株探米国株
日本語 英語
エドガーで原本を確認する
CITIZENS FINANCIAL GROUP INC/RI0000759944false00007599442025-04-162025-04-160000759944us-gaap:CommonStockMember2025-04-162025-04-160000759944us-gaap:SeriesEPreferredStockMember2025-04-162025-04-160000759944us-gaap:SeriesHPreferredStockMember2025-04-162025-04-16


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): April 16, 2025

citizenslogoa05.jpg
 (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 April 16, 2025, Citizens Financial Group, Inc. (the “Company”) issued a press release announcing its first quarter 2025 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   
Exhibit 99.2   
Exhibit 99.3   
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:  April 16, 2025



EX-99.1 2 a1q25earningsrelease.htm EX-99.1 Document




citizenslogoa05.jpg

Citizens Financial Group, Inc. Reports First Quarter 2025 Net Income of
$373 million and EPS of $0.77
CET1 ratio of 10.6%; LDR 77.5%
Key Financial Data 1Q25 4Q24 1Q24
First Quarter 2025 Highlights
Income
Statement		 ($s in millions)
■EPS of $0.77 and ROTCE of 9.6%
■PPNR of $621 million, down 9% QoQ on an Underlying basis
–NII down 1.5%, driven by day count; NIM of 2.90%, up 3 bps
–Fees down 3.5%, primarily reflecting seasonality and uncertain market conditions impact on Capital Markets; strong growth in Wealth fees and FX and derivatives revenue
–Expenses up 1.7%, primarily driven by seasonal impacts
■Entered agreement to sell ~$1.9 billion of Non-Core education loans (“Non-Core transaction”); $200 million settled in 1Q25, remainder to settle ratably each quarter through 2025
■Net charge-offs of 58 bps, reflects the impact of the Non-Core transaction; excluding this transaction, net charge-offs are 51 bps, down slightly QoQ, with favorable trends in NPAs
■Strong ACL coverage of 1.61%, broadly stable QoQ and reflects improving loan mix
■Period-end loans down 1% QoQ, reflects the ~$1.9 billion Non-Core transaction and reclassification to loans held for sale; Core loans up ~1% QoQ
■Spot deposits up 2% QoQ; Private Bank deposits up $1.7 billion to $8.7 billion
■Strong liquidity profile; spot LDR of 77.5%; pro forma LCR of 122% exceeds Category 1 Bank requirement of 100%
■Strong CET1 ratio of 10.64%
■TBV/share of $33.97, up 5% QoQ, reflects the AOCI impact of lower long-term rates
Total revenue $ 1,935  $ 1,986  $ 1,959 
Pre-provision profit 621  670  601 
Underlying pre-provision profit 621  684  683 
Provision for credit losses 153  162  171 
Net income 373  401  334 
Underlying net income 373  412  395 
Balance Sheet
&
Credit Quality		 ($s in billions)
Period-end loans and leases $ 137.6  $ 139.2  $ 143.2 
Average loans and leases 139.7  140.9  144.8 
Period-end deposits 177.6  174.8  176.4 
Average deposits 172.7  174.3  176.1 
Period-end loan-to-deposit ratio 77.5  % 79.6  % 81.2  %
NCO ratio 0.58  % 0.53  % 0.50  %
Financial Metrics Diluted EPS $ 0.77  $ 0.83  $ 0.65 
Underlying Diluted EPS 0.77  0.85  0.79 
ROTCE 9.6  % 10.4  % 8.9  %
Underlying ROTCE 9.6  10.7  10.6 
Net interest margin, FTE 2.90  2.87  2.91 
Efficiency ratio 67.9  66.3  69.3 
Underlying efficiency ratio 67.9  65.4  65.1 
CET1 10.6  % 10.8  % 10.6  %
TBV/Share $ 33.97  $ 32.34  $ 30.19 

Notable Items 1Q25 4Q24 1Q24
($s in millions except per share data) Pre-tax $ EPS Pre-tax $ EPS Pre-tax $ EPS
Integration-related
 $ —  $ —  $ (2) $ —  $ (3) $ (0.01)
TOP/FDIC-related/Other —  —  (12) (0.02) (79) (0.13)
Total
 $ —  $ —  $ (14) $ (0.02) $ (82) $ (0.14)


*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.
Comments from Chairman and CEO Bruce Van Saun
“We were pleased with our execution in Q1 as we delivered financial results in line with our expectations, as well as strong progress on our strategic initiatives like the Private Bank/Private Wealth buildout,” said Chairman and CEO Bruce Van Saun. “We struck an agreement to sell our purchased student loan portfolio, accelerating Non-Core rundown and freeing capital and liquidity. Our balance sheet remains robust. While the second quarter has seen heightened uncertainty given policy decisions in Washington, we believe we will be able to successfully navigate through the challenges given our strong business positioning and our financial and operating discipline.”
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 May 14, 2025 to shareholders of record at the close of business on April 30, 2025.
















2
Citizens Financial Group, Inc.
Earnings highlights(1):
Quarterly Trends
  1Q25 change from
($s in millions, except per share data) 1Q25 4Q24 1Q24 4Q24 1Q24
Earnings $/bps % $/bps %
Net interest income $ 1,391  $ 1,412  $ 1,442  $ (21) (1)  % $ (51) (4)  %
Noninterest income 544  574  517  (30) (5) 27  5 
Total revenue 1,935  1,986  1,959  (51) (3) (24) (1)
Noninterest expense 1,314  1,316  1,358  (2) —  (44) (3)
Pre-provision profit 621  670  601  (49) (7) 20  3 
Provision for credit losses 153  162  171  (9) (6) (18) (11)
Net income 373  401  334  (28) (7) 39  12 
Preferred dividends 33  34  30  (1) (3) 3  10 
Net income available to common stockholders $ 340  $ 367  $ 304  $ (27) (7)  % $ 36  12   %
After-tax notable Items —  11  61  (11) (100) (61) (100)
Underlying net income $ 373  $ 412  $ 395  $ (39) (9)  % $ (22) (6)  %
Underlying net income available to common stockholders 340  378  365  (38) (10) (25) (7)
Average common shares outstanding
Basic (in millions) 438.3  440.8  461.4  (2.5) (1) (23.0) (5)
Diluted (in millions) 442.2  444.8  463.8  (2.6) (1) (21.6) (5)
Diluted earnings per share $ 0.77  $ 0.83  $ 0.65  $ (0.06) (7)  % $ 0.12  18   %
Underlying diluted earnings per share 0.77  0.85  0.79  (0.08) (9) (0.02) (3)
Performance metrics
Net interest margin 2.89  % 2.86  % 2.90  % 3   bps (1)  bp
Net interest margin, FTE 2.90  2.87  2.91  3  (1)
Effective income tax rate 20.3  21.0  22.3  (78) (202)
Efficiency ratio 67.9  66.3  69.3  164  (142)
Underlying efficiency ratio 67.9  65.4  65.1  255  286 
Return on average tangible common equity 9.6  10.4  8.9  (72) 78 
Underlying return on average tangible common equity 9.6  10.7  10.6  (102) (101)
Return on average total tangible assets 0.73  0.76  0.63  (3) 10 
Underlying return on average total tangible assets 0.73  % 0.78  % 0.75  % (5)  bps (2)  bps
Capital adequacy(2,3)
Common equity tier 1 capital ratio 10.6  % 10.8  % 10.6  %
Total capital ratio 13.9  14.0  13.8 
Tier 1 leverage ratio 9.4  9.4  9.3 
Tangible common equity ratio 7.0  6.8  6.5 
Allowance for credit losses to loans and leases 1.61  % 1.62  % 1.61  % (1)  bp —   bps
Asset quality(3)
Nonaccrual loans and leases to loans and leases 1.15  % 1.20  % 1.02  % (5)  bps 13   bps
Allowance for credit losses to nonaccrual loans and leases 140  136  157  4  (17)
Net charge-offs as a % of average loans and leases 0.58  % 0.53  % 0.50  % 5   bps 8   bps

(1) Unless otherwise noted, references to balance sheet items are on an average basis, loans exclude loans held for sale, earnings per share
represent fully diluted per common share and references to NIM are on a FTE basis.
(2) Current reporting-period regulatory capital ratios are preliminary.
(3) Capital adequacy and asset-quality ratios calculated on a period-end basis, except net charge-offs.




3
Citizens Financial Group, Inc.
The following table provides information on Underlying results which exclude the impact of notable items.

Underlying results:

Quarterly Trends
  1Q25 change from
($s in millions, except per share data) 1Q25 4Q24 1Q24 4Q24 1Q24
$/bps % $/bps %
Net interest income $ 1,391  $ 1,412  $ 1,442  $ (21) (1)  % $ (51) (4)  %
Noninterest income 544  564  514  (20) (4) 30  6 
Total revenue $ 1,935  $ 1,976  $ 1,956  $ (41) (2)  % $ (21) (1)  %
Noninterest expense 1,314  1,292  1,273  22  2  41  3 
Provision for credit losses 153  162  171  (9) (6) (18) (11)
Net income available to common stockholders $ 340  $ 378  $ 365  $ (38) (10) % $ (25) (7) %
Performance metrics
EPS $ 0.77  $ 0.85  $ 0.79  $ (0.08) (9)  % $ (0.02) (3)  %
Efficiency ratio 67.9   % 65.4   % 65.1   % 255   bps 286   bps
Return on average tangible common equity 9.6   % 10.7   % 10.6   % (102)  bps (101)  bps




Consolidated balance sheet summary(1):

  1Q25 change from
($s in millions) 1Q25 4Q24 1Q24 4Q24 1Q24
$/bps % $/bps %
Total assets $ 220,148  $ 217,521  $ 220,448  $ 2,627  1   % $ (300) —   %
Total loans and leases 137,635  139,203  143,188  (1,568) (1) (5,553) (4)
Total loans held for sale 2,820  858  555  1,962  229  2,265  NM
Deposits 177,576  174,776  176,428  2,800  2  1,148  1 
Stockholders' equity 24,866  24,254  23,761  612  3  1,105  5 
Stockholders' common equity 22,753  22,141  21,747  612  3  1,006  5 
Tangible common equity $ 14,867  $ 14,246  $ 13,844  $ 621  4   % $ 1,023  7   %
Loan-to-deposit ratio (period-end)(2)
 77.5  % 79.6   % 81.2   % (214)  bps (365)  bps
Loan-to-deposit ratio (average)(2)
 80.9  % 80.9  % 82.2  % 1   bp (135)  bps
(1) Represents period-end unless otherwise noted.
(2) Excludes loans held for sale.

4
Citizens Financial Group, Inc.
Notable items:
There are no notable items in first quarter 2025, as our intention going forward is to limit these to those items of greatest significance. Fourth quarter 2024 and first quarter 2024 results reflect notable items primarily related to integration costs associated with recent acquisitions, as well as TOP revenue and efficiency initiatives and 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 1Q25 4Q24 1Q24
($s in millions, except per share data) Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax
Salaries & benefits $ —  $ —  $ (2) $ (1) $ (2) $ (1)
Equipment and software —  —  —  —  —  — 
Outside services —  —  —  —  (1) (1)
Occupancy —  —  —  —  —  — 
Other expense —  —  —  —  —  — 
   Noninterest expense $ —  $ —  $ (2) $ (1) $ (3) $ (2)
EPS Impact - Noninterest expense $ —  $ —  $ (0.01)
Total Integration-related
 $ —  $ —  $ (2) $ (1) $ (3) $ (2)
EPS Impact - Total Integration-related $ —  $ —  $ (0.01)
Other notable items - TOP & Other 1Q25 4Q24 1Q24
($s in millions, except per share data) Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax
Tax notable items $ —  $ —  $ —  $ —  $ —  $ — 
  Noninterest income —  —  10  8  3  2 
Salaries & benefits —  —  (15) (12) (15) (11)
Equipment and software —  —  (3) (2) (8) (6)
Outside services —  —  (4) (3) (11) (9)
Occupancy —  —  (5) (4) (7) (5)
FDIC special assessment(1)
 —  —  9  6  (35) (26)
Other expense —  —  (4) (3) (6) (4)
   Noninterest expense $ —  $ —  $ (22) $ (18) $ (82) $ (61)
Total Other Notable Items $ —  $ —  $ (12) $ (10) $ (79) $ (59)
EPS Impact - Other Notable Items $ —  $ (0.02) $ (0.13)
Total Notable Items $ —  $ —  $ (14) $ (11) $ (82) $ (61)
Total EPS Impact $ —  $ (0.02) $ (0.14)
(1) The FDIC special assessment earnings per share impact is $0.01 and $(0.06) for fourth quarter 2024 and first 2024 respectively.
















5
Citizens Financial Group, Inc.
Discussion of results:
Net interest income   1Q25 change from
($s in millions) 1Q25 4Q24 1Q24 4Q24 1Q24
$/bps % $/bps %
Interest income:
Interest and fees on loans and leases and loans held for sale $ 1,845  $ 1,931  $ 2,071  $ (86) (4)  % $ (226) (11)  %
Investment securities 418  419  399  (1) —  19  5 
Interest-bearing deposits in banks 89  112  140  (23) (21) (51) (36)
Total interest income $ 2,352  $ 2,462  $ 2,610  $ (110) (4)  % $ (258) (10)  %
Interest expense:
Deposits $ 795  $ 883  $ 987  $ (88) (10)  % $ (192) (19)  %
Short-term borrowed funds 8  1  7  7  NM 1  14 
Long-term borrowed funds 158  166  174  (8) (5) (16) (9)
Total interest expense $ 961  $ 1,050  $ 1,168  $ (89) (8)  % $ (207) (18)  %
Net interest income $ 1,391  $ 1,412  $ 1,442  $ (21) (1)  % $ (51) (4)  %
Net interest margin, FTE 2.90   % 2.87   % 2.91   % 3   bps (1)  bp
First quarter 2025 vs. fourth quarter 2024
Net interest income of $1.4 billion decreased 1.5%, reflecting day count impact of $28 million and slightly lower interest-earning assets, partially offset by the benefit of higher net interest margin.
•Net interest margin of 2.90% increased 3 basis points, given the benefit of lower deposit costs, including improved deposit mix, Non-Core runoff, and lower terminated swap impact, partially offset by the impact of variable-rate asset repricing, net of receive-fixed swaps.
•Interest-bearing deposit costs were down 18 basis points; total deposit costs were down 15 basis points, and total cost of funds were down 14 basis points to 2.09%.
First quarter 2025 vs. first quarter 2024
Net interest income of $1.4 billion decreased 4%, primarily reflecting a 3% decline in average interest-earning assets.
•Net interest margin of 2.90% decreased 1 basis point, as the impact of variable-rate asset repricing was largely offset by the benefit of lower funding costs, Non-Core runoff and fixed-rate asset repricing.





6
Citizens Financial Group, Inc.
Noninterest Income   1Q25 change from
($s in millions) 1Q25 4Q24 1Q24 4Q24 1Q24
$ % $ %
Service charges and fees $ 109  $ 109  $ 96  $ —  —   % $ 13  14   %
Capital markets fees 100  121  118  (21) (17) (18) (15)
Card fees 83  97  86  (14) (14) (3) (3)
Wealth fees(1)
 81  75  68  6  8  13  19 
Mortgage banking fees 59  60  49  (1) (2) 10  20 
Foreign exchange and derivative products 39  35  36  4  11  3  8 
Letter of credit and loan fees 44  45  42  (1) (2) 2  5 
Securities gains, net 7  4  5  3  75 2  40
Other income(2)
 22  28  17  (6) (21) 5  29
Noninterest income $ 544  $ 574  $ 517  $ (30) (5)  % $ 27  5   %
Underlying, as applicable
Card fees $ 83  $ 86  $ 83  $ (3) (3) $ —  — 
Other income(2)
 $ 22  $ 29  $ 17  $ (7) (24) $ 5  29 
Underlying noninterest income $ 544  $ 564  $ 514  $ (20) (4)  % $ 30  6   %
(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.
First quarter 2025 vs. fourth quarter 2024
Underlying noninterest income of $544 million decreased $20 million, or 3.5%.
•Capital markets fees decreased $21 million, primarily driven by seasonality in M&A, with some deals pushed out given market conditions, and lower loan syndication fees, partially offset by increased bond and equity underwriting fees. M&A pipeline is at all time highs in terms of number and volume of transactions.
•Wealth fees increased $6 million, reflecting higher sales of annuity products.
•Foreign exchange and derivative products revenue increased $4 million, driven by increased client hedging activity in commodities.
•Card fees decreased $3 million, given lower seasonal volumes.
First quarter 2025 vs. first quarter 2024
Underlying noninterest income of $544 million increased $30 million, or 6%.
•Service charges and fees increased $13 million, primarily driven by higher cash management and overdraft fees.
•Capital markets fees decreased $18 million, reflecting lower M&A fees partially offset by higher loan syndication and bond underwriting fees.
•Wealth fees increased $13 million, reflecting growth in Private Bank AUM.
•Mortgage banking fees increased $10 million, driven by higher MSR valuation, net of hedging.
•Foreign exchange and derivative products revenue increased $3 million, given increased client activity in commodities and foreign exchange hedging, partially offset by lower interest rate hedging.
7
Citizens Financial Group, Inc.
Noninterest Expense   1Q25 change from
($s in millions) 1Q25 4Q24 1Q24 4Q24 1Q24
$ % $ %
Salaries and employee benefits $ 696  $ 674  $ 691  $ 22  3  % $ 5  1  %
Equipment and software 194  193  192  1  1  2  1 
Outside services 155  170  158  (15) (9) (3) (2)
Occupancy 112  112  114  —  —  (2) (2)
Other operating expense 157  167  203  (10) (6) (46) (23)
Noninterest expense $ 1,314  $ 1,316  $ 1,358  $ (2) —  % $ (44) (3) %
Notable items $ —  $ 24  $ 85  $ (24) (100) % $ (85) (100)%
Underlying, as applicable
Salaries and employee benefits $ 696  $ 657  $ 674  $ 39  6  % $ 22  3  %
Equipment and software 194  190  184  4  2  10  5 
Outside services 155  166  146  (11) (7) 9  6 
Occupancy 112  107  107  5  5  5  5 
Other operating expense 157  172  162  (15) (9) (5) (3)
Underlying noninterest expense $ 1,314  $ 1,292  $ 1,273  $ 22  2  % $ 41  3  %
First quarter 2025 vs. fourth quarter 2024
Underlying noninterest expense of $1.3 billion increased 1.7%.
•Salaries and employee benefits increased $39 million, primarily reflecting a seasonal increase in payroll taxes.
•Equipment and software expense increased $4 million, given increased platform costs tied to higher volumes.
•Outside services decreased $11 million, reflecting lower vendor-related costs from elevated levels.
•Occupancy increased $5 million, primarily due to seasonal increase in branch maintenance and utilities.
•Other operating expense decreased $15 million, primarily reflecting lower marketing-related costs.
The effective tax rate was 20.3% in first quarter 2025, compared with 21.2% on an Underlying basis in fourth quarter 2024, primarily reflecting a higher benefit from tax-advantage investments.
First quarter 2025 vs. first quarter 2024
Underlying noninterest expense of $1.3 billion increased 3%.
•Salaries and employee benefits increased $22 million, reflecting hiring related to the Private Bank and Private Wealth build-out, as well as a broader increase in salaries and benefits.
•Equipment and software increased $10 million, given increased platform costs tied to higher volumes as well as continued technology investment.
•Outside services increased $9 million, largely driven by investments across Consumer and the Private Bank.
•Occupancy increased $5 million, primarily driven by branch transformation efforts and the build-out of Private Bank offices.
•Other operating expense decreased $5 million, primarily reflecting lower fraud losses.
The effective tax rate was 20.3% in first quarter 2025 compared with 22.8% on an Underlying basis in first quarter 2024, primarily given lower stock-related compensation.
8
Citizens Financial Group, Inc.
Interest-earning assets   1Q25 change from
($s in millions) 1Q25 4Q24 1Q24 4Q24 1Q24
Period-end interest-earning assets $ % $ %
Investments $ 43,544  $ 42,217  $ 41,127  $ 1,327  3   % $ 2,417  6   %
Interest-bearing deposits in banks 11,144  9,827  10,893  1,317  13  251  2 
Commercial loans and leases 70,508  69,776  72,823  732  1  (2,315) (3)
Retail loans 67,127  69,427  70,365  (2,300) (3) (3,238) (5)
Total loans and leases 137,635  139,203  143,188  (1,568) (1) (5,553) (4)
Loans held for sale, at fair value 2,820  858  555  1,962  229  2,265  NM
Total loans and leases and loans held for sale 140,455  140,061  143,743  394  —  (3,288) (2)
Total period-end interest-earning assets $ 195,143  $ 192,105  $ 195,763  $ 3,038  2   % $ (620) —   %
Average interest-earning assets
Investments(1)
 $ 46,069  $ 44,823  $ 43,905  $ 1,246  3   % $ 2,164  5   %
Interest-bearing deposits in banks 8,092  9,459  10,268  (1,367) (14) (2,176) (21)
Commercial loans and leases 70,612  71,355  73,842  (743) (1) (3,230) (4)
Retail loans 69,098  69,592  70,980  (494) (1) (1,882) (3)
Total loans and leases 139,710  140,947  144,822  (1,237) (1) (5,112) (4)
Loans held for sale, at fair value 1,187  1,384  1,073  (197) (14) 114  11 
Total loans and leases and loans held for sale 140,897  142,331  145,895  (1,434) (1) (4,998) (3)
Total average interest-earning assets $ 195,058  $ 196,613  $ 200,068  $ (1,555) (1)  % $ (5,010) (3)  %
(1) Total average interest-earning assets excludes the mark-to-market on investment securities and unsettled purchases or sales of loans and investments.
First quarter 2025 vs. fourth quarter 2024
Period-end interest-earning assets of $195.1 billion were up 2% reflecting a $1.3 billion increase in investments in securities and $1.3 billion increase in cash held in interest-bearing deposits. Total loans and leases were down $1.6 billion, reflecting an agreement entered into during the first quarter to sell ~$1.9 billion of Non-Core education loans (“Non-Core transaction”) and the reclassification of these loans to held for sale. Excluding the impact of this transaction, loans and leases were broadly stable, as growth in the Private Bank, higher line utilization in Commercial, and growth in mortgage and home equity was largely offset by runoff in Non-Core loans and commercial real estate paydowns.
Average interest-earning assets of $195.1 billion decreased $1.6 billion, largely driven by a $1.2 billion decrease in total loans and leases, reflecting a decline in Commercial of $743 million, driven primarily by market conditions impacting client demand. In addition, retail decreased $494 million, given the impact of Non-Core runoff, with growth in the Private Bank providing a partial offset. The $1.4 billion decrease in cash held in interest-bearing deposits was largely offset by a $1.2 billion increase in investments.
The average effective duration of the securities portfolio was 3.6 years, compared with 3.7 years at December 31, 2024 and 3.8 years at March 31, 2024.
First quarter 2025 vs. first quarter 2024
Period-end interest-earning assets of $195.1 billion was broadly stable, as a $3.3 billion decrease in total loans and leases and loans held for sale was largely offset by a $2.4 billion increase in investments in securities and a $251 million increase in investments in cash held in interest-bearing deposits. The decrease in loans and leases is driven by a $3.2 billion decrease in retail reflecting the continued Non-Core portfolio runoff and the Non-Core transaction, partially offset by growth in home equity and mortgage, including in the Private Bank. Results also include a decrease in Commercial loans of $2.3 billion reflecting paydowns in commercial real estate, balance sheet optimization and market conditions impacting client demand, partially offset by growth in the Private Bank.
Average interest-earning assets of $195.1 billion decreased $5.0 billion, or 3%, reflecting a $5.0 billion decrease in total loans and leases and loans held for sale. A $2.2 billion increase in investments in securities was offset by a $2.2 billion decrease in cash held in interest-bearing deposits.
9
Citizens Financial Group, Inc.
Deposits   1Q25 change from
($s in millions) 1Q25 4Q24 1Q24 4Q24 1Q24
Period-end deposits $ % $ %
Non-interest bearing demand $ 37,556  $ 36,920  $ 36,593  $ 636  2   % $ 963  3   %
Money market 55,996  55,321  52,182  675  1  3,814  7 
Checking with interest 34,456  33,246  34,487  1,210  4  (31) — 
Savings 25,765  25,976  27,912  (211) (1) (2,147) (8)
Time 23,803  23,313  25,254  490  2  (1,451) (6)
Total period-end deposits $ 177,576  $ 174,776  $ 176,428  $ 2,800  2   % $ 1,148  1   %
Average deposits
Non-interest bearing demand $ 36,543  $ 36,704  $ 36,684  $ (161) —   % $ (141) —   %
Money market 54,432  54,548  52,926  (116) —  1,506  3 
Checking with interest 32,693  32,720  32,302  (27) —  391  1 
Savings 25,760  26,237  27,745  (477) (2) (1,985) (7)
Time 23,277  24,053  26,447  (776) (3) (3,170) (12)
Total average deposits $ 172,705  $ 174,262  $ 176,104  $ (1,557) (1)  % $ (3,399) (2)  %
First quarter 2025 vs. fourth quarter 2024
Total period-end deposits of $177.6 billion are up 2%, reflecting $1.7 billion of growth in the Private Bank and a $1.4 billion increase in Consumer deposits, partially offset by a decline in Commercial given seasonality. Non-interest bearing demand deposits increased $636 million, largely reflecting growth in the Private Bank partially offset by seasonal decline in Commercial.
Average deposits of $172.7 billion decreased 1%, driven by seasonally lower Commercial deposits and a reduction in higher-cost Treasury deposits largely offset by the increase in Private Bank and Consumer deposits.

First quarter 2025 vs. first quarter 2024
Total period-end deposits of $177.6 billion increased 1%, driven by growth in the Private Bank of $6.3 billion, and increase in Consumer deposits, partially offset by a reduction in higher-cost Treasury deposits and lower Commercial balances.
Average deposits of $172.7 billion decreased 2%.

10
Citizens Financial Group, Inc.
Borrowed Funds   1Q25 change from
($s in millions) 1Q25 4Q24 1Q24 4Q24 1Q24
Period-end borrowed funds $ % $ %
Short-term borrowed funds $ 47  $ —  $ 9  $ 47  100 % $ 38  NM
Long-term borrowed funds
FHLB advances 42  53  2,036  (11) (21) (1,994) (98)
Senior debt 7,568  7,168  6,414  400  6  1,154  18 
Subordinated debt and other debt 1,772  1,805  1,825  (33) (2) (53) (3)
Auto collateralized borrowings 2,885  3,375  3,529  (490) (15) (644) (18)
Total borrowed funds $ 12,314  $ 12,401  $ 13,813  $ (87) (1)  % $ (1,499) (11)  %
Average borrowed funds
Short-term borrowed funds $ 675  $ 41  $ 498  $ 634  NM $ 177  36   %
Long-term borrowed funds
FHLB advances 595  172  2,272  423  NM (1,677) (74)
Senior debt 7,133  7,316  6,113  (183) (3) 1,020  17 
Subordinated debt and other debt 1,809  1,808  1,821  1  —  (12) (1)
Auto collateralized borrowings 3,120  3,593  3,458  (473) (13) (338) (10)
Total average borrowed funds $ 13,332  $ 12,930  $ 14,162  $ 402  3   % $ (830) (6)  %
First quarter 2025 vs. fourth quarter 2024
Period-end borrowed funds were down slightly reflecting a decrease in collateralized borrowings on auto loans of $490 million given runoff of the associated portfolio, largely offset by an increase in senior debt of $400 million, reflecting a $750 million issuance and $350 million redemption in the quarter. FHLB advances were stable at low levels.
Average borrowed funds increased $402 million, reflecting a $634 million increase in short-term borrowed funds and $423 million increase in FHLB advances, partially offset by a $473 million decrease in auto collateralized borrowings.
First quarter 2025 vs. first quarter 2024
Period-end borrowed funds decreased by $1.5 billion, given a decrease of $2.0 billion in FHLB advances and $644 million in auto collateralized borrowings, partially offset by a $1.2 billion increase in senior debt given issuances.
Average borrowed funds decreased by $830 million, reflecting a decrease of $1.7 billion in FHLB advances and $338 million in auto collateralized borrowings, given runoff of the Non-Core portfolio, partially offset by a $1.0 billion increase in senior debt issuances.


11
Citizens Financial Group, Inc.
Capital   1Q25 change from
($s and shares in millions, except per share data) 1Q25 4Q24 1Q24 4Q24 1Q24
Period-end capital $ % $ %
Stockholders' equity $ 24,866  $ 24,254  $ 23,761  $ 612  3   % $ 1,105  5   %
Stockholders' common equity 22,753  22,141  21,747  612  3  1,006  5 
Tangible common equity 14,867  14,246  13,844  621  4  1,023  7 
Tangible book value per common share $ 33.97  $ 32.34  $ 30.19  $ 1.63  5   % $ 3.78  13   %
Common shares - at end of period 437.7  440.5  458.5  (2.9) (1) (20.8) (5)
Common shares - average (diluted) 442.2  444.8  463.8  (2.6) (1)  % (21.6) (5)  %
Common equity tier 1 capital ratio(1)
 10.6  % 10.8  % 10.6  %
Total capital ratio(1)
 13.9  14.0  13.8 
Tangible common equity ratio 7.0  6.8  6.5 
Tier 1 leverage ratio(1)
 9.4  9.4  9.3 
(1) Current reporting-period regulatory capital ratios are preliminary.
First quarter 2025
•The CET1 capital ratio of 10.6% as of March 31, 2025 compares with 10.8% at December 31, 2024 and 10.6% at March 31, 2024.
•Total capital ratio of 13.9% compares with 14.0% at December 31, 2024 and 13.8% as of March 31, 2024.
•Tangible common equity ratio of 7.0% compares with 6.8% at December 31, 2024 and 6.5% as of March 31, 2024.
•Tangible book value per common share of $33.97 increased 5.0% compared with fourth quarter 2024, reflecting AOCI impacts from lower long-term rates.
•Paid $186 million in common dividends to shareholders during first quarter 2025. This compares with $188 million in common dividends during fourth quarter 2024 and $197 million during first quarter 2024.
•Repurchased $200 million of common shares during first quarter 2025, compared with $225 million in fourth quarter 2024 and $300 million in first quarter 2024.
12
Citizens Financial Group, Inc.
Credit quality review   1Q25 change from
($s in millions) 1Q25 4Q24 1Q24 4Q24 1Q24
$/bps % $/bps %
Nonaccrual loans and leases(1)
 $ 1,582  $ 1,664  $ 1,469  $ (82) (5)  % $ 113  8   %
90+ days past due and accruing(2)
 155  196  300  (41) (21) (145) (48)
Net charge-offs 200  189  181  11  6  19  10 
Provision for credit losses 153  162  171  (9) (6) (18) (11)
Allowance for credit losses $ 2,212  $ 2,259  $ 2,308  $ (47) (2)  % $ (96) (4)  %
Nonaccrual loans and leases to loans and leases 1.15   % 1.20   % 1.02   % (5)  bps 13   bps
Net charge-offs as a % of total loans and leases 0.58  0.53  0.50  5  8 
Allowance for credit losses to loans and leases 1.61  1.62  1.61  (1) — 
Allowance for credit losses to nonaccrual loans and leases 140   % 136   % 157   % 4   bps (17)  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 $137 million, $172 million, and $202 million of loans fully or partially guaranteed by the FHA, VA, and USDA for March 31, 2025, December 31, 2024, and March 31, 2024, respectively.
First quarter 2025 vs. fourth quarter 2024
•Nonaccrual loans of $1.6 billion decreased $82 million, or 5%, primarily reflecting a decrease in Commercial, as we continue working through the General Office portfolio and the rate of migration to nonaccrual continues to decline. Retail nonaccrual loans decreased as a result of the Non-Core transaction and continued runoff of the auto portfolio. The nonaccrual loans to total loans ratio of 1.15% decreased from 1.20% at December 31, 2024.
•Net charge-offs of $200 million, or 58 basis points of average loans and leases, includes a $25 million, or 7 basis point impact from the Non-Core transaction. Excluding the impact of this transaction, net charge-offs of 51 basis points are down 2 basis points from fourth quarter 2024. Commercial charge-offs are down modestly, with a sequential decline in commercial real estate charge-offs partially offset by a modest increase in C&I. Retail net charge-offs include the recognition of a $25 million charge-off associated with the Non-Core transaction and were broadly stable excluding this transaction.
•The first quarter 2025 provision for credit losses of $153 million compares with $162 million for fourth quarter 2024. The decrease is primarily driven by improving loan mix, primarily reflecting the Non-Core portfolio reduction, declining commercial real estate, 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 1.61% was broadly stable with 1.62% as of December 31, 2024.
•The allowance for credit losses to nonaccrual loans and leases ratio of 140% was up slightly from 136% as of December 31, 2024.
First quarter 2025 vs. first quarter 2024
•Nonaccrual loans increased $113 million, or 8%, primarily reflecting an increase in the General Office segment of commercial real estate. The nonaccrual loans to total loans ratio of 1.15% increased from 1.02% at March 31, 2024.
•Net charge-offs of $200 million, or 58 basis points of average loans and leases, includes the Non-Core transaction charge-off recognized of $25 million. Excluding this transaction, net charge-offs are $175 million, or 51 basis points, a $6 million reduction. This reflects a $4 million decrease in commercial, and broadly stable retail charge-offs outside of the Non-Core transaction.
•Provision for credit losses of $153 million decreased compared with a $171 million provision in first quarter 2024 reflecting the runoff of the Non-Core portfolio and improving loan mix.
•Allowance for credit losses of $2.2 billion decreased $96 million compared with March 31, 2024 given the benefit of Non-Core runoff and improving loan mix. Allowance for credit losses ratio of 1.61% as of March 31, 2025, compares with 1.61% as of March 31, 2024.
•The allowance for credit losses to nonaccrual loans and leases ratio of 140% compares with 157% as of March 31, 2024.
13
Citizens Financial Group, Inc.

Corresponding Financial Tables and Information
Investors are encouraged to review the foregoing summary and discussion of Citizens’ earnings and financial condition in conjunction with the detailed financial tables and other information available on the Investor Relations portion of the company’s website at www.citizensbank.com/about-us.
Media:    Peter Lucht - (781) 655-2289
Investors: Kristin Silberberg - (203) 900-6854
Conference Call
CFG management will host a live conference call today with details as follows:
Time:    8:00 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 April 16, 2025 through May 16, 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 $220.1 billion in assets as of March 31, 2025. 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 approximately 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, LinkedIn or Facebook.

14
Citizens Financial Group, Inc.

Non-GAAP Financial Measures and Reconciliations
Non-GAAP Financial Measures:
This document contains non-GAAP financial measures, with those denoted as Underlying for any given reporting period excluding 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 those measures denoted as Underlying 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. See the following pages for reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures.

We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP measures. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our results reported under GAAP.

15
Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS
1Q25 Change
1Q25 4Q24 1Q24 4Q24 1Q24
$ % $ %
Noninterest income, Underlying:
Noninterest income (GAAP) $544  $574  $517  ($30) (5  %) $27  5  %
Less: Notable items —  10  3  (10) (100) (3) (100)
Noninterest income, Underlying (non-GAAP) $544  $564  $514  ($20) (4  %) $30  6  %
Total revenue, Underlying:
Total revenue (GAAP) A $1,935  $1,986  $1,959  ($51) (3  %) ($24) (1  %)
Less: Notable items —  10  3  (10) (100) (3) (100)
Total revenue, Underlying (non-GAAP) B $1,935  $1,976  $1,956  ($41) (2  %) ($21) (1  %)
Noninterest expense, Underlying:
Noninterest expense (GAAP) C $1,314  $1,316  $1,358  ($2) —  % ($44) (3  %)
Less: Notable items —  24  85  (24) (100) (85) (100)
Noninterest expense, Underlying (non-GAAP) D $1,314  $1,292  $1,273  $22  2  % $41  3  %
Pre-provision profit:
Total revenue (GAAP) A $1,935  $1,986  $1,959  ($51) (3  %) ($24) (1  %)
Less: Noninterest expense (GAAP) C 1,314  1,316  1,358  (2) —  (44) (3)
Pre-provision profit (non-GAAP)
 $621  $670  $601  ($49) (7  %) $20  3  %
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP) B $1,935  $1,976  $1,956  ($41) (2  %) ($21) (1  %)
Less: Noninterest expense, Underlying (non-GAAP) D 1,314  1,292  1,273  22  2  41  3 
Pre-provision profit, Underlying (non-GAAP) $621  $684  $683  ($63) (9  %) ($62) (9  %)
Income before income tax expense, Underlying:
Income before income tax expense (GAAP) E $468  $508  $430  ($40) (8  %) $38  9  %
Less: Income (expense) before income tax expense (benefit) related to notable items —  (14) (82) 14  100 82  100
Income before income tax expense, Underlying (non-GAAP) F $468  $522  $512  ($54) (10  %) ($44) (9  %)
Income tax expense, Underlying:
Income tax expense (GAAP) G $95  $107  $96  ($12) (11  %) ($1) (1  %)
Less: Income tax expense (benefit) related to notable items —  (3) (21) 3  100 21  100
Income tax expense, Underlying (non-GAAP) H $95  $110  $117  ($15) (14  %) ($22) (19  %)
Net income, Underlying:
Net income (GAAP) I $373  $401  $334  ($28) (7  %) $39  12  %
Add: Notable items, net of income tax benefit —  11  61  (11) (100) (61) (100)
Net income, Underlying (non-GAAP) J $373  $412  $395  ($39) (9  %) ($22) (6  %)
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP) K $340  $367  $304  ($27) (7  %) $36  12  %
Add: Notable items, net of income tax benefit —  11  61  (11) (100) (61) (100)
Net income available to common stockholders, Underlying (non-GAAP) L $340  $378  $365  ($38) (10  %) ($25) (7  %)
16
Citizens Financial Group, Inc.
Non-GAAP financial measures and reconciliations (continued)
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS
1Q25 Change
1Q25 4Q24 1Q24 4Q24 1Q24
$/bps % $/bps %
Operating leverage:
Total revenue (GAAP) A $1,935  $1,986  $1,959  ($51) (2.65  %) ($24) (1.23  %)
Less: Noninterest expense (GAAP) C 1,314  1,316  1,358  (2) (0.24) (44) (3.25)
Operating leverage (2.41  %) 2.02  %
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP) B $1,935  $1,976  $1,956  ($41) (2.16  %) ($21) (1.10  %)
Less: Noninterest expense, Underlying (non-GAAP) D 1,314  1,292  1,273  22  1.66  41  3.25 
Operating leverage, Underlying (non-GAAP) (3.82  %) (4.35  %)
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio C/A 67.91  % 66.27  % 69.33  % 164   bps (142)  bps
Efficiency ratio, Underlying (non-GAAP) D/B 67.91  65.36  65.05  255   bps 286   bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rate G/E 20.26  % 21.04  % 22.28  % (78)  bps (202)  bps
Effective income tax rate, Underlying (non-GAAP) H/F 20.26  21.17  22.84  (91)  bps (258)  bps
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP) M $22,188  $22,009  $21,700  $179  1  % $488  2  %
Return on average common equity K/M 6.21  % 6.64  % 5.63  % (43)  bps 58   bps
Return on average common equity, Underlying (non-GAAP) L/M 6.21  6.84  6.77  (63)  bps (56)  bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP) M $22,188  $22,009  $21,700  $179  1  % $488  2  %
Less: Average goodwill (GAAP) 8,187  8,187  8,188  —  —  (1) — 
Less: Average other intangibles (GAAP) 142  136  153  6  4  (11) (7)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 438  436  433  2  —  5  1 
Average tangible common equity (non-GAAP)
 N $14,297  $14,122  $13,792  $175  1  % $505  4  %
Return on average tangible common equity (non-GAAP)
 K/N 9.64  % 10.36  % 8.86  % (72)  bps 78   bps
Return on average tangible common equity, Underlying (non-GAAP) L/N 9.64  10.66  10.65  (102)  bps (101)  bps
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP) O $216,309  $217,548  $220,770  ($1,239) (1  %) ($4,461) (2  %)
Return on average total assets I/O 0.70  % 0.73  % 0.61  % (3)  bps 9   bps
Return on average total assets, Underlying (non-GAAP) J/O 0.70  0.75  0.72  (5)  bps (2)  bps
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP) O $216,309  $217,548  $220,770  ($1,239) (1  %) ($4,461) (2  %)
Less: Average goodwill (GAAP) 8,187  8,187  8,188  —  —  (1) — 
Less: Average other intangibles (GAAP) 142  136  153  6  4  (11) (7)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 438  436  433  2  —  5  1 
Average tangible assets (non-GAAP)
 P $208,418  $209,661  $212,862  ($1,243) (1  %) ($4,444) (2  %)
Return on average total tangible assets (non-GAAP)
 I/P 0.73  % 0.76  % 0.63  % (3)  bps 10   bps
Return on average total tangible assets, Underlying (non-GAAP) J/P 0.73  0.78  0.75  (5)  bps (2)  bps












17
Citizens Financial Group, Inc.





Non-GAAP financial measures and reconciliations (continued)
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS
1Q25 Change
1Q25 4Q24 1Q24 4Q24 1Q24
$/bps % $/bps %
Book value per common share and tangible book value per common share:
Common shares - at period-end (GAAP) Q 437,668,127  440,543,381  458,485,032  (2,875,254) (1  %) (20,816,905) (5  %)
Common stockholders' equity (GAAP) R $22,753  $22,141  $21,747  $612  3  $1,006  5 
Less: Goodwill (GAAP) 8,187  8,187  8,188  —  —  (1) — 
Less: Other intangible assets (GAAP) 137  146  148  (9) (6) (11) (7)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP) 438  438  433  —  —  5  1 
Tangible common equity (non-GAAP)
 S $14,867  $14,246  $13,844  $621  4  % $1,023  7  %
Book value per common share R/Q $51.99  $50.26  $47.43  $1.73  3  % $4.56  10  %
Tangible book value per common share (non-GAAP)
 S/Q $33.97  $32.34  $30.19  $1.63  5  % $3.78  13  %
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) T 438,320,757  440,802,738  461,358,681  (2,481,981) (1  %) (23,037,924) (5  %)
Average common shares outstanding - diluted (GAAP) U 442,200,180  444,836,786  463,797,964  (2,636,606) (1) (21,597,784) (5)
Net income per average common share - basic (GAAP) K/T $0.78  $0.83  $0.66  ($0.05) (6) $0.12  18 
Net income per average common share - diluted (GAAP) K/U 0.77  0.83  0.65  (0.06) (7) 0.12  18 
Net income per average common share - basic, Underlying (non-GAAP) L/T 0.78  0.86  0.79  (0.08) (9) (0.01) (1)
Net income per average common share - diluted, Underlying (non-GAAP) L/U 0.77  0.85  0.79  (0.08) (9) (0.02) (3)
Common equity ratio and tangible common equity ratio:
Total assets (GAAP) V $220,148  $217,521  $220,448  2,627 1  ($300) —  %
Less: Goodwill (GAAP) 8,187  8,187  8,188  — —  (1) — 
Less: Other intangible assets (GAAP) 137  146  148  (9) (6) (11) (7)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP) 438  438  433  — —  5 1 
Tangible assets (non-GAAP) W $212,262  $209,626  $212,545  $2,636 1  % ($283) —  %
Common equity ratio (GAAP) R/V 10.3  % 10.2  % 9.9  % 14 bps 44 bps
Tangible common equity ratio (non-GAAP) S/W 7.0  6.8  6.5  20 bps 50 bps


18
Citizens Financial Group, Inc.
Non-GAAP financial measures and reconciliations (continued)
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS
1Q25 Change
1Q25 4Q24 1Q24 4Q24 1Q24
$/bps % $/bps %
Net interest income and net interest margin on an FTE basis:
Net interest income (annualized) (GAAP) X $5,637  $5,620  $5,796  $17  —  % ($159) (3  %)
Average interest-earning assets (GAAP) Y 195,058  196,613  200,068  (1,555) (1) (5,010) (3)
Net interest margin (GAAP) X/Y 2.89  % 2.86  % 2.90  % 3   bps (1)  bps
Net interest income (GAAP) $1,391  $1,412  $1,442  ($21) (1  %) ($51) (4  %)
FTE adjustment 4  4  4  —  —  —  — 
Net interest income on an FTE basis (non-GAAP) 1,395  1,416  1,446  (21) (1) (51) (4)
Net interest income on an FTE basis (annualized) (non-GAAP) Z 5,653  5,637  5,814  16  —  (161) (3)
Net interest margin on an FTE basis (non-GAAP) Z/Y 2.90  % 2.87  % 2.91  % 3   bps (1)  bps
Card fees, Underlying:
Card fees (GAAP) $83  $97  $86  ($14) (14) ($3) (3%)
Less: Notable items —  11  3  (11) (100) (3) (100)
Card fees, Underlying (non-GAAP) $83  $86  $83  ($3) (3) $—  —  %
Other income, Underlying
Other income (GAAP) $22  $28  $17  ($6) (21) $5  29%
Less: Notable items —  (1) —  1  100  —  — 
Other income, Underlying (non-GAAP) $22  $29  $17  ($7) (24) $5  29  %
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP) $696  $674  $691  $22  3  % $5  1  %
Less: Notable items —  17  17  (17) (100) (17) (100)
Salaries and employee benefits, Underlying (non-GAAP) $696  $657  $674  $39  6  % $22  3  %
Equipment and software, Underlying:
Equipment and software (GAAP)
 $194  $193  $192  $1  1  % $2  1  %
Less: Notable items —  3  8  (3) (100) (8) (100)
Equipment and software, Underlying (non-GAAP) $194  $190  $184  $4  2  % $10  5  %
Outside services, Underlying:
Outside services (GAAP) $155  $170  $158  ($15) (9  %) ($3) (2  %)
Less: Notable items —  4  12  (4) (100) (12) (100)
Outside services, Underlying (non-GAAP) $155  $166  $146  ($11) (7  %) $9  6  %
Occupancy, Underlying:
Occupancy (GAAP) $112  $112  $114  $—  —  % ($2) (2  %)
Less: Notable items —  5  7  (5) (100) (7) (100)
Occupancy, Underlying (non-GAAP) $112  $107  $107  $5  5  % $5  5  %
Other operating expense, Underlying:
Other operating expense (GAAP) $157  $167  $203  ($10) (6  %) ($46) (23  %)
Less: Notable items —  (5) 41  5  100  (41) (100)
Other operating expense, Underlying (non-GAAP) $157  $172  $162  ($15) (9  %) ($5) (3  %)














19
Citizens Financial Group, Inc.
Forward-Looking Statements
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement that does not describe historical or current facts is a forward-looking statement. These statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “goals,” “targets,” “initiatives,” “potentially,” “probably,” “projects,” “outlook,” “guidance” or similar expressions or future conditional verbs such as “may,” “will,” “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, tariffs, 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, 2024 as filed with the Securities and Exchange Commission.
Note: Per share amounts and ratios presented in this document are calculated using whole dollars.
20
Citizens Financial Group, Inc.
CFG-IR
21
EX-99.2 3 a1q25earningspresentatio.htm EX-99.2 a1q25earningspresentatio
1Q25 Financial Results April 16, 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, tariffs, 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, 2024 as filed with the Securities and Exchange Commission. Non-GAAP Financial Measures: This document contains non-GAAP financial measures, with those denoted as Underlying for any given reporting period excluding 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 those measures denoted as Underlying 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 Appendix presents reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures. 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 1Q25 GAAP summary 1Q25 4Q24 1Q24 Q/Q Y/Y $s in millions $/bps % $/bps % Net interest income $ 1,391 $ 1,412 $ 1,442 $ (21) (1) % $ (51) (4) % Noninterest income 544 574 517 (30) (5) 27 5 Total revenue 1,935 1,986 1,959 (51) (3) (24) (1) Noninterest Expense 1,314 1,316 1,358 (2) — (44) (3) Pre-provision profit 621 670 601 (49) (7) 20 3 Provision for credit losses 153 162 171 (9) (6) (18) (11) Income before income tax expense 468 508 430 (40) (8) 38 9 Income tax expense 95 107 96 (12) (11) (1) (1) Net income $ 373 $ 401 $ 334 $ (28) (7) % $ 39 12 % Preferred dividends 33 34 30 (1) (3) 3 10 Net income available to common stockholders $ 340 $ 367 $ 304 $ (27) (7) % $ 36 12 % $s in billions Average interest-earning assets $ 195.1 $ 196.6 $ 200.1 $ (1.6) (1) % $ (5.0) (3) % Average deposits $ 172.7 $ 174.3 $ 176.1 $ (1.6) (1) % $ (3.4) (2) % Performance metrics Net interest margin(1) 2.89 % 2.86 % 2.90 % 3 bps (1) bps Net interest margin, FTE(1) 2.90 2.87 2.91 3 (1) Loan-to-deposit ratio (period-end) 77.5 79.6 81.2 (214) (365) ROTCE 9.6 10.4 8.9 (72) 78 Efficiency ratio 67.9 66.3 69.3 164 (142) Noninterest income as a % of total revenue 28 % 29 % 26 % (76) bps 173 bps Full-time equivalent colleagues 17,315 17,287 17,354 28 — (39) — Operating leverage (2.41) % 2.02 % Per common share Diluted earnings $ 0.77 $ 0.83 $ 0.65 $ (0.06) (7) % $ 0.12 18 % Tangible book value $ 33.97 $ 32.34 $ 30.19 $ 1.63 5 % $ 3.78 13 % Average diluted shares outstanding (in millions) 442.2 444.8 463.8 (2.6) (1) % (21.6) (5) % See pages 30-31 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 29.

 
4 1Q25 Underlying financial summary(1) Q/Q Y/Y $s in millions 1Q25 $/bps % $/bps % Net interest income $ 1,391 $ (21) (1) % $ (51) (4) % Noninterest income 544 (20) (4) 30 6 Total revenue 1,935 (41) (2) (21) (1) Noninterest expense 1,314 22 2 41 3 Pre-provision profit 621 (63) (9) (62) (9) Provision for credit losses 153 (9) (6) (18) (11) Net income available to common stockholders $ 340 $ (38) (10) % $ (25) (7) % Performance metrics Diluted EPS $ 0.77 $ (0.08) (9) % $ (0.02) (3) % Efficiency ratio 67.9 255 bps 286 bps Noninterest income as a % of total revenue 28 % (40) bps 182 bps ROTCE 9.6 % (102) bps (101) bps Tangible book value per share $ 33.97 $ 1.63 5 % $ 3.78 13 % See pages 30-31 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 29. 1Q25 4Q24 1Q24 Notable items impacts Pre-tax EPS Pre-tax EPS Pre-tax EPS ($s in millions except per share data) Integration-related $ — $ — $ (2) $ — $ (3) $ (0.01) TOP/FDIC-related/Other — — (12) (0.02) (79) (0.13) Total $ — $ — $ (14) $ (0.02) $ (82) $ (0.14)

 
5 1Q25 financial performance detail (A) (B) (C) = (A) + (B) (D) (E) = (C) + (D) $s in millions Legacy Core(1) Private Bank Core Non-Core(2) Total CFG Net interest income $1,336 $70.5 $1,406 $(15) $1,391 Noninterest income 530 13.6 544 — 544 Total revenue 1,866 84.1 1,950 (15) 1,935 Noninterest Expense 1,238 59.9 1,298 16 1,314 Pre-provision profit 628 24.2 652 (31) 621 Provision for credit losses 116 — 116 37 153 Income before income tax expense 512 24.2 536 (68) 468 Income tax expense 106 6.1 112 (17) 95 Net income 406 18.1 424 (51) 373 Preferred dividends 33 — 33 — 33 Net income available to common stockholders $373 $18.1 $391 $(51) $340 Contribution to total CFG Diluted EPS $0.84 $0.04 $0.88 $(0.11) $0.77 $s in billions Interest-earning assets (spot) $186 $3.7 $189 $5.9 $195 Loans (spot) 130 3.7 133 4.2 138 Deposits (spot) 169 8.7 178 — 178 Risk-weighted assets (spot) 157 4.1 161 5.9 167 Performance metrics: Net interest margin, FTE(3) 2.93% --- 3.03% (0.90)% 2.90% Loan-to-deposit ratio (spot) 76.8 42.0 75.1 --- 77.5 CET1 capital ratio(4) 11.3 --- 11.1 --- 10.6 ROTCE 10.6 --- 11.1 --- 9.6 Efficiency ratio 66.4 --- 66.6 --- 67.9 Noninterest income as a % of total revenue 28.5 16.1 27.9 --- 28.1 See pages 30-31 for notes.

 
6 1Q25 results in line with our expectations, reflects seasonality ■ Strategic initiatives progressing well: Private Bank, NYC Metro, serving private capital, Balance Sheet Optimization; TOP 10 underway targeting ~$100 million pre-tax run-rate benefit by year-end 2025 ■ Significant NII tailwind from Non-Core and swaps over the medium term; reaffirm target NIM range of 3.25 to 3.50% ■ Entered agreement to sell ~$1.9 billion of Non-Core education loans ("Non-Core transaction") – Post capital redeployment, transaction accretive to NIM, EPS and ROTCE; already included in FY2025 guide – $200 million settled in 1Q25, remainder to settle ratably each quarter through 2025 ■ Net charge-offs of 58 bps reflects impact of the Non-Core transaction; excluding this transaction, net charge-offs are 51 bps, down slightly QoQ with favorable trends in NPAs, down 5% ■ Strong ACL coverage of 1.61% is broadly stable QoQ and reflects improving loan mix ■ Period-end loans down 1% QoQ, reflects the ~$1.9 billion Non-Core transaction and reclassification to loans held for sale; Core loans up ~1% QoQ ■ CET1 ratio of 10.64%(2); 9.1% adjusted for AOCI opt-out removal ■ Strong liquidity profile; spot LDR of 77.5%; pro forma LCR of 122% exceeds Category I Bank requirement of 100% ■ Spot deposits up 2% QoQ; Private Bank spot deposits up $1.7 billion to $8.7 billion ■ EPS of $0.77; ROTCE of 9.6%; PPNR of $621 million, down 9% QoQ on an Underlying basis; no notable items in 1Q25 – NII down 1.5%, driven by day count; NIM of 2.90%, up 3 bps – Fees down 3.5%, primarily reflecting seasonality and market uncertainty impact on Capital Markets; strong growth in Wealth fees and FX and derivatives revenue – Expenses up 1.7%, primarily reflecting seasonal impacts 1Q25 Overview(1) See pages 30-31 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 29. 1Q25 QoQ NII $ 1,391 (1.5) % Fees 544 (3.5) % Expenses 1,314 1.7 % $s in millions Underlying PPNR drivers Credit and loan trends Well positioned for the medium term Maintaining strong capital and liquidity position

 
7 2.87% 0.03% 0.02% 0.01% (0.14)% 0.11% 2.90% 4Q24 Non-Core impact Terminated Swaps Fixed-rate asset repricing Asset yields & mix, net of active swaps* Funding pricing & mix 1Q25 $200.1B $198.5B $197.2B $196.6B $195.1B $1,442 $1,410 $1,369 $1,412 $1,391 2.91% 2.87% 2.77% 2.87% 2.90% 1Q24 2Q24 3Q24 4Q24 1Q25 ■ NII down 1.5%, reflects day count impact of $28MM, slightly lower interest-earning assets, partially offset by higher NIM – NIM of 2.90%, up 3 bps QoQ, given the benefit of lower deposit costs, including improved deposit mix, Non-Core runoff, and lower terminated swap impact, partially offset by variable-rate asset repricing, net of receive- fixed swaps ■ Interest-earning assets yield of 4.84%, down 12 bps, reflects variable-rate asset repricing, net of swaps, given lower short-term rates, partially offset by the benefit of fixed-rate asset repricing ■ Interest-bearing deposit costs decreased 18 bps to 2.37%; cumulative interest-bearing deposit down-beta of ~53% ■ Total deposit costs down 15 bps to 1.87%; total cost of funds down 14 bps to 2.09% Net interest income NII and NIM Average interest-earning assets Net interest income NIM, FTE Linked Quarter NIM 4Q24 to 1Q25 $s in millions, except earning assets *Includes 5 basis point benefit related to active receive-fixed swaps Time-based NIM benefit

 
8 $517 $553 $532 $574 $544 $514 $549 $534 $564 $544 Underlying Notable items 1Q24 2Q24 3Q24 4Q24 1Q25 ■ Underlying noninterest income decreased 3.5%, reflecting the following key business drivers: – Capital markets fees decreased $21 million, primarily driven by seasonality and uncertain market conditions impacting M&A and lower loan syndication fees, partially offset by increased bond and equity underwriting fees. M&A pipeline is at all time highs in terms of number and volume of transactions – Wealth fees increased $6 million, reflecting higher sales of annuity products – Foreign exchange and derivative products revenue increased $4 million, driven by increased client hedging activity in commodities – Card fees decreased $3 million, given lower seasonal volumes Noninterest income(1) $s in millions See pages 30-31 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 29. Linked Quarter Year-Over-Year Noninterest income $s in millions 1Q25 4Q24 1Q24 $ Q/Q Y/Y Service charges and fees $ 109 $ 109 $ 96 $ — $ 13 Capital markets fees 100 121 118 (21) (18) Card fees 83 86 83 (3) — Wealth fees(2) 81 75 68 6 13 Mortgage banking fees 59 60 49 (1) 10 FX and derivative products 39 35 36 4 3 Letter of credit and loan fees 44 45 42 (1) 2 Securities gains, net 7 4 5 3 2 Other income(3) 22 29 17 (7) 5 Noninterest income, underlying $ 544 $ 564 $ 514 $ (20) $ 30 Notable items (4) — 10 3 (10) (3) Noninterest income, reported $ 544 $ 574 $ 517 $ (30) $ 27 * Noninterest income details *3Q24 has notable items of ($2MM) ■ Underlying noninterest income increased 6%, reflecting the following key business drivers: – Service charges and fees increased $13 million, primarily driven by higher cash management and overdraft fees – Capital markets fees decreased $18 million, reflecting lower M&A fees partially offset by higher loan syndication and bond underwriting fees – Wealth fees increased $13 million, reflecting growth in Private Bank AUM – Mortgage banking fees increased $10 million, driven by higher MSR valuation, net of hedging – FX and derivative products revenue increased $3 million, given increased client activity in commodities and foreign exchange hedging, partly offset by lower interest rate hedging

 
9 ■ Underlying noninterest expense of $1.3 billion, up 1.7% – Salaries and benefits increased $39 million, primarily reflecting a seasonal increase in payroll taxes – Equipment and software increased $4 million, given increased platform costs tied to higher volumes – Outside services decreased $11 million, reflecting lower vendor-related costs from elevated levels – Occupancy increased $5 million, primarily due to seasonal increase in branch maintenance and utilities – Other operating expense decreased $15 million, primarily reflecting lower marketing-related costs Noninterest expense(1) See pages 30-31 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 29. Efficiency ratio Linked Quarter Year-Over-Year 69.3% 66.3% 66.2% 66.3% 67.9% 65.1% 64.6% 65.6% 65.4% 67.9% Underlying Notable items 1Q24 2Q24 3Q24 4Q24 1Q25 1Q25 4Q24 1Q24 $ $s in millions Q/Q Y/Y Salaries & employee benefits $ 696 $ 657 $ 674 $ 39 $ 22 Equipment & software 194 190 184 4 10 Outside services 155 166 146 (11) 9 Occupancy 112 107 107 5 5 Other operating expense 157 172 162 (15) (5) Noninterest expense, underlying $ 1,314 $ 1,292 $ 1,273 $ 22 $ 41 Notable items (1) — 24 85 (24) (85) Noninterest expense, reported $ 1,314 $ 1,316 $ 1,358 $ (2) $ (44) Full-time equivalents (FTEs) 17,315 17,287 17,354 28 (39) ■ Underlying noninterest expense of $1.3 billion, up 3% – Salaries and benefits increased $22 million, reflecting hiring related to the Private Bank and Private Wealth build-out, as well as a broader increase in salaries and benefits – Equipment and software increased $10 million, given increased platform costs tied to higher volumes as well as continued technology investment – Outside services increased $9 million, largely driven by investments across Consumer and the Private Bank – Occupancy increased $5 million, primarily driven by branch transformation efforts and the build-out of Private Bank offices – Other operating expense decreased $5 million, primarily reflecting lower fraud losses Noninterest expense details

 
10 $144.8 $143.1 $142.0 $140.9 $139.7 $10.5 $9.4 $8.4 $7.4 $6.4 $134.3 $133.7 $133.6 $133.5 $133.3 Non-Core Core Loan yield 1Q24 2Q24 3Q24 4Q24 1Q25 ~13% QoQ ■ Period-end loans down 1.1%; Core loans up 1% – Private Bank growth of $0.5 billion – Commercial* up $0.4 billion, reflecting higher C&I line utilization – Retail* up $0.2 billion, driven by home equity and mortgage – Non-Core loans down $2.7 billion, primarily reflecting the Non-Core transaction and subsequent reclassification to loans held for sale, and continued runoff ■ Average loans down 0.9%; Core loans stable ■ Loan yield of 5.26%, down 9 bps QoQ, including the benefit of lower swap expense Loans and leases $s in billions Average loans and leases $143.2 $141.8 $141.6 $139.2 $137.6 $9.9 $8.9 $7.9 $6.9 $4.2 $133.3 $132.9 $133.7 $132.3 $133.4 Non-Core Core 1Q24 2Q24 3Q24 4Q24 1Q25 $s in billions Period-end loans and leases 5.64% 5.60% 5.50% 5.35% 5.26% Linked Quarter Year-Over-Year ~39% QoQ ~1% QoQ Stable QoQ *Excludes Non-Core portfolio and Private Bank. See page 38 for details. ■ Period-end loans down $5.6 billion, or 3.9%; Core loans stable – Private Bank growth of $2.6 billion – Retail* up $1.6 billion, driven by home equity and mortgage – Commercial* down $4.0 billion, reflecting paydowns in CRE, BSO actions and market conditions ■ Average loans down $5.1 billion, or 3.5%; Core loans down 1%

 
11 $176.1 $173.7 $174.1 $174.3 $172.7 1Q24 2Q24 3Q24 4Q24 1Q25 Deposit performance and cost of funds $s in billions Average deposits 2.25% 2.24% 2.26% 2.02% 1.87% 2.85% 2.82% 2.86% 2.55% 2.37% Total deposit costs Interest-bearing deposit costs CommercialConsumer Treasury/Other Year-Over-Year Period-end deposits Linked Quarter ■ Period-end deposits up 2%, driven by Private Bank and Consumer, partially offset by a decrease in Commercial given seasonality – Private Bank deposits of $8.7 billion increased $1.7 billion – Citizens Access period-end deposits slightly lower at $10.0 billion ■ Average deposits down 1%, reflecting seasonally lower Commercial and a reduction in higher-cost Treasury, largely offset by $1.0 billion growth in Private Bank ■ Interest-bearing deposit costs down 18 bps – Cumulative interest-bearing deposit down-beta of ~53% ■ Total deposit costs down 15 bps ■ Total cost of funds down 14 bps $s in billions ■ Average deposits down 1.9%; Period-end deposits up $1.1 billion, or 1%, reflecting growth in Private Bank and Consumer, partially offset by a reduction in higher-cost Treasury deposits and lower Commercial balances ■ Interest-bearing deposit costs down 48 bps ■ Total deposit costs down 38 bps ■ Total cost of funds down 37 bps $176.4 $176.4 $175.2 $174.8 $177.6 Consumer Commercial Treasury/Other 1Q24 2Q24 3Q24 4Q24 1Q25

 
12 NIB 21% Money Market 32%Checking With Interest 19% Citizens Access Savings 5% Savings 10% Time 13% Branch Deposits 49% Citizens Access 6% Private Bank/ Private Wealth 6% Business Banking 12% Commercial 24% Treasury/ Other 3% As of 3/31/25 Highly diversified and retail-oriented deposit base $177.6B Period-end deposits Peer Avg(1) Business mix Product mix Total deposits insured/secured(2)Stable retail deposits (excludes Private Bank/ Private Wealth) Peer Avg(1) 42% 42% 42% 21% 21% 21% 21% 21% 21% NIB Low-cost deposits 1Q24 4Q24 1Q25 % NIB and low- cost deposits (3) 55% 67% 68% 4Q24 4Q24 1Q25 64% 67% 67% 4Q24 4Q24 1Q25 Pro forma LCR under Category I Bank rules 122% 119% 122% 3Q24 4Q24 1Q25 100%* *Minimum LCR requirement under Category I Bank rules See pages 30-31 for notes. confirm PB/ PW number

 
13 $171 $182 $172 $162 $153 $181 $184 $192 $189 $200 0.50% 0.52% 0.54% 0.53% 0.58% Provision for credit losses Net charge-offs Net c/o ratio 1Q24 2Q24 3Q24 4Q24 1Q25 0.51% 0.50% 0.52% 0.54% 0.53% 0.58% 0.53% ■ Net charge-offs of $200 million, or 58 bps of average loans, reflect the recognition of a $25 million charge-off associated with the Non-Core transaction – Excluding this transaction, net charge-offs are $175 million, or 51 bps, compared with $189 million, or 53 bps, in the prior quarter ◦ Commercial charge-offs are down modestly with a sequential decline in CRE charge-offs, partially offset by a modest increase in C&I ◦ Retail charge-offs are broadly stable, excluding the charge-off of $25 million recognized as part of the Non-Core transaction ■ Nonaccrual loans decreased 5% QoQ as we continue working through the General Office portfolio and the rate of migration to nonaccrual continues to decline. Retail nonaccrual loans decreased as a result of the Non-Core transaction and continued runoff of the auto portfolio Credit quality overview $s in millions $s in millions Credit provision expense; net charge-offs (1) $1,469 $1,527 $1,687 $1,664 $1,582 $891 $939 $1,071 $1,017 $983 $578 $588 $616 $647 $599 157% 151% 136% 136% 140% Commercial Retail ACL to nonaccrual loans and leases 1Q24 2Q24 3Q24 4Q24 1Q25 $s in millions Nonaccrual loans $171 $182 $172 $162 $153 $181 $184 $192 $189 $200 $143 $190 Provision for credit losses excl. transaction Provision for credit losses Net charge-offs excl. transaction Net charge-offs 1Q24 2Q24 3Q24 4Q24 1Q25 Net c/o ratioNet c/o ratio excl. transaction Net charge-offs associated with Non-Core transaction $175 Net charge-off ratio - excluding Non-Core transaction Commentary

 
14 Allowance for credit losses Current assumptions Property valuations, peak-to-trough % decline ~70% Avg. loss severity (%) ~42% Default rate (%) ~27% General Office ACL coverage 12.3% Allowance for credit losses $351 million General Office key reserve assumptions ■ CRE General Office portfolio of $2.86 billion, down modestly QoQ reflecting 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 was broadly stable at 12.3% compared with 12.4% in 4Q24 – NCOs of~$464 million since March 31, 2023 plus the current ACL balance of $351 million equates to a potential loss rate of ~20%** on this portfolio 4Q24 1Q25 Balance ($B) $ 2.93 $ 2.86 ACL ($MM; % coverage) $ 364 12.4 % $ 351 12.3 % Cumulative NCOs* ($MM) $ 433 $ 464 CRE General Office reserve *Cumulative losses since 3/31/23 $2,308 $2,306 $2,286 $2,259 $2,212 1.25% 1.25% 1.34% 1.39% 1.34% 1.96% 1.99% 1.88% 1.86% 1.86% Retail Commercial Retail ACL Commercial ACL 1Q24 2Q24 3Q24 4Q24 1Q25 $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. ■ The allowance for credit losses decreased slightly given improving loan mix, primarily reflecting the Non-Core portfolio reduction, reduced CRE and lower loss-content originations ■ The economic forecast supporting the allowance reflects a mild recession which contemplates a potential macroeconomic impact from tariffs – Real GDP decline of 0.5% start-to-trough versus 0.4% decline assumed at 4Q24 – Peak unemployment of 5.1% unchanged versus 4Q24 assumption – In addition, we apply a more severe scenario against areas of concern, such as General Office Commentary 1.61% 1.63% 1.61% 1.62% 1.61%Total ACL ratio See pages 30-31 for notes.

 
15 Strong capital position $s in billions (period-end) 1Q24 2Q24 3Q24 4Q24 1Q25 Basel III basis(1) Common equity tier 1 capital $ 18.1 $ 18.1 $ 17.9 $ 17.9 $ 17.8 Risk-weighted assets $ 170.1 $ 168.4 $ 168.6 $ 165.7 $ 166.9 Common equity tier 1 ratio 10.6 % 10.7 % 10.6 % 10.8 % 10.6 % Tier 1 capital ratio 11.8 % 12.0 % 11.9 % 12.1 % 11.9 % Total capital ratio 13.8 % 14.0 % 13.9 % 14.0 % 13.9 % Tangible common equity ratio 6.5 % 6.5 % 7.0 % 6.8 % 7.0 % TBV/share CET1 $ % 4Q24 10.80% $32.34 Net Income 0.22 0.85 2.6% Common and preferred dividends (0.13) (0.51) (1.6) RWA increase (0.07) Treasury stock (0.12) (0.12) (0.4) Goodwill and intangibles — 0.02 0.1 AOCI — 1.50 4.6 Other (0.06) (0.11) (0.3) Total change (0.16) 1.63 5.0% 1Q25 10.64% $33.97 CET1 ratio remains strong(2) Highlights ■ 1Q25 CET1 ratio of 10.64% – 9.1% CET1 ratio adjusted for AOCI opt-out removal ■ TBV/share of $33.97, up 5.0% QoQ, reflects the AOCI impact from lower long-term rates – Tangible common equity ratio of 7.0%, up 20 bps QoQ ■ Total capital returned to shareholders was $386 million in 1Q25 – Paid $186 million in common dividends to shareholders in 1Q25 – Repurchased $200 million of common stock at a weighted-average price of $44.63 in 1Q25 See pages 30-31 for notes.

 
16 $5.8 $4.6 $3.5 $2.6 $1.5 $0.7 $2.9 $2.4 $2.0 $1.5 $0.3$4.0 $3.4 $2.8 $2.4 $1.4 $0.6 $0.2 $0.2 $0.2 $0.2 $0.1 $0.1 $1.6 $1.0 $0.5 1Q25 2Q25 3Q25 4Q25 4Q26 4Q27 Non-Core portfolio - accelerating runoff with education loan sale Non-Core Dedicated structural funding Non-Core portfolio(1) Indirect auto Auto collateralized borrowings $s in billions Other Quarterly 2025 Education (HFS) ■ Entered agreement to sell ~$1.9 billion of Non-Core education loans; $200 million settled in 1Q25, remainder to settle ratably each quarter through 2025 – Proceeds will be used to pay down high-cost funding, invest in securities and fund share repurchases; already included in the full year 2025 guide – Post capital redeployment, transaction is accretive to NIM, EPS and ROTCE – Net charge-off of $25 million recognized in 1Q25, covered by pre-existing reserve ■ Non-Core loan portfolio has been reduced from $6.9 billion at 4Q24 to $4.2 billion at 1Q25, with $1.6 billion in education loans transferred to held for sale as of March 31, 2025 $4.2B ex. HFS $3.6B ex. HFS $3.0B ex. HFS See pages 30-31 for notes. Commentary

 
17 Loans AUM Building a premier Private Bank Five advisor teams added since launch Avg. portfolio yield ~7% ■ Hired wealth teams in San Francisco, Boston, Boca Raton, Naples, Southern California ■ Robust pipeline of advisors interested in our platform Total deposit cost ~2.2% ■ 70% commercial; 30% retail ■ ~41% Noninterest-bearing ■ ~47% Noninterest bearing and checking with interest $2.4 $7.0 $8.7 1Q24 4Q24 1Q25 $0.5 $4.7 $5.2 1Q24 4Q24 1Q25 $1.1 $3.1 $3.7 1Q24 4Q24 1Q25 ■ Tracking well towards target for ~$12B deposits, ~$7B loans and ~$11B AUM by end of 2025 ■ 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 Boston, MA Mill Valley, CA San Francisco, CA Palm Beach, FL New York, NY (2Q25) Menlo Park, CA (2H25) Newport Beach, CA (2H25) San Diego, CA (2H25) Expanding our PBO footprint Private Bank locations Make entire map the same green Financial profitabilityDeposits As of 3/31/25 $s in billions $s in billions $s in billions

 
18 2Q25 outlook vs. 1Q25 See pages 30-31 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 29. 1Q25 2Q25 outlook Net interest income $1,391MM ■ Up ~3% ■ NIM up ~5 bps ■ Earning assets stable Noninterest income $544MM ■ Up mid-to-high single digits; uncertainty from macro environment on Capital Markets Noninterest expense $1,314MM ■ Broadly stable Net charge-offs $200MM; 58 bps (Ex. Non-Core transaction) $175MM; 51 bps ■ Down slightly CET1 ratio(1) 10.6% ■ 10.5-10.75% Tax rate 20.3% ■ 20-21% FY2025 Commentary ■ Broadly reaffirm FY2025 guide ■ If the current macro challenges persist, there could be select risks to the outlook – Persistent market volatility could affect business activity and impact performance in Capital Markets – Anticipated loan growth in 2H25 may moderate if uncertainty is prolonged – Increased risk of recession could lead to higher provision; however, assumptions used in building our reserve are conservative ■ We have potential offsets to these risks should they arise – Lower loan growth could facilitate additional share repurchases and lower deposit costs – Managing down expenses and seeking further streamlining of operations/cost transformation

 
19 Citizens is an attractive investment opportunity Citizens continues to have a series of unique initiatives that will lead to relative medium-term outperformance ■ Transformed Consumer Bank with further deposit growth and Wealth revenue potential; well positioned in NYC Metro to gain market share; performance tracking well ■ Best-positioned Commercial Bank ready to serve private capital and high-growth sectors of the U.S. economy ■ Building premier Wealth/Private Bank franchise - continued to make strong progress, contributing $0.04 to EPS in 1Q25 and targeting ~5%+ earnings accretion in 2025; since launch, added leading wealth teams in San Francisco, Boston, Southern California, and Florida, accelerating AUM growth Citizens has a robust balance sheet 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 10 underway 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 – Entered an agreement to sell ~$1.9 billion Non-Core education loans, accelerating the rundown and releasing capital and liquidity to invest in securities and repurchase shares; accretive to NIM, EPS and ROTCE ■ Credit allowance remains strong and contemplates conservative macroeconomic assumptions – Credit metrics continue to trend favorably ■ Flexibility to support customers and invest while continuing to return capital to shareholders; repurchased $200 million of common stock in 1Q25 ■ 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 ■ Current significant drag from Non-Core dissipates with time

 
Appendix ■ Medium-term NIM outlook ■ Interest Rate Risk Management ■ AOCI accretion ■ Credit

 
21 1Q25 2025 2026 2027 Meaningful NIM improvement over the medium term Medium-term NIM target 3.25 to 3.50% ■ 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 runoff 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 Terminated swaps Non-Core Maturing of legacy active swaps Asset sensitivity/other impacts Projected NIM range Fixed-rate asset repricing benefit Cumulative time-based NIM benefit 4Q26 4Q27In basis points +19 +10 +29 +23 +12 +35 +5 to 10 +15 to +20 -5 to -20 ~3.25 to 3.50% Chart not to scale 2.90% Net benefit 0 to +25 bps 3.25% 3.50% Fed funds at or above 4% favor top end of range or above Fed funds at or below 3% favor bottom of range or below Factors supporting 3.25 to 3.50% NIM ■ Swaps and Non-Core runoff ■ Stable to improving balance sheet mix ■ Fed funds terminal range of 3.0 to 4.0% ■ Cumulative IBD beta of low/mid 50's % +35 bps time-based NIM benefit 1Q25 to 4Q27 4Q25 +5 +7 +12 ~3.05 to 3.10% ~3.15 to 3.30% Ranges/estimates Under review Assumes range for 10-year treasury rate of 4.25 to 4.75% through 2027 Note: probably should only provide 10-year range assumption behind FB/BB ranges provided given we lay out out 3-4% FF scenario supporting NIM outlook? Suggest moving Fixed-rate asset repricing up 1 row

 
22 Interest rate risk management 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% 3.7% 3.6% 3.8% 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% 3.8% 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) ■ Slightly asset sensitive; approximately +/- 1% impact to NII over the next 12 months with a gradual +/- 100 bps change in rates relative to the forward curve ■ Receive-fixed cash flow swaps represent the primary tool to manage overall asset sensitivity – Well hedged against lower rates through mid 2027 ■ Pay-fixed swaps against securities portfolio help protect capital by reducing AOCI volatility 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 $20.6 $12.3 $3.4 $2.8 $12.4 $17.7 $12.1 2024 2025 2026 2027 2028 2029 Maintaining strong liquidity while shortening duration Fixed/floating-rate mix 15% 19% 66% Securities $42B 35% 19% 46% Loans $138B Fixed Fixed with hedges Floating Floating with hedges Commentary 15% 15% 70% 37% 16% 47% To be updated As of 3/31/25

 
23 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 $(2.1) $(1.8) $(1.6) $(0.3) $(0.3) $(0.3) $(0.6) $(0.2) Swaps Pension Securities 3/31/2025 12/31/2025 12/31/2026 $(2.9) $(2.3) $(1.9) ~36% TCE CET1(2) $(2.4) $(2.1) $(1.9) Commentary ■ Expect benefit to capital via accretion to AOCI as unrealized losses "burn off" – ~$0.5 billion in unrealized losses related to securities and pension expected to "burn off" by YE2026, adding ~30 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 ~25 bps; a 50 bp parallel decrease would positively impact by ~25 bps Burn-off by YE2026~21% (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 3.75% (3) Unrealized losses in swap portfolio includes both active and terminated swaps (4) CET1 ratio impact for illustrative purposes assumes the RWA balance at 3/31/25 Projected accretion to TCE and CET1 adjusted for AOCI opt-out removal(1) Accretes to CET1(2) (3) $s in billions

 
24 $70.5B Commercial credit portfolio Commercial portfolio risk ratings(3) $s in billions 56% 59% 60% 17% 16% 16% 20% 18% 17% 7% 7% 7% 1Q24 4Q24 1Q25 B- and lower B+ to B BB+ to BB- AAA+ to BBB- $70.5 Highlights $69.8Balances % of total CFG C&I Finance and Insurance Capital call facilities $ 6.5 5 % Other Finance and Insurance 6.6 5 Other Manufacturing 3.5 3 Technology 2.9 2 Accommodation and Food Services 2.4 2 Health, Pharma, Social Assistance 2.3 2 Professional, Scientific, and Technical Services 2.5 2 Wholesale Trade 2.1 1 Retail Trade 2.1 1 Other Services 2.1 1 Energy & Related 2.0 1 Rental and Leasing 1.1 1 Consumer Products Manufacturing 0.8 1 Administrative and Waste Management Services 1.3 1 Arts, Entertainment, and Recreation 1.5 1 Automotive 1.1 1 Other (1) 3.0 2 Total C&I $ 43.8 32 % CRE Multi-family $ 9.9 7 % Office 5.0 4 Credit tenant lease and life sciences(2) 2.1 2 Other general office 2.9 2 Industrial 3.4 2 Retail 2.9 2 Co-op 1.8 1 Data Center 0.8 1 Hospitality 0.4 — Other (1) 2.5 2 Total CRE $ 26.7 19 % Total Commercial loans & leases $ 70.5 51 % Total CFG $ 137.6 Diverse and granular portfolio ■ Disciplined capital allocation and risk appetite – Highly experienced leadership team – Focused client selection ■ C&I portfolio has focused growth on larger, mid-corporate customers, thereby improving overall asset quality – ~80% of C&I portfolio is investment grade equivalent ■ Leveraged loans ~1.6% 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 – CRE portfolio down $2.1 billion, or 7% year-over-year, driven primarily by paydowns $72.8 See pages 30-31 for notes. $s in billions

 
25 Suburban Class C 2% CBD Class C 6% Suburban Class A 39% CBD Class A 15% Suburban Class B 27% CBD Class B 11% 50% 100% 100% 82% 41% 48% 65% 78% 100% 50% 18% 59% 52% 100% 35% 22% New York, NY Washington, DC Los Angeles, CA Dallas, TX Boston, MA Atlanta, GA Chicago, IL Philadelphia, PA Baltimore, MD Phoenix, AZ Suburban CBD NY 17.3% NJ 12.1% VA 8.4% CA 8.3% TX 7.4% MD 6.7% PA 4.5% MA 4.3% OH 4.1% GA 4.1% IL 3.6% AZ 3.1% MN 2.7% CO 2.5% WA 2.2% Other 8.7% Commercial Real Estate - General Office portfolio well diversified(1) $2.9B General Office by state Other NC CT VT MO FL DC MI UT SC RI NH DE 21% 22% 57% General Office $2.9B Credit Tenant $1.0B Life Sciences $1.1B Office by property type $2.9B General Office class & location Top 10 General Office MSA breakdown Outstanding *Manhattan is ~$158 million $ 805 311 188 131 118 117 103 100 97 89 $s in millions, as of 3/31/25 See pages 30-31 for notes. As of 3/31/25 As of 3/31/25 As of 3/31/25 Commentary ■ General Office portfolio is well diversified geographically ■ 68% suburban, generally performing better than CBD properties ■ 92% Class A/B ■ Continue to work down the portfolio, reducing balance from $4.1 billion in 1Q23 to $2.86 billion in 1Q25, reflecting paydowns and charge-offs – Remaining exposure is well reserved with 12.3% coverage Top 10 General Office MSA breakdown

 
26 44% 46% 46% 31% 31% 30% 16% 14% 14% 4% 4% 4% 5% 5% 6% 1Q24 4Q24 1Q25 49% 25% 6% 5% 8% 7% $67.1B Retail credit portfolio 800+ 740-799 680-739 640-679 <640 $67.1 $s in billions $69.4 Home equity Retail portfolio(1) Residential mortgageAuto Education - in school Education - refinance Other retail ~95% Super-prime/prime* ~78% Secured ■ Retail portfolio mix continues to improve with focus on high quality relationship lending ■ Core real estate secured increased to 75% of the portfolio as Non-Core was reduced significantly from 19% to 6% – Mortgage – FICO ~790; weighted-average LTV of ~51% – Home equity – FICO ~760; ~31% secured by 1st lien ◦ ~99% CLTV less than 80%; ~87% CLTV less than 70% ■ Core unsecured relatively stable at 19%; targeting super- prime/high-prime relationship borrowers – Education – FICO ~785 ◦ In-school - 98% co-signed ◦ Refinance - borrowers at origination employed ~4 years with ~40% having advanced degrees – Other retail - consists of card and Citizens Pay; target high quality borrowers; loss sharing in Citizens Pay High quality, diverse portfolio *Super-prime/prime defined as FICO of 680 or above at origination Retail portfolio FICOs(2) $70.4 Homeowners Stat on % borrowers with deposit account? ~2/3 See pages 30-31 for notes. As of 3/31/25 44% 46% 46% 31% 31% 30% 16% 14% 14% 4% 4% 4% 5% 5% 6% 1Q24 4Q24 1Q25 62% 75% 19% 19%19% 6% 2Q23** 1Q25 Non-Core (Auto & other indirect lending) Core unsecured (Education, Other retail) Core real estate secured (Mortgage, Home equity) of unsecured retail borrowers(3) ■ Core loans secured by real estate have increased to 74% of the retail portfolio ■ Core unsecured, including education and other retail, has reduced to 17% of the retail portfolio, driven primarily by the decline in education refinance activity given higher rates ■ Non-Core has declined to 9% of the retail portfolio, accelerated by the Non-Core transaction of retail portfolio > 680 Improving retail portfolio mix of retail portfolio **2Q23 represents the start of the Non-Core portfolio designation $67.1B$73.0B

 
27 Allocation of allowance for credit losses by product type March 31, 2025 December 31, 2024 $s in millions Loans and Leases Allowance Coverage Loans and Leases Allowance Coverage Commercial and industrial(1) $ 43,781 $629 1.44 % $ 42,551 $592 1.39 % Commercial real estate 26,727 683 2.56 27,225 703 2.58 Total commercial 70,508 1,312 1.86 69,776 1,295 1.86 Residential mortgages 33,114 184 0.56 32,726 194 0.59 Home equity 16,853 132 0.78 16,495 149 0.90 Automobile 4,044 17 0.43 4,744 24 0.51 Education 8,779 271 3.09 10,812 298 2.75 Other retail 4,337 296 6.80 4,650 299 6.44 Total retail loans 67,127 900 1.34 69,427 964 1.39 Allowance for credit losses(2) $137,635 $2,212 1.61 % $139,203 $2,259 1.62 % See pages 30-31 for notes.

 
28 Delinquency by product type March 31, 2025 (%) December 31, 2024 (%) Days Past Due and Accruing Days Past Due and Accruing Current 30-59 60-89 90+ Nonaccrual Current 30-59 60-89 90+ Nonaccrual Commercial and industrial 99.17 % 0.13 % 0.03 % 0.02 % 0.65 % 99.28 % 0.08 % 0.05 % 0.02 % 0.57 % Commercial real estate 96.86 0.49 0.02 0.01 2.62 96.28 0.75 0.10 0.02 2.85 Total commercial 98.29 0.27 0.03 0.02 1.39 98.11 0.34 0.07 0.02 1.46 Residential mortgages(1) 98.69 0.18 0.11 0.42 0.60 97.81 0.77 0.28 0.55 0.59 Home equity 97.61 0.56 0.16 — 1.67 97.59 0.53 0.16 — 1.72 Automobile 96.44 1.98 0.62 — 0.96 96.18 2.11 0.70 — 1.01 Education 99.09 0.44 0.21 0.03 0.23 98.83 0.42 0.21 0.02 0.52 Other retail 97.01 0.97 0.62 0.02 1.38 96.86 0.99 0.67 0.02 1.46 Total retail 98.23 0.47 0.20 0.21 0.89 97.75 0.76 0.30 0.26 0.93 Total 98.27 % 0.36 % 0.11 % 0.11 % 1.15 % 97.93 % 0.55 % 0.18 % 0.14 % 1.20 % See pages 30-31 for notes.

 
29 Notable items(1) There are no notable items in first quarter 2025, as our intention going forward is to limit these to those items of greatest significance. Fourth quarter 2024 and first quarter 2024 results reflect notable items primarily related to integration costs associated with recent acquisitions, as well as TOP revenue and efficiency initiatives and 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 30-31 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 1Q25 4Q24 1Q24 $s in millions, except per share data Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Salaries & benefits $ — $ — $ (2) $ (1) $ (2) $ (1) Equipment and software — — — — — — Outside services — — — — (1) (1) Occupancy — — — — — — Other expense — — — — — — Noninterest expense $ — $ — $ (2) $ (1) $ (3) $ (2) EPS Impact - Noninterest expense $ — $ — $ (0.01) Total Integration Costs $ — $ — $ (2) $ (1) $ (3) $ (2) EPS Impact - Total Integration-related $ — $ — $ (0.01) Other notable items - TOP & Other 1Q25 4Q24 1Q24 $s in millions, except per share data Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Tax notable items $ — $ — $ — $ — $ — $ — Noninterest income $ — $ — $ 10 $ 8 $ 3 $ 2 Salaries & benefits $ — $ — $ (15) $ (12) $ (15) $ (11) Equipment and software — — (3) (2) (8) (6) Outside services — — (4) (3) (11) (9) Occupancy — — (5) (4) (7) (5) FDIC Assessment(1) — — 9 6 (35) (26) Other expense — — (4) (3) (6) (4) Noninterest expense $ — $ — $ (22) $ (18) $ (82) $ (61) Total Other Notable Items $ — $ — $ (12) $ (10) $ (79) $ (59) EPS Impact - Other Notable Items $ — $ (0.02) $ (0.13) Total Notable Items $ — $ — $ (14) $ (11) $ (82) $ (61) Total EPS Impact $ — $ (0.02) $ (0.14) (1) The FDIC special assessment earnings per share impact is $0.01 and $(0.06) for fourth quarter 2024 and first 2024 respectively.

 
30 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 - 1Q25 GAAP Summary 1) See general note a). Notes on slide 4 - 1Q25 Underlying financial summary 1) See note on non-GAAP financial measures. Notes on slide 5 - 1Q25 financial performance detail 1) Legacy Core consists of Commercial, Consumer excluding Private Bank and Non-Core, and Other. 2) At March 31, 2025, the Non-Core segment was fully funded with marginal high-cost funding comprised of FHLB, collateralized auto debt, and brokered certificates of deposit. 3) See general note a). 4) See general note d). Notes on slide 6 - 1Q25 Overview 1) See note on non-GAAP financial measures. 2) See general note d). Notes on slide 8 - Noninterest income 1) See note on non-GAAP financial measures. 2) Effective for 2Q24, Trust and investment services fees was renamed to Wealth fees to better reflect the broad range of wealth-related management fees and services provided to our customers. 3) Includes bank-owned life insurance income and other miscellaneous income for all periods presented. 4) See above note on non-GAAP financial measures. See Notable Items slide 29 for more detail. Notes on slide 9 - Noninterest expense 1) See above note on non-GAAP financial measures. See Notable Items slide 29 for more detail. Notes on slide 12 - Highly diversified and retail-oriented deposit base 1) Estimated based on available company disclosures. 2) Includes collateralized state and municipal balances and excludes bank and nonbank subsidiaries. 3) Includes branch-based checking with interest and savings. Notes on slide 14 - Allowance for credit losses 1) Allowance for credit losses to nonaccrual loans and leases. Notes on slide 15 - Strong capital position 1) See general note d). 2) See general note c). Notes on slide 16 - Non-Core portfolio - accelerating run off with education loan sale 1) See general note c). Notes on slide 18 - 2Q25 outlook vs. 1Q25 1) See general note d). Notes on slide 24 - $70.5B Commercial credit portfolio 1) Includes deferred fees and costs. 2) 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. 3) Reflects period end balances.

 
31 Notes continued Notes on slide 25 - Commercial Real Estate - General Office portfolio well diversified 1) See general note c). Notes on slide 26 - $67.1B Retail credit portfolio 1) See general note c). 2) Reflects period end balances. 3) Estimated based on 2024 data. Source: Citizens customer data, Equifax, Intercontinental Exchange. Notes on slide 27 - 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) Coverage ratio reflects total allowance for credit losses for the respective portfolio. Notes on slide 28 - Delinquency by product type 1) 90+ days past due and accruing includes $137 million, $172 million,and $202 million of loans fully or partially guaranteed by the FHA, VA, and USDA for March 31, 2025, December 31, 2024, and March 31, 2024, respectively. Notes on slide 29 - Notable items 1) See note on non-GAAP financial measures.

 
32 Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS 1Q25 Change 1Q25 4Q24 1Q24 4Q24 1Q24 $ % $ % Noninterest income, Underlying: Noninterest income (GAAP) A $544 $574 $517 ($30) (5%) $27 5% Less: Notable items — 10 3 (10) (100) (3) (100) Noninterest income, Underlying (non-GAAP) B $544 $564 $514 ($20) (4%) $30 6% Total revenue, Underlying: Total revenue (GAAP) C $1,935 $1,986 $1,959 ($51) (3%) ($24) (1%) Less: Notable items — 10 3 (10) (100) (3) (100) Total revenue, Underlying (non-GAAP) D $1,935 $1,976 $1,956 ($41) (2%) ($21) (1%) Noninterest expense, Underlying: Noninterest expense (GAAP) E $1,314 $1,316 $1,358 ($2) —% ($44) (3%) Less: Notable items — 24 85 (24) (100) (85) (100) Noninterest expense, Underlying (non-GAAP) F $1,314 $1,292 $1,273 $22 2% $41 3% Pre-provision profit: Total revenue (GAAP) C $1,935 $1,986 $1,959 ($51) (3%) ($24) (1%) Less: Noninterest expense (GAAP) E 1,314 1,316 1,358 (2) — (44) (3) Pre-provision profit (non-GAAP) $621 $670 $601 ($49) (7%) $20 3% Pre-provision profit, Underlying: Total revenue, Underlying (non-GAAP) D $1,935 $1,976 $1,956 ($41) (2%) ($21) (1%) Less: Noninterest expense, Underlying (non-GAAP) F 1,314 1,292 1,273 22 2 41 3 Pre-provision profit, Underlying (non-GAAP) $621 $684 $683 ($63) (9%) ($62) (9%) Income before income tax expense, Underlying: Income before income tax expense (GAAP) G $468 $508 $430 ($40) (8%) $38 9% Less: Income (expense) before income tax expense (benefit) related to notable items — (14) (82) 14 100 82 100 Income before income tax expense, Underlying (non-GAAP) H $468 $522 $512 ($54) (10%) ($44) (9%) Income tax expense, Underlying: Income tax expense (GAAP) I $95 $107 $96 ($12) (11%) ($1) (1%) Less: Income tax expense (benefit) related to notable items — (3) (21) 3 100 21 100 Income tax expense, Underlying (non-GAAP) J $95 $110 $117 ($15) (14%) ($22) (19%) Net income, Underlying: Net income (GAAP) K $373 $401 $334 ($28) (7%) $39 12% Add: Notable items, net of income tax benefit — 11 61 (11) (100) (61) (100) Net income, Underlying (non-GAAP) L $373 $412 $395 ($39) (9%) ($22) (6%) Net income available to common stockholders, Underlying: Net income available to common stockholders (GAAP) M $340 $367 $304 ($27) (7%) $36 12% Add: Notable items, net of income tax benefit — 11 61 (11) (100) (61) (100) Net income available to common stockholders, Underlying (non-GAAP) N $340 $378 $365 ($38) (10%) ($25) (7%)

 
33 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 1Q25 Change 1Q25 4Q24 1Q24 4Q24 1Q24 $/bps % $/bps % Operating leverage: Total revenue (GAAP) C $1,935 $1,986 $1,959 ($51) (2.65%) ($24) (1.23%) Less: Noninterest expense (GAAP) E 1,314 1,316 1,358 (2) (0.24) (44) (3.25) Operating leverage (2.41%) 2.02% Operating leverage, Underlying: Total revenue, Underlying (non-GAAP) D $1,935 $1,976 $1,956 ($41) (2.16%) ($21) (1.10%) Less: Noninterest expense, Underlying (non-GAAP) F 1,314 1,292 1,273 22 1.66 41 3.25 Operating leverage, Underlying (non-GAAP) (3.82%) (4.35%) Efficiency ratio and efficiency ratio, Underlying: Efficiency ratio E/C 67.91 % 66.27% 69.33 % 164 bps (142) bps Efficiency ratio, Underlying (non-GAAP) F/D 67.91 65.36 65.05 255 bps 286 bps Effective income tax rate and effective income tax rate, Underlying: Effective income tax rate I/G 20.26% 21.04% 22.28 % (78) bps (202) bps Effective income tax rate, Underlying (non-GAAP) J/H 20.26 21.17 22.84 (91) bps (258) bps Return on average common equity and return on average common equity, Underlying: Average common equity (GAAP) O $22,188 $22,009 $21,700 $179 1% $488 2% Return on average common equity M/O 6.21 % 6.64% 5.63 % (43) bps 58 bps Return on average common equity, Underlying (non-GAAP) N/O 6.21 6.84 6.77 (63) bps (56) bps Return on average tangible common equity and return on average tangible common equity, Underlying: Average common equity (GAAP) O $22,188 $22,009 $21,700 $179 1% $488 2% Less: Average goodwill (GAAP) 8,187 8,187 8,188 — — (1) — Less: Average other intangibles (GAAP) 142 136 153 6 4 (11) (7) Add: Average deferred tax liabilities related to goodwill (GAAP) 438 436 433 2 — 5 1 Average tangible common equity (non-GAAP) P $14,297 $14,122 $13,792 $175 1% $505 4% Return on average tangible common equity (non-GAAP) M/P 9.64 % 10.36% 8.86 % (72) bps 78 bps Return on average tangible common equity, Underlying (non-GAAP) N/P 9.64 10.66 10.65 (102) bps (101) bps Return on average total assets and return on average total assets, Underlying: Average total assets (GAAP) Q $216,309 $217,548 $220,770 ($1,239) (1%) ($4,461) (2%) Return on average total assets K/Q 0.70 % 0.73% 0.61 % (3) bps 9 bps Return on average total assets, Underlying (non-GAAP) L/Q 0.70 0.75 0.72 (5) bps (2) bps $s in millions, except share, per share and ratio data

 
34 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 1Q25 Change 1Q25 4Q24 1Q24 4Q24 1Q24 $/bps % $/bps % Return on average total tangible assets and return on average total tangible assets, Underlying: Average total assets (GAAP) Q $216,309 $217,548 $220,770 ($1,239) (1%) ($4,461) (2%) Less: Average goodwill (GAAP) 8,187 8,187 8,188 — — (1) — Less: Average other intangibles (GAAP) 142 136 153 6 4 (11) (7) Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 438 436 433 2 — 5 1 Average tangible assets (non-GAAP) R $208,418 $209,661 $212,862 ($1,243) (1%) ($4,444) (2%) Return on average total tangible assets (non-GAAP) K/R 0.73 % 0.76% 0.63 % (3) bps 10 bps Return on average total tangible assets, Underlying (non-GAAP) L/R 0.73 0.78 0.75 (5) bps (2) bps Book value per common share and tangible book value per common share: Common shares - at period-end (GAAP) S 437,668,127 440,543,381 458,485,032 (2,875,254) (1%) (20,816,905) (5%) Common stockholders' equity (GAAP) T $22,753 $22,141 $21,747 $612 3 $1,006 5 Less: Goodwill (GAAP) 8,187 8,187 8,188 — — (1) — Less: Other intangible assets (GAAP) 137 146 148 (9) (6) (11) (7) Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP) 438 438 433 — — 5 1 Tangible common equity (non-GAAP) U $14,867 $14,246 $13,844 $621 4% $1,023 7% Book value per common share (GAAP) T/S $51.99 $50.26 $47.43 $1.73 3% $4.56 10% Tangible book value per common share (non-GAAP) U/S $33.97 $32.34 $30.19 $1.63 5% $3.78 13% 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) V 438,320,757 440,802,738 461,358,681 (2,481,981) (1%) (23,037,924) (5%) Average common shares outstanding - diluted (GAAP) W 442,200,180 444,836,786 463,797,964 (2,636,606) (1) (21,597,784) (5) Net income per average common share - basic (GAAP) M/V $0.78 $0.83 $0.66 ($0.05) (6) $0.12 18 Net income per average common share - diluted (GAAP) M/W 0.77 0.83 0.65 (0.06) (7) 0.12 18 Net income per average common share - basic, Underlying (non-GAAP) N/V 0.78 0.86 0.79 (0.08) (9) (0.01) (1) Net income per average common share - diluted, Underlying (non-GAAP) N/W 0.77 0.85 0.79 (0.08) (9) (0.02) (3) Dividend payout ratio and dividend payout ratio, Underlying: Cash dividends declared and paid per common share X $0.42 $0.42 $0.42 $— —% $— —% Dividend payout ratio X/(M/V) 54 % 51 % 64 % 325 bps (979) bps Dividend payout ratio, Underlying (non-GAAP) X/(N/V) 54 49 53 500 bps 100 bps Common equity ratio and tangible common equity ratio: Total assets (GAAP) Y $220,148 $217,521 $220,448 $2,627 1 ($300) —% Less: Goodwill (GAAP) 8,187 8,187 8,188 — — (1) — Less: Other intangible assets (GAAP) 137 146 148 (9) (6) (11) (7) Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP) 438 438 433 — — 5 1 Tangible assets (non-GAAP) Z $212,262 $209,626 $212,545 $2,636 1% ($283) —% Common equity ratio (GAAP) T/Y 10.3 % 10.2 % 9.9 % 14 bps 44 bps Tangible common equity ratio (non-GAAP) U/Z 7.0 6.8 6.5 20 bps 50 bps $s in millions, except share, per share and ratio data

 
35 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 1Q25 Change 1Q25 4Q24 1Q24 4Q24 1Q24 $/bps % $/bps % Net interest income and net interest margin on an FTE basis: Net interest income (annualized) (GAAP) AA $5,637 $5,620 $5,796 $17 —% ($159) (3%) Average interest-earning assets (GAAP) BB 195,058 196,613 200,068 (1,555) (1) (5,010) (3) Net interest margin (GAAP) AA/BB 2.89 % 2.86% 2.90% 3 bps (1) bps Net interest income (GAAP) $1,391 $1,412 $1,442 ($21) (1%) ($51) (4%) FTE adjustment 4 4 4 — — — — Net interest income on an FTE basis (non-GAAP) 1,395 1,416 1,446 (21) (1) (51) (4) Net interest income on an FTE basis (annualized) (non-GAAP) CC 5,653 5,637 5,814 16 — (161) (3) Net interest margin on an FTE basis (non-GAAP) CC/BB 2.90 % 2.87% 2.91% 3 bps (1) bps Card fees, Underlying: Card fees (GAAP) $83 $97 $86 ($14) (14%) ($3) (3%) Less: Notable items — 11 3 (11) (100) (3) (100) Card fees, Underlying (non-GAAP) $83 $86 $83 ($3) (3%) $— —% Other income, Underlying Other income (GAAP) $22 $28 $17 ($6) (21%) $5 29% Less: Notable items — (1) — 1 100 — — Other income, Underlying (non-GAAP) $22 $29 $17 ($7) (24%) $5 29% Salaries and employee benefits, Underlying: Salaries and employee benefits (GAAP) $696 $674 $691 $22 3% $5 1% Less: Notable items — 17 17 (17) (100) (17) (100) Salaries and employee benefits, Underlying (non-GAAP) $696 $657 $674 $39 6% $22 3% Equipment and software, Underlying: Equipment and software (GAAP) $194 $193 $192 $1 1% $2 1% Less: Notable items — 3 8 (3) (100) (8) (100) Equipment and software, Underlying (non-GAAP) $194 $190 $184 $4 2% $10 5% Outside services, Underlying: Outside services (GAAP) $155 $170 $158 ($15) (9%) ($3) (2%) Less: Notable items — 4 12 (4) (100) (12) (100) Outside services, Underlying (non-GAAP) $155 $166 $146 ($11) (7%) $9 6% Occupancy, Underlying: Occupancy (GAAP) $112 $112 $114 $— —% ($2) (2%) Less: Notable items — 5 7 (5) (100) (7) (100) Occupancy, Underlying (non-GAAP) $112 $107 $107 $5 5% $5 5% Other operating expense, Underlying: Other operating expense (GAAP) $157 $167 $203 ($10) (6%) ($46) (23%) Less: Notable items — (5) 41 5 100 (41) (100) Other operating expense, Underlying (non-GAAP) $157 $172 $162 ($15) (9%) ($5) (3%) $s in millions, except share, per share and ratio data

 
36 Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS 3Q24 2Q24 Noninterest income, Underlying: Noninterest income (GAAP) A $532 $553 Less: Notable items (2) 4 Noninterest income, Underlying (non-GAAP) B $534 $549 Total revenue, Underlying: Total revenue (GAAP) C $1,901 $1,963 Less: Notable items (2) 4 Total revenue, Underlying (non-GAAP) D $1,903 $1,959 Noninterest expense, Underlying: Noninterest expense (GAAP) E $1,259 $1,301 Less: Notable items 11 36 Noninterest expense, Underlying (non-GAAP) F $1,248 $1,265 Efficiency ratio and efficiency ratio, Underlying: Efficiency ratio E/C 66.2 % 66.3% Efficiency ratio, Underlying (non-GAAP) F/D 65.6 64.6

 
37 Non-GAAP financial measures and reconciliations - CET1 adjusted for AOCI opt-out removal 1Q25 4Q24 CET1 Ratio adjusted for AOCI opt-out removal CET1 capital $ 17,751 $ 17,900 Less: AFS securities - AOCI 1,337 1,613 HTM securities - AOCI(1) 737 756 DTA for AFS/HTM securities 29 30 Pension 298 301 DTA for Pension 3 3 CET 1 capital adjusted for AOCI opt-out removal A $15,347 $15,197 Risk-weighted assets 166,908 165,699 Less: HTM securities - AOCI 128 132 AFS securities - AOCI 224 269 DTA for AFS/HTM securities (1,683) (1,930) Pension 298 301 DTA for Pension (265) (268) Risk-weighted assets adjusted for AOCI opt-out removal B $168,206 $167,195 CET1 Ratio adjusted for AOCI opt-out removal A/B 9.1 % 9.1 % $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

 
38 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 1Q25 Change 1Q25 4Q24 1Q24 4Q24 1Q24 $/bps % $/bps % Total Retail loans - at period-end $67,127 $69,427 $70,365 ($2,300) (3%) ($3,238) (5%) Less: Non-core retail loans - at period-end 4,235 6,942 9,931 (2,707) (39) (5,696) (57) Less: Private bank retail loans - at period-end 1,112 898 209 214 24 903 432 Total Retail loans excluding Private Bank and non-core - at period-end $61,780 $61,587 $60,225 $193 —% $1,555 3% Total Commercial loans - at period-end $70,508 $69,776 $72,823 $732 1% ($2,315) (3%) Less: Private bank commercial loans - at period-end $2,563 $2,228 $895 $335 15 $1,668 186 Total Commercial loans excluding Private Bank - at period-end $67,945 $67,548 $71,928 $397 1% ($3,983) (6%) $s in millions, except share, per share and ratio data

 
39 Non-GAAP financial measures and reconciliations excluding Private Bank & Non-Core $s in millions, except share, per share and ratio data 1Q25 Net income available to common stockholders, Underlying: Net income available to common stockholders (GAAP) $340 Add: Notable items, net of income tax benefit — Net income available to common stockholders, Underlying (non-GAAP) A $340 Private Bank Net income available to common stockholders, (GAAP) 18 Less: Private Bank Notable Items — Private Bank Net income available to common stockholders, Underlying (non-GAAP) B $18 Non-Core Net income available to common stockholders, (GAAP) C ($51) Net income available to common stockholders excluding Private Bank & Non-Core, Underlying (non-GAAP) D=(A-B-C) $373 Return on average tangible common equity and return on average tangible common equity, Underlying: Average common equity (GAAP) $22,188 Less: Average goodwill (GAAP) 8,187 Less: Average other intangibles (GAAP) 142 Add: Average deferred tax liabilities related to goodwill (GAAP) 438 Average tangible common equity (non-GAAP) E $14,297 Return on average tangible common equity excluding Private Bank & Non-Core, Underlying (non-GAAP) D/E 10.6 %

 
EX-99.3 4 q125financialsupplement.htm EX-99.3 Document
















newcfglogomediuma01a21a.jpg


Financial Supplement

First Quarter 2025





















1

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

CONSOLIDATED FINANCIAL HIGHLIGHTS
(dollars in millions, except per share data)
QUARTERLY TRENDS
1Q25 Change
1Q25 4Q24 3Q24 2Q24 1Q24 4Q24 1Q24
$/bps % $/bps %
SELECTED OPERATING DATA
Total revenue $1,935  $1,986  $1,901  $1,963  $1,959  ($51) (3  %) ($24) (1  %)
Noninterest expense 1,314  1,316  1,259  1,301  1,358  (2) —  (44) (3)
Pre-provision profit1
 621  670  642  662  601  (49) (7) 20  3 
Provision (benefit) for credit losses 153  162  172  182  171  (9) (6) (18) (11)
NET INCOME 373  401  382  392  334  (28) (7) 39  12 
Net income, Underlying1
 373  412  392  408  395  (39) (9) (22) (6)
Net income available to common stockholders 340  367  344  357  304  (27) (7) 36  12 
Net income available to common stockholders, Underlying1
 340  378  354  373  365  (38) (10) (25) (7)
PER COMMON SHARE DATA
Basic earnings $0.78  $0.83  $0.77  $0.79  $0.66  ($0.05) (6  %) $0.12  18  %
Diluted earnings 0.77  0.83  0.77  0.78  0.65  (0.06) (7) 0.12  18 
Basic earnings, Underlying1
 0.78  0.86  0.79  0.82  0.79  (0.08) (9) (0.01) (1)
Diluted earnings, Underlying1
 0.77  0.85  0.79  0.82  0.79  (0.08) (9) (0.02) (3)
Cash dividends declared and paid per common share 0.42  0.42  0.42  0.42  0.42  —  —  —  — 
Book value per common share 51.99  50.26  51.25  48.03  47.43  1.73  3  4.56  10 
Tangible book value per common share1
 33.97  32.34  33.54  30.61  30.19  1.63  5  3.78  13 
Dividend payout ratio 54  % 51  % 55  % 53  % 64  % 325   bps (979)  bps
Dividend payout ratio, Underlying1
 54  49  53  51  53  500   bps 100   bps
COMMON SHARES OUTSTANDING
Average: Basic 438,320,757  440,802,738  446,561,996  454,142,489  461,358,681  (2,481,981) (1  %) (23,037,924) (5  %)
   Diluted 442,200,180  444,836,786  449,913,467  456,561,022  463,797,964  (2,636,606) (1) (21,597,784) (5)
Common shares at period-end 437,668,127  440,543,381  445,216,549  452,961,853  458,485,032  (2,875,254) (1) (20,816,905) (5)
1 These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."

3

CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED
(dollars in millions, except per share data)
QUARTERLY TRENDS
1Q25 Change
1Q25 4Q24 3Q24 2Q24 1Q24 4Q24 1Q24
$/bps % $/bps %
FINANCIAL RATIOS
Net interest margin 2.89  % 2.86  % 2.76  % 2.86  % 2.90  % 3 bps (1) bps
Net interest margin, FTE1,2
 2.90  2.87  2.77  2.87  2.91  3 (1)
Return on average common equity 6.21  6.64  6.12  6.70  5.63  (43) 58 
Return on average common equity, Underlying2
 6.21  6.84  6.29  7.00  6.77  (63) (56)
Return on average tangible common equity2
 9.64  10.36  9.45  10.61  8.86  (72) 78 
Return on average tangible common equity, Underlying2
 9.64  10.66  9.71  11.09  10.65  (102) (101)
Return on average total assets 0.70  0.73  0.70  0.72  0.61  (3) 9 
Return on average total assets, Underlying2
 0.70  0.75  0.71  0.75  0.72  (5) (2)
Return on average total tangible assets2
 0.73  0.76  0.72  0.75  0.63  (3) 10 
Return on average total tangible assets, Underlying2
 0.73  0.78  0.74  0.78  0.75  (5) (2)
Effective income tax rate 20.26  21.04  18.56  18.49  22.28  (78) (202)
Effective income tax rate, Underlying2
 20.26  21.17  18.75  20.33  22.84  (91) (258)
Efficiency ratio 67.91  66.27  66.23  66.27  69.33  164  (142)
Efficiency ratio, Underlying2
 67.91  65.36  65.61  64.59  65.05  255  286 
Noninterest income as a % of total revenue 28.14  28.90  27.95  28.16  26.41  (76) 173 
Noninterest income as a % of total revenue, Underlying2
 28.14  28.54  28.05  28.00  26.32  (40) 182 
CAPITAL RATIOS - PERIOD-END (PRELIMINARY)
CET1 capital ratio 10.6  % 10.8  % 10.6  % 10.7  % 10.6  %
Tier 1 capital ratio 11.9  12.1  11.9  12.0  11.8 
Total capital ratio 13.9  14.0  13.9  14.0  13.8 
Tier 1 leverage ratio 9.4  9.4  9.4  9.4  9.3 
Common equity ratio
 10.3  10.2  10.4  9.9  9.9 
Tangible common equity ratio2
 7.0  6.8  7.0  6.5  6.5 
SELECTED BALANCE SHEET DATA
Loan-to-deposit ratio (period-end balances) 77.51  % 79.65  % 80.85  % 80.43  % 81.16  % (214)  bps (365)  bps
Loan-to-deposit ratio (average balances) 80.89  80.88  81.59  82.38  82.24  1   bps (135)  bps
Full-time equivalent colleagues (period-end) 17,315  17,287  17,329  17,510  17,354  28  —  (39) — 
1Net interest margin is presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21% to adjust for the tax-exempt status of income from certain assets held by the Company.
2These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."




4

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(dollars in millions)
QUARTERLY TRENDS
1Q25 Change
1Q25 4Q24 3Q24 2Q24 1Q24 4Q24 1Q24
$ % $ %
INTEREST INCOME
Interest and fees on loans and leases $1,829  $1,910  $1,976  $2,011  $2,051  ($81) (4  %) ($222) (11  %)
Interest and fees on loans held for sale 16  21  19  17  20  (5) (24) (4) (20)
Investment securities 418  419  423  417  399  (1) —  19  5 
Interest-bearing deposits in banks 89  112  121  130  140  (23) (21) (51) (36)
Total interest income 2,352  2,462  2,539  2,575  2,610  (110) (4) (258) (10)
INTEREST EXPENSE
Deposits 795  883  990  965  987  (88) (10) (192) (19)
Short-term borrowed funds 8  1  3  4  7  7  NM 1  14 
Long-term borrowed funds 158  166  177  196  174  (8) (5) (16) (9)
Total interest expense 961  1,050  1,170  1,165  1,168  (89) (8) (207) (18)
Net interest income 1,391  1,412  1,369  1,410  1,442  (21) (1) (51) (4)
NONINTEREST INCOME
Service charges and fees 109  109  109  106  96  —  —  13  14 
Capital markets fees 100  121  94  134  118  (21) (17) (18) (15)
Card fees 83  97  93  92  86  (14) (14) (3) (3)
Wealth fees
 81  75  76  75  68  6  8  13  19 
Mortgage banking fees 59  60  46  54  49  (1) (2) 10  20 
Foreign exchange and derivative products 39  35  36  39  36  4  11  3  8 
Letter of credit and loan fees 44  45  45  43  42  (1) (2) 2  5 
Securities gains, net 7  4  9  —  5  3  75  2  40 
Other income 22  28  24  10  17  (6) (21) 5  29 
Total noninterest income 544  574  532  553  517  (30) (5) 27  5 
TOTAL REVENUE 1,935  1,986  1,901  1,963  1,959  (51) (3) (24) (1)
Provision (benefit) for credit losses 153  162  172  182  171  (9) (6) (18) (11)
NONINTEREST EXPENSE
Salaries and employee benefits 696  674  647  645  691  22  3  5  1 
Equipment and software 194  193  194  190  192  1  1  2  1 
Outside services 155  170  146  165  158  (15) (9) (3) (2)
Occupancy 112  112  108  113  114  —  —  (2) (2)
Other operating expense 157  167  164  188  203  (10) (6) (46) (23)
Total noninterest expense 1,314  1,316  1,259  1,301  1,358  (2) —  (44) (3)
Income before income tax expense 468  508  470  480  430  (40) (8) 38  9 
Income tax expense 95  107  88  88  96  (12) (11) (1) (1)
Net income $373  $401  $382  $392  $334  ($28) (7  %) $39  12  %
Net income, Underlying1
 $373  $412  $392  $408  $395  ($39) (9  %) ($22) (6  %)
Net income available to common stockholders $340  $367  $344  $357  $304  ($27) (7  %) $36  12  %
Net income available to common stockholders, Underlying1
 $340  $378  $354  $373  $365  ($38) (10  %) ($25) (7  %)
1 These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."

5

CONSOLIDATED BALANCE SHEETS (unaudited)
(dollars in millions, except par value)
PERIOD-END BALANCES AS OF MARCH 31, 2025 CHANGE
Mar 31, 2025 Dec 31, 2024 Sept 30, 2024 June 30, 2024 Mar 31, 2024 December 31, 2024 March 31, 2024
$ % $ %
ASSETS
Cash and due from banks $1,082  $1,409  $979  $1,191  $1,098  ($327) (23  %) ($16) (1  %)
Interest-bearing cash and due from banks 10,459  9,192  9,936  10,580  10,501  1,267  14  (42) — 
Interest-bearing deposits in banks 685  635  648  559  392  50  8  293  75 
Debt securities available for sale, at fair value 34,208  32,765  32,835  31,938  31,187  1,443  4  3,021  10 
Debt securities held to maturity 8,469  8,599  8,738  8,895  9,054  (130) (2) (585) (6)
Loans held for sale
 2,820  858  663  683  555  1,962  229  2,265  NM
Loans and leases 137,635  139,203  141,632  141,842  143,188  (1,568) (1) (5,553) (4)
Less: Allowance for loan and lease losses (2,014) (2,061) (2,079) (2,125) (2,086) 47  (2) 72  (3)
Net loans and leases 135,621  137,142  139,553  139,717  141,102  (1,521) (1) (5,481) (4)
Derivative assets 760  408  586  367  469  352  86  291  62 
Premises and equipment 855  875  862  863  872  (20) (2) (17) (2)
Bank-owned life insurance 3,386  3,364  3,346  3,325  3,311  22  1  75  2 
Goodwill 8,187  8,187  8,187  8,187  8,188  —  —  (1) — 
Other intangible assets 137  146  137  139  148  (9) (6) (11) (7)
Other assets 13,479  13,941  13,236  13,494  13,571  (462) (3) (92) (1)
TOTAL ASSETS $220,148  $217,521  $219,706  $219,938  $220,448  $2,627  1  % ($300) —  %
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest-bearing $37,556  $36,920  $35,978  $36,927  $36,593  $636  2  % $963  3  %
Interest-bearing 140,020  137,856  139,210  139,425  139,835  2,164  2  185  — 
Total deposits 177,576  174,776  175,188  176,352  176,428  2,800  2  1,148  1 
Short-term borrowed funds 47  —  15  2  9  47  100  38  NM
Derivative liabilities 883  1,220  1,012  1,547  1,705  (337) (28) (822) (48)
Long-term borrowed funds:
FHLB advances 42  53  553  553  2,036  (11) (21) (1,994) (98)
Senior debt 7,568  7,168  7,766  6,512  6,414  400  6  1,154  18 
Subordinated debt and other debt 4,657  5,180  5,625  6,017  5,354  (523) (10) (697) (13)
Total long-term borrowed funds 12,267  12,401  13,944  13,082  13,804  (134) (1) (1,537) (11)
Other liabilities 4,509  4,870  4,615  5,086  4,741  (361) (7) (232) (5)
TOTAL LIABILITIES 195,282  193,267  194,774  196,069  196,687  2,015  1  (1,405) (1)
STOCKHOLDERS' EQUITY
Preferred stock:
$25.00 par value, 100,000,000 shares authorized for each of the periods presented 2,113  2,113  2,112  2,112  2,014  —  —  99  5 
Common stock:
$0.01 par value, 1,000,000,000 shares authorized for each of the periods presented 7  7  6  6  6  —  —  1  17 
Additional paid-in capital 22,370  22,364  22,327  22,299  22,272  6  —  98  — 
Retained earnings 10,566  10,412  10,233  10,079  9,923  154  1  643  6 
Treasury stock, at cost (7,249) (7,047) (6,820) (6,492) (6,290) (202) (3) (959) (15)
Accumulated other comprehensive income (loss) (2,941) (3,595) (2,926) (4,135) (4,164) 654  18  1,223  29 
TOTAL STOCKHOLDERS' EQUITY 24,866  24,254  24,932  23,869  23,761  612  3  1,105  5 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $220,148  $217,521  $219,706  $219,938  $220,448  $2,627  1  % ($300) —  %
Memo: Total tangible common equity1
 $14,867  $14,246  $14,931  $13,866  $13,844  $621  4  % $1,023  7  %
1 Represents a non-GAAP financial measure. For further information on this measure, refer to "Non-GAAP Financial Measures and Reconciliations."
6

LOANS AND DEPOSITS
(dollars in millions)
PERIOD-END BALANCES AS OF MARCH 31, 2025 CHANGE
Mar 31, 2025 Dec 31, 2024 Sept 30, 2024 June 30, 2024 Mar 31, 2024 Dec 31, 2024 March 31, 2024
$ % $ %
LOANS AND LEASES
Commercial and industrial
 $43,781  $42,551  $43,825  $43,623  $43,951  $1,230  3  % ($170) —  %
Commercial real estate 26,727  27,225  27,983  28,311  28,872  (498) (2) (2,145) (7)
Total commercial 70,508  69,776  71,808  71,934  72,823  732  1  (2,315) (3)
Residential mortgages 33,114  32,726  32,379  31,890  31,512  388  1  1,602  5 
Home equity 16,853  16,495  15,992  15,534  15,113  358  2  1,740  12 
Automobile 4,044  4,744  5,540  6,383  7,277  (700) (15) (3,233) (44)
Education 8,779  10,812  11,118  11,265  11,646  (2,033) (19) (2,867) (25)
Other retail 4,337  4,650  4,795  4,836  4,817  (313) (7) (480) (10)
Total retail 67,127  69,427  69,824  69,908  70,365  (2,300) (3) (3,238) (5)
Total loans and leases $137,635  $139,203 $141,632 $141,842 $143,188 ($1,568) (1  %) ($5,553) (4  %)
Loans held for sale
 2,820  858  663  683  555  1,962  229  2,265  NM
Loans and leases and loans held for sale $140,455  $140,061  $142,295  $142,525  $143,743  $394  —  % ($3,288) (2  %)
DEPOSITS
Noninterest-bearing demand
 $37,556  $36,920  $35,978  $36,927  $36,593  $636  2  % $963  3  %
Money market 55,996  55,321  54,654  52,599  52,182  675  1  3,814  7 
Checking with interest 34,456  33,246  33,680  34,421  34,487  1,210  4  (31) — 
Savings 25,765  25,976  26,489  27,240  27,912  (211) (1) (2,147) (8)
Time
 23,803  23,313  24,387  25,165  25,254  490  2  (1,451) (6)
Total deposits $177,576  $174,776  $175,188  $176,352  $176,428  $2,800  2  % $1,148  1  %


7

AVERAGE BALANCE SHEETS, ANNUALIZED YIELDS AND RATES
(dollars in millions)
QUARTERLY TRENDS 1Q25 Change
1Q25 4Q24 1Q24 4Q24 1Q24
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 $8,092  $89  4.42  % $9,459  $112  4.65  % $10,268  $140  5.39  % ($1,367) ($23) (23) bps ($2,176) ($51) (97) bps
Taxable investment securities 46,068  418  3.63  44,822  419  3.73  43,904  399  3.63  1,246  (1) (10) 2,164  19  —
Non-taxable investment securities 1  —  2.60  1  —  2.60  1  —  2.60  —  —  — —  —  —
Total investment securities 46,069  418  3.63  44,823  419  3.73  43,905  399  3.63  1,246  (1) (10) 2,164  19  —
Commercial and industrial
 43,599  515  4.72  43,674  538  4.82  44,577  635  5.64  (75) (23) (10) (978) (120) (92)
Commercial real estate 27,013  387  5.74  27,681  419  5.93  29,265  468  6.32  (668) (32) (19) (2,252) (81) (58)
Total commercial 70,612  902  5.11  71,355  957  5.25  73,842  1,103  5.91  (743) (55) (14) (3,230) (201) (80)
Residential mortgages 32,872  318  3.86  32,520  310  3.81  31,384  283  3.60  352  8  5 1,488  35  26
Home equity 16,647  293  7.13  16,246  311  7.61  15,080  298  7.94  401  (18) (48) 1,567  (5) (81)
Automobile 4,394  47  4.38  5,129  56  4.29  7,758  82  4.25  (735) (9) 9 (3,364) (35) 13
Education 10,690  148  5.61  10,949  150  5.48  11,816  156  5.31  (259) (2) 13 (1,126) (8) 30
Other retail 4,495  121  10.91  4,748  126  10.60  4,942  129  10.54  (253) (5) 31 (447) (8) 37
Total retail 69,098  927  5.41  69,592  953  5.46  70,980  948  5.36  (494) (26) (5) (1,882) (21) 5
Total loans and leases 139,710  1,829  5.26  140,947  1,910  5.35  144,822  2,051  5.64  (1,237) (81) (9) (5,112) (222) (38)
Loans held for sale
 1,187  16  5.34  1,384  21  6.04  1,073  20  7.27  (197) (5) (70) 114  (4) (193)
Total interest-earning assets 195,058  2,352  4.84  196,613  2,462  4.96  200,068  2,610  5.20  (1,555) (110) (12) (5,010) (258) (36)
Noninterest-earning assets 21,251  20,935  20,702  316  549 
TOTAL ASSETS $216,309  $217,548  $220,770  ($1,239) ($4,461)
INTEREST-BEARING LIABILITIES
Checking with interest $32,693  $110  1.36  % $32,720  $123  1.49  % $32,302  $109  1.35  % ($27) ($13) (13) $391  $1  1
Money market 54,432  357  2.66  54,548  385  2.81  52,926  445  3.38  (116) (28) (15) 1,506  (88) (72)
Savings
 25,760  89  1.39  26,237  107  1.63  27,745  121  1.76  (477) (18) (24) (1,985) (32) (37)
Time
 23,277  239  4.17  24,053  268  4.42  26,447  312  4.74  (776) (29) (25) (3,170) (73) (57)
Total interest-bearing deposits 136,162  795  2.37  137,558  883  2.55  139,420  987  2.85  (1,396) (88) (18) (3,258) (192) (48)
Short-term borrowed funds 675  8  4.53  41  1  7.88  498  7  5.53  634  7  (335) 177  1  (100)
FHLB advances 595  7  4.57  172  2  4.55  2,272  32  5.60  423  5  2 (1,677) (25) (103)
Senior debt 7,133  86  4.85  7,316  90  4.92  6,113  70  4.56  (183) (4) (7) 1,020  16  29
Subordinated debt and other debt 4,929  65  5.30  5,401  74  5.49  5,279  72  5.45  (472) (9) (19) (350) (7) (15)
Total long-term borrowed funds 12,657  158  5.01  12,889  166  5.16  13,664  174  5.08  (232) (8) (15) (1,007) (16) (7)
Total borrowed funds 13,332  166  4.99  12,930  167  5.17  14,162  181  5.09  402  (1) (18) (830) (15) (10)
Total interest-bearing liabilities 149,494  961  2.60  150,488  1,050  2.78  153,582  1,168  3.05  (994) (89) (18) (4,088) (207) (45)
Noninterest-bearing demand deposits
 36,543  36,704  36,684  (161) (141)
Other noninterest-bearing liabilities 5,971  6,235  6,791  (264) (820)
TOTAL LIABILITIES 192,008  193,427  197,057  (1,419) (5,049)
STOCKHOLDERS' EQUITY 24,301  24,121  23,713  180  588 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $216,309  $217,548  $220,770  ($1,239) ($4,461)
INTEREST RATE SPREAD 2.24  % 2.18  % 2.15  % 6 9
NET INTEREST MARGIN AND NET INTEREST INCOME $1,391  2.89  % $1,412  2.86  % $1,442  2.90  % ($21) 3 ($51) (1)
NET INTEREST MARGIN AND NET INTEREST INCOME, FTE1
 $1,395  2.90  % $1,416  2.87  % $1,446  2.91  % ($21) 3 ($51) (1)
Memo: Total deposits (interest-bearing and noninterest-bearing demand)
 $172,705  $795  1.87  % $174,262  $883  2.02  % $176,104  $987  2.25  % ($1,557) ($88) (15) bps ($3,399) ($192) (38) bps

1Net interest income and net interest margin are presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21% to adjust for the tax-exempt status of income from certain assets held by the Company and are considered non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."

8

MORTGAGE BANKING FEES SUMMARY
(dollars in millions)
QUARTERLY TRENDS
1Q25 Change
1Q25 4Q24 3Q24 2Q24 1Q24 4Q24 1Q24
$/bps % $/bps %
MORTGAGE BANKING FEES
Production revenue $15  $14  $15  $14  $15  $1 7  % $— —  %
Mortgage servicing revenue 32  33  33  35  33  (1) (3) (1) (3)
MSR valuation changes, net of hedge impact 12  13  (2) 5  1  (1) (8) 11 NM
Total mortgage banking fees $59  $60  $46  $54  $49  ($1) (2  %) $10 20  %
Pull-through adjusted locks $2,112  $1,543  $1,996  $1,930  $1,404  $569 37  % $708 50  %
Production revenue as a percentage of Pull-through adjusted locks 0.71  % 0.90  % 0.76  % 0.74  % 1.05  % (19)  bps (34)  bps
RESIDENTIAL REAL ESTATE ORIGINATIONS
Retail $1,444  $1,680  $1,749  $1,584  $1,045  ($236) (14  %) $399 38  %
Third Party 1,474  1,341  1,504  1,323  892  133 10  582 65 
Total $2,918  $3,021  $3,253  $2,907  $1,937  ($103) (3  %) $981 51  %
Originated for sale $1,916  $1,948  $2,148  $1,872  $1,296  ($32) (2  %) $620 48  %
Originated for investment 1,002  1,073  1,105  1,035  641  (71) (7) 361 56 
Total $2,918  $3,021  $3,253  $2,907  $1,937  ($103) (3  %) $981 51  %
MORTGAGE SERVICING INFORMATION (UPB)
Loans serviced for others $95,203  $95,600  $96,120  $96,439  $96,952  ($397) —  % ($1,749) (2  %)
Owned loans serviced 33,737  33,064  32,655  32,118  31,659  673 2  2,078 7 
Total $128,940  $128,664  $128,775  $128,557  $128,611  $276 —  % $329 —  %
MSR at fair value $1,397  $1,491  $1,501  $1,568  $1,564  ($94) (6  %) ($167) (11  %)
    

9

SEGMENT FINANCIAL HIGHLIGHTS - CONSUMER BANKING
(dollars in millions)

QUARTERLY TRENDS
CONSUMER BANKING
 1Q25 Change
1Q25 4Q24 3Q24 2Q24 1Q24 4Q24 1Q24
$/bps % $/bps %
Net interest income $1,193  $1,196  $1,156  $1,120  $1,093  ($3) —  % $100  9  %
Noninterest income 297  311  285  277  258  (14) (5) 39  15 
Total revenue 1,490  1,507  1,441  1,397  1,351  (17) (1) 139  10 
Noninterest expense 954  944  916  915  903  10  1  51  6 
Profit (loss) before credit losses 536  563  525  482  448  (27) (5) 88  20 
Net charge-offs 86  82  84  84  81  4  5  5  6 
Income (loss) before income tax expense (benefit) 450  481  441  398  367  (31) (6) 83  23 
Income tax expense (benefit) 114  123  114  102  95  (9) (7) 19  20 
Net income (loss) $336  $358  $327  $296  $272  ($22) (6  %) $64  24  %
AVERAGE BALANCES
Total assets $77,534  $76,608  $75,392  $74,295  $73,833  $926  1  % $3,701  5  %
Total loans and leases1
 71,054  70,274  69,021  67,960  67,448  780  1  3,606  5 
Deposits 125,728  124,552  121,899  120,478  120,019  1,176  1  5,709  5 
Interest-earning assets 71,635  70,857  69,608  68,552  68,050  778  1  3,585  5 
KEY METRICS
Net interest margin 6.76  % 6.72  % 6.60  % 6.57  % 6.46  % 4   bps 30   bps
Efficiency ratio 64.06  62.60  63.53  65.49  66.87  146   bps (281)  bps
Loan-to-deposit ratio (period-end balances) 54.97  55.85  56.34  55.73  55.25  (88)  bps (28)  bps
Loan-to-deposit ratio (average balances) 56.04  55.88  56.05  55.97  55.80  16   bps 24   bps
1 Includes loans held for sale.

















10

SEGMENT FINANCIAL HIGHLIGHTS - COMMERCIAL BANKING
(dollars in millions)

QUARTERLY TRENDS
COMMERCIAL BANKING 1Q25 Change
1Q25 4Q24 3Q24 2Q24 1Q24 4Q24 1Q24
$/bps % $/bps %
Net interest income $441  $464  $478  $494  $514  ($23) (5  %) ($73) (14  %)
Noninterest income 215  232  207  242  227  (17) (7) (12) (5)
Total revenue 656  696  685  736  741  (40) (6) (85) (11)
Noninterest expense 327  313  300  311  317  14  4  10  3 
Profit (loss) before credit losses 329  383  385  425  424  (54) (14) (95) (22)
Net charge-offs 77  91  91  90  81  (14) (15) (4) (5)
Income (loss) before income tax expense (benefit) 252  292  294  335  343  (40) (14) (91) (27)
Income tax expense (benefit) 56  68  63  76  84  (12) (18) (28) (33)
Net income (loss) $196  $224  $231  $259  $259  ($28) (13  %) ($63) (24  %)
AVERAGE BALANCES
Total assets $65,366  $66,787  $68,092  $68,958  $70,100  ($1,421) (2  %) ($4,734) (7  %)
Total loans and leases1
 62,437  63,789  64,974  65,997  67,187  (1,352) (2) (4,750) (7)
Deposits 42,178  43,597  44,190  44,203  45,912  (1,419) (3) (3,734) (8)
Interest-earning assets 63,018  64,419  65,550  66,447  67,536  (1,401) (2) (4,518) (7)
KEY METRICS
Net interest margin 2.83  % 2.86  % 2.90  % 2.99  % 3.07  % (3)  bps (24)  bps
Efficiency ratio 49.77  44.78  43.84  42.28  42.80  499   bps 697   bps
Loan-to-deposit ratio (period-end balances) 142.21  139.43  140.42  141.41  143.98  278   bps (177)  bps
Loan-to-deposit ratio (average balances) 146.86  144.70  145.93  148.15  145.05  216   bps 181   bps
1 Includes loans held for sale.

















11

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

QUARTERLY TRENDS
NON-CORE
 1Q25 Change
1Q25 4Q24 3Q24 2Q24 1Q24 4Q24 1Q24
$/bps % $/bps %
Net interest income ($15) ($21) ($28) ($31) ($37) $6  29  % $22  59  %
Noninterest income —  —  —  —  —  —  —  —  — 
Total revenue (15) (21) (28) (31) (37) 6  29  22  59 
Noninterest expense 16  24  23  26  25  (8) (33) (9) (36)
Profit (loss) before credit losses (31) (45) (51) (57) (62) 14  31  31  50 
Net charge offs 37  15  17  10  19  22  147  18  95 
Income (loss) before income tax expense (benefit) (68) (60) (68) (67) (81) (8) (13) 13  16 
Income tax expense (benefit) (17) (15) (17) (17) (21) (2) (13) 4  19 
Net income (loss) ($51) ($45) ($51) ($50) ($60) ($6) (13  %) $9  15  %
AVERAGE BALANCES
Total assets $6,536  $7,428  $8,389  $9,418  $10,554  ($892) (12  %) ($4,018) (38  %)
Total loans and leases1
 6,510  7,394  8,352  9,376  10,507  (884) (12) (3,997) (38)
Interest-earning assets 6,510  7,394  8,352  9,376  10,507  (884) (12) (3,997) (38)
KEY METRICS
Net interest margin (0.90) % (1.12) % (1.30) % (1.36) % (1.41) % 22   bps 51   bps
1 Includes loans held for sale.

12

SEGMENT FINANCIAL HIGHLIGHTS - OTHER
(dollars in millions)

QUARTERLY TRENDS
OTHER1
 1Q25 Change
1Q25 4Q24 3Q24 2Q24 1Q24 4Q24 1Q24
$ % $ %
Net interest income ($228) ($227) ($237) ($173) ($128) ($1) —  % ($100) (78  %)
Noninterest income 32  31  40  34  32  1  3  —  — 
Total revenue (196) (196) (197) (139) (96) —  —  (100) (104)
Noninterest expense 17  35  20  49  113  (18) (51) (96) (85)
Profit (loss) before provision (benefit) for credit losses (213) (231) (217) (188) (209) 18  8  (4) (2)
Provision (benefit) for credit losses (47) (26) (20) (2) (10) (21) (81) (37) NM
Income (loss) before income tax expense (benefit) (166) (205) (197) (186) (199) 39  19  33  17 
Income tax expense (benefit) (58) (69) (72) (73) (62) 11  16  4  6 
Net income (loss) ($108) ($136) ($125) ($113) ($137) $28  21  % $29  21  %
AVERAGE BALANCES
Total assets $66,873  $66,725  $66,705  $66,551  $66,283  $148  —  % $590  1  %
Total loans and leases2
 896  874  837  789  754  22  3  142  19 
Deposits 4,799  6,113  7,962  8,989  10,173  (1,314) (21) (5,374) (53)
Interest-earning assets 53,896  53,944  53,654  54,089  53,976  (48) —  (80) — 
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.
13

CREDIT-RELATED INFORMATION
(dollars in millions)
AS OF MARCH 31, 2025 CHANGE
Mar 31, 2025 Dec 31, 2024 Sept 30, 2024 June 30, 2024 Mar 31, 2024 Dec 31, 2024 March 31, 2024
$/bps/% % $/bps/% %
NONACCRUAL LOANS AND LEASES
Commercial and industrial
 $283  $241  $219  $261  $294  $42  17  % ($11) (4  %)
Commercial real estate 700  776  852  678  597  (76) (10) 103  17 
Total commercial 983  1,017  1,071  939  891  (34) (3) 92  10 
Residential mortgages1
 198  192  169  153  174  6  3  24  14 
Home equity 282  283  281  279  288  (1) —  (6) (2)
Automobile 39  48  46  44  47  (9) (19) (8) (17)
Education 20  56  59  52  29  (36) (64) (9) (31)
Other retail 60  68  61  60  40  (8) (12) 20  50 
Total retail 599  647  616  588  578  (48) (7) 21  4 
Total nonaccrual loans and leases 1,582  1,664  1,687  1,527  1,469  (82) (5) 113  8 
ASSET QUALITY RATIOS
Allowance for loan and lease losses to loans and leases 1.46  % 1.48  % 1.47  % 1.50  % 1.46  % (2)  bps —   bps
Allowance for credit losses to loans and leases 1.61  1.62  1.61  1.63  1.61  (1)  bps —   bps
Allowance for loan and lease losses to nonaccrual loans and leases 127  124  123  139  142  3  % (15  %)
Allowance for credit losses to nonaccrual loans and leases 140  136  136  151  157  4  % (17  %)
Nonaccrual loans and leases to loans and leases 1.15  1.20  1.19  1.08  1.02  (5)  bps 13   bps
1 Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.




14

CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
AS OF MARCH 31, 2025 CHANGE
Mar 31, 2025 Dec 31, 2024 Sept 30, 2024 June 30, 2024 Mar 31, 2024 Dec 31, 2024 March 31, 2024
$/bps % $/bps %
LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Commercial and industrial
 $9  $8  $5  $7  $23  $1  13  % ($14) (61  %)
Commercial real estate 4  6  15  36  39  (2) (33) (35) (90)
Total commercial 13  14  20  43  62  (1) (7) (49) (79)
Residential mortgages1
 138  179  146  182  209  (41) (23) (71) (34)
Home equity —  —  —  —  —  —  —  —  — 
Automobile —  —  —  —  —  —  —  —  — 
Education 3  2  2  2  2  1  50  1  50 
Other retail 1  1  1  1  27  —  —  (26) (96)
Total retail 142  182  149  185  238  (40) (22) (96) (40)
Total loans and leases $155  $196  $169  $228  $300  ($41) (21  %) ($145) (48  %)
1 90+ days past due and accruing includes $137 million, $172 million, $145 million, $168 million, and $202 million of loans fully or partially guaranteed by the FHA, VA, and USDA for March 31, 2025, December 31, 2024, September 30, 2024, June 30, 2024 and March 31, 2024, respectively.

15

CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
QUARTERLY TRENDS
1Q25 Change
1Q25 4Q24 3Q24 2Q24 1Q24 4Q24 1Q24
$ % $ %
CHARGE-OFFS, RECOVERIES AND RELATED RATIOS
GROSS CHARGE-OFFS
Commercial and industrial
 $34  $22  $57  $14  $14  $12  55  % $20  143  %
Commercial real estate 51  89  49  86  88  (38) (43) (37) (42)
Total commercial 85  111  106  100  102  (26) (23) (17) (17)
Residential mortgages 1  —  1  1  2  1  100  (1) (50)
Home equity 5  6  4  4  4  (1) (17) 1  25 
Automobile 20  22  25  19  28  (2) (9) (8) (29)
Education 56  33  30  31  32  23  70  24  75 
Other retail 67  66  65  68  63  1  2  4  6 
Total retail 149  127  125  123  129  22  17  20  16 
Total gross charge-offs $234  $238  $231  $223  $231  ($4) (2  %) $3  1  %
GROSS RECOVERIES
Commercial and industrial
 $4  $7  $3  $4  $17  ($3) (43  %) ($13) (76  %)
Commercial real estate —  7  5  —  —  (7) (100) —  — 
Total commercial 4  14  8  4  17  (10) (71) (13) (76)
Residential mortgages 1  1  1  1  1  —  —  —  — 
Home equity 5  7  5  7  6  (2) (29) (1) (17)
Automobile 12  12  12  15  14  —  —  (2) (14)
Education 5  5  6  5  5  —  —  —  — 
Other retail 7  10  7  7  7  (3) (30) —  — 
Total retail 30  35  31  35  33  (5) (14) (3) (9)
Total gross recoveries $34  $49  $39  $39  $50  ($15) (31  %) ($16) (32  %)
NET CHARGE-OFFS (RECOVERIES)
Commercial and industrial
 $30  $15  $54  $10  ($3) $15  100  % $33  NM
Commercial real estate 51  82  44  86  88  (31) (38) (37) (42)
Total commercial 81  97  98  96  85  (16) (16) (4) (5)
Residential mortgages —  (1) —  —  1  1  100  (1) (100)
Home equity —  (1) (1) (3) (2) 1  100  2  100 
Automobile 8  10  13  4  14  (2) (20) (6) (43)
Education 51  28  24  26  27  23  82  24  89 
Other retail 60  56  58  61  56  4  7  4  7 
Total retail 119  92  94  88  96  27  29  23  24 
Total net charge-offs $200  $189  $192  $184  $181  $11  6  % $19  10  %

16

CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
QUARTERLY TRENDS
1Q25 Change
1Q25 4Q24 3Q24 2Q24 1Q24 4Q24 1Q24
$/bps % $/bps %
ANNUALIZED NET CHARGE-OFF (RECOVERY) RATES
Commercial and industrial
 0.28  % 0.14  % 0.49  % 0.09  % (0.03  %) 14   bps 31   bps
Commercial real estate 0.77  1.17  0.62  1.20  1.22  (40) (45)
Total commercial 0.47  0.54  0.54  0.53  0.47  (7) — 
Residential mortgages 0.01  —  —  —  0.01  1  — 
Home equity (0.01) (0.01) (0.03) (0.07) (0.06) —  5 
Automobile 0.73  0.83  0.81  0.27  0.73  (10) — 
Education 1.92  1.01  0.85  0.93  0.92  91  100 
Other retail 5.46  4.54  4.93  4.98  4.56  92  90 
Total retail 0.70  0.53  0.54  0.51  0.54  17  16 
Total loans and leases 0.58  % 0.53  % 0.54  % 0.52  % 0.50  % 5   bps 8   bps
Memo: Average loans
Commercial and industrial
 $43,599  $43,674  $44,071  $44,381  $44,577  ($75) —  % ($978) (2  %)
Commercial real estate 27,013  27,681  28,209  28,574  29,265  (668) (2) (2,252) (8)
Total commercial 70,612  71,355  72,280  72,955  73,842  (743) (1) (3,230) (4)
Residential mortgages 32,872  32,520  32,117  31,633  31,384  352  1  1,488  5 
Home equity 16,647  16,246  15,733  15,343  15,080  401  2  1,567  10 
Automobile 4,394  5,129  5,942  6,807  7,758  (735) (14) (3,364) (43)
Education 10,690  10,949  11,155  11,447  11,816  (259) (2) (1,126) (10)
Other retail 4,495  4,748  4,776  4,882  4,942  (253) (5) (447) (9)
Total retail 69,098  69,592  69,723  70,112  70,980  (494) (1) (1,882) (3)
Total loans and leases $139,710  $140,947  $142,003  $143,067  $144,822  ($1,237) (1  %) ($5,112) (4  %)



17

CREDIT-RELATED INFORMATION, CONTINUED
(dollars in millions)
QUARTERLY TRENDS
1Q25 Change
1Q25 4Q24 3Q24 2Q24 1Q24 4Q24 1Q24
$ % $ %
SUMMARY OF CHANGES IN THE COMPONENTS OF THE ALLOWANCE FOR CREDIT LOSSES
Allowance for loan and lease losses - beginning $2,061  $2,079  $2,125  $2,086  $2,098  ($18) (1  %) ($37) (2  %)
Charge-offs:
Commercial 85  111  106  100  102  (26) (23) (17) (17)
Retail 149  127  125  123  129  22  17  20  16 
Total charge-offs 234  238  231  223  231  (4) (2) 3  1 
Recoveries:
Commercial 4  14  8  4  17  (10) (71) (13) (76)
Retail 30  35  31  35  33  (5) (14) (3) (9)
Total recoveries 34  49  39  39  50  (15) (31) (16) (32)
Net charge-offs 200  189  192  184  181  11  6  19  10 
Provision (benefit) for loan and lease losses:
Commercial 89  50  3  144  69  39  78  20  29 
Retail 64  121  143  79  100  (57) (47) (36) (36)
Total provision (benefit) for loan and lease losses 153  171  146  223  169  (18) (11) (16) (9)
Allowance for loan and lease losses - ending $2,014  $2,061  $2,079  $2,125  $2,086  ($47) (2  %) ($72) (3  %)
Allowance for unfunded lending commitments - beginning $198  $207  $181  $222  $220  ($9) (4  %) ($22) (10  %)
Provision (benefit) for unfunded lending commitments —  (9) 26  (41) 2  9  100  % (2) (100)
Allowance for unfunded lending commitments - ending $198  $198  $207  $181  $222  $—  —  % ($24) (11  %)
Total allowance for credit losses - ending $2,212  $2,259  $2,286  $2,306  $2,308  ($47) (2  %) ($96) (4  %)
Memo: Total allowance for credit losses by product
Commercial $1,312  $1,295  $1,351  $1,429  $1,425  $17  1  % ($113) (8  %)
Retail 900  964  935  877  883  (64) (7) 17  2 
Total allowance for credit losses $2,212  $2,259  $2,286  $2,306  $2,308  ($47) (2  %) ($96) (4  %)
18

CAPITAL AND RATIOS
(dollars in millions)
AS OF
MARCH 31, 2025 CHANGE
Mar 31, 2025 Dec 31, 2024 Sept 30, 2024 June 30, 2024 Mar 31, 2024 Dec 31, 2024 March 31, 2024
$ % $ %
CAPITAL RATIOS AND COMPONENTS (PRELIMINARY)
CET1 capital $17,751  $17,900  $17,941  $18,086  $18,090  ($149) (1  %) ($339) (2  %)
Tier 1 capital 19,864  20,013  20,053  20,198  20,104  (149) (1) (240) (1)
Total capital 23,156  23,232  23,352  23,551  23,466  (76) —  (310) (1)
Risk-weighted assets 166,908  165,699  168,552  168,393  170,125  1,209  1  (3,217) (2)
Adjusted average assets1
 211,119  212,555  213,274  214,574  216,001  (1,436) (1) (4,882) (2)
CET1 capital ratio 10.6  % 10.8  % 10.6  % 10.7  % 10.6  %
Tier 1 capital ratio 11.9  12.1  11.9  12.0  11.8 
Total capital ratio 13.9  14.0  13.9  14.0  13.8 
Tier 1 leverage ratio 9.4  9.4  9.4  9.4  9.3 
TANGIBLE COMMON EQUITY (PERIOD-END)
Common stockholders' equity $22,753  $22,141  $22,820  $21,757  $21,747  $612  3  % $1,006  5  %
Less: Goodwill 8,187  8,187  8,187  8,187  8,188  —  —  (1) — 
Less: Other intangible assets 137  146  137  139  148  (9) (6) (11) (7)
Add: Deferred tax liabilities2
 438  438  435  435  433  —  —  5  1 
Total tangible common equity3
 $14,867  $14,246  $14,931  $13,866  $13,844  $621  4  % $1,023  7  %
TANGIBLE COMMON EQUITY (AVERAGE)
Common stockholders' equity $22,188  $22,009  $22,380  $21,427  $21,700  $179  1  % $488  2  %
Less: Goodwill 8,187  8,187  8,187  8,188  8,188  —  —  (1) — 
Less: Other intangible assets 142  136  140  144  153  6  4  (11) (7)
Add: Deferred tax liabilities2
 438  436  435  432  433  2  —  5  1 
Total tangible common equity3
 $14,297  $14,122  $14,488  $13,527  $13,792  $175  1  % $505  4  %
INTANGIBLE ASSETS (PERIOD-END)
Goodwill $8,187  $8,187  $8,187  $8,187  $8,188  $—  —  % ($1) —  %
Other intangible assets 137  146  137  139  148  (9) (6) (11) (7)
Total intangible assets $8,324  $8,333  $8,324  $8,326  $8,336  ($9) —  % ($12) —  %
1 Adjusted 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.
2 Deferred tax liabilities relate to tax-deductible goodwill and other intangible assets.
3 These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."



19


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

Non-GAAP Financial Measures
This document contains non-GAAP financial measures, with those denoted as Underlying for any given reporting period excluding 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 those measures denoted as Underlying 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.

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.

20

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(dollars in millions, except per share data)
QUARTERLY TRENDS
1Q25 Change
1Q25 4Q24 3Q24 2Q24 1Q24 4Q24 1Q24
$ % $ %
Noninterest income, Underlying:
Noninterest income (GAAP) A $544  $574  $532  $553  $517  ($30) (5  %) $27  5  %
Less: Notable items —  10  (2) 4  3  (10) (100) (3) (100)
Noninterest income, Underlying (non-GAAP) B $544  $564  $534  $549  $514  ($20) (4  %) $30  6  %
Total revenue, Underlying:
Total revenue (GAAP) C $1,935  $1,986  $1,901  $1,963  $1,959  ($51) (3  %) ($24) (1  %)
Less: Notable items —  10  (2) 4  3  (10) (100) (3) (100)
Total revenue, Underlying (non-GAAP) D $1,935  $1,976  $1,903  $1,959  $1,956  ($41) (2  %) ($21) (1  %)
Noninterest expense, Underlying:
Noninterest expense (GAAP) E $1,314  $1,316  $1,259  $1,301  $1,358  ($2) —  % ($44) (3  %)
Less: Notable items —  24  11  36  85  (24) (100) (85) (100)
Noninterest expense, Underlying (non-GAAP) F $1,314  $1,292  $1,248  $1,265  $1,273  $22  2  % $41  3  %
Pre-provision profit:
Total revenue (GAAP) C $1,935  $1,986  $1,901  $1,963  $1,959  ($51) (3  %) ($24) (1  %)
Less: Noninterest expense (GAAP) E 1,314  1,316  1,259  1,301  1,358  (2) —  (44) (3)
Pre-provision profit (non-GAAP)
 $621  $670  $642  $662  $601  ($49) (7  %) $20  3  %
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP) D $1,935  $1,976  $1,903  $1,959  $1,956  ($41) (2  %) ($21) (1  %)
Less: Noninterest expense, Underlying (non-GAAP) F 1,314  1,292  1,248  1,265  1,273  22  2  41  3 
Pre-provision profit, Underlying (non-GAAP) $621  $684  $655  $694  $683  ($63) (9  %) ($62) (9  %)
Income before income tax expense, Underlying:
Income before income tax expense (GAAP) G $468  $508  $470  $480  $430  ($40) (8  %) $38  9  %
Less: Income (expense) before income tax expense (benefit) related to notable items —  (14) (13) (32) (82) 14  100  82  100 
Income before income tax expense, Underlying (non-GAAP) H $468  $522  $483  $512  $512  ($54) (10  %) ($44) (9  %)
Income tax expense, Underlying:
Income tax expense (GAAP) I $95  $107  $88  $88  $96  ($12) (11  %) ($1) (1  %)
Less: Income tax expense (benefit) related to notable items —  (3) (3) (16) (21) 3  100  21  100 
Income tax expense, Underlying (non-GAAP) J $95  $110  $91  $104  $117  ($15) (14  %) ($22) (19  %)
Net income, Underlying:
Net income (GAAP) K $373  $401  $382  $392  $334  ($28) (7  %) $39  12  %
Add: Notable items, net of income tax benefit —  11  10  16  61  (11) (100) (61) (100)
Net income, Underlying (non-GAAP) L $373  $412  $392  $408  $395  ($39) (9  %) ($22) (6  %)
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP) M $340  $367  $344  $357  $304  ($27) (7  %) $36  12  %
Add: Notable items, net of income tax benefit —  11  10  16  61  (11) (100) (61) (100)
Net income available to common stockholders, Underlying (non-GAAP) N $340  $378  $354  $373  $365  ($38) (10  %) ($25) (7  %)
21

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

QUARTERLY TRENDS
1Q25 Change
1Q25 4Q24 3Q24 2Q24 1Q24 4Q24 1Q24
$/bps % $/bps %
Operating leverage:
Total revenue (GAAP) C $1,935  $1,986  $1,901  $1,963  $1,959  ($51) (2.65  %) ($24) (1.23  %)
Less: Noninterest expense (GAAP) E 1,314  1,316  1,259  1,301  1,358  (2) (0.24) (44) (3.25)
Operating leverage (2.41  %) 2.02  %
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP) D $1,935  $1,976  $1,903  $1,959  $1,956  ($41) (2.16  %) ($21) (1.10  %)
Less: Noninterest expense, Underlying (non-GAAP) F 1,314  1,292  1,248  1,265  1,273  22  1.66  41  3.25 
Operating leverage, Underlying (non-GAAP) (3.82  %) (4.35  %)
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio E/C 67.91  % 66.27  % 66.23  % 66.27  % 69.33  % 164   bps (142)  bps
Efficiency ratio, Underlying (non-GAAP) F/D 67.91  65.36  65.61  64.59  65.05  255   bps 286   bps
Noninterest income as a % of total revenue, Underlying:
Noninterest income as a % of total revenue A/C 28.14  % 28.90  % 27.95  % 28.16  % 26.41  % (76)  bps 173   bps
Noninterest income as a % of total revenue, Underlying (non-GAAP)
 B/D 28.14  28.54  28.05  28.00  26.32  (40)  bps 182   bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rate I/G 20.26  % 21.04  % 18.56  % 18.49  % 22.28  % (78)  bps (202)  bps
Effective income tax rate, Underlying (non-GAAP) J/H 20.26  21.17  18.75  20.33  22.84  (91)  bps (258)  bps
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP) O $22,188  $22,009  $22,380  $21,427  $21,700  $179  1  % $488  2  %
Return on average common equity M/O 6.21  % 6.64  % 6.12  % 6.70  % 5.63  % (43)  bps 58   bps
Return on average common equity, Underlying (non-GAAP) N/O 6.21  6.84  6.29  7.00  6.77  (63)  bps (56)  bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP) O $22,188  $22,009  $22,380  $21,427  $21,700  $179  1  % $488  2  %
Less: Average goodwill (GAAP) 8,187  8,187  8,187  8,188  8,188  —  —  (1) — 
Less: Average other intangibles (GAAP) 142  136  140  144  153  6  4  (11) (7)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 438  436  435  432  433  2  —  5  1 
Average tangible common equity (non-GAAP)
 P $14,297  $14,122  $14,488  $13,527  $13,792  $175  1  % $505  4  %
Return on average tangible common equity (non-GAAP)
 M/P 9.64  % 10.36  % 9.45  % 10.61  % 8.86  % (72)  bps 78   bps
Return on average tangible common equity, Underlying (non-GAAP) N/P 9.64  10.66  9.71  11.09  10.65  (102)  bps (101)  bps
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP) Q $216,309  $217,548  $218,578  $219,222  $220,770  ($1,239) (1  %) ($4,461) (2  %)
Return on average total assets K/Q 0.70  % 0.73  % 0.70  % 0.72  % 0.61  % (3)  bps 9   bps
Return on average total assets, Underlying (non-GAAP) L/Q 0.70  0.75  0.71  0.75  0.72  (5)  bps (2)  bps
22

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(dollars in millions, except per share data)
QUARTERLY TRENDS
1Q25 Change
1Q25 4Q24 3Q24 2Q24 1Q24 4Q24 1Q24
$/bps % $/bps %
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP) Q $216,309  $217,548  $218,578  $219,222  $220,770  ($1,239) (1  %) ($4,461) (2  %)
Less: Average goodwill (GAAP) 8,187  8,187  8,187  8,188  8,188  — —  (1) — 
Less: Average other intangibles (GAAP) 142  136  140  144  153  6 4  (11) (7)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 438  436  435  432  433  2 —  5 1 
Average tangible assets (non-GAAP)
 R $208,418  $209,661  $210,686  $211,322  $212,862  ($1,243) (1  %) ($4,444) (2  %)
Return on average total tangible assets (non-GAAP)
 K/R 0.73  % 0.76  % 0.72  % 0.75  % 0.63  % (3)  bps 10   bps
Return on average total tangible assets, Underlying (non-GAAP) L/R 0.73  0.78  0.74  0.78  0.75  (5)  bps (2)  bps
Book value per common share and tangible book value per common share:
Common shares - at period-end (GAAP) S 437,668,127  440,543,381  445,216,549  452,961,853  458,485,032  (2,875,254) (1  %) (20,816,905) (5  %)
Common stockholders' equity (GAAP)
T
 $22,753  $22,141  $22,820  $21,757  $21,747  $612 3  $1,006 5 
Less: Goodwill (GAAP) 8,187  8,187  8,187  8,187  8,188  — —  (1) — 
Less: Other intangible assets (GAAP) 137  146  137  139  148  (9) (6) (11) (7)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP) 438  438  435  435  433  — —  5 1 
Tangible common equity (non-GAAP)
U
 $14,867  $14,246  $14,931  $13,866  $13,844  $621 4  % $1,023 7  %
Book value per common share (GAAP)
 T/S $51.99  $50.26  $51.25  $48.03  $47.43  $1.73  3  % $4.56  10  %
Tangible book value per common share (non-GAAP)
U/S
 33.97  32.34  33.54  30.61  30.19  1.63  5  3.78  13 
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)
V
 438,320,757  440,802,738  446,561,996  454,142,489  461,358,681  (2,481,981) (1  %) (23,037,924) (5  %)
Average common shares outstanding - diluted (GAAP)
W
 442,200,180  444,836,786  449,913,467  456,561,022  463,797,964  (2,636,606) (1) (21,597,784) (5)
Net income per average common share - basic (GAAP)
M/V
 $0.78  $0.83  $0.77  $0.79  $0.66  ($0.05) (6) $0.12  18 
Net income per average common share - diluted (GAAP)
M/W
 0.77  0.83  0.77  0.78  0.65  (0.06) (7) 0.12  18 
Net income per average common share - basic, Underlying (non-GAAP)
N/V
 0.78  0.86  0.79  0.82  0.79  (0.08) (9) (0.01) (1)
Net income per average common share - diluted, Underlying (non-GAAP)
N/W
 0.77  0.85  0.79  0.82  0.79  (0.08) (9) (0.02) (3)
Dividend payout ratio and dividend payout ratio, Underlying:
Cash dividends declared and paid per common share
X
 $0.42  $0.42  $0.42  $0.42  $0.42  $—  —  % $—  —  %
Dividend payout ratio
X/(M/V)
 54  % 51  % 55  % 53  % 64  % 325 bps (979) bps
Dividend payout ratio, Underlying (non-GAAP)
X/(N/V)
 54  49  53  51  53  500 bps 100 bps
Common equity ratio and tangible common equity ratio:
Total assets (GAAP)
Y
 $220,148  $217,521  $219,706  $219,938  $220,448  $2,627 1  % ($300) —  %
Less: Goodwill (GAAP) 8,187  8,187  8,187  8,187  8,188  — —  (1) — 
Less: Other intangible assets (GAAP) 137  146  137  139  148  (9) (6) (11) (7)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP) 438  438  435  435  433  — —  5 1 
Tangible assets (non-GAAP)
Z
 $212,262  $209,626  $211,817  $212,047  $212,545  $2,636 1  % ($283) —  %
Common equity ratio (GAAP)
T/Y
 10.3  % 10.2  % 10.4  % 9.9  % 9.9  % 14 bps 44 bps
Tangible common equity ratio (non-GAAP)
U/Z
 7.0  6.8  7.0  6.5  6.5  20 bps 50 bps
23

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED
(dollars in millions, except per share data)
QUARTERLY TRENDS
1Q25 Change
1Q25 4Q24 3Q24 2Q24 1Q24 4Q24 1Q24
$/bps
 %
$/bps
 %
Net interest income and net interest margin on an FTE basis:
Net interest income (annualized) (GAAP) AA $5,637  $5,620  $5,447  $5,674  $5,796  $17  —  % ($159) (3  %)
Average interest-earning assets (GAAP) BB 195,058  196,613  197,164  198,465  200,068  (1,555) (1) (5,010) (3)
Net interest margin (GAAP) AA/BB 2.89  % 2.86  % 2.76  % 2.86  % 2.90  % 3   bps (1)  bps
Net interest income (GAAP) $1,391  $1,412  $1,369  $1,410  $1,442  ($21) (1  %) ($51) (4  %)
FTE adjustment 4  4  4  5  4  —  —  —  — 
Net interest income on an FTE basis (non-GAAP) 1,395  1,416  1,373  1,415  1,446  (21) (1) (51) (4)
Net interest income on an FTE basis (annualized) (non-GAAP) CC 5,653  5,637  5,465  5,692  5,814  16  —  (161) (3)
Net interest margin on an FTE basis (non-GAAP) CC/BB 2.90  % 2.87  % 2.77  % 2.87  % 2.91  % 3   bps (1)  bps
Card fees, Underlying:
Card fees (GAAP)
 $83  $97  $93  $92  $86  ($14) (14  %) ($3) (3  %)
Less: Notable items —  11  6  4  3  (11) (100) (3) (100)
Card fees, Underlying (non-GAAP)
 $83  $86  $87  $88  $83  ($3) (3  %) $—  —  %
Other income, Underlying:
Other income (GAAP) $22  $28  $24  $10  $17  ($6) (21  %) $5  29  %
Less: Notable items —  (1) (8) —  —  1  100  —  — 
Other income, Underlying (non-GAAP) $22  $29  $32  $10  $17  ($7) (24  %) $5  29  %
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP) $696  $674  $647  $645  $691  $22  3  % $5  1  %
Less: Notable items —  17  4  8  17  (17) (100) (17) (100)
Salaries and employee benefits, Underlying (non-GAAP) $696  $657  $643  $637  $674  $39  6  % $22  3  %
Equipment and software, Underlying:
Equipment and software (GAAP)
 $194  $193  $194  $190  $192  $1  1  % $2  1  %
Less: Notable items —  3  2  4  8  (3) (100) (8) (100)
Equipment and software, Underlying (non-GAAP) $194  $190  $192  $186  $184  $4  2  % $10  5  %
Outside services, Underlying:
Outside services (GAAP) $155  $170  $146  $165  $158  ($15) (9  %) ($3) (2  %)
Less: Notable items —  4  2  10  12  (4) (100) (12) (100)
Outside services, Underlying (non-GAAP) $155  $166  $144  $155  $146  ($11) (7  %) $9  6  %
Occupancy, Underlying:
Occupancy (GAAP) $112  $112  $108  $113  $114  $—  —  % ($2) (2  %)
Less: Notable items —  5  1  6  7  (5) (100) (7) (100)
Occupancy, Underlying (non-GAAP) $112  $107  $107  $107  $107  $5  5  % $5  5  %
Other operating expense, Underlying:
Other operating expense (GAAP) $157  $167  $164  $188  $203  ($10) (6  %) ($46) (23  %)
Less: Notable items —  (5) 2  8  41  5  100  (41) (100)
Other operating expense, Underlying (non-GAAP) $157  $172  $162  $180  $162  ($15) (9  %) ($5) (3  %)

24