396 $24 7% ($18) (5%) $1,470 $1,848 ($378) (20%)

49 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS FULL YEAR 4Q24 Change 2024 Change 4Q24 3Q24 4Q23 3Q24 4Q23 2024 2023 2023 $/bps % $/bps % $/bps % Operating leverage: Total revenue (GAAP) C $1,986 $1,901 $1,988 $85 4.56% ($2) 0.02% $7,809 $8,224 ($415) (5.04%) Less: Noninterest expense (GAAP) E 1,316 1,259 1,612 57 4.61 (296) (18.30) 5,234 5,507 (273) (4.95) Operating leverage (0.05%) 18.32% (0.09%) Operating leverage, Underlying: Total revenue, Underlying (non-GAAP) D $1,976 $1,903 $1,988 $73 3.89% ($12) (0.48%) $7,794 $8,224 ($430) (5.22%) Less: Noninterest expense, Underlying (non-GAAP) F 1,292 1,248 1,267 44 3.50 25 2.00 5,078 5,001 77 1.54 Operating leverage, Underlying (non-GAAP) 0.39% (2.48%) (6.76%) Efficiency ratio and efficiency ratio, Underlying: Efficiency ratio E/C 66.27 % 66.23% 81.13 % 4 bps (1,486) bps 67.03 % 66.97 % 6 bps Efficiency ratio, Underlying (non-GAAP) F/D 65.36 65.61 63.77 (25) bps 159 bps 65.15 60.81 434 bps Effective income tax rate and effective income tax rate, Underlying: Effective income tax rate I/G 21.04% 18.56% 7.59 % 248 bps 1,345 bps 20.06 % 20.76 % (70) bps Effective income tax rate, Underlying (non-GAAP) J/H 21.17 18.75 22.25 242 bps (108) bps 20.80 22.48 (168) bps Return on average tangible common equity and return on average tangible common equity, Underlying: Average common equity (GAAP) O $22,009 $22,380 $21,209 ($371) (2%) $800 4% $21,881 $21,592 $289 1% Less: Average goodwill (GAAP) 8,187 8,187 8,188 — — (1) — 8,187 8,184 3 — Less: Average other intangibles (GAAP) 136 140 163 (4) (3) (27) (17) 143 177 (34) (19) Add: Average deferred tax liabilities related to goodwill (GAAP) 436 435 421 1 — 15 4 433 422 11 3 Average tangible common equity P $14,122 $14,488 $13,279 ($366) (3%) $843 6% $13,984 $13,653 $331 2% Return on average tangible common equity M/P 10.36 % 9.45% 4.72 % 91 bps 564 bps 9.81 % 10.92 % (111) bps Return on average tangible common equity, Underlying (non-GAAP) N/P 10.66 9.71 11.84 95 bps (118) bps 10.51 13.53 (302) bps Return on average total assets and return on average total assets, Underlying: Average total assets (GAAP) Q $217,548 $218,578 $223,653 ($1,030) —% ($6,105) (3%) $219,024 $222,221 ($3,197) (1%) Return on average total assets K/Q 0.73 % 0.70% 0.33 % 3 bps 40 bps 0.69 % 0.72 % (3) bps Return on average total assets, Underlying (non-GAAP) L/Q 0.75 0.71 0.76 4 bps (1) bps 0.73 0.88 (15) bps $s in millions, except share, per share and ratio data

50 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS FULL YEAR 4Q24 Change 2024 Change 4Q24 3Q24 4Q23 3Q24 4Q23 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 $217,548 $218,578 $223,653 ($1,030) —% ($6,105) (3%) $219,024 $222,221 ($3,197) (1%) Less: Average goodwill (GAAP) 8,187 8,187 8,188 — — (1) — 8,187 8,184 3 — Less: Average other intangibles (GAAP) 136 140 163 (4) (3) (27) (17) 143 177 (34) (19) Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 436 435 421 1 — 15 4 433 422 11 3 Average tangible assets R $209,661 $210,686 $215,723 ($1,025) —% ($6,062) (3%) $211,127 $214,282 ($3,155) (1%) Return on average total tangible assets K/R 0.76 % 0.72% 0.35 % 4 bps 41 bps 0.71 % 0.75 % (4) bps Return on average total tangible assets, Underlying (non-GAAP) L/R 0.78 0.74 0.78 4 bps — bps 0.76 0.92 (16) bps Tangible book value per common share: Common shares - at period-end (GAAP) S 440,543,381 445,216,549 466,418,055 (4,673,168) (1%) (25,874,674) (6%) 440,543,381 466,418,055 (25,874,674) (6%) Common stockholders' equity (GAAP) $22,141 $22,820 $22,329 ($679) (3) ($188) (1) $22,141 $22,329 ($188) (1) Less: Goodwill (GAAP) 8,187 8,187 8,188 — — (1) — 8,187 8,188 (1) — Less: Other intangible assets (GAAP) 146 137 157 9 7 (11) (7) 146 157 (11) (7) Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP) 438 435 433 3 1 5 1 438 433 5 1 Tangible common equity T $14,246 $14,931 $14,417 ($685) (5%) ($171) (1%) $14,246 $14,417 ($171) (1%) Tangible book value per common share T/S $32.34 $33.54 $30.91 ($1.20) (4%) $1.43 5% $32.34 $30.91 $1.43 5% 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 440,802,738 446,561,996 466,234,324 (5,759,258) (1%) (25,431,586) (5%) 450,678,038 475,089,384 (24,411,346) (5%) Average common shares outstanding - diluted (GAAP) V 444,836,786 449,913,467 468,159,167 (5,076,681) (1) (23,322,381) (5) 453,510,245 476,693,148 (23,182,903) (5) Net income per average common share - basic (GAAP) M/U $0.83 $0.77 $0.34 $0.06 8 $0.49 144 $3.05 $3.14 ($0.09) (3) Net income per average common share - diluted (GAAP) M/V 0.83 0.77 0.34 0.06 8 0.49 144 3.03 3.13 (0.10) (3) Net income per average common share - basic, Underlying (non-GAAP) N/U 0.86 0.79 0.85 0.07 9 0.01 1 3.26 3.89 (0.63) (16) Net income per average common share - diluted, Underlying (non-GAAP) N/V 0.85 0.79 0.85 0.06 8 — — 3.24 3.88 (0.64) (16) Dividend payout ratio and dividend payout ratio, Underlying: Cash dividends declared and paid per common share W $0.42 $0.42 $0.42 $— —% $— —% $1.68 $1.68 $— — Dividend payout ratio W/ (M/U) 51 % 55 % 124 % (395) bps (7,293) bps 55 % 54 % 158 bps Dividend payout ratio, Underlying (non-GAAP) W/ (N/U) 49 53 49 (400) bps — bps 52 43 900 bps $s in millions, except share, per share and ratio data

51 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS FULL YEAR 4Q24 Change 2024 Change 4Q24 3Q24 4Q23 3Q24 4Q23 2024 2023 2023 $/bps % $/bps % $/bps % Card fees, Underlying: Card fees (GAAP) $97 $93 $70 $4 4% $27 39% $368 $296 $72 24% Less: Notable items 11 6 — 5 83 11 100 24 — 24 100 Card fees, Underlying (non-GAAP) $86 $87 $70 ($1) (1%) $16 23% $344 $296 $48 16% Other income, Underlying Other income (GAAP) $28 $24 $20 $4 17% $8 40% $79 $78 $1 1% Less: Notable items (1) (8) — 7 88 (1) (100) (9) — (9) (100) Other income, Underlying (non-GAAP) $29 $32 $20 ($3) (9%) $9 45% $88 $78 $10 13% Salaries and employee benefits, Underlying: Salaries and employee benefits (GAAP) $674 $647 $667 $27 4% $7 1% $2,657 $2,599 $58 2% Less: Notable items 17 4 32 13 NM (15) (47) 46 67 (21) (31) Salaries and employee benefits, Underlying (non- GAAP) $657 $643 $635 $14 2% $22 3% $2,611 $2,532 $79 3% Equipment and software, Underlying: Equipment and software (GAAP) $193 $194 $215 ($1) (1%) ($22) (10%) $769 $756 $13 2% Less: Notable items 3 2 37 1 50 (34) (92) 17 51 (34) (67) Equipment and software, Underlying (non-GAAP) $190 $192 $178 ($2) (1%) $12 7% $752 $705 $47 7% Outside services, Underlying: Outside services (GAAP) $170 $146 $174 $24 16% ($4) (2%) $639 $687 ($48) (7%) Less: Notable items 4 2 13 2 100 (9) (69) 28 68 (40) (59) Outside services, Underlying (non-GAAP) $166 $144 $161 $22 15% $5 3% $611 $619 ($8) (1%) Occupancy, Underlying: Occupancy (GAAP) $112 $108 $125 $4 4% ($13) (10%) $447 $492 ($45) (9%) Less: Notable items 5 1 20 4 NM (15) (75) 19 70 (51) (73) Occupancy, Underlying (non-GAAP) $107 $107 $105 $— —% $2 2% $428 $422 $6 1% Other operating expense, Underlying: Other operating expense (GAAP) $167 $164 $431 $3 2% ($264) (61%) $722 $973 ($251) (26%) Less: Notable items (5) 2 243 (7) NM (248) (102) 46 250 (204) (82) Other operating expense, Underlying (non-GAAP) $172 $162 $188 $10 6% ($16) (9%) $676 $723 ($47) (7%) $s in millions, except share, per share and ratio data

52 Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS 2Q24 1Q24 Noninterest income, Underlying: Noninterest income (GAAP) A $553 $517 Less: Notable items 4 3 Noninterest income, Underlying (non-GAAP) B $549 $514 Total revenue, Underlying: Total revenue (GAAP) C $1,963 $1,959 Less: Notable items 4 3 Total revenue, Underlying (non-GAAP) D $1,959 $1,956 Noninterest expense, Underlying: Noninterest expense (GAAP) E $1,301 $1,358 Less: Notable items 36 85 Noninterest expense, Underlying (non-GAAP) F $1,265 $1,273 Efficiency ratio and efficiency ratio, Underlying: Efficiency ratio E/C 66.3 % 69.3% Efficiency ratio, Underlying (non-GAAP) F/D 64.6 65.1

53 Non-GAAP financial measures and reconciliations - CET1 adjusted for AOCI opt-out removal 4Q24 3Q24 CET1 Ratio adjusted for AOCI opt-out removal CET1 capital $ 17,900 $ 17,941 Less: AFS securities - AOCI 1,613 1,181 HTM securities - AOCI(1) 756 776 DTA for AFS/HTM securities 30 11 Pension 301 320 DTA for Pension 3 1 CET 1 capital adjusted for AOCI opt-out removal A $15,197 $15,652 Risk-weighted assets 165,699 168,552 Less: HTM securities - AOCI 132 136 AFS securities - AOCI 269 184 DTA for AFS/HTM securities (1,930) (1,630) Pension 301 320 DTA for Pension (268) (289) Risk-weighted assets adjusted for AOCI opt-out removal B $167,195 $169,831 CET1 Ratio adjusted for AOCI opt-out removal A/B 9.1 % 9.2 % $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

54 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 4Q24 Change 4Q24 3Q24 4Q23 3Q24 4Q23 $/bps % $/bps % Total Retail loans - at period-end $69,427 $69,824 $71,514 ($397) (1%) ($2,087) (3%) Less: Non-core retail loans - at period-end 6,942 7,869 11,106 (927) (12) (4,164) (37) Less: Private bank retail loans - at period-end 898 670 97 228 34 801 NM Total Retail loans excluding Private Bank and non-core - at period-end $61,587 $61,285 $60,311 $302 —% $1,276 2% Total Commercial loans - at period-end $69,776 $71,808 $74,445 ($2,032) (3%) ($4,669) (6%) Less: Private bank commercial loans - at period-end $2,228 $1,353 $155 $875 65 $2,073 NM Total Commercial loans excluding Private Bank - at period-end $67,548 $70,455 $74,290 ($2,907) (4%) ($6,742) (9%) $s in millions, except share, per share and ratio data

55 Non-GAAP financial measures and reconciliations excluding Private Bank & Non-Core $s in millions, except share, per share and ratio data QUARTERLY TRENDS FULL YEAR 4Q24 3Q24 4Q23 2024 2023 Net income available to common stockholders, Underlying: Net income available to common stockholders (GAAP) $367 $344 $159 $1,372 $1,491 Add: Notable items, net of income tax benefit 11 10 237 98 357 Net income available to common stockholders, Underlying (non-GAAP) A $378 $354 $396 $1,470 $1,848 Private Bank Net income available to common stockholders, (GAAP) 6 (2) (27) (24) (59) Less: Private Bank Notable Items — (1) (1) (2) (7) Private Bank Net income available to common stockholders, Underlying (non-GAAP) B $6 ($1) ($26) ($21) ($52) Non-Core Net income available to common stockholders, (GAAP) C ($45) ($51) ($72) ($206) ($244) Net income available to common stockholders excluding Private Bank & Non-Core, Underlying (non-GAAP) D=(A-B-C) $417 $406 $494 $1,697 $2,144 Return on average tangible common equity and return on average tangible common equity, Underlying: Average common equity (GAAP) $22,009 $22,380 $21,209 $21,881 $21,592 Less: Average goodwill (GAAP) 8,187 8,187 8,188 8,187 8,184 Less: Average other intangibles (GAAP) 136 140 163 143 177 Add: Average deferred tax liabilities related to goodwill (GAAP) 436 435 421 433 422 Average tangible common equity E $14,122 $14,488 $13,279 $13,984 $13,653 Return on average tangible common equity excluding Private Bank & Non-Core, Underlying (non-GAAP) D/E 11.8 % 11.1 % 14.8 % 12.1 % 15.7 %

56 Non-GAAP financial measures and reconciliations excluding Private Bank & Non-Core $s in millions, except share, per share and ratio data QUARTERLY TRENDS FULL YEAR 4Q24 3Q24 4Q23 2024 2023 Return on average total tangible assets and return on average total tangible assets, Underlying: Average total assets (GAAP) $217,548 $218,578 $223,653 $219,024 $222,221 Less: Average goodwill (GAAP) 8,187 8,187 8,188 8,187 8,184 Less: Average other intangibles (GAAP) 136 140 163 143 177 Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 436 435 421 433 422 Average tangible assets $209,661 $210,686 $215,723 $211,127 $214,282 Less: Private Bank Average total assets (GAAP) 2,636 1,784 83 1,624 22 Less: Non-Core Average total assets (GAAP) 7,428 8,389 11,776 8,942 13,745 Average tangible assets excluding Private Bank & Non-Core, Underlying (non-GAAP) A $199,597 $200,513 $203,864 $200,561 $200,515 Net income, Underlying: Net income (GAAP) $401 $382 $189 $1,509 $1,608 Add: Notable items, net of income tax benefit 11 10 237 98 357 Net income, Underlying (non-GAAP) B $412 $392 $426 $1,607 $1,965 Private Bank Net income (GAAP) 6 (2) (27) (24) (59) Less: Private Bank Notables — (1) (1) (2) (7) Net income Private Bank, Underlying (non-GAAP) C $6 ($1) ($26) ($21) ($52) Non-Core Net income (GAAP) D (45) (51) (72) (206) (244) Net income excluding Private Bank & Non-Core, Underlying (non-GAAP) E=B-C-D $451 $444 $524 $1,834 $2,261 Return on average total tangible assets excluding Private Bank & Non-Core, Underlying (non-GAAP) E/A 0.90 % 0.88 % 1.02 % 0.91 % 1.13 %

57 Non-GAAP financial measures and reconciliations excluding Private Bank & Non-Core* 4Q24 (GAAP) 4Q24 Notables 4Q24 (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 $ 464 $ 1,139 $ (227) $ 1,376 $ 57.1 $ (21) $ — $ — $ — $ 1,376 $ 57.1 $ (21) $ 1,412 Noninterest income 232 300 31 563 10.9 — 10 — — 553 10.9 — 564 Total revenue 696 1,439 (196) 1,939 68.1 (21) 10 — — 1,929 68.1 (21) 1,976 Noninterest Expense 313 883 35 1,231 60.7 24 24 0.3 — 1,208 60.4 24 1,292 Pre-provision profit 383 556 (231) 708 7.4 (45) (14) (0.3) — 721 7.7 (45) 684 Provision for credit losses 91 82 (26) 147 — 15 — — — 147 — 15 162 Income before income tax expense 292 474 (205) 561 7.4 (60) (14) (0.3) — 574 7.7 (60) 522 Income tax expense 68 121 (69) 120 1.9 (15) (3) (0.1) — 123 2.0 (15) 110 Net income 224 353 (136) 441 5.5 (45) (11) (0.2) — 451 5.7 (45) 412 Preferred dividends — — 34 34 — — — — — 34 — — 34 Net income available to common stockholders $ 224 $ 353 $ (170) $ 407 $ 5.5 $ (45) $ (11) $ (0.2) $ — $ 417 $ 5.7 $ (45) $ 378 Contribution to total CFG Diluted EPS $ 0.50 $ 0.80 $ (0.38) $ 0.92 $ 0.01 $ (0.10) $ (0.02) $ — $ — $ 0.94 $ 0.01 $ (0.10) $ 0.85 $s in billions Interest-earning assets (spot) $ 62 $ 68 $ 52 $ 182 $ 3.1 $ 6.9 $— $— $— $182 $3.1 $6.9 $192 Loans (spot) 61 67 1 129 3.1 6.9 — — — 129 3.1 6.9 139 Deposits (spot) 44 119 5 168 7.0 — — — — 168 7.0 — 175 Risk-weighted assets (spot) $ 83 $ 55 $ 17 $ 155 $ 3.5 $ 7.0 $— $— $— $155 $3.5 $7.0 $166 Performance metrics: Net interest margin, FTE(4) 2.94 % (1.12) % 2.94 % (1.12) % 2.87 % Loans-to-deposit ratio (spot) 77.0 % 44.9 % 77.0 % 44.9 % 79.6 % CET1 capital ratio(5) 11.5 % 11.5 % 10.8 % ROTCE 11.5 % 11.8 % 10.7 % Efficiency ratio 63.5 % 62.6 % 65.4 % Noninterest income as a % of total revenue 29.0 % 16.1 % 28.7 % 16.1 % 28.5 % (3) *Select totals may not sum due to rounding

58 Non-GAAP financial measures and reconciliations excluding Private Bank & Non-Core* 4Q 2024 YTD (GAAP) 4Q 2024 YTD Notables 4Q 2024 YTD (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 $ 1,950 $ 4,424 $ (765) $ 5,609 $ 141.3 $ (117) $ — $ — $ — $ 5,609 $ 141.3 $ (117) $ 5,633 Noninterest income 908 1,106 137 2,151 24.7 — 15 — — 2,136 24.7 — 2,161 Total revenue 2,858 5,530 (628) 7,760 166.0 (117) 15 — — 7,745 166.1 (117) 7,794 Noninterest Expense 1,241 3,480 217 4,938 197.8 98 153 3 — 4,785 194.8 98 5,078 Pre-provision profit 1,617 2,050 (845) 2,822 (31.8) (215) (138) (3) — 2,960 (28.8) (215) 2,716 Provision for credit losses 353 331 (58) 626 — 61 — — — 626 — 61 687 Income before income tax expense 1,264 1,719 (787) 2,196 (31.8) (276) (138) (3) — 2,334 (28.8) (276) 2,029 Income tax expense 291 442 (276) 457 (8.2) (70) (42) (1) — 499 (7.4) (70) 422 Net income 973 1,277 (511) 1,739 (23.6) (206) (96) (2) — 1,834 (21.4) (206) 1,607 Preferred dividends — — 137 137 — — — — — 137 — — 137 Net income available to common stockholders $ 973 $ 1,277 $ (648) $ 1,602 $ (23.6) $ (206) $ (96) $ (2) $ — $ 1,697 $ (21.4) $ (206) $ 1,470 Contribution to total CFG Diluted EPS $ 2.15 $ 2.81 $ (1.43) $ 3.53 $ (0.05) $ (0.45) $ (0.21) $ — $ — $ 3.74 $ (0.05) $ (0.45) $ 3.24 $s in billions Interest-earning assets (spot) $ 62 $ 68 $ 52 $ 182 $ 3.1 $ 6.9 $— $— $— $182 $3.1 $6.9 $192 Loans (spot) 61 67 1 129 3.1 6.9 — — — 129 3.1 6.9 139 Deposits (spot) 44 119 5 168 7.0 — — — — 168 7.0 — 175 Risk-weighted assets (spot) $ 83 $ 55 $ 17 $ 155 $ 3.5 $ 7.0 $— $— $— $155 $3.5 $7.0 $166 Performance metrics: Net interest margin, FTE(4) 3.00 % (1.31) % 3.00 % (1.31) % 2.85 % Loans-to-deposit ratio (spot) 77.0 % 44.9 % 77.0 % 44.9 % 79.6 % CET1 capital ratio(5) 11.5 % 11.5 % 10.8 % ROTCE 11.5 % 12.1 % 10.5 % Efficiency ratio 63.6 % 61.8 % 65.2 % Noninterest income as a % of total revenue 27.7 % 14.9 % 27.6 % 14.9 % 27.7 % (3) *Select totals may not sum due to rounding

EX-99.3 4 q424financialsupplement.htm EX-99.3 Document

Financial Supplement

Fourth Quarter and Full Year 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																		FULL YEAR
											4Q24 Change												2024 Change
	4Q24		3Q24		2Q24		1Q24		4Q23		3Q24				4Q23				2024		2023		2023
											$/bps		%		$/bps		%						$/bps		%
SELECTED OPERATING DATA
Total revenue	$1,986		$1,901		$1,963		$1,959		$1,988		$85		4	%	($2)		—	%	$7,809		$8,224		($415)		(5	%)
Noninterest expense	1,316		1,259		1,301		1,358		1,612		57		5		(296)		(18)		5,234		5,507		(273)		(5)
Profit before provision (benefit) for credit losses	670		642		662		601		376		28		4		294		78		2,575		2,717		(142)		(5)
Provision (benefit) for credit losses	162		172		182		171		171		(10)		(6)		(9)		(5)		687		687		—		—
NET INCOME	401		382		392		334		189		19		5		212		112		1,509		1,608		(99)		(6)
Net income, Underlying1	412		392		408		395		426		20		5		(14)		(3)		1,607		1,965		(358)		(18)
Net income available to common stockholders	367		344		357		304		159		23		7		208		131		1,372		1,491		(119)		(8)
Net income available to common stockholders, Underlying1	378		354		373		365		396		24		7		(18)		(5)		1,470		1,848		(378)		(20)
PER COMMON SHARE DATA
Basic earnings	$0.83		$0.77		$0.79		$0.66		$0.34		$0.06		8	%	$0.49		144	%	$3.05		$3.14		($0.09)		(3	%)
Diluted earnings	0.83		0.77		0.78		0.65		0.34		0.06		8		0.49		144		3.03		3.13		(0.10)		(3)
Basic earnings, Underlying1	0.86		0.79		0.82		0.79		0.85		0.07		9		0.01		1		3.26		3.89		(0.63)		(16)
Diluted earnings, Underlying1	0.85		0.79		0.82		0.79		0.85		0.06		8		—		—		3.24		3.88		(0.64)		(16)
Cash dividends declared and paid per common share	0.42		0.42		0.42		0.42		0.42		—		—		—		—		1.68		1.68		—		—
Book value per common share	50.26		51.25		48.03		47.43		47.87		(0.99)		(2)		2.39		5		50.26		47.87		2.39		5
Tangible book value per common share	32.34		33.54		30.61		30.19		30.91		(1.20)		(4)		1.43		5		32.34		30.91		1.43		5
Dividend payout ratio	51	%	55	%	53	%	64	%	124	%	(395)	bps			(7,293)	bps			55	%	54	%	158	bps
Dividend payout ratio, Underlying1	49		53		51		53		49		(400)	bps			—	bps			52		43		900	bps
COMMON SHARES OUTSTANDING
Average: Basic	440,802,738		446,561,996		454,142,489		461,358,681		466,234,324		(5,759,258)		(1	%)	(25,431,586)		(5	%)	450,678,038		475,089,384		(24,411,346)		(5	%)
Diluted	444,836,786		449,913,467		456,561,022		463,797,964		468,159,167		(5,076,681)		(1)		(23,322,381)		(5)		453,510,245		476,693,148		(23,182,903)		(5)
Common shares at period-end	440,543,381		445,216,549		452,961,853		458,485,032		466,418,055		(4,673,168)		(1)		(25,874,674)		(6)		440,543,381		466,418,055		(25,874,674)		(6)

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																FULL YEAR
											4Q24 Change										2024 Change
	4Q24		3Q24		2Q24		1Q24		4Q23		3Q24			4Q23			2024		2023		2023
											$/bps		%	$/bps		%					$/bps		%
FINANCIAL RATIOS
Net interest margin	2.86	%	2.76	%	2.86	%	2.90	%	2.90	%	10 bps			(4) bps			2.84	%	3.09	%	(25)	bps
Net interest margin, FTE1	2.87		2.77		2.87		2.91		2.91		10			(4)			2.85		3.10		(25)
Return on average common equity	6.64		6.12		6.70		5.63		2.96		52			368			6.27		6.90		(63)
Return on average common equity, Underlying2	6.84		6.29		7.00		6.77		7.41		55			(57)			6.72		8.56		(184)
Return on average tangible common equity	10.36		9.45		10.61		8.86		4.72		91			564			9.81		10.92		(111)
Return on average tangible common equity, Underlying2	10.66		9.71		11.09		10.65		11.84		95			(118)			10.51		13.53		(302)
Return on average total assets	0.73		0.70		0.72		0.61		0.33		3			40			0.69		0.72		(3)
Return on average total assets, Underlying2	0.75		0.71		0.75		0.72		0.76		4			(1)			0.73		0.88		(15)
Return on average total tangible assets	0.76		0.72		0.75		0.63		0.35		4			41			0.71		0.75		(4)
Return on average total tangible assets, Underlying2	0.78		0.74		0.78		0.75		0.78		4			—			0.76		0.92		(16)
Effective income tax rate	21.04		18.56		18.49		22.28		7.59		248			1,345			20.06		20.76		(70)
Effective income tax rate, Underlying2	21.17		18.75		20.33		22.84		22.25		242			(108)			20.80		22.48		(168)
Efficiency ratio	66.27		66.23		66.27		69.33		81.13		4			(1,486)			67.03		66.97		6
Efficiency ratio, Underlying2	65.36		65.61		64.59		65.05		63.77		(25)			159			65.15		60.81		434
Noninterest income as a % of total revenue	28.90		27.95		28.16		26.41		25.16		95			374			27.86		24.12		374
Noninterest income as a % of total revenue, Underlying2	28.54		28.05		28.00		26.32		25.16		49			338			27.73		24.12		361
CAPITAL RATIOS - PERIOD-END (PRELIMINARY)
CET1 capital ratio	10.8	%	10.6	%	10.7	%	10.6	%	10.6	%
Tier 1 capital ratio	12.1		11.9		12.0		11.8		11.8
Total capital ratio	14.0		13.9		14.0		13.8		13.7
Tier 1 leverage ratio	9.4		9.4		9.4		9.3		9.3
Tangible common equity ratio	6.8		7.0		6.5		6.5		6.7
SELECTED BALANCE SHEET DATA
Loan-to-deposit ratio (period-end balances)	79.65	%	80.85	%	80.43	%	81.16	%	82.30	%	(120)	bps		(265)	bps		79.65	%	82.30	%	(265)	bps
Loan-to-deposit ratio (average balances)	80.88		81.59		82.38		82.24		83.54		(71)	bps		(266)	bps		81.77		86.83		(506)	bps
Full-time equivalent colleagues (period-end)	17,287		17,329		17,510		17,354		17,570		(42)		—	(283)		(2)	17,287		17,570		(283)		(2)

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											FULL YEAR
						4Q24 Change								2024 Change
	4Q24	3Q24	2Q24	1Q24	4Q23	3Q24			4Q23			2024	2023	2023
						$	%		$	%				$	%
INTEREST INCOME
Interest and fees on loans and leases	$1,910	$1,976	$2,011	$2,051	$2,144	($66)	(3	%)	($234)	(11	%)	$7,948	$8,489	($541)	(6	%)
Interest and fees on loans held for sale	21	19	17	20	22	2	11		(1)	(5)		77	102	(25)	(25)
Investment securities	419	423	417	399	339	(4)	(1)		80	24		1,658	1,162	496	43
Interest-bearing deposits in banks	112	121	130	140	171	(9)	(7)		(59)	(35)		503	451	52	12
Total interest income	2,462	2,539	2,575	2,610	2,676	(77)	(3)		(214)	(8)		10,186	10,204	(18)	—
INTEREST EXPENSE
Deposits	883	990	965	987	974	(107)	(11)		(91)	(9)		3,825	3,145	680	22
Short-term borrowed funds	1	3	4	7	7	(2)	(67)		(6)	(86)		15	43	(28)	(65)
Long-term borrowed funds	166	177	196	174	207	(11)	(6)		(41)	(20)		713	775	(62)	(8)
Total interest expense	1,050	1,170	1,165	1,168	1,188	(120)	(10)		(138)	(12)		4,553	3,963	590	15
Net interest income	1,412	1,369	1,410	1,442	1,488	43	3		(76)	(5)		5,633	6,241	(608)	(10)
NONINTEREST INCOME
Service charges and fees	109	109	106	96	104	—	—		5	5		420	410	10	2
Capital markets fees	121	94	134	118	87	27	29		34	39		467	319	148	46
Card fees	97	93	92	86	70	4	4		27	39		368	296	72	24
Wealth fees1	75	76	75	68	68	(1)	(1)		7	10		294	259	35	14
Mortgage banking fees	60	46	54	49	57	14	30		3	5		209	242	(33)	(14)
Foreign exchange and derivative products	35	36	39	36	43	(1)	(3)		(8)	(19)		146	183	(37)	(20)
Letter of credit and loan fees	45	45	43	42	42	—	—		3	7		175	168	7	4
Securities gains, net	4	9	—	5	9	(5)	(56)		(5)	(56)		18	28	(10)	(36)
Other income	28	24	10	17	20	4	17		8	40		79	78	1	1
Total noninterest income	574	532	553	517	500	42	8		74	15		2,176	1,983	193	10
TOTAL REVENUE	1,986	1,901	1,963	1,959	1,988	85	4		(2)	—		7,809	8,224	(415)	(5)
Provision (benefit) for credit losses	162	172	182	171	171	(10)	(6)		(9)	(5)		687	687	—	—
NONINTEREST EXPENSE
Salaries and employee benefits	674	647	645	691	667	27	4		7	1		2,657	2,599	58	2
Equipment and software	193	194	190	192	215	(1)	(1)		(22)	(10)		769	756	13	2
Outside services	170	146	165	158	174	24	16		(4)	(2)		639	687	(48)	(7)
Occupancy	112	108	113	114	125	4	4		(13)	(10)		447	492	(45)	(9)
Other operating expense	167	164	188	203	431	3	2		(264)	(61)		722	973	(251)	(26)
Total noninterest expense	1,316	1,259	1,301	1,358	1,612	57	5		(296)	(18)		5,234	5,507	(273)	(5)
Income before income tax expense	508	470	480	430	205	38	8		303	148		1,888	2,030	(142)	(7)
Income tax expense	107	88	88	96	16	19	22		91	NM		379	422	(43)	(10)
Net income	$401	$382	$392	$334	$189	$19	5	%	$212	112	%	$1,509	$1,608	($99)	(6	%)
Net income, Underlying2	$412	$392	$408	$395	$426	$20	5	%	($14)	(3	%)	$1,607	$1,965	($358)	(18	%)
Net income available to common stockholders	$367	$344	$357	$304	$159	$23	7	%	$208	131	%	$1,372	$1,491	($119)	(8	%)
Net income available to common stockholders, Underlying2	$378	$354	$373	$365	$396	$24	7	%	($18)	(5	%)	$1,470	$1,848	($378)	(20	%)

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					DECEMBER 31, 2024 CHANGE
	Dec 31, 2024	Sept 30, 2024	June 30, 2024	Mar 31, 2024	Dec 31, 2023	September 30, 2024			December 31, 2023
						$	%		$	%
ASSETS
Cash and due from banks	$1,409	$979	$1,191	$1,098	$1,794	$430	44	%	($385)	(21	%)
Interest-bearing cash and due from banks	9,192	9,936	10,580	10,501	9,834	(744)	(7)		(642)	(7)
Interest-bearing deposits in banks	635	648	559	392	405	(13)	(2)		230	57
Debt securities available for sale, at fair value	32,765	32,835	31,938	31,187	29,777	(70)	—		2,988	10
Debt securities held to maturity	8,599	8,738	8,895	9,054	9,184	(139)	(2)		(585)	(6)
Loans held for sale	858	663	683	555	779	195	29		79	10
Loans and leases	139,203	141,632	141,842	143,188	145,959	(2,429)	(2)		(6,756)	(5)
Less: Allowance for loan and lease losses	(2,061)	(2,079)	(2,125)	(2,086)	(2,098)	18	(1)		37	(2)
Net loans and leases	137,142	139,553	139,717	141,102	143,861	(2,411)	(2)		(6,719)	(5)
Derivative assets	408	586	367	469	440	(178)	(30)		(32)	(7)
Premises and equipment	875	862	863	872	895	13	2		(20)	(2)
Bank-owned life insurance	3,364	3,346	3,325	3,311	3,291	18	1		73	2
Goodwill	8,187	8,187	8,187	8,188	8,188	—	—		(1)	—
Other intangible assets	146	137	139	148	157	9	7		(11)	(7)
Other assets	13,941	13,236	13,494	13,571	13,359	705	5		582	4
TOTAL ASSETS	$217,521	$219,706	$219,938	$220,448	$221,964	($2,185)	(1	%)	($4,443)	(2	%)
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest-bearing	$36,920	$35,978	$36,927	$36,593	$37,107	$942	3	%	($187)	(1	%)
Interest-bearing	137,856	139,210	139,425	139,835	140,235	(1,354)	(1)		(2,379)	(2)
Total deposits	174,776	175,188	176,352	176,428	177,342	(412)	—		(2,566)	(1)
Short-term borrowed funds	—	15	2	9	505	(15)	(100)		(505)	(100)
Derivative liabilities	1,220	1,012	1,547	1,705	1,562	208	21		(342)	(22)
Long-term borrowed funds:
FHLB advances	53	553	553	2,036	3,786	(500)	(90)		(3,733)	(99)
Senior debt	7,168	7,766	6,512	6,414	5,170	(598)	(8)		1,998	39
Subordinated debt and other debt	5,180	5,625	6,017	5,354	4,511	(445)	(8)		669	15
Total long-term borrowed funds	12,401	13,944	13,082	13,804	13,467	(1,543)	(11)		(1,066)	(8)
Other liabilities	4,870	4,615	5,086	4,741	4,746	255	6		124	3
TOTAL LIABILITIES	193,267	194,774	196,069	196,687	197,622	(1,507)	(1)		(4,355)	(2)
STOCKHOLDERS' EQUITY
Preferred stock:
$25.00 par value, 100,000,000 shares authorized for each of the periods presented	2,113	2,112	2,112	2,014	2,014	1	—		99	5
Common stock:
$0.01 par value, 1,000,000,000 shares authorized for each of the periods presented	7	6	6	6	6	1	17		1	17
Additional paid-in capital	22,364	22,327	22,299	22,272	22,250	37	—		114	1
Retained earnings	10,412	10,233	10,079	9,923	9,816	179	2		596	6
Treasury stock, at cost	(7,047)	(6,820)	(6,492)	(6,290)	(5,986)	(227)	(3)		(1,061)	(18)
Accumulated other comprehensive income (loss)	(3,595)	(2,926)	(4,135)	(4,164)	(3,758)	(669)	(23)		163	4
TOTAL STOCKHOLDERS' EQUITY	24,254	24,932	23,869	23,761	24,342	(678)	(3)		(88)	—
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$217,521	$219,706	$219,938	$220,448	$221,964	($2,185)	(1	%)	($4,443)	(2	%)
Memo: Total tangible common equity	$14,246	$14,931	$13,866	$13,844	$14,417	($685)	(5	%)	($171)	(1	%)

LOANS AND DEPOSITS

(dollars in millions)


PERIOD-END BALANCES	AS OF					DECEMBER 31, 2024 CHANGE
	Dec 31, 2024	Sept 30, 2024	June 30, 2024	Mar 31, 2024	Dec 31, 2023	Sept 30, 2024			December 31, 2023
						$	%		$	%
LOANS AND LEASES
Commercial and industrial1	$42,551	$43,825	$43,623	$43,951	$44,974	($1,274)	(3	%)	($2,423)	(5	%)
Commercial real estate	27,225	27,983	28,311	28,872	29,471	(758)	(3)		(2,246)	(8)

Total commercial	69,776	71,808	71,934	72,823	74,445	(2,032)	(3)		(4,669)	(6)
Residential mortgages	32,726	32,379	31,890	31,512	31,332	347	1		1,394	4
Home equity	16,495	15,992	15,534	15,113	15,040	503	3		1,455	10
Automobile	4,744	5,540	6,383	7,277	8,258	(796)	(14)		(3,514)	(43)
Education	10,812	11,118	11,265	11,646	11,834	(306)	(3)		(1,022)	(9)
Other retail	4,650	4,795	4,836	4,817	5,050	(145)	(3)		(400)	(8)
Total retail	69,427	69,824	69,908	70,365	71,514	(397)	(1)		(2,087)	(3)
Total loans and leases	$139,203	$141,632	$141,842	$143,188	$145,959	($2,429)	(2	%)	($6,756)	(5	%)
Loans held for sale	858	663	683	555	779	195	29		79	10
Loans and leases and loans held for sale	$140,061	$142,295	$142,525	$143,743	$146,738	($2,234)	(2	%)	($6,677)	(5	%)

DEPOSITS
Noninterest-bearing demand	$36,920	$35,978	$36,927	$36,593	$37,107	$942	3	%	($187)	(1	%)
Money market	55,321	54,654	52,599	52,182	53,812	667	1		1,509	3
Checking with interest	33,246	33,680	34,421	34,487	31,876	(434)	(1)		1,370	4
Savings	25,976	26,489	27,240	27,912	27,983	(513)	(2)		(2,007)	(7)
Time	23,313	24,387	25,165	25,254	26,564	(1,074)	(4)		(3,251)	(12)
Total deposits	$174,776	$175,188	$176,352	$176,428	$177,342	($412)	—	%	($2,566)	(1	%)

1Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation.


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

	QUARTERLY TRENDS												4Q24 Change
	4Q24				3Q24				4Q23				3Q24			4Q23
	Average Balance	Interest	Rate		Average Balance	Interest	Rate		Average Balance	Interest	Rate		Average Balance	Interest	Rate	Average Balance	Interest	Rate
INTEREST-EARNING ASSETS
Interest-bearing cash and due from banks and deposits in banks	$9,459	$112	4.65	%	$8,896	$121	5.30	%	$12,387	$171	5.43	%	$563	($9)	(65) bps	($2,928)	($59)	(78) bps
Taxable investment securities	44,822	419	3.73		45,083	423	3.75		41,497	339	3.25		(261)	(4)	(2)	3,325	80	48
Non-taxable investment securities	1	—	2.60		1	—	2.60		2	—	2.66		—	—	—	(1)	—	(6)
Total investment securities	44,823	419	3.73		45,084	423	3.75		41,499	339	3.25		(261)	(4)	(2)	3,324	80	48

Commercial and industrial1	43,674	538	4.82		44,071	556	4.95		46,618	716	6.00		(397)	(18)	(13)	(2,944)	(178)	(118)
Commercial real estate	27,681	419	5.93		28,209	452	6.26		29,460	476	6.32		(528)	(33)	(33)	(1,779)	(57)	(39)

Total commercial	71,355	957	5.25		72,280	1,008	5.46		76,078	1,192	6.13		(925)	(51)	(21)	(4,723)	(235)	(88)
Residential mortgages	32,520	310	3.81		32,117	301	3.75		31,146	276	3.55		403	9	6	1,374	34	26
Home equity	16,246	311	7.61		15,733	317	8.02		14,889	302	8.04		513	(6)	(41)	1,357	9	(43)
Automobile	5,129	56	4.29		5,942	64	4.28		8,752	94	4.24		(813)	(8)	1	(3,623)	(38)	5
Education	10,949	150	5.48		11,155	153	5.45		11,971	156	5.17		(206)	(3)	3	(1,022)	(6)	31
Other retail	4,748	126	10.60		4,776	133	11.04		5,133	124	9.64		(28)	(7)	(44)	(385)	2	96
Total retail	69,592	953	5.46		69,723	968	5.53		71,891	952	5.27		(131)	(15)	(7)	(2,299)	1	19
Total loans and leases	140,947	1,910	5.35		142,003	1,976	5.50		147,969	2,144	5.71		(1,056)	(66)	(15)	(7,022)	(234)	(36)
Loans held for sale	1,384	21	6.04		1,181	19	6.26		1,266	22	6.95		203	2	(22)	118	(1)	(91)
Total interest-earning assets	196,613	2,462	4.96		197,164	2,539	5.09		203,121	2,676	5.20		(551)	(77)	(13)	(6,508)	(214)	(24)


Noninterest-earning assets	20,935				21,414				20,532				(479)			403
TOTAL ASSETS	$217,548				$218,578				$223,653				($1,030)			($6,105)
INTEREST-BEARING LIABILITIES
Checking with interest	$32,720	$123	1.49	%	$33,090	$131	1.58	%	$31,788	$113	1.40	%	($370)	($8)	(9)	$932	$10	9
Money market	54,548	385	2.81		53,152	444	3.32		53,003	444	3.32		1,396	(59)	(51)	1,545	(59)	(51)
Savings	26,237	107	1.63		26,868	128	1.89		28,455	123	1.72		(631)	(21)	(26)	(2,218)	(16)	(9)
Time	24,053	268	4.42		24,705	287	4.65		25,492	294	4.59		(652)	(19)	(23)	(1,439)	(26)	(17)
Total interest-bearing deposits	137,558	883	2.55		137,815	990	2.86		138,738	974	2.79		(257)	(107)	(31)	(1,180)	(91)	(24)
Short-term borrowed funds	41	1	7.88		150	3	6.06		491	7	5.63		(109)	(2)	182	(450)	(6)	225
FHLB advances	172	2	4.55		477	6	5.38		5,751	83	5.62		(305)	(4)	(83)	(5,579)	(81)	(107)
Senior debt	7,316	90	4.92		7,462	93	5.01		5,217	57	4.34		(146)	(3)	(9)	2,099	33	58
Subordinated debt and other debt	5,401	74	5.49		5,751	78	5.43		4,720	67	5.71		(350)	(4)	6	681	7	(22)
Total long-term borrowed funds	12,889	166	5.16		13,690	177	5.20		15,688	207	5.22		(801)	(11)	(4)	(2,799)	(41)	(6)
Total borrowed funds	12,930	167	5.17		13,840	180	5.21		16,179	214	5.24		(910)	(13)	(4)	(3,249)	(47)	(7)
Total interest-bearing liabilities	150,488	1,050	2.78		151,655	1,170	3.07		154,917	1,188	3.04		(1,167)	(120)	(29)	(4,429)	(138)	(26)
Noninterest-bearing demand deposits	36,704				36,236				38,390				468			(1,686)
Other noninterest-bearing liabilities	6,235				6,194				7,123				41			(888)
TOTAL LIABILITIES	193,427				194,085				200,430				(658)			(7,003)
STOCKHOLDERS' EQUITY	24,121				24,493				23,223				(372)			898
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$217,548				$218,578				$223,653				($1,030)			($6,105)
INTEREST RATE SPREAD			2.18	%			2.02	%			2.16	%			16			2
NET INTEREST MARGIN AND NET INTEREST INCOME		$1,412	2.86	%		$1,369	2.76	%		$1,488	2.90	%		$43	10		($76)	(4)
NET INTEREST MARGIN AND NET INTEREST INCOME, FTE2		$1,416	2.87	%		$1,373	2.77	%		$1,492	2.91	%		$43	10		($76)	(4)
Memo: Total deposits (interest-bearing and noninterest-bearing demand)	$174,262	$883	2.02	%	$174,051	$990	2.26	%	$177,128	$974	2.18	%	$211	($107)	(24) bps	($2,866)	($91)	(16) 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)

	FULL YEAR								2024 Change
	2024				2023				2023
	Average Balance	Interest	Rate		Average Balance	Interest	Rate		Average Balance	Interest	Rate
INTEREST-EARNING ASSETS
Interest-bearing cash and due from banks and deposits in banks	$9,566	$503	5.17	%	$8,531	$451	5.22	%	$1,035	$52	(5)	bps
Taxable investment securities	44,627	1,658	3.71		39,437	1,162	2.94		5,190	496	77
Non-taxable investment securities	1	—	2.60		2	—	2.68		(1)	—	(8)
Total investment securities	44,628	1,658	3.71		39,439	1,162	2.94		5,189	496	77
Commercial and industrial1	44,174	2,333	5.20		49,998	3,002	5.92		(5,824)	(669)	(72)
Commercial real estate	28,430	1,795	6.21		29,206	1,804	6.09		(776)	(9)	12

Total commercial	72,604	4,128	5.60		79,204	4,806	5.99		(6,600)	(678)	(39)
Residential mortgages	31,916	1,184	3.71		30,660	1,052	3.43		1,256	132	28
Home equity	15,603	1,231	7.89		14,475	1,092	7.54		1,128	139	35
Automobile	6,404	274	4.27		10,374	429	4.13		(3,970)	(155)	14
Education	11,340	613	5.41		12,333	621	5.04		(993)	(8)	37
Other retail	4,837	518	10.72		5,171	489	9.46		(334)	29	126
Total retail	70,100	3,820	5.45		73,013	3,683	5.04		(2,913)	137	41
Total loans and leases	142,704	7,948	5.52		152,217	8,489	5.53		(9,513)	(541)	(1)
Loans held for sale	1,174	77	6.51		1,499	102	6.75		(325)	(25)	(24)
Total interest-earning assets	198,072	10,186	5.10		201,686	10,204	5.02		(3,614)	(18)	8
Noninterest-earning assets	20,952				20,535				417
TOTAL ASSETS	$219,024				$222,221				($3,197)
INTEREST-BEARING LIABILITIES
Checking with interest	$32,943	$491	1.49	%	$33,960	$446	1.31	%	($1,017)	$45	18
Money market	53,053	1,705	3.21		51,178	1,494	2.92		1,875	211	29
Savings	27,100	476	1.76		29,266	433	1.48		(2,166)	43	28
Time	24,967	1,153	4.62		19,320	772	4.00		5,647	381	62
Total interest-bearing deposits	138,063	3,825	2.77		133,724	3,145	2.35		4,339	680	42
Short-term borrowed funds	252	15	5.73		746	43	5.70		(494)	(28)	3
FHLB advances	1,319	74	5.52		7,431	383	5.09		(6,112)	(309)	43
Senior debt	6,896	333	4.84		5,335	231	4.33		1,561	102	51
Subordinated debt and other debt	5,616	306	5.45		3,087	161	5.21		2,529	145	24
Total long-term borrowed funds	13,831	713	5.15		15,853	775	4.86		(2,022)	(62)	29
Total borrowed funds	14,083	728	5.16		16,599	818	4.89		(2,516)	(90)	27
Total interest-bearing liabilities	152,146	4,553	2.99		150,323	3,963	2.63		1,823	590	36
Noninterest-bearing demand deposits	36,457				41,581				(5,124)
Other noninterest-bearing liabilities	6,466				6,711				(245)
TOTAL LIABILITIES	195,069				198,615				(3,546)
STOCKHOLDERS' EQUITY	23,955				23,606				349
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$219,024				$222,221				($3,197)
INTEREST RATE SPREAD			2.11	%			2.39	%			(28)
NET INTEREST MARGIN AND NET INTEREST INCOME		$5,633	2.84	%		$6,241	3.09	%		($608)	(25)
NET INTEREST MARGIN AND NET INTEREST INCOME, FTE2		$5,650	2.85	%		$6,258	3.10	%		($608)	(25)
Memo: Total deposits (interest-bearing and noninterest-bearing demand)	$174,520	$3,825	2.19	%	$175,305	$3,145	1.79	%	($785)	$680	40	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																		FULL YEAR
											4Q24 Change												2024 Change
	4Q24		3Q24		2Q24		1Q24		4Q23		3Q24				4Q23				2024		2023		2023
											$/bps		%		$/bps		%						$/bps		%
MORTGAGE BANKING FEES
Production revenue	$14		$15		$14		$15		$11		($1)		(7	%)	$3		27	%	$58		$71		($13)		(18	%)
Mortgage servicing revenue	33		33		35		33		37		—		—		(4)		(11)		134		143		(9)		(6)
MSR valuation changes, net of hedge impact	13		(2)		5		1		9		15		NM		4		44		17		28		(11)		(39)
Total mortgage banking fees	$60		$46		$54		$49		$57		$14		30	%	$3		5	%	$209		$242		($33)		(14	%)

Pull-through adjusted locks	$1,543		$1,996		$1,930		$1,404		$1,412		($453)		(23	%)	$131		9	%	$6,873		$8,757		($1,884)		(22	%)

Production revenue as a percentage of Pull-through adjusted locks	0.90	%	0.76	%	0.74	%	1.05	%	0.78	%	14	bps			13	bps			0.85	%	0.81	%	3	bps



RESIDENTIAL REAL ESTATE ORIGINATIONS
Retail	$1,680		$1,749		$1,584		$1,045		$958		($69)		(4	%)	$722		75	%	$6,058		$4,375		$1,683		38	%
Third Party	1,341		1,504		1,323		892		1,214		(163)		(11)		127		10		5,060		7,182		(2,122)		(30)
Total	$3,021		$3,253		$2,907		$1,937		$2,172		($232)		(7	%)	$849		39	%	$11,118		$11,557		($439)		(4	%)

Originated for sale	$1,948		$2,148		$1,872		$1,296		$1,595		($200)		(9	%)	$353		22	%	$7,264		$8,935		($1,671)		(19	%)
Originated for investment	1,073		1,105		1,035		641		577		(32)		(3)		496		86		3,854		2,622		1,232		47
Total	$3,021		$3,253		$2,907		$1,937		$2,172		($232)		(7	%)	$849		39	%	$11,118		$11,557		($439)		(4	%)

MORTGAGE SERVICING INFORMATION (UPB)
Loans serviced for others	$95,600		$96,120		$96,439		$96,952		$97,420		($520)		(1	%)	($1,820)		(2	%)	$95,600		$97,420		($1,820)		(2	%)
Owned loans serviced	33,064		32,655		32,118		31,659		31,640		409		1		1,424		5		33,064		31,640		1,424		5
Total	$128,664		$128,775		$128,557		$128,611		$129,060		($111)		—	%	($396)		—	%	$128,664		$129,060		($396)		—	%

MSR at fair value	$1,491		$1,501		$1,568		$1,564		$1,552		($10)		(1	%)	($61)		(4	%)	$1,491		$1,552		($61)		(4	%)

SEGMENT FINANCIAL HIGHLIGHTS - CONSUMER BANKING

(dollars in millions)


	QUARTERLY TRENDS																		FULL YEAR
CONSUMER BANKING											4Q24 Change												2024 Change
	4Q24		3Q24		2Q24		1Q24		4Q23		3Q24				4Q23				2024		2023		2023
											$/bps		%		$/bps		%						$/bps		%
Net interest income	$1,196		$1,156		$1,120		$1,093		$1,086		$40		3	%	$110		10	%	$4,565		$4,187		$378		9	%
Noninterest income	311		285		277		258		265		26		9		46		17		1,131		1,067		64		6
Total revenue	1,507		1,441		1,397		1,351		1,351		66		5		156		12		5,696		5,254		442		8
Noninterest expense	944		916		915		903		905		28		3		39		4		3,678		3,542		136		4
Profit (loss) before credit losses	563		525		482		448		446		38		7		117		26		2,018		1,712		306		18
Net charge-offs	82		84		84		81		82		(2)		(2)		—		—		331		280		51		18
Income (loss) before income tax expense (benefit)	481		441		398		367		364		40		9		117		32		1,687		1,432		255		18
Income tax expense (benefit)	123		114		102		95		95		9		8		28		29		434		373		61		16
Net income (loss)	$358		$327		$296		$272		$269		$31		9	%	$89		33	%	$1,253		$1,059		$194		18	%
AVERAGE BALANCES
Total assets	$76,608		$75,392		$74,295		$73,833		$73,334		$1,216		2	%	$3,274		4	%	$75,037		$72,693		$2,344		3	%
Total loans and leases1	70,274		69,021		67,960		67,448		66,906		1,253		2		3,368		5		68,681		66,356		2,325		4
Deposits	124,552		121,899		120,478		120,019		118,474		2,653		2		6,078		5		121,745		116,980		4,765		4
Interest-earning assets	70,857		69,608		68,552		68,050		67,524		1,249		2		3,333		5		69,272		66,999		2,273		3
KEY METRICS
Net interest margin	6.72	%	6.60	%	6.57	%	6.46	%	6.40	%	12	bps			32	bps			6.59	%	6.25	%	34	bps
Efficiency ratio	62.60		63.53		65.49		66.87		67.08		(93)	bps			(448)	bps			64.56		67.42		(286)	bps
Loan-to-deposit ratio (period-end balances)	55.85		56.34		55.73		55.25		55.52		(49)	bps			33	bps			55.85		55.52		33	bps
Loan-to-deposit ratio (average balances)	55.88		56.05		55.97		55.80		55.88		(17)	bps			—	bps			55.92		56.07		(15)	bps
Return on average total tangible assets	1.87		1.74		1.61		1.49		1.47		13	bps			40	bps			1.68		1.47		21	bps

1 Includes loans held for sale.

SEGMENT FINANCIAL HIGHLIGHTS - COMMERCIAL BANKING

(dollars in millions)


	QUARTERLY TRENDS																		FULL YEAR
COMMERCIAL BANKING											4Q24 Change												2024 Change
	4Q24		3Q24		2Q24		1Q24		4Q23		3Q24				4Q23				2024		2023		2023
											$/bps		%		$/bps		%						$/bps		%
Net interest income	$464		$478		$494		$514		$551		($14)		(3	%)	($87)		(16	%)	$1,950		$2,292		($342)		(15	%)
Noninterest income	232		207		242		227		196		25		12		36		18		908		784		124		16
Total revenue	696		685		736		741		747		11		2		(51)		(7)		2,858		3,076		(218)		(7)
Noninterest expense	313		300		311		317		324		13		4		(11)		(3)		1,241		1,295		(54)		(4)
Profit (loss) before credit losses	383		385		425		424		423		(2)		(1)		(40)		(9)		1,617		1,781		(164)		(9)
Net charge-offs	91		91		90		81		65		—		—		26		40		353		250		103		41
Income (loss) before income tax expense (benefit)	292		294		335		343		358		(2)		(1)		(66)		(18)		1,264		1,531		(267)		(17)
Income tax expense (benefit)	68		63		76		84		89		5		8		(21)		(24)		291		378		(87)		(23)
Net income (loss)	$224		$231		$259		$259		$269		($7)		(3	%)	($45)		(17	%)	$973		$1,153		($180)		(16	%)
AVERAGE BALANCES
Total assets	$66,787		$68,092		$68,958		$70,100		$72,758		($1,305)		(2	%)	($5,971)		(8	%)	$68,478		$76,028		($7,550)		(10	%)
Total loans and leases1	63,789		64,974		65,997		67,187		69,899		(1,185)		(2)		(6,110)		(9)		65,481		72,937		(7,456)		(10)
Deposits	43,597		44,190		44,203		45,912		46,962		(593)		(1)		(3,365)		(7)		44,472		47,155		(2,683)		(6)
Interest-earning assets	64,419		65,550		66,447		67,536		70,267		(1,131)		(2)		(5,848)		(8)		65,982		73,321		(7,339)		(10)
KEY METRICS
Net interest margin	2.86	%	2.90	%	2.99	%	3.07	%	3.11	%	(4)	bps			(25)	bps			2.96	%	3.12	%	(16)	bps
Efficiency ratio	44.78		43.84		42.28		42.80		43.44		94	bps			134	bps			43.40		42.10		130	bps
Loan-to-deposit ratio (period-end balances)	139.43		140.42		141.41		143.98		146.09		(99)	bps			(666)	bps			139.43		146.09		(666)	bps
Loan-to-deposit ratio (average balances)	144.70		145.93		148.15		145.05		147.64		(123)	bps			(294)	bps			145.95		153.12		(717)	bps
Return on average total tangible assets	1.35		1.37		1.52		1.50		1.48		(2)	bps			(13)	bps			1.44		1.53		(9)	bps

1 Includes loans held for sale.

SEGMENT FINANCIAL HIGHLIGHTS - NON-CORE

(dollars in millions)


	QUARTERLY TRENDS																		FULL YEAR
NON-CORE											4Q24 Change												2024 Change
	4Q24		3Q24		2Q24		1Q24		4Q23		3Q24				4Q23				2024		2023		2023
											$/bps		%		$/bps		%						$/bps		%
Net interest income	($21)		($28)		($31)		($37)		($45)		$7		25	%	$24		53	%	($117)		($129)		$12		9	%
Noninterest income	—		—		—		—		—		—		—		—		—		—		—		—		—
Total revenue	(21)		(28)		(31)		(37)		(45)		7		25		24		53		(117)		(129)		12		9
Noninterest expense	24		23		26		25		28		1		4		(4)		(14)		98		123		(25)		(20)
Profit (loss) before credit losses	(45)		(51)		(57)		(62)		(73)		6		12		28		38		(215)		(252)		37		15
Net charge offs	15		17		10		19		24		(2)		(12)		(9)		(38)		61		78		(17)		(22)
Income (loss) before income tax expense (benefit)	(60)		(68)		(67)		(81)		(97)		8		12		37		38		(276)		(330)		54		16
Income tax expense (benefit)	(15)		(17)		(17)		(21)		(25)		2		12		10		40		(70)		(86)		16		19
Net income (loss)	($45)		($51)		($50)		($60)		($72)		$6		12	%	$27		38	%	($206)		($244)		$38		16	%
AVERAGE BALANCES
Total assets	$7,428		$8,389		$9,418		$10,554		$11,776		($961)		(11	%)	($4,348)		(37	%)	$8,942		$13,745		($4,803)		(35	%)
Total loans and leases1	7,394		8,352		9,376		10,507		11,701		(958)		(11)		(4,307)		(37)		8,902		13,669		(4,767)		(35)
Interest-earning assets	7,394		8,352		9,376		10,507		11,726		(958)		(11)		(4,332)		(37)		8,902		13,675		(4,773)		(35)
KEY METRICS
Net interest margin	(1.12)	%	(1.30)	%	(1.36)	%	(1.41)	%	(1.54)	%	18	bps			42	bps			(1.31)	%	(0.94)	%	(37)	bps

Return on average total tangible assets	(2.38)		(2.40)		(2.14)		(2.30)		(2.42)		2	bps			4	bps			(2.30)		(1.78)		(52)	bps

1 Includes loans held for sale.

SEGMENT FINANCIAL HIGHLIGHTS - OTHER

(dollars in millions)


	QUARTERLY TRENDS											FULL YEAR
OTHER1						4Q24 Change								2024 Change
	4Q24	3Q24	2Q24	1Q24	4Q23	3Q24			4Q23			2024	2023	2023
						$	%		$	%				$	%
Net interest income	($227)	($237)	($173)	($128)	($104)	$10	4	%	($123)	(118	%)	($765)	($109)	($656)	NM
Noninterest income	31	40	34	32	39	(9)	(23)		(8)	(21)		137	132	5	4
Total revenue	(196)	(197)	(139)	(96)	(65)	1	1		(131)	(202)		(628)	23	(651)	NM
Noninterest expense	35	20	49	113	355	15	75		(320)	(90)		217	547	(330)	(60)
Profit (loss) before provision (benefit) for credit losses	(231)	(217)	(188)	(209)	(420)	(14)	(6)		189	45		(845)	(524)	(321)	(61)
Provision (benefit) for credit losses	(26)	(20)	(2)	(10)	—	(6)	(30)		(26)	(100)		(58)	79	(137)	NM
Income (loss) before income tax expense (benefit)	(205)	(197)	(186)	(199)	(420)	(8)	(4)		215	51		(787)	(603)	(184)	(31)
Income tax expense (benefit)	(69)	(72)	(73)	(62)	(143)	3	4		74	52		(276)	(243)	(33)	(14)
Net income (loss)	($136)	($125)	($113)	($137)	($277)	($11)	(9	%)	$141	51	%	($511)	($360)	($151)	(42	%)
AVERAGE BALANCES
Total assets	$66,725	$66,705	$66,551	$66,283	$65,785	$20	—	%	$940	1	%	$66,567	$59,755	$6,812	11	%
Total loans and leases2	874	837	789	754	729	37	4		145	20		813	755	58	8
Deposits	6,113	7,962	8,989	10,173	11,692	(1,849)	(23)		(5,579)	(48)		8,303	11,170	(2,867)	(26)
Interest-earning assets	53,944	53,654	54,089	53,976	53,604	290	1		340	1		53,915	47,691	6,224	13

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										DECEMBER 31, 2024 CHANGE
	Dec 31, 2024		Sept 30, 2024		June 30, 2024		Mar 31, 2024		Dec 31, 2023		Sept 30, 2024				December 31, 2023
											$/bps/%		%		$/bps/%		%
NONACCRUAL LOANS AND LEASES
Commercial and industrial1	$241		$219		$261		$294		$297		$22		10	%	($56)		(19	%)
Commercial real estate	776		852		678		597		477		(76)		(9)		299		63

Total commercial	1,017		1,071		939		891		774		(54)		(5)		243		31
Residential mortgages2	192		169		153		174		177		23		14		15		8
Home equity	283		281		279		288		285		2		1		(2)		(1)
Automobile	48		46		44		47		61		2		4		(13)		(21)
Education	56		59		52		29		28		(3)		(5)		28		100
Other retail	68		61		60		40		39		7		11		29		74
Total retail	647		616		588		578		590		31		5		57		10
Nonaccrual loans and leases	1,664		1,687		1,527		1,469		1,364		(23)		(1)		300		22
Repossessed assets	13		14		13		14		14		(1)		(7)		(1)		(7)
Nonaccrual loans and leases and repossessed assets	$1,677		$1,701		$1,540		$1,483		$1,378		($24)		(1	%)	$299		22	%
NONACCRUAL LOANS AND LEASES BY PRODUCT3
Commercial	$1,017		$1,071		$939		$891		$774		($54)		(5	%)	$243		31	%
Retail	660		630		601		592		604		30		5		56		9
Total nonaccrual loans and leases	$1,677		$1,701		$1,540		$1,483		$1,378		($24)		(1	%)	$299		22	%
ASSET QUALITY RATIOS
Allowance for loan and lease losses to loans and leases	1.48	%	1.47	%	1.50	%	1.46	%	1.44	%	1	bps			4	bps
Allowance for credit losses to loans and leases	1.62		1.61		1.63		1.61		1.59		1	bps			3	bps
Allowance for loan and lease losses to nonaccrual loans and leases	124		123		139		142		154		1	%			(30	%)
Allowance for credit losses to nonaccrual loans and leases	136		136		151		157		170		—	%			(34	%)
Nonaccrual loans and leases to loans and leases	1.20		1.19		1.08		1.02		0.93		1	bps			27	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					DECEMBER 31, 2024 CHANGE
	Dec 31, 2024	Sept 30, 2024	June 30, 2024	Mar 31, 2024	Dec 31, 2023	Sept 30, 2024			December 31, 2023
						$/bps	%		$/bps	%
LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Commercial and industrial1	$8	$5	$7	$23	$6	$3	60	%	$2	33	%
Commercial real estate	6	15	36	39	40	(9)	(60)		(34)	(85)

Total commercial	14	20	43	62	46	(6)	(30)		(32)	(70)
Residential mortgages2	179	146	182	209	256	33	23		(77)	(30)
Home equity	—	—	—	—	—	—	—		—	—
Automobile	—	—	—	—	—	—	—		—	—
Education	2	2	2	2	2	—	—		—	—
Other retail	1	1	1	27	29	—	—		(28)	(97)
Total retail	182	149	185	238	287	33	22		(105)	(37)
Total loans and leases	$196	$169	$228	$300	$333	$27	16	%	($137)	(41	%)

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 $172 million, $145 million, $168 million, $202 million, and $243 million of loans fully or partially guaranteed by the FHA, VA, and USDA for December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, respectively.

CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)


	QUARTERLY TRENDS											FULL YEAR
						4Q24 Change								2024 Change
	4Q24	3Q24	2Q24	1Q24	4Q23	3Q24			4Q23			2024	2023	2023
						$	%		$	%				$	%
CHARGE-OFFS, RECOVERIES AND RELATED RATIOS
GROSS CHARGE-OFFS
Commercial and industrial1	$22	$57	$14	$14	$24	($35)	(61	%)	($2)	(8	%)	$107	$121	($14)	(12	%)
Commercial real estate	89	49	86	88	49	40	82		40	82		312	164	148	90

Total commercial	111	106	100	102	73	5	5		38	52		419	285	134	47
Residential mortgages	—	1	1	2	3	(1)	(100)		(3)	(100)		4	6	(2)	(33)
Home equity	6	4	4	4	4	2	50		2	50		18	12	6	50
Automobile	22	25	19	28	31	(3)	(12)		(9)	(29)		94	113	(19)	(17)
Education	33	30	31	32	35	3	10		(2)	(6)		126	111	15	14
Other retail	66	65	68	63	60	1	2		6	10		262	230	32	14
Total retail	127	125	123	129	133	2	2		(6)	(5)		504	472	32	7
Total gross charge-offs	$238	$231	$223	$231	$206	$7	3	%	$32	16	%	$923	$757	$166	22	%
GROSS RECOVERIES
Commercial and industrial1	$7	$3	$4	$17	$3	$4	133	%	$4	133	%	$31	$15	$16	107	%
Commercial real estate	7	5	—	—	1	2	40		6	NM		12	3	9	NM

Total commercial	14	8	4	17	4	6	75		10	250		43	18	25	139
Residential mortgages	1	1	1	1	1	—	—		—	—		4	4	—	—
Home equity	7	5	7	6	5	2	40		2	40		25	22	3	14
Automobile	12	12	15	14	14	—	—		(2)	(14)		53	58	(5)	(9)
Education	5	6	5	5	5	(1)	(17)		—	—		21	19	2	11
Other retail	10	7	7	7	6	3	43		4	67		31	27	4	15
Total retail	35	31	35	33	31	4	13		4	13		134	130	4	3
Total gross recoveries	$49	$39	$39	$50	$35	$10	26	%	$14	40	%	$177	$148	$29	20	%
NET CHARGE-OFFS (RECOVERIES)
Commercial and industrial1	$15	$54	$10	($3)	$21	($39)	(72	%)	($6)	(29	%)	$76	$106	($30)	(28	%)
Commercial real estate	82	44	86	88	48	38	86		34	71		300	161	139	86

Total commercial	97	98	96	85	69	(1)	(1)		28	41		376	267	109	41
Residential mortgages	(1)	—	—	1	2	(1)	(100)		(3)	NM		—	2	(2)	(100)
Home equity	(1)	(1)	(3)	(2)	(1)	—	—		—	—		(7)	(10)	3	30
Automobile	10	13	4	14	17	(3)	(23)		(7)	(41)		41	55	(14)	(25)
Education	28	24	26	27	30	4	17		(2)	(7)		105	92	13	14
Other retail	56	58	61	56	54	(2)	(3)		2	4		231	203	28	14
Total retail	92	94	88	96	102	(2)	(2)		(10)	(10)		370	342	28	8
Total net charge-offs	$189	$192	$184	$181	$171	($3)	(2	%)	$18	11	%	$746	$609	$137	22	%

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																		FULL YEAR
											4Q24 Change												2024 Change
	4Q24		3Q24		2Q24		1Q24		4Q23		3Q24				4Q23				2024		2023		2023
											$/bps		%		$/bps		%						$/bps		%
ANNUALIZED NET CHARGE-OFF (RECOVERY) RATES
Commercial and industrial1	0.14	%	0.49	%	0.09	%	(0.03	%)	0.18	%	(35)	bps			(4)	bps			0.17	%	0.21	%	(4)	bps
Commercial real estate	1.17		0.62		1.20		1.22		0.66		55				51				1.05		0.56		49

Total commercial	0.54		0.54		0.53		0.47		0.36		—				18				0.52		0.34		18
Residential mortgages	—		—		—		0.01		0.02		—				(2)				—		—		—
Home equity	(0.01)		(0.03)		(0.07)		(0.06)		(0.04)		2				3				(0.04)		(0.07)		3
Automobile	0.83		0.81		0.27		0.73		0.77		2				6				0.65		0.53		12
Education	1.01		0.85		0.93		0.92		1.00		16				1				0.93		0.74		19
Other retail	4.54		4.93		4.98		4.56		4.13		(39)				41				4.75		3.93		82
Total retail	0.53		0.54		0.51		0.54		0.56		(1)				(3)				0.53		0.47		6
Total loans and leases	0.53	%	0.54	%	0.52	%	0.50	%	0.46	%	(1)	bps			7	bps			0.52	%	0.40	%	12	bps
Memo: Average loans
Commercial and industrial1	$43,674		$44,071		$44,381		$44,577		$46,618		($397)		(1	%)	($2,944)		(6	%)	$44,174		$49,998		($5,824)		(12	%)
Commercial real estate	27,681		28,209		28,574		29,265		29,460		(528)		(2)		(1,779)		(6)		28,430		29,206		(776)		(3)

Total commercial	71,355		72,280		72,955		73,842		76,078		(925)		(1)		(4,723)		(6)		72,604		79,204		(6,600)		(8)
Residential mortgages	32,520		32,117		31,633		31,384		31,146		403		1		1,374		4		31,916		30,660		1,256		4
Home equity	16,246		15,733		15,343		15,080		14,889		513		3		1,357		9		15,603		14,475		1,128		8
Automobile	5,129		5,942		6,807		7,758		8,752		(813)		(14)		(3,623)		(41)		6,404		10,374		(3,970)		(38)
Education	10,949		11,155		11,447		11,816		11,971		(206)		(2)		(1,022)		(9)		11,340		12,333		(993)		(8)
Other retail	4,748		4,776		4,882		4,942		5,133		(28)		(1)		(385)		(8)		4,837		5,171		(334)		(6)
Total retail	69,592		69,723		70,112		70,980		71,891		(131)		—		(2,299)		(3)		70,100		73,013		(2,913)		(4)
Total loans and leases	$140,947		$142,003		$143,067		$144,822		$147,969		($1,056)		(1	%)	($7,022)		(5	%)	$142,704		$152,217		($9,513)		(6	%)

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											FULL YEAR
						4Q24 Change								2024 Change
	4Q24	3Q24	2Q24	1Q24	4Q23	3Q24			4Q23			2024	2023	2023
						$	%		$	%				$	%
SUMMARY OF CHANGES IN THE COMPONENTS OF THE ALLOWANCE FOR CREDIT LOSSES
Allowance for loan and lease losses - beginning	$2,079	$2,125	$2,086	$2,098	$2,080	($46)	(2	%)	($1)	—	%	$2,098	$1,983	$115	6	%









Charge-offs:
Commercial	111	106	100	102	73	5	5		38	52		419	285	134	47
Retail	127	125	123	129	133	2	2		(6)	(5)		504	472	32	7
Total charge-offs	238	231	223	231	206	7	3		32	16		923	757	166	22
Recoveries:
Commercial	14	8	4	17	4	6	75		10	250		43	18	25	139
Retail	35	31	35	33	31	4	13		4	13		134	130	4	3
Total recoveries	49	39	39	50	35	10	26		14	40		177	148	29	20
Net charge-offs	189	192	184	181	171	(3)	(2)		18	11		746	609	137	22
Provision (benefit) for loan and lease losses:
Commercial	50	3	144	69	86	47	NM		(36)	(42)		266	457	(191)	(42)
Retail	121	143	79	100	103	(22)	(15)		18	17		443	267	176	66
Total provision (benefit) for loan and lease losses	171	146	223	169	189	25	17		(18)	(10)		709	724	(15)	(2)
Allowance for loan and lease losses - ending	$2,061	$2,079	$2,125	$2,086	$2,098	($18)	(1	%)	($37)	(2	%)	$2,061	$2,098	($37)	(2	%)

Allowance for unfunded lending commitments - beginning	$207	$181	$222	$220	$238	$26	14	%	($31)	(13	%)	$220	$257	($37)	(14	%)


Provision (benefit) for unfunded lending commitments	(9)	26	(41)	2	(18)	(35)	NM		9	50		(22)	(37)	15	41
Allowance for unfunded lending commitments - ending	$198	$207	$181	$222	$220	($9)	(4	%)	($22)	(10	%)	$198	$220	($22)	(10	%)
Total allowance for credit losses - ending	$2,259	$2,286	$2,306	$2,308	$2,318	($27)	(1	%)	($59)	(3	%)	$2,259	$2,318	($59)	(3	%)

Memo: Total allowance for credit losses by product
Commercial	$1,295	$1,351	$1,429	$1,425	$1,425	($56)	(4	%)	($130)	(9	%)	$1,295	$1,425	($130)	(9	%)
Retail	964	935	877	883	893	29	3		71	8		964	893	71	8
Total allowance for credit losses	$2,259	$2,286	$2,306	$2,308	$2,318	($27)	(1	%)	($59)	(3	%)	$2,259	$2,318	($59)	(3	%)

CAPITAL AND RATIOS

(dollars in millions)


	AS OF																FULL YEAR
											DECEMBER 31, 2024 CHANGE								2024 Change
	Dec 31, 2024		Sept 30, 2024		June 30, 2024		Mar 31, 2024		Dec 31, 2023		Sept 30, 2024			December 31, 2023			2024	2023	2023
											$	%		$	%				$	%
CAPITAL RATIOS AND COMPONENTS (PRELIMINARY)
CET1 capital	$17,900		$17,941		$18,086		$18,090		$18,358		($41)	—	%	($458)	(2	%)
Tier 1 capital	20,013		20,053		20,198		20,104		20,372		(40)	—		(359)	(2)
Total capital	23,232		23,352		23,551		23,466		23,608		(120)	(1)		(376)	(2)
Risk-weighted assets	165,699		168,552		168,393		170,125		172,601		(2,853)	(2)		(6,902)	(4)
Adjusted average assets1	212,555		213,274		214,574		216,001		219,591		(719)	—		(7,036)	(3)
CET1 capital ratio	10.8	%	10.6	%	10.7	%	10.6	%	10.6	%
Tier 1 capital ratio	12.1		11.9		12.0		11.8		11.8
Total capital ratio	14.0		13.9		14.0		13.8		13.7
Tier 1 leverage ratio	9.4		9.4		9.4		9.3		9.3
TANGIBLE COMMON EQUITY (PERIOD-END)
Common stockholders' equity	$22,141		$22,820		$21,757		$21,747		$22,329		($679)	(3	%)	($188)	(1	%)	$22,141	$22,329	($188)	(1	%)
Less: Goodwill	8,187		8,187		8,187		8,188		8,188		—	—		(1)	—		8,187	8,188	(1)	—
Less: Other intangible assets	146		137		139		148		157		9	7		(11)	(7)		146	157	(11)	(7)
Add: Deferred tax liabilities2	438		435		435		433		433		3	1		5	1		438	433	5	1
Total tangible common equity	$14,246		$14,931		$13,866		$13,844		$14,417		($685)	(5	%)	($171)	(1	%)	$14,246	$14,417	($171)	(1	%)
TANGIBLE COMMON EQUITY (AVERAGE)
Common stockholders' equity	$22,009		$22,380		$21,427		$21,700		$21,209		($371)	(2	%)	$800	4	%	$21,881	$21,592	$289	1	%
Less: Goodwill	8,187		8,187		8,188		8,188		8,188		—	—		(1)	—		8,187	8,184	3	—
Less: Other intangible assets	136		140		144		153		163		(4)	(3)		(27)	(17)		143	177	(34)	(19)
Add: Deferred tax liabilities2	436		435		432		433		421		1	—		15	4		433	422	11	3
Total tangible common equity	$14,122		$14,488		$13,527		$13,792		$13,279		($366)	(3	%)	$843	6	%	$13,984	$13,653	$331	2	%
INTANGIBLE ASSETS (PERIOD-END)
Goodwill	$8,187		$8,187		$8,187		$8,188		$8,188		$—	—	%	($1)	—	%	$8,187	$8,188	($1)	—	%
Other intangible assets	146		137		139		148		157		9	7		(11)	(7)		146	157	(11)	(7)
Total intangible assets	$8,333		$8,324		$8,326		$8,336		$8,345		$9	—	%	($12)	—	%	$8,333	$8,345	($12)	—	%

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											FULL YEAR
							4Q24 Change								2024 Change
		4Q24	3Q24	2Q24	1Q24	4Q23	3Q24			4Q23			2024	2023	2023
							$	%		$	%				$	%
Noninterest income, Underlying:
Noninterest income (GAAP)	A	$574	$532	$553	$517	$500	$42	8	%	$74	15	%	$2,176	$1,983	$193	10	%
Less: Notable items		10	(2)	4	3	—	12	NM		10	100		15	—	15	100
Noninterest income, Underlying (non-GAAP)	B	$564	$534	$549	$514	$500	$30	6	%	$64	13	%	$2,161	$1,983	$178	9	%
Total revenue, Underlying:
Total revenue (GAAP)	C	$1,986	$1,901	$1,963	$1,959	$1,988	$85	4	%	($2)	—	%	$7,809	$8,224	($415)	(5	%)
Less: Notable items		10	(2)	4	3	—	12	NM		10	100		15	—	15	100
Total revenue, Underlying (non-GAAP)	D	$1,976	$1,903	$1,959	$1,956	$1,988	$73	4	%	($12)	(1	%)	$7,794	$8,224	($430)	(5	%)
Noninterest expense, Underlying:
Noninterest expense (GAAP)	E	$1,316	$1,259	$1,301	$1,358	$1,612	$57	5	%	($296)	(18	%)	$5,234	$5,507	($273)	(5	%)
Less: Notable items		24	11	36	85	345	13	118		(321)	(93)		156	506	(350)	(69)
Noninterest expense, Underlying (non-GAAP)	F	$1,292	$1,248	$1,265	$1,273	$1,267	$44	4	%	$25	2	%	$5,078	$5,001	$77	2	%
Pre-provision profit:
Total revenue (GAAP)	C	$1,986	$1,901	$1,963	$1,959	$1,988	$85	4	%	($2)	—	%	$7,809	$8,224	($415)	(5	%)
Less: Noninterest expense (GAAP)	E	1,316	1,259	1,301	1,358	1,612	57	5		(296)	(18)		5,234	5,507	(273)	(5)
Pre-provision profit (non-GAAP)		$670	$642	$662	$601	$376	$28	4	%	$294	78	%	$2,575	$2,717	($142)	(5	%)
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)	D	$1,976	$1,903	$1,959	$1,956	$1,988	$73	4	%	($12)	(1	%)	$7,794	$8,224	($430)	(5	%)
Less: Noninterest expense, Underlying (non-GAAP)	F	1,292	1,248	1,265	1,273	1,267	44	4		25	2		5,078	5,001	77	2
Pre-provision profit, Underlying (non-GAAP)		$684	$655	$694	$683	$721	$29	4	%	($37)	(5	%)	$2,716	$3,223	($507)	(16	%)




Income before income tax expense, Underlying:
Income before income tax expense (GAAP)	G	$508	$470	$480	$430	$205	$38	8	%	$303	148	%	$1,888	$2,030	($142)	(7	%)
Less: Income (expense) before income tax expense (benefit) related to notable items		(14)	(13)	(32)	(82)	(345)	(1)	(8)		331	96		(141)	(506)	365	72
Income before income tax expense, Underlying (non-GAAP)	H	$522	$483	$512	$512	$550	$39	8	%	($28)	(5	%)	$2,029	$2,536	($507)	(20	%)
Income tax expense, Underlying:
Income tax expense (GAAP)	I	$107	$88	$88	$96	$16	$19	22	%	$91	NM		$379	$422	($43)	(10	%)
Less: Income tax expense (benefit) related to notable items		(3)	(3)	(16)	(21)	(108)	—	—		105	97		(43)	(149)	106	71
Income tax expense, Underlying (non-GAAP)	J	$110	$91	$104	$117	$124	$19	21	%	($14)	(11	%)	$422	$571	($149)	(26	%)
Net income, Underlying:
Net income (GAAP)	K	$401	$382	$392	$334	$189	$19	5	%	$212	112	%	$1,509	$1,608	($99)	(6	%)
Add: Notable items, net of income tax benefit		11	10	16	61	237	1	10		(226)	(95)		98	357	(259)	(73)
Net income, Underlying (non-GAAP)	L	$412	$392	$408	$395	$426	$20	5	%	($14)	(3	%)	$1,607	$1,965	($358)	(18	%)
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)	M	$367	$344	$357	$304	$159	$23	7	%	$208	131	%	$1,372	$1,491	($119)	(8	%)
Add: Notable items, net of income tax benefit		11	10	16	61	237	1	10		(226)	(95)		98	357	(259)	(73)
Net income available to common stockholders, Underlying (non-GAAP)	N	$378	$354	$373	$365	$396	$24	7	%	($18)	(5	%)	$1,470	$1,848	($378)	(20	%)

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(dollars in millions, except per share data)


		QUARTERLY TRENDS																		FULL YEAR
												4Q24 Change												2024 Change
		4Q24		3Q24		2Q24		1Q24		4Q23		3Q24				4Q23				2024		2023		2023
												$/bps		%		$/bps		%						$/bps		%
Operating leverage:
Total revenue (GAAP)	C	$1,986		$1,901		$1,963		$1,959		$1,988		$85		4.56	%	($2)		0.02	%	$7,809		$8,224		($415)		(5.04	%)
Less: Noninterest expense (GAAP)	E	1,316		1,259		1,301		1,358		1,612		57		4.61		(296)		(18.30)		5,234		5,507		(273)		(4.95)
Operating leverage														(0.05	%)			18.32	%							(0.09	%)
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)	D	$1,976		$1,903		$1,959		$1,956		$1,988		$73		3.89	%	($12)		(0.48	%)	$7,794		$8,224		($430)		(5.22	%)
Less: Noninterest expense, Underlying (non-GAAP)	F	1,292		1,248		1,265		1,273		1,267		44		3.50		25		2.00		5,078		5,001		77		1.54
Operating leverage, Underlying (non-GAAP)														0.39	%			(2.48	%)							(6.76	%)
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio	E/C	66.27	%	66.23	%	66.27	%	69.33	%	81.13	%	4	bps			(1,486)	bps			67.03	%	66.97	%	6	bps
Efficiency ratio, Underlying (non-GAAP)	F/D	65.36		65.61		64.59		65.05		63.77		(25)	bps			159	bps			65.15		60.81		434	bps
Noninterest income as a % of total revenue, Underlying:
Noninterest income as a % of total revenue	A/C	28.90	%	27.95	%	28.16	%	26.41	%	25.16	%	95	bps			374	bps			27.86	%	24.12	%	374	bps
Noninterest income as a % of total revenue, Underlying	B/D	28.54		28.05		28.00		26.32		25.16		49	bps			338	bps			27.73		24.12		361	bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rate	I/G	21.04	%	18.56	%	18.49	%	22.28	%	7.59	%	248	bps			1,345	bps			20.06	%	20.76	%	(70)	bps
Effective income tax rate, Underlying (non-GAAP)	J/H	21.17		18.75		20.33		22.84		22.25		242	bps			(108)	bps			20.80		22.48		(168)	bps
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP)	O	$22,009		$22,380		$21,427		$21,700		$21,209		($371)		(2	%)	$800		4	%	$21,881		$21,592		$289		1	%
Return on average common equity	M/O	6.64	%	6.12	%	6.70	%	5.63	%	2.96	%	52	bps			368	bps			6.27	%	6.90	%	(63)	bps
Return on average common equity, Underlying (non-GAAP)	N/O	6.84		6.29		7.00		6.77		7.41		55	bps			(57)	bps			6.72		8.56		(184)	bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)	O	$22,009		$22,380		$21,427		$21,700		$21,209		($371)		(2	%)	$800		4	%	$21,881		$21,592		$289		1	%
Less: Average goodwill (GAAP)		8,187		8,187		8,188		8,188		8,188		—		—		(1)		—		8,187		8,184		3		—
Less: Average other intangibles (GAAP)		136		140		144		153		163		(4)		(3)		(27)		(17)		143		177		(34)		(19)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		436		435		432		433		421		1		—		15		4		433		422		11		3
Average tangible common equity	P	$14,122		$14,488		$13,527		$13,792		$13,279		($366)		(3	%)	$843		6	%	$13,984		$13,653		$331		2	%
Return on average tangible common equity	M/P	10.36	%	9.45	%	10.61	%	8.86	%	4.72	%	91	bps			564	bps			9.81	%	10.92	%	(111)	bps
Return on average tangible common equity, Underlying (non-GAAP)	N/P	10.66		9.71		11.09		10.65		11.84		95	bps			(118)	bps			10.51		13.53		(302)	bps
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP)	Q	$217,548		$218,578		$219,222		$220,770		$223,653		($1,030)		—	%	($6,105)		(3	%)	$219,024		$222,221		($3,197)		(1	%)
Return on average total assets	K/Q	0.73	%	0.70	%	0.72	%	0.61	%	0.33	%	3	bps			40	bps			0.69	%	0.72	%	(3)	bps
Return on average total assets, Underlying (non-GAAP)	L/Q	0.75		0.71		0.75		0.72		0.76		4	bps			(1)	bps			0.73		0.88		(15)	bps

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(dollars in millions, except per share data)


		QUARTERLY TRENDS																		FULL YEAR
												4Q24 Change												2024 Change
		4Q24		3Q24		2Q24		1Q24		4Q23		3Q24				4Q23				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	$217,548		$218,578		$219,222		$220,770		$223,653		($1,030)		—	%	($6,105)		(3	%)	$219,024		$222,221		($3,197)		(1	%)
Less: Average goodwill (GAAP)		8,187		8,187		8,188		8,188		8,188		—		—		(1)		—		8,187		8,184		3		—
Less: Average other intangibles (GAAP)		136		140		144		153		163		(4)		(3)		(27)		(17)		143		177		(34)		(19)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		436		435		432		433		421		1		—		15		4		433		422		11		3
Average tangible assets	R	$209,661		$210,686		$211,322		$212,862		$215,723		($1,025)		—	%	($6,062)		(3	%)	$211,127		$214,282		($3,155)		(1	%)
Return on average total tangible assets	K/R	0.76	%	0.72	%	0.75	%	0.63	%	0.35	%	4	bps			41	bps			0.71	%	0.75	%	(4)	bps
Return on average total tangible assets, Underlying (non-GAAP)	L/R	0.78		0.74		0.78		0.75		0.78		4	bps			—	bps			0.76		0.92		(16)	bps
Tangible book value per common share:
Common shares - at period-end (GAAP)	S	440,543,381		445,216,549		452,961,853		458,485,032		466,418,055		(4,673,168)		(1	%)	(25,874,674)		(6	%)	440,543,381		466,418,055		(25,874,674)		(6	%)
Common stockholders' equity (GAAP)		$22,141		$22,820		$21,757		$21,747		$22,329		($679)		(3)		($188)		(1)		$22,141		$22,329		($188)		(1)
Less: Goodwill (GAAP)		8,187		8,187		8,187		8,188		8,188		—		—		(1)		—		8,187		8,188		(1)		—
Less: Other intangible assets (GAAP)		146		137		139		148		157		9		7		(11)		(7)		146		157		(11)		(7)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)		438		435		435		433		433		3		1		5		1		438		433		5		1
Tangible common equity	T	$14,246		$14,931		$13,866		$13,844		$14,417		($685)		(5	%)	($171)		(1	%)	$14,246		$14,417		($171)		(1	%)
Tangible book value per common share	T/S	$32.34		$33.54		$30.61		$30.19		$30.91		($1.20)		(4	%)	$1.43		5	%	$32.34		$30.91		$1.43		5	%
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	440,802,738		446,561,996		454,142,489		461,358,681		466,234,324		(5,759,258)		(1	%)	(25,431,586)		(5	%)	450,678,038		475,089,384		(24,411,346)		(5	%)
Average common shares outstanding - diluted (GAAP)	V	444,836,786		449,913,467		456,561,022		463,797,964		468,159,167		(5,076,681)		(1)		(23,322,381)		(5)		453,510,245		476,693,148		(23,182,903)		(5)
Net income per average common share - basic (GAAP)	M/U	$0.83		$0.77		$0.79		$0.66		$0.34		$0.06		8		$0.49		144		$3.05		$3.14		($0.09)		(3)
Net income per average common share - diluted (GAAP)	M/V	0.83		0.77		0.78		0.65		0.34		0.06		8		0.49		144		3.03		3.13		(0.10)		(3)
Net income per average common share - basic, Underlying (non-GAAP)	N/U	0.86		0.79		0.82		0.79		0.85		0.07		9		0.01		1		3.26		3.89		(0.63)		(16)
Net income per average common share - diluted, Underlying (non-GAAP)	N/V	0.85		0.79		0.82		0.79		0.85		0.06		8		—		—		3.24		3.88		(0.64)		(16)
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		$—		—	%	$—		—	%	$1.68		$1.68		$—		—	%
Dividend payout ratio	W/(M/U)	51	%	55	%	53	%	64	%	124	%	(395) bps				(7,293) bps				55	%	54	%	158 bps
Dividend payout ratio, Underlying (non-GAAP)	W/(N/U)	49		53		51		53		49		(400) bps				— bps				52		43		900 bps

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(dollars in millions, except per share data)


	QUARTERLY TRENDS											FULL YEAR
						4Q24 Change								2024 Change
	4Q24	3Q24	2Q24	1Q24	4Q23	3Q24			4Q23			2024	2023	2023
						$	%		$	%				$/bps	%
Card fees, Underlying:
Card fees (GAAP)	$97	$93	$92	$86	$70	$4	4	%	$27	39	%	$368	$296	$72	24	%
Less: Notable items	11	6	4	3	—	5	83		11	100		24	—	24	100
Card fees, Underlying (non-GAAP)	$86	$87	$88	$83	$70	($1)	(1	%)	$16	23	%	$344	$296	$48	16	%




Other income, Underlying:
Other income (GAAP)	$28	$24	$10	$17	$20	$4	17	%	$8	40	%	$79	$78	$1	1	%
Less: Notable items	(1)	(8)	—	—	—	7	88		(1)	(100)		(9)	—	(9)	(100)
Other income, Underlying (non-GAAP)	$29	$32	$10	$17	$20	($3)	(9)		$9	45	%	$88	$78	$10	13	%
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)	$674	$647	$645	$691	$667	$27	4	%	$7	1	%	$2,657	$2,599	$58	2	%
Less: Notable items	17	4	8	17	32	13	NM		(15)	(47)		46	67	(21)	(31)
Salaries and employee benefits, Underlying (non-GAAP)	$657	$643	$637	$674	$635	$14	2	%	$22	3	%	$2,611	$2,532	$79	3	%
Equipment and software, Underlying:
Equipment and software (GAAP)	$193	$194	$190	$192	$215	($1)	(1	%)	($22)	(10	%)	$769	$756	$13	2	%
Less: Notable items	3	2	4	8	37	1	50		(34)	(92)		17	51	(34)	(67)
Equipment and software, Underlying (non-GAAP)	$190	$192	$186	$184	$178	($2)	(1	%)	$12	7	%	$752	$705	$47	7	%
Outside services, Underlying:
Outside services (GAAP)	$170	$146	$165	$158	$174	$24	16	%	($4)	(2	%)	$639	$687	($48)	(7	%)
Less: Notable items	4	2	10	12	13	2	100		(9)	(69)		28	68	(40)	(59)
Outside services, Underlying (non-GAAP)	$166	$144	$155	$146	$161	$22	15	%	$5	3	%	$611	$619	($8)	(1	%)
Occupancy, Underlying:
Occupancy (GAAP)	$112	$108	$113	$114	$125	$4	4	%	($13)	(10	%)	$447	$492	($45)	(9	%)
Less: Notable items	5	1	6	7	20	4	NM		(15)	(75)		19	70	(51)	(73)
Occupancy, Underlying (non-GAAP)	$107	$107	$107	$107	$105	$—	—	%	$2	2	%	$428	$422	$6	1	%
Other operating expense, Underlying:
Other operating expense (GAAP)	$167	$164	$188	$203	$431	$3	2	%	($264)	(61	%)	$722	$973	($251)	(26	%)
Less: Notable items	(5)	2	8	41	243	(7)	NM		(248)	(102)		46	250	(204)	(82)
Other operating expense, Underlying (non-GAAP)	$172	$162	$180	$162	$188	$10	6	%	($16)	(9	%)	$676	$723	($47)	(7	%)

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS

(dollars in millions)


		FOURTH QUARTER 2024									THIRD 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	$358		$224		($45)		($136)	$401		$327		$231		($51)		($125)	$382
Less: Preferred stock dividends		—		—		—		34	34		—		—		—		38	38

Net income (loss) available to common stockholders	B	$358		$224		($45)		($170)	$367		$327		$231		($51)		($163)	$344
Return on average total tangible assets:
Average total assets (GAAP)		$76,608		$66,787		$7,428		$66,725	$217,548		$75,392		$68,092		$8,389		$66,705	$218,578
Less: Average goodwill (GAAP)		542		769		—		6,876	8,187		542		769		—		6,876	8,187
Average other intangibles (GAAP)		77		27		—		32	136		83		29		—		28	140
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		28		8		—		400	436		27		9		—		399	435
Average tangible assets	C	$76,017		$65,999		$7,428		$60,217	$209,661		$74,794		$67,303		$8,389		$60,200	$210,686
Return on average total tangible assets	A/C	1.87	%	1.35	%	(2.38)	%	NM	0.76	%	1.74	%	1.37	%	(2.40)	%	NM	0.72	%
Efficiency ratio:
Noninterest expense (GAAP)	D	$944		$313		$24		$35	$1,316		$916		$300		$23		$20	$1,259
Net interest income (GAAP)		1,196		464		(21)		(227)	1,412		1,156		478		(28)		(237)	1,369
Noninterest income (GAAP)		311		232		—		31	574		285		207		—		40	532
Total revenue (GAAP)	E	$1,507		$696		($21)		($196)	$1,986		$1,441		$685		($28)		($197)	$1,901
Efficiency ratio	D/E	62.60	%	44.78	%	NM		NM	66.27	%	63.53	%	43.84	%	NM		NM	66.23	%


		SECOND QUARTER 2024									FIRST 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	$296		$259		($50)		($113)	$392		$272		$259		($60)		($137)	$334
Less: Preferred stock dividends		—		—		—		35	35		—		—		—		30	30

Net income (loss) available to common stockholders	B	$296		$259		($50)		($148)	$357		$272		$259		($60)		($167)	$304
Return on average total tangible assets:
Average total assets (GAAP)		$74,295		$68,958		$9,418		$66,551	$219,222		$73,833		$70,100		$10,554		$66,283	$220,770
Less: Average goodwill (GAAP)		542		770		—		6,876	8,188		542		770		—		6,876	8,188
Average other intangibles (GAAP)		87		31		—		26	144		92		33		—		28	153
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		27		9		—		396	432		26		10		—		397	433
Average tangible assets	C	$73,693		$68,166		$9,418		$60,045	$211,322		$73,225		$69,307		$10,554		$59,776	$212,862
Return on average total tangible assets	A/C	1.61	%	1.52	%	(2.14)	%	NM	0.75	%	1.49	%	1.50	%	(2.30)	%	NM	0.63	%
Efficiency ratio:
Noninterest expense (GAAP)	D	$915		$311		$26		$49	$1,301		$903		$317		$25		$113	$1,358
Net interest income (GAAP)		1,120		494		(31)		(173)	1,410		1,093		514		(37)		(128)	1,442
Noninterest income (GAAP)		277		242		—		34	553		258		227		—		32	517
Total revenue (GAAP)	E	$1,397		$736		($31)		($139)	$1,963		$1,351		$741		($37)		($96)	$1,959
Efficiency ratio	D/E	65.49	%	42.28	%	NM		NM	66.27	%	66.87	%	42.80	%	NM		NM	69.33	%

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS, CONTINUED

(dollars in millions)


		FOURTH QUARTER 2023

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

Net income (loss) available to common stockholders	B	$269		$269		($72)		($307)	$159
Return on average total tangible assets:
Average total assets (GAAP)		$73,334		$72,758		$11,776		$65,785	$223,653
Less: Average goodwill (GAAP)		542		770		—		6,876	8,188
Average other intangibles (GAAP)		98		35		—		30	163
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		26		10		—		385	421
Average tangible assets	C	$72,720		$71,963		$11,776		$59,264	$215,723
Return on average total tangible assets	A/C	1.47	%	1.48	%	(2.42)	%	NM	0.35	%
Efficiency ratio:
Noninterest expense (GAAP)	D	$905		$324		$28		$355	$1,612
Net interest income (GAAP)		1,086		551		(45)		(104)	1,488
Noninterest income (GAAP)		265		196		—		39	500
Total revenue (GAAP)	E	$1,351		$747		($45)		($65)	$1,988
Efficiency ratio	D/E	67.08	%	43.44	%	NM		NM	81.13	%

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS, CONTINUED

(dollars in millions)


		FULL YEAR
		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	$1,253		$973		($206)		($511)	$1,509		$1,059		$1,153		($244)		($360)	$1,608
Less: Preferred stock dividends		—		—		—		137	137		—		—		—		117	117

Net income (loss) available to common stockholders	B	$1,253		$973		($206)		($648)	$1,372		$1,059		$1,153		($244)		($477)	$1,491
Return on average total tangible assets:
Average total assets (GAAP)		$75,037		$68,478		$8,942		$66,567	$219,024		$72,693		$76,028		$13,745		$59,755	$222,221
Less: Average goodwill (GAAP)		542		770		—		6,875	8,187		540		767		—		6,877	8,184
Average other intangibles (GAAP)		85		30		—		28	143		106		39		—		32	177
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		27		9		—		397	433		24		11		—		387	422
Average tangible assets	C	$74,437		$67,687		$8,942		$60,061	$211,127		$72,071		$75,233		$13,745		$53,233	$214,282
Return on average total tangible assets	A/C	1.68	%	1.44	%	(2.30)	%	NM	0.71	%	1.47	%	1.53	%	(1.78)	%	NM	0.75	%
Efficiency ratio:
Noninterest expense (GAAP)	D	$3,678		$1,241		$98		$217	$5,234		$3,542		$1,295		$123		$547	$5,507
Net interest income (GAAP)		4,565		1,950		(117)		(765)	5,633		4,187		2,292		(129)		(109)	6,241
Noninterest income (GAAP)		1,131		908		—		137	2,176		1,067		784		—		132	1,983
Total revenue (GAAP)	E	$5,696		$2,858		($117)		($628)	$7,809		$5,254		$3,076		($129)		$23	$8,224
Efficiency ratio	D/E	64.56	%	43.40	%	NM		NM	67.03	%	67.42	%	42.10	%	NM		NM	66.97	%