シチズンズファイナンシャルGの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 15, 2025

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


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

One Citizens Plaza
Providence,	RI		02903
(Address of principal executive offices)			(Zip Code)

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

Not Applicable

(Former name or former address, if changed since last report.)

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

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

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

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

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

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common stock, $0.01 par value per share	CFG	New York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 5.000% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series E	CFG PrE	New York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 7.375% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series H	CFG PrH	New York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 6.500% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series I	CFG PrI	New York Stock Exchange

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

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On October 15, 2025, Citizens Financial Group, Inc. (the “Company”) issued a press release announcing its third 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	Citizens Financial Group, Inc. press release dated October 1 5 , 2025

	Exhibit 99.2	Citizens Financial Group, Inc. earnings release presentation issued October 1 5 , 2025

	Exhibit 99.3	Citizens Financial Group, Inc. financial supplement for third quarter 2025

	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/ Christopher R. Emerson
						Christopher R. Emerson
						Executive Vice President and Interim Chief
						Financial Officer

Date: October 15, 2025

EX-99.1 2 a3q25earningsrelease.htm EX-99.1 Document

Citizens Financial Group, Inc. Reports Third Quarter 2025 Net Income of

$494 million and EPS of $1.05

Sequential PPNR Growth of 9% and Positive Operating Leverage of 3%


	Key Financial Data*	3Q25			2Q25			3Q24			Third Quarter 2025 Highlights

Income Statement	($s in millions)										■EPS of $1.05, up $0.13 QoQ; ROTCE of 11.7% –Continued strong Private Bank progress, contributing $0.08 to EPS, up $0.02 QoQ ■PPNR of $783 million, up 9% QoQ –NII up 3.5%, reflects NIM increase of 5 bps to 3.00%, and interest-earning assets up 1% –Strong fee performance led by Capital Markets up 58% QoQ; 77% YoY, and Wealth, up 6% QoQ; 22% YoY –Positive operating leverage of 3%; efficiency ratio improved ~170 bps to 63.0% ■Loans up 1% QoQ on a spot basis with growth driven by the Private Bank and retail ■Net charge-offs of 46 bps, down 2 bps QoQ, with continuing favorable credit trends ■Strong ACL coverage of 1.56%, down slightly QoQ, reflects improving loan mix ■Average deposits up 1% QoQ reflecting $2.2 billion growth in the Private Bank, partially offset by continued reductions in higher-cost Treasury brokered deposits ■Strong liquidity profile; spot LDR of 78.3%; pro forma LCR well exceeds Category I Bank requirement of 100% ■Strong CET1 ratio of 10.7% ■TBV/share of $36.73, up 4% QoQ
	Total revenue	$	2,118		$	2,037		$	1,901
	Pre-provision profit	783			718			642
	Underlying pre-provision profit	783			718			655
	Provision for credit losses	154			164			172

	Net income	494			436			382

	Underlying net income	494			436			392




Balance Sheet & Credit Quality	($s in billions)
	Period-end loans and leases	$	140.9		$	139.3		$	141.6
	Average loans and leases	140.0			138.8			142.0
	Period-end deposits	180.0			175.1			175.2
	Average deposits	176.0			174.1			174.1
	Period-end loan-to-deposit ratio	78.3		%	79.6		%	80.8		%

	NCO ratio	0.46		%	0.48		%	0.54		%

Financial Metrics	Diluted EPS	$	1.05		$	0.92		$	0.77
	Underlying Diluted EPS	1.05			0.92			0.79
	ROTCE	11.7		%	11.0		%	9.5		%
	Underlying ROTCE	11.7			11.0			9.7
	Net interest margin, FTE	3.00			2.95			2.77
	Efficiency ratio	63.0			64.8			66.2
	Underlying efficiency ratio	63.0			64.8			65.6
	CET1	10.7		%	10.6		%	10.6		%
	TBV/Share	$	36.73		$	35.23		$	33.54


Notable Items		3Q25				2Q25				3Q24
	($s in millions except per share data)	Pre-tax $		EPS		Pre-tax $		EPS		Pre-tax $		EPS
	Integration-related	$	—	$	—	$	—	$	—	$	(2)	$	—


	TOP/Other	—		—		—		—		(11)		(0.02)



	Total	$	—	$	—	$	—	$	—	$	(13)	$	(0.02)

*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 are pleased to report very strong results for the third quarter, paced by excellent NII and fee growth, 3% sequential positive operating leverage, and credit results that continue to trend favorably,” said Chairman and CEO Bruce Van Saun. “Loan and deposit growth was solid, as the Private Bank delivered strong performance. A pick-up in market activity drove our highest Capital Markets revenues since fourth quarter of 2021, with pipelines remaining strong. Our Reimagine the Bank initiative continues to take shape and will positively contribute to delivery of our medium-term targets. All in all, we feel we have good momentum and are very well-positioned for the medium-term.”

Citizens also announced today that its board of directors declared a quarterly common stock dividend of $0.46 per share, a $0.04, or 9.5%, increase compared with the prior quarter. The dividend is payable on November 12, 2025 to shareholders of record at the close of business on October 29, 2025.

Citizens Financial Group, Inc.

Earnings highlights(1):


	Quarterly Trends
										3Q25 change from
($s in millions, except per share data)	3Q25			2Q25			3Q24			2Q25					3Q24
Earnings										$/bps/%			%		$/bps/%			%
Net interest income	$	1,488		$	1,437		$	1,369		$	51		4	%	$	119		9	%
Noninterest income	630			600			532			30			5		98			18
Total revenue	2,118			2,037			1,901			81			4		217			11
Noninterest expense	1,335			1,319			1,259			16			1		76			6
Pre-provision profit	783			718			642			65			9		141			22
Provision for credit losses	154			164			172			(10)			(6)		(18)			(10)

Net income	494			436			382			58			13		112			29
Preferred dividends/other(2)	37			34			38			3			9		(1)			(3)
Net income available to common stockholders	$	457		$	402		$	344		$	55		14	%	$	113		33	%
After-tax notable Items	—			—			10			—			—		(10)			(100)
Underlying net income	$	494		$	436		$	392		$	58		13	%	$	102		26	%
Underlying net income available to common stockholders	457			402			354			55			14		103			29
Average common shares outstanding
Basic (in millions)	431.4			433.6			446.6			(2.3)			(1)		(15.2)			(3)
Diluted (in millions)	435.5			436.5			449.9			(1.1)			—		(14.4)			(3)
Diluted earnings per share	$	1.05		$	0.92		$	0.77		$	0.13		14	%	$	0.28		36	%
Underlying diluted earnings per share	1.05			0.92			0.79			0.13			14		0.26			33
Performance metrics
Net interest margin	2.99		%	2.94		%	2.76		%	5		bps			23		bps
Net interest margin, FTE	3.00			2.95			2.77			5					23
Effective income tax rate	21.4			21.4			18.6			1					282

Efficiency ratio	63.0			64.8			66.2			(173)					(320)
Underlying efficiency ratio	63.0			64.8			65.6			(173)					(258)


Return on average tangible common equity	11.7			11.0			9.5			70					230
Underlying return on average tangible common equity	11.7			11.0			9.7			70					204

Return on average total tangible assets	0.93			0.83			0.72			10					21
Underlying return on average total tangible assets	0.93		%	0.83		%	0.74		%	10		bps			19		bps
Capital adequacy(3,4)
Common equity tier 1 capital ratio	10.7		%	10.6		%	10.6		%
Total capital ratio	13.9			13.8			13.9
Tier 1 leverage ratio	9.4			9.4			9.4
Tangible common equity ratio	7.4			7.2			7.0
Allowance for credit losses to loans and leases	1.56		%	1.59		%	1.61		%	(3)		bps			(5)		bps
Asset quality(4)
Nonaccrual loans and leases to loans and leases	1.08		%	1.09		%	1.19		%	(1)		bp			(11)		bps
Allowance for credit losses to nonaccrual loans and leases	145			145			136			—		%			9		%
Net charge-offs as a % of average loans and leases	0.46		%	0.48		%	0.54		%	(2)		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) 3Q25 includes preferred stock early redemption costs of $5 million.

(3) Current reporting-period regulatory capital ratios are preliminary.

(4) Capital adequacy and asset-quality ratios calculated on a period-end basis, except net charge-offs.

Citizens Financial Group, Inc.

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

Underlying results:


	Quarterly Trends
										3Q25 change from
($s in millions, except per share data)	3Q25			2Q25			3Q24			2Q25					3Q24
										$/bps			%		$/bps			%
Net interest income	$	1,488		$	1,437		$	1,369		$	51		4	%	$	119		9	%
Noninterest income	630			600			534			30			5		96			18


Total revenue	$	2,118		$	2,037		$	1,903		$	81		4	%	$	215		11	%





Noninterest expense	1,335			1,319			1,248			16			1		87			7






Provision for credit losses	154			164			172			(10)			(6)		(18)			(10)

Net income available to common stockholders	$	457		$	402		$	354		$	55		14	%	$	103		29	%
Performance metrics

EPS	$	1.05		$	0.92		$	0.79		$	0.13		14	%	$	0.26		33	%

Efficiency ratio	63.0		%	64.8		%	65.6		%	(173)		bps			(258)		bps

Return on average tangible common equity	11.7		%	11.0		%	9.7		%	70		bps			204		bps

Consolidated balance sheet summary(1):


										3Q25 change from
($s in millions)	3Q25			2Q25			3Q24			2Q25					3Q24
										$/bps			%		$/bps			%
Total assets	$	222,747		$	218,310		$	219,706		$	4,437		2	%	$	3,041		1	%
Total loans and leases	140,870			139,304			141,632			1,566			1		(762)			(1)
Total loans held for sale	1,334			2,093			663			(759)			(36)		671			101
Deposits	180,011			175,086			175,188			4,925			3		4,823			3

Stockholders' equity	25,829			25,234			24,932			595			2		897			4
Stockholders' common equity	23,718			23,121			22,820			597			3		898			4
Tangible common equity	$	15,848		$	15,246		$	14,931		$	602		4	%	$	917		6	%
Loan-to-deposit ratio (period-end)(2)	78.3		%	79.6		%	80.8		%	(130)		bps			(259)		bps
Loan-to-deposit ratio (average)(2)	79.6		%	79.7		%	81.6		%	(15)		bps			(202)		bps


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

Citizens Financial Group, Inc.

Notable items:

There are no notable items in third quarter 2025 or second quarter 2025, as our intention going forward is to limit these to those items of greatest significance. Third quarter 2024 results reflect notable items primarily related to integration costs associated with recent acquisitions, as well as TOP revenue and efficiency initiatives. These notable items were excluded from reported results to better reflect Underlying operating results.


Notable items - Integration-related	3Q25				2Q25					3Q24
($s in millions, except per share data)	Pre-tax		After-tax			Pre-tax		After-tax			Pre-tax		After-tax





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

EPS Impact - Noninterest expense			$	—				$	—				$	—












Total Integration-related	$	—	$	—		$	—	$	—		$	(2)	$	(2)

EPS Impact - Total Integration-related			$	—				$	—				$	—

Other notable items - TOP & Other	3Q25				2Q25					3Q24
($s in millions, except per share data)	Pre-tax		After-tax			Pre-tax		After-tax			Pre-tax		After-tax

Tax notable items	$	—	$	—		$	—	$	—		$	—	$	—





Noninterest income	—		—			—		—			(2)		(1)

Salaries & benefits	—		—			—		—			(2)		(2)
Equipment and software	—		—			—		—			(2)		(2)
Outside services	—		—			—		—			(2)		(2)
Occupancy	—		—			—		—			(1)		—

Other expense	—		—			—		—			(2)		(1)
Noninterest expense	$	—	$	—		$	—	$	—		$	(9)	$	(7)

Total Other Notable Items	$	—	$	—		$	—	$	—		$	(11)	$	(8)

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

Total Notable Items	$	—	$	—		$	—	$	—		$	(13)	$	(10)

Total EPS Impact			$	—				$	—				$	(0.02)

Citizens Financial Group, Inc.

Discussion of results:


Net interest income										3Q25 change from
($s in millions)	3Q25			2Q25			3Q24			2Q25					3Q24
										$/bps			%		$/bps			%
Interest income:
Interest and fees on loans and leases and loans held for sale	$	1,928		$	1,887		$	1,995		$	41		2	%	$	(67)		(3)	%
Investment securities	433			428			423			5			1		10			2
Interest-bearing deposits in banks	97			92			121			5			5		(24)			(20)
Total interest income	$	2,458		$	2,407		$	2,539		$	51		2	%	$	(81)		(3)	%
Interest expense:
Deposits	$	816		$	802		$	990		$	14		2	%	$	(174)		(18)	%


Short-term borrowed funds	5			9			3			(4)			(44)		2			67
Long-term borrowed funds	149			159			177			(10)			(6)		(28)			(16)
Total interest expense	$	970		$	970		$	1,170		$	—		—	%	$	(200)		(17)	%
Net interest income	$	1,488		$	1,437		$	1,369		$	51		4	%	$	119		9	%

Net interest margin, FTE	3.00		%	2.95		%	2.77		%	5		bps			23		bps


Third quarter 2025			vs.			second quarter 2025

Net interest income of $1.5 billion increased 3.5%, reflecting a higher net interest margin, as well as a 1% increase in average interest-earning assets.

•Net interest margin of 3.00% increased 5 basis points, largely given the time-based benefits of Non-Core runoff and lower terminated swap impacts.

•Interest-bearing deposit costs were stable; total deposit costs decreased 1 basis point, and total cost of funds decreased 2 basis points to 2.05%.


Third quarter 2025			vs.			third quarter 2024

Net interest income of $1.5 billion increased 9%, primarily reflecting a higher net interest margin.

•Net interest margin of 3.00% increased 23 basis points, largely driven by the time-based benefits of Non-Core runoff and terminated swap impacts as well as fixed-rate asset repricing benefits.

Citizens Financial Group, Inc.


Noninterest Income							3Q25 change from
($s in millions)	3Q25		2Q25		3Q24		2Q25				3Q24
							$		%		$		%

Service charges and fees	$	112	$	111	$	109	$	1	1	%	$	3	3	%
Capital markets fees	166		105		94		61		58		72		77
Card fees	87		90		93		(3)		(3)		(6)		(6)
Wealth fees	93		88		76		5		6		17		22
Mortgage banking fees	49		73		46		(24)		(33)		3		7
Foreign exchange and derivative products	42		41		36		1		2		6		17
Letter of credit and loan fees	48		45		45		3		7		3		7
Securities gains, net	2		5		9		(3)		(60)		(7)		(78)
Other income(1)	31		42		24		(11)		(26)		7		29
Noninterest income	$	630	$	600	$	532	$	30	5	%	$	98	18	%
Underlying, as applicable
Card fees	$	87	$	90	$	87	$	(3)	(3)		$	—	—
Other income(1)	$	31	$	42	$	32	$	(11)	(26)		$	(1)	(3)

Underlying noninterest income	$	630	$	600	$	534	$	30	5	%	$	96	18	%


(1) Includes bank-owned life insurance income and other miscellaneous income for all periods presented.


Third quarter 2025			vs.			second quarter 2025

Noninterest income of $630 million increased $30 million, or 5%.

•Capital markets fees increased $61 million, driven by higher M&A, debt underwriting and loan syndication fees. M&A fees reflect several significant deals pushed from Q2, as well as a broader increase in activity.

•Wealth fees increased $5 million, given an increase in advisory fees, primarily driven by net inflows and market appreciation.

•Card fees decreased $3 million, reflecting lower balance transfer activity.

•Mortgage banking fees decreased $24 million, primarily due to lower MSR valuation changes, net of hedge impact.

•Other income decreased $11 million, given a higher level of various revenue items in the prior quarter.


Third quarter 2025			vs.			third quarter 2024

Underlying noninterest income of $630 million increased $96 million, or 18%.

•Capital markets fees increased $72 million, driven by higher M&A, loan syndications and equity underwriting fees.

•Wealth fees increased $17 million, reflecting growth in AUM, primarily from the Private Bank.

•Foreign exchange and derivative products revenue increased $6 million, given increased client activity in foreign exchange hedging.

Citizens Financial Group, Inc.


Noninterest Expense							3Q25 change from
($s in millions)	3Q25		2Q25		3Q24		2Q25				3Q24
							$		%		$		%
Salaries and employee benefits	$	705	$	681	$	647	$	24	4	%	$	58	9	%
Equipment and software	197		193		194		4		2		3		2
Outside services	161		169		146		(8)		(5)		15		10
Occupancy	106		108		108		(2)		(2)		(2)		(2)
Other operating expense	166		168		164		(2)		(1)		2		1
Noninterest expense	$	1,335	$	1,319	$	1,259	$	16	1	%	$	76	6	%

Notable items	$	—	$	—	$	11	$	—	—	%	$	(11)	(100)%

Underlying, as applicable
Salaries and employee benefits	$	705	$	681	$	643	$	24	4	%	$	62	10	%
Equipment and software	197		193		192		4		2		5		3
Outside services	161		169		144		(8)		(5)		17		12
Occupancy	106		108		107		(2)		(2)		(1)		(1)
Other operating expense	166		168		162		(2)		(1)		4		2
Underlying noninterest expense	$	1,335	$	1,319	$	1,248	$	16	1	%	$	87	7	%


Third quarter 2025			vs.			second quarter 2025

Noninterest expense of $1.3 billion increased 1%.

•Salaries and employee benefits increased $24 million, reflecting hiring related to the Private Bank and Private Wealth buildout, increased medical benefit costs, and strong Capital Markets fee performance.

•Outside services decreased $8 million, primarily driven by technology and vendor-related efficiencies.

•Occupancy decreased $2 million, driven by branch optimization actions.

The effective tax rate was 21.4% in third quarter 2025 was stable with 21.4% in second quarter 2025.


Third quarter 2025			vs.			third quarter 2024

Underlying noninterest expense of $1.3 billion increased 7%.

•Salaries and employee benefits increased $62 million, reflecting hiring related to the Private Bank and Private Wealth buildout, strong Capital Markets fee performance, and increased medical benefit costs.

•Equipment and software increased $5 million, given technology investments.

•Outside services increased $17 million, largely driven by investments across the enterprise.

•Other operating expense increased $4 million, reflecting higher travel and marketing-related costs, partly offset by lower deposit insurance.

The effective tax rate was 21.4% in third quarter 2025 compared with 18.7% on an Underlying basis in third quarter 2024, primarily reflecting less benefit from tax-advantaged investments given higher income and higher state taxes.

Citizens Financial Group, Inc.


Interest-earning assets							3Q25 change from
($s in millions)	3Q25		2Q25		3Q24		2Q25				3Q24
Period-end interest-earning assets							$		%		$		%
Investments	$	44,456	$	43,899	$	42,428	$	557	1	%	$	2,028	5	%
Interest-bearing deposits in banks	11,090		8,121		10,584		2,969		37		506		5
Commercial loans and leases	72,493		71,642		71,808		851		1		685		1
Retail loans	68,377		67,662		69,824		715		1		(1,447)		(2)
Total loans and leases	140,870		139,304		141,632		1,566		1		(762)		(1)
Loans held for sale	1,334		2,093		663		(759)		(36)		671		101

Total loans and leases and loans held for sale	142,204		141,397		142,295		807		1		(91)		—
Total period-end interest-earning assets	$	197,750	$	193,417	$	195,307	$	4,333	2	%	$	2,443	1	%
Average interest-earning assets(1)
Investments	$	46,453	$	46,538	$	45,084	$	(85)	—	%	$	1,369	3	%
Interest-bearing deposits in banks	9,015		8,217		8,896		798		10		119		1
Commercial loans and leases	72,150		71,423		72,280		727		1		(130)		—
Retail loans	67,861		67,386		69,723		475		1		(1,862)		(3)
Total loans and leases	140,011		138,809		142,003		1,202		1		(1,992)		(1)
Loans held for sale	2,119		2,754		1,181		(635)		(23)		938		79

Total loans and leases and loans held for sale	142,130		141,563		143,184		567		—		(1,054)		(1)
Total average interest-earning assets	$	197,598	$	196,318	$	197,164	$	1,280	1	%	$	434	—	%
(1) Total average interest-earning assets excludes the mark-to-market on investment securities and unsettled purchases or sales of loans and investments.


Third quarter 2025			vs.			second quarter 2025

Period-end interest-earning assets of $197.8 billion increased $4.3 billion, or 2%, reflecting a $3.0 billion increase in cash held in interest-bearing deposits and $557 million increase in investments in securities. Total loans and leases increased $1.6 billion, as growth in the Private Bank, higher capital call line utilization in Commercial, and growth in home equity and mortgage in Consumer were partially offset by the runoff of Non-Core loans and commercial real estate paydowns.

Average interest-earning assets of $197.6 billion increased $1.3 billion, or 1%, reflecting a $1.2 billion increase in total loans and leases and a $798 million increase in cash held in interest-bearing deposits, partly offset by a $635 million decrease in loans held for sale related to the third partial settlement of the sale of Non-Core education loans.

The average effective duration of the securities portfolio was 3.6 years, compared with 3.7 years at June 30, 2025 and 3.3 years at September 30, 2024.


Third quarter 2025			vs.			third quarter 2024

Period-end interest-earning assets of $197.8 billion increased $2.4 billion, or 1%, reflecting a $2.0 billion increase in investments in securities, a $506 million increase in cash held in interest-bearing deposits and a $91 million decrease in total loans and leases and loans held for sale. The decrease in loans and leases is driven by a $1.4 billion decrease in retail reflecting the reclassification of ~$1.9 billion of Non-Core education loans to loans held for sale in the first quarter of 2025 (“Non-Core transaction”), as well as continued Non-Core portfolio runoff, primarily in auto. This decline was partially offset by growth in home equity and mortgage, including in the Private Bank. Results also include an increase of $685 million in commercial loans reflecting higher capital call line utilization, partially offset by paydowns in commercial real estate and balance sheet optimization actions.

Average interest-earning assets of $197.6 billion increased $434 million, primarily reflecting a $1.4 billion increase in investments in securities, partially offset by a $1.1 billion decrease in total loans and leases and loans held for sale.

Citizens Financial Group, Inc.


Deposits							3Q25 change from
($s in millions)	3Q25		2Q25		3Q24		2Q25				3Q24
Period-end deposits							$		%		$		%
Non-interest bearing demand	$	39,472	$	38,001	$	35,978	$	1,471	4	%	$	3,494	10	%
Checking with interest	35,219		34,918		33,680		301		1		1,539		5
Savings	24,759		25,400		26,489		(641)		(3)		(1,730)		(7)
Money market	59,709		55,638		54,654		4,071		7		5,055		9
Time	20,852		21,129		24,387		(277)		(1)		(3,535)		(14)
Total period-end deposits	$	180,011	$	175,086	$	175,188	$	4,925	3	%	$	4,823	3	%
Average deposits
Non-interest bearing demand	$	38,070	$	37,350	$	36,236	$	720	2	%	$	1,834	5	%
Checking with interest	34,748		33,847		33,090		901		3		1,658		5
Savings	25,001		25,536		26,868		(535)		(2)		(1,867)		(7)
Money market	57,783		54,716		53,152		3,067		6		4,631		9
Time	20,355		22,679		24,705		(2,324)		(10)		(4,350)		(18)
Total average deposits	$	175,957	$	174,128	$	174,051	$	1,829	1	%	$	1,906	1	%


Third quarter 2025			vs.			second quarter 2025

Total period-end deposits of $180.0 billion are up 3%, driven by growth in the Private Bank and Commercial, partially offset by a decrease in Treasury brokered and higher-cost retail deposits.

Average deposits of $176.0 billion increased 1%, reflecting the same factors.


Third quarter 2025			vs.			third quarter 2024

Total period-end deposits of $180.0 billion increased 3%, primarily reflecting growth in the Private Bank of $6.9 billion, partially offset by a $4.2 billion reduction in higher-cost Treasury brokered deposits.

Average deposits of $176.0 billion were up 1%.

Citizens Financial Group, Inc.


Borrowed Funds							3Q25 change from
($s in millions)	3Q25		2Q25		3Q24		2Q25				3Q24
Period-end borrowed funds							$		%		$		%
Short-term borrowed funds	$	214	$	249	$	15	$	(35)	(14) %		$	199	NM
Long-term borrowed funds
FHLB advances	14		1,542		553		(1,528)		(99)		(539)		(97)
Senior debt	6,825		6,821		7,766		4		—		(941)		(12)
Subordinated debt and other debt	1,620		1,752		1,824		(132)		(8)		(204)		(11)
Auto collateralized borrowings	1,982		2,411		3,801		(429)		(18)		(1,819)		(48)
Total borrowed funds	$	10,655	$	12,775	$	13,959	$	(2,120)	(17)	%	$	(3,304)	(24)	%
Average borrowed funds
Short-term borrowed funds	$	589	$	925	$	150	$	(336)	(36) %		$	439	NM
Long-term borrowed funds
FHLB advances	1,009		1,063		477		(54)		(5) %		532		112
Senior debt	6,823		7,042		7,462		(219)		(3)		(639)		(9)
Subordinated debt and other debt	1,622		1,759		1,758		(137)		(8)		(136)		(8)
Auto collateralized borrowings	2,189		2,635		3,993		(446)		(17)		(1,804)		(45)
Total average borrowed funds	$	12,232	$	13,424	$	13,840	$	(1,192)	(9)	%	$	(1,608)	(12)	%


Third quarter 2025			vs.			second quarter 2025

Period-end borrowed funds decreased $2.1 billion, reflecting a $1.5 billion decrease in FHLB advances and a $429 million decrease in collateralized borrowings on auto loans given runoff of the associated portfolio. Average borrowed funds decreased $1.2 billion, primarily reflecting a $446 million decrease in auto collateralized borrowings, a $336 million decrease in short-term borrowed funds and a $219 million decrease in senior debt given the impact of a debt maturity during the second quarter.


Third quarter 2025			vs.			third quarter 2024

Period-end borrowed funds decreased by $3.3 billion, reflecting decreases of $1.8 billion in auto collateralized borrowings, $941 million in senior debt given the impact of net maturities, and $539 million in FHLB advances.

Average borrowed funds decreased by $1.6 billion, reflecting a $1.8 billion decrease in auto collateralized borrowings, given runoff of the associated portfolio, and a $639 million decrease in senior debt issuances, partially offset by an increase of $532 million in FHLB advances and a $439 million increase in short-term borrowed funds.

Citizens Financial Group, Inc.


Capital										3Q25 change from
($s and shares in millions, except per share data)	3Q25			2Q25			3Q24			2Q25				3Q24
Period-end capital										$		%		$		%
Stockholders' equity	$	25,829		$	25,234		$	24,932		$	595	2	%	$	897	4	%
Stockholders' common equity	23,718			23,121			22,820			597		3		898		4
Tangible common equity	15,848			15,246			14,931			602		4		917		6
Tangible book value per common share	$	36.73		$	35.23		$	33.54		$	1.50	4	%	$	3.19	10	%
Common shares - at end of period	431.5			432.8			445.2			(1.3)		—		(13.8)		(3)
Common shares - average (diluted)	435.5			436.5			449.9			(1.1)		—	%	(14.4)		(3)	%
Common equity tier 1 capital ratio(1)	10.7		%	10.6		%	10.6		%
Total capital ratio(1)	13.9			13.8			13.9
Tangible common equity ratio	7.4			7.2			7.0
Tier 1 leverage ratio(1)	9.4			9.4			9.4
(1) Current reporting-period regulatory capital ratios are preliminary.


Third quarter 2025

•The CET1 capital ratio of 10.7% as of September 30, 2025 compares with 10.6% at June 30, 2025 and 10.6% at September 30, 2024.

•Total capital ratio of 13.9% compares with 13.8% at June 30, 2025 and 13.9% as of September 30, 2024.

•Tangible common equity ratio of 7.4% compares with 7.2% at June 30, 2025 and 7.0% as of September 30, 2024.

•Tangible book value per common share of $36.73 increased 4% compared with second quarter 2025, reflecting higher net income and AOCI benefit from lower long-term rates.

•Paid $184 million in common dividends to shareholders during third quarter 2025. This compares with $185 million in common dividends during second quarter 2025 and $191 million during third quarter 2024.

•Repurchased $75 million of common shares during third quarter 2025, compared with $200 million in second quarter 2025 and $325 million in third quarter 2024.

Citizens Financial Group, Inc.


Credit quality review										3Q25 change from
($s in millions)	3Q25			2Q25			3Q24			2Q25					3Q24
										$/bps/%			%		$/bps/%			%
Nonaccrual loans and leases(1)	$	1,518		$	1,524		$	1,687		$	(6)		—	%	$	(169)		(10)	%
90+ days past due and accruing(2)	162			194			169			(32)			(16)		(7)			(4)
Net charge-offs	162			167			192			(5)			(3)		(30)			(16)
Provision for credit losses	154			164			172			(10)			(6)		(18)			(10)

Allowance for credit losses	$	2,201		$	2,209		$	2,286		$	(8)		—	%	$	(85)		(4)	%
Nonaccrual loans and leases to loans and leases	1.08		%	1.09		%	1.19		%	(1)		bps			(11)		bps
Net charge-offs as a % of total loans and leases	0.46			0.48			0.54			(2)					(8)

Allowance for credit losses to loans and leases	1.56			1.59			1.61			(3)					(5)

Allowance for credit losses to nonaccrual loans and leases	145		%	145		%	136		%	—		%			9		%
(1) Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.
(2) 90+ days past due and accruing includes $114 million, $128 million, and $145 million of loans fully or partially guaranteed by the FHA, VA, and USDA for September 30, 2025, June 30, 2025, and September 30, 2024, respectively.


Third quarter 2025			vs.			second quarter 2025

•Nonaccrual loans of $1.5 billion decreased slightly driven by a decline in C&I and commercial real estate. The nonaccrual loans to total loans ratio of 1.08% compares with 1.09% at June 30, 2025.

•Net charge-offs of $162 million, or 46 basis points of average loans and leases, compares with 48 basis points in the prior quarter, driven primarily by a decrease in C&I.

•The third quarter 2025 provision for credit losses of $154 million compares with $164 million for second quarter 2025. The ratio of allowance for credit losses to total loans of 1.56% was down slightly compared with 1.59% as of June 30, 2025. The slight decrease in allowance coverage reflects the improving loan mix, given Non-Core portfolio reduction and a decrease in commercial real estate balances, offset by originations in retail real estate secured and commercial categories that have a lower loss content profile.

•The allowance for credit losses to nonaccrual loans and leases ratio of 145% is stable with June 30, 2025.


Third quarter 2025			vs.			third quarter 2024

•Nonaccrual loans decreased 10% given a 17% decrease in commercial real estate and a 5% decrease in retail, reflecting decreases in education, auto and other retail, partially offset by increases in residential real estate secured categories. The nonaccrual loans to total loans ratio of 1.08% compares with 1.19% at September 30, 2024.

•Net charge-offs of $162 million, or 46 basis points of average loans and leases compares with 54 basis points for third quarter 2024. This reflects a $13 million decrease in commercial and a $17 million decrease in retail, primarily driven by reductions in auto.

•Provision for credit losses of $154 million decreased compared with a $172 million provision in third quarter 2024 reflecting the runoff of the Non-Core portfolio and improving loan mix.

•Allowance for credit losses of $2.2 billion decreased $85 million compared with September 30, 2024 given the benefit of the Non-Core transaction, continued Non-Core runoff and other improvements in loan mix. Allowance for credit losses ratio of 1.56% as of September 30, 2025 compares with 1.61% as of September 30, 2024.

•The allowance for credit losses to nonaccrual loans and leases ratio of 145% compares with 136% as of September 30, 2024.

Citizens Financial Group, Inc.

Corresponding Financial Tables and Information

Investors are encouraged to review the foregoing summary and discussion of Citizens’ earnings and financial condition in conjunction with the detailed financial tables and other information available on the Investor Relations portion of the company’s website at www.citizensbank.com/about-us.

Media: Peter Lucht - (781) 655-2289

Investors: Kristin Silberberg - (203) 900-6854

Conference Call

CFG management will host a live conference call today with details as follows:

Time: 9:00 am ET

Dial-in: (800) 369-1703, conference ID 3503262

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 October 15, 2025 through November 15, 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 $222.7 billion in assets as of September 30, 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.

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.

Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations

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


		QUARTERLY TRENDS
					3Q25 Change
		3Q25	2Q25	3Q24	2Q25			3Q24
					$	%		$	%
Noninterest income, Underlying:
Noninterest income (GAAP)		$630	$600	$532	$30	5	%	$98	18	%
Less: Notable items		—	—	(2)	—	—		2	100
Noninterest income, Underlying (non-GAAP)		$630	$600	$534	$30	5	%	$96	18	%
Total revenue, Underlying:
Total revenue (GAAP)	A	$2,118	$2,037	$1,901	$81	4	%	$217	11	%
Less: Notable items		—	—	(2)	—	—		2	100
Total revenue, Underlying (non-GAAP)	B	$2,118	$2,037	$1,903	$81	4	%	$215	11	%
Noninterest expense, Underlying:
Noninterest expense (GAAP)	C	$1,335	$1,319	$1,259	$16	1	%	$76	6	%
Less: Notable items		—	—	11	—	—		(11)	(100)
Noninterest expense, Underlying (non-GAAP)	D	$1,335	$1,319	$1,248	$16	1	%	$87	7	%
Pre-provision profit:
Total revenue (GAAP)	A	$2,118	$2,037	$1,901	$81	4	%	$217	11	%
Less: Noninterest expense (GAAP)	C	1,335	1,319	1,259	16	1		76	6
Pre-provision profit (non-GAAP)		$783	$718	$642	$65	9	%	$141	22	%
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)	B	$2,118	$2,037	$1,903	$81	4	%	$215	11	%
Less: Noninterest expense, Underlying (non-GAAP)	D	1,335	1,319	1,248	16	1		87	7
Pre-provision profit, Underlying (non-GAAP)		$783	$718	$655	$65	9	%	$128	20	%








Income before income tax expense, Underlying:
Income before income tax expense (GAAP)	E	$629	$554	$470	$75	14	%	$159	34	%
Less: Income (expense) before income tax expense (benefit) related to notable items		—	—	(13)	—	—		13	100
Income before income tax expense, Underlying (non-GAAP)	F	$629	$554	$483	$75	14	%	$146	30	%
Income tax expense, Underlying:
Income tax expense (GAAP)	G	$135	$118	$88	$17	14	%	$47	53	%
Less: Income tax expense (benefit) related to notable items		—	—	(3)	—	—		3	100
Income tax expense, Underlying (non-GAAP)	H	$135	$118	$91	$17	14	%	$44	48	%
Net income, Underlying:
Net income (GAAP)	I	$494	$436	$382	$58	13	%	$112	29	%
Add: Notable items, net of income tax benefit		—	—	10	—	—		(10)	(100)
Net income, Underlying (non-GAAP)	J	$494	$436	$392	$58	13	%	$102	26	%
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)	K	$457	$402	$344	$55	14	%	$113	33	%
Add: Notable items, net of income tax benefit		—	—	10	—	—		(10)	(100)
Net income available to common stockholders, Underlying (non-GAAP)	L	$457	$402	$354	$55	14	%	$103	29	%

Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations (continued)

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


		QUARTERLY TRENDS
								3Q25 Change
		3Q25		2Q25		3Q24		2Q25				3Q24
								$/bps		%		$/bps		%
Operating leverage:
Total revenue (GAAP)	A	$2,118		$2,037		$1,901		$81		3.91	%	$217		11.44	%
Less: Noninterest expense (GAAP)	C	1,335		1,319		1,259		16		1.13		76		6.05
Operating leverage										2.78	%			5.39	%
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)	B	$2,118		$2,037		$1,903		$81		3.91	%	$215		11.29	%
Less: Noninterest expense, Underlying (non-GAAP)	D	1,335		1,319		1,248		16		1.13		87		6.91
Operating leverage, Underlying (non-GAAP)										2.78	%			4.38	%
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio	C/A	63.03	%	64.76	%	66.23	%	(173)	bps			(320)	bps
Efficiency ratio, Underlying (non-GAAP)	D/B	63.03		64.76		65.61		(173)	bps			(258)	bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rate	G/E	21.38	%	21.37	%	18.56	%	1	bps			282	bps
Effective income tax rate, Underlying (non-GAAP)	H/F	21.38		21.37		18.75		1	bps			263	bps
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP)	M	$23,288		$22,494		$22,380		$794		4	%	$908		4	%
Return on average common equity	K/M	7.77	%	7.18	%	6.12	%	59	bps			165	bps
Return on average common equity, Underlying (non-GAAP)	L/M	7.77		7.18		6.29		59	bps			148	bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)	M	$23,288		$22,494		$22,380		$794		4	%	$908		4	%
Less: Average goodwill (GAAP)		8,187		8,187		8,187		—		—		—		—
Less: Average other intangibles (GAAP)		126		134		140		(8)		(6)		(14)		(10)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		440		438		435		2		—		5		1
Average tangible common equity (non-GAAP)	N	$15,415		$14,611		$14,488		$804		6	%	$927		6	%
Return on average tangible common equity (non-GAAP)	K/N	11.75	%	11.05	%	9.45	%	70	bps			230	bps
Return on average tangible common equity, Underlying (non-GAAP)	L/N	11.75		11.05		9.71		70	bps			204	bps
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP)	O	$219,117		$217,661		$218,578		$1,456		1	%	$539		—	%
Return on average total assets	I/O	0.90	%	0.80	%	0.70	%	10	bps			20	bps
Return on average total assets, Underlying (non-GAAP)	J/O	0.90		0.80		0.71		10	bps			19	bps
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)	O	$219,117		$217,661		$218,578		$1,456		1	%	$539		—	%
Less: Average goodwill (GAAP)		8,187		8,187		8,187		—		—		—		—
Less: Average other intangibles (GAAP)		126		134		140		(8)		(6)		(14)		(10)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		440		438		435		2		—		5		1
Average tangible assets (non-GAAP)	P	$211,244		$209,778		$210,686		$1,466		1	%	$558		—	%
Return on average total tangible assets (non-GAAP)	I/P	0.93	%	0.83	%	0.72	%	10	bps			21	bps
Return on average total tangible assets, Underlying (non-GAAP)	J/P	0.93		0.83		0.74		10	bps			19	bps

Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations (continued)

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


		QUARTERLY TRENDS
								3Q25 Change
		3Q25		2Q25		3Q24		2Q25			3Q24
								$/bps	%		$/bps	%
Book value per common share and tangible book value per common share:
Common shares - at period-end (GAAP)	Q	431,453,142		432,768,811		445,216,549		(1,315,669)	—	%	(13,763,407)	(3	%)
Common stockholders' equity (GAAP)	R	$23,718		$23,121		$22,820		$597	3		$898	4
Less: Goodwill (GAAP)		8,187		8,187		8,187		—	—		—	—
Less: Other intangible assets (GAAP)		123		128		137		(5)	(4)		(14)	(10)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)		440		440		435		—	—		5	1
Tangible common equity (non-GAAP)	S	$15,848		$15,246		$14,931		$602	4	%	$917	6	%
Book value per common share	R/Q	$54.97		$53.43		$51.25		$1.54	3	%	$3.72	7	%
Tangible book value per common share (non-GAAP)	S/Q	$36.73		$35.23		$33.54		$1.50	4	%	$3.19	10	%
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	431,365,552		433,640,210		446,561,996		(2,274,658)	(1	%)	(15,196,444)	(3	%)
Average common shares outstanding - diluted (GAAP)	U	435,472,350		436,539,774		449,913,467		(1,067,424)	—		(14,441,117)	(3)
Net income per average common share - basic (GAAP)	K/T	$1.06		$0.93		$0.77		$0.13	14		$0.29	38
Net income per average common share - diluted (GAAP)	K/U	1.05		0.92		0.77		0.13	14		0.28	36
Net income per average common share - basic, Underlying (non-GAAP)	L/T	1.06		0.93		0.79		0.13	14		0.27	34
Net income per average common share - diluted, Underlying (non-GAAP)	L/U	1.05		0.92		0.79		0.13	14		0.26	33
































Common equity ratio and tangible common equity ratio:
Total assets (GAAP)	V	$222,747		$218,310		$219,706		4,437	2		$3,041	1	%
Less: Goodwill (GAAP)		8,187		8,187		8,187		—	—		—	—
Less: Other intangible assets (GAAP)		123		128		137		(5)	(4)		(14)	(10)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)		440		440		435		—	—		5	1
Tangible assets (non-GAAP)	W	$214,877		$210,435		$211,817		$4,442	2	%	$3,060	1	%
Common equity ratio (GAAP)	R/V	10.6	%	10.6	%	10.4	%	6 bps			26 bps
Tangible common equity ratio (non-GAAP)	S/W	7.4		7.2		7.0		16 bps			35 bps

Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations (continued)

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


		QUARTERLY TRENDS
								3Q25 Change
		3Q25		2Q25		3Q24		2Q25				3Q24
								$/bps		%		$/bps		%




Net interest income and net interest margin on an FTE basis:
Net interest income (annualized) (GAAP)	X	$5,902		$5,770		$5,447		$132		2	%	$455		8	%
Average interest-earning assets (GAAP)	Y	197,598		196,318		197,164		1,280		1		434		—
Net interest margin (GAAP)	X/Y	2.99	%	2.94	%	2.76	%	5	bps			23	bps
Net interest income (GAAP)		$1,488		$1,437		$1,369		$51		4	%	$119		9	%
FTE adjustment		4		4		4		—		—		—		—
Net interest income on an FTE basis (non-GAAP)		1,492		1,441		1,373		51		4		119		9
Net interest income on an FTE basis (annualized) (non-GAAP)	Z	5,919		5,786		5,465		133		2		454		8
Net interest margin on an FTE basis (non-GAAP)	Z/Y	3.00	%	2.95	%	2.77	%	5	bps			23	bps
Card fees, Underlying:
Card fees (GAAP)		$87		$90		$93		($3)		(3)		($6)		(6%)
Less: Notable items		—		—		6		—		—		(6)		(100)
Card fees, Underlying (non-GAAP)		$87		$90		$87		($3)		(3)		$—		—	%
Other income, Underlying:
Other income (GAAP)		$31		$42		$24		($11)		(26)		$7		29%
Less: Notable items		—		—		(8)		—		—		8		100
Other income, Underlying (non-GAAP)		$31		$42		$32		($11)		(26)		($1)		(3	%)
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)		$705		$681		$647		$24		4	%	$58		9	%
Less: Notable items		—		—		4		—		—		(4)		(100)
Salaries and employee benefits, Underlying (non-GAAP)		$705		$681		$643		$24		4	%	$62		10	%
Equipment and software, Underlying:
Equipment and software (GAAP)		$197		$193		$194		$4		2	%	$3		2	%
Less: Notable items		—		—		2		—		—		(2)		(100)
Equipment and software, Underlying (non-GAAP)		$197		$193		$192		$4		2	%	$5		3	%
Outside services, Underlying:
Outside services (GAAP)		$161		$169		$146		($8)		(5	%)	$15		10	%
Less: Notable items		—		—		2		—		—		(2)		(100)
Outside services, Underlying (non-GAAP)		$161		$169		$144		($8)		(5	%)	$17		12	%
Occupancy, Underlying:
Occupancy (GAAP)		$106		$108		$108		($2)		(2	%)	($2)		(2	%)
Less: Notable items		—		—		1		—		—		(1)		(100)
Occupancy, Underlying (non-GAAP)		$106		$108		$107		($2)		(2	%)	($1)		(1	%)
Other operating expense, Underlying:
Other operating expense (GAAP)		$166		$168		$164		($2)		(1	%)	$2		1	%
Less: Notable items		—		—		2		—		—		(2)		(100)
Other operating expense, Underlying (non-GAAP)		$166		$168		$162		($2)		(1	%)	$4		2	%

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, 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 cyberattacks; 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, balance sheet growth, 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.

Citizens Financial Group, Inc.

CFG-IR

EX-99.2 3 cfg3q25earningspresentat.htm EX-99.2 cfg3q25earningspresentat

3Q25 Financial Results October 15, 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, 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 cyberattacks; 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, balance sheet growth, 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 3Q25 GAAP summary 3Q25 2Q25 3Q24 Q/Q Y/Y $s in millions $/bps % $/bps % Net interest income $ 1,488 $ 1,437 $ 1,369 $ 51 4 % $ 119 9 % Noninterest income 630 600 532 30 5 98 18 Total revenue 2,118 2,037 1,901 81 4 217 11 Noninterest Expense 1,335 1,319 1,259 16 1 76 6 Pre-provision profit 783 718 642 65 9 141 22 Provision for credit losses 154 164 172 (10) (6) (18) (10) Income before income tax expense 629 554 470 75 14 159 34 Income tax expense 135 118 88 17 14 47 53 Net income $ 494 $ 436 $ 382 $ 58 13 % $ 112 29 % Preferred dividends/other(1) 37 34 38 3 9 (1) (3) Net income available to common stockholders $ 457 $ 402 $ 344 $ 55 14 % $ 113 33 % $s in billions Average interest-earning assets $ 197.6 $ 196.3 $ 197.2 $ 1.3 1 % $ 0.4 — % Average deposits $ 176.0 $ 174.1 $ 174.1 $ 1.8 1 % $ 1.9 1 % Performance metrics Net interest margin 2.99 % 2.94 % 2.76 % 5 bps 23 bps Net interest margin, FTE(2) 3.00 2.95 2.77 5 23 Loan-to-deposit ratio (period-end) 78.3 79.6 80.8 (130) (259) ROTCE 11.7 11.0 9.5 70 230 Efficiency ratio 63.0 64.8 66.2 (173) (320) Noninterest income as a % of total revenue 30 % 29 % 28 % 34 bps 180 bps Full-time equivalent colleagues 17,496 17,677 17,329 (181) (1) 167 1 Operating leverage 2.78 % 5.39 % Per common share Diluted earnings $ 1.05 $ 0.92 $ 0.77 $ 0.13 14 % $ 0.28 36 % Tangible book value $ 36.73 $ 35.23 $ 33.54 $ 1.50 4 % $ 3.19 10 % Average diluted shares outstanding (in millions) 435.5 436.5 449.9 (1.1) — % (14.4) (3) % See pages 34-35 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 33.

4 3Q25 Underlying financial summary(1) Q/Q Y/Y $s in millions 3Q25 $/bps % $/bps % Net interest income $ 1,488 $ 51 4 % $ 119 9 % Noninterest income 630 30 5 96 18 Total revenue 2,118 81 4 215 11 Noninterest expense 1,335 16 1 87 7 Pre-provision profit 783 65 9 128 20 Provision for credit losses 154 (10) (6) (18) (10) Net income available to common stockholders $ 457 $ 55 14 % $ 103 29 % Performance metrics Diluted EPS $ 1.05 $ 0.13 14 % $ 0.26 33 % Efficiency ratio 63.0 % (173) bps (258) bps Noninterest income as a % of total revenue 30 % 34 bps 170 bps ROTCE 11.7 % 70 bps 204 bps Tangible book value per share $ 36.73 $ 1.50 4 % $ 3.19 10 % See pages 34-35 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 33. 3Q25 2Q25 3Q24 Notable items impacts Pre-tax EPS Pre-tax EPS Pre-tax EPS ($s in millions except per share data) Integration-related $ — $ — $ — $ — $ (2) $ — TOP/Other — — — — (11) (0.02) Total $ — $ — $ — $ — $ (13) $ (0.02)

5 3Q25 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 $1,394 $100.2 $1,495 $(7) $1,488 Noninterest income 606 20.2 626 4 630 Total revenue 2,000 120.4 2,121 (3) 2,118 Noninterest Expense 1,250 73.0 1,323 12 1,335 Pre-provision profit 750 47.4 798 (15) 783 Provision for credit losses 150 — 150 4 154 Income before income tax expense 600 47.4 648 (19) 629 Income tax expense 128 12.0 140 (5) 135 Net income 472 35.4 508 (14) 494 Preferred dividends/other(3) 37 — 37 — 37 Net income available to common stockholders $435 $35.4 $471 $(14) $457 Contribution to total CFG Diluted EPS $1.00 $0.08 $1.08 $(0.03) $1.05 $s in billions Interest-earning assets (spot) $188 $5.9 $194 $3.4 $198 Loans (spot) 132 5.9 138 3.0 141 Deposits (spot) 168 12.5 180 — 180 Risk-weighted assets (spot) 159 6.4 165 3.5 169 Performance metrics: Net interest margin, FTE(4) 2.94% --- 3.07% (0.63)% 3.00% Loan-to-deposit ratio (spot) 78.8 47.6 76.6 --- 78.3 CET1 capital ratio(5) 11.3 --- 10.9 --- 10.7 ROTCE 11.2 --- 12.1 --- 11.7 Efficiency ratio 62.5 60.6 62.4 --- 63.0 Noninterest income as a % of total revenue 30.3 16.8 29.5 --- 29.7 See pages 34-35 for notes.

6 ■ EPS of $1.05 reflects strong revenue growth, positive operating leverage of 3% QoQ – Continued good Private Bank progress, contributing $0.08 to EPS, up $0.02 QoQ – ROTCE of 11.7%, up 70 bps QoQ ■ PPNR of $783 million, up 9% QoQ – NII up 3.5% as NIM continues to steadily move higher, up 5 bps to 3.00% – Strong fee performance led by Capital Markets, up 58% QoQ; 77% YoY, and Wealth, up 6% QoQ; 22% YoY – Disciplined expense management; efficiency ratio improved ~170 bps to 63.0% Strong 3Q25 results Maintaining a strong capital and liquidity position Positive trends in loans and credit 3Q25 Overview(1) ■ Maintained a strong capital position while continuing to repurchase shares – CET1 ratio of 10.7%(2); 9.4% adjusted for AOCI opt-out removal ■ Strong liquidity profile; spot LDR of 78.3%; pro forma LCR well exceeds Category I Bank requirement of 100% ■ Average deposits up ~$2 billion, or 1% QoQ driven by growth in Private Bank and Commercial, partly offset by reduced Treasury brokered and retail time deposits 3Q25 QoQ YoY NII $ 1,488 3.5 % 8.7 % Fees 630 5.0 18.0 Expenses 1,335 1.2 7.0 $s in millions ■ Loans up 1% QoQ on a spot basis with growth driven by the Private Bank and retail ■ Net charge-offs of 46 bps, down 2 bps QoQ, with continuing favorable credit trends ■ Strong ACL coverage of 1.56%, down slightly QoQ; reflects improving loan mix PPNR up 9% QoQ; 20% YoY ■ Private Bank buildout tracking well; adding wealth teams and opening new PBOs; achieving both growth and attractive returns ■ Good visibility and confidence in driving NIM, NII higher over the medium term ■ Strong execution of strategic initiatives (Private Bank, NYC Metro, Private Capital, Payments) continues ■ TOP 10 progressing well towards ~$100 million pre-tax run-rate benefit by year-end 2025; continuing to develop the initiatives for 'Reimagine the Bank' (multi-year transformational TOP program) Well positioned for the medium term See pages 34-35 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 33.

7 2.95% 0.02% 0.02% 0.01% (0.01)% 0.01% 3.00% 2Q25 Non-Core impact Terminated Swaps Fixed-rate asset repricing Balance sheet mix and pricing Day count/ Other 3Q25 $197.2B $196.6B $195.1B $196.3B $197.6B $1,369 $1,412 $1,391 $1,437 $1,488 2.77% 2.87% 2.90% 2.95% 3.00% 3Q24 4Q24 1Q25 2Q25 3Q25 ■ NII up 3.5%, reflects higher NIM and a 1% increase in average interest-earning assets – NIM of 3.00%, up 5 bps QoQ, largely given the time- based benefits of Non-Core runoff and lower terminated swap impacts ■ Interest-earning assets yield of 4.92%, up 3 bps, reflects fixed-rate asset repricing benefit of securities and mortgage, as well as retail mix improvement, and lower terminated swap impact on C&I yields ■ Interest-bearing deposit costs were stable at 2.35%; cumulative interest-bearing deposit down-beta of ~53% ■ Total deposit costs down 1 bp to 1.84%; total cost of funds down 2 bps to 2.05% Net interest income NII and NIM Average interest-earning assets Net interest income NIM, FTE Linked Quarter NIM 2Q25 to 3Q25 $s in millions, except earning assets * Includes ~(1) basis point impact related to active receive-fixed swaps Time-based NIM benefit *

8 $532 $574 $544 $600 $630 $534 $564 $544 $600 $630 Underlying Notable items 3Q24 4Q24 1Q25 2Q25 3Q25 Noninterest income(1) $s in millions See pages 34-35 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 33. Linked Quarter Year-Over-Year Noninterest income $s in millions 3Q25 2Q25 3Q24 $ Q/Q Y/Y Service charges and fees $ 112 $ 111 $ 109 $ 1 $ 3 Capital markets fees 166 105 94 61 72 Card fees 87 90 87 (3) — Wealth fees 93 88 76 5 17 Mortgage banking fees 49 73 46 (24) 3 FX and derivative products 42 41 36 1 6 Letter of credit and loan fees 48 45 45 3 3 Securities gains, net 2 5 9 (3) (7) Other income(2) 31 42 32 (11) (1) Noninterest income, underlying $ 630 $ 600 $ 534 $ 30 $ 96 Notable items (3) — — (2) — 2 Noninterest income, reported $ 630 $ 600 $ 532 $ 30 $ 98 * Noninterest income details *3Q24 has notable items of ($2MM) ■ Underlying noninterest income of $630 million, up 18% – Capital markets fees increased $72 million, driven by higher M&A, loan syndications and equity underwriting fees – Wealth fees increased $17 million, reflecting growth in AUM, primarily from the Private Bank – FX and derivative products increased $6 million given increased client foreign exchange hedging activity +18% YoY +5% QoQ ■ Noninterest income of $630 million, up 5% – Capital markets fees increased $61 million, driven by higher M&A, debt underwriting and loan syndication fees. M&A fees reflect several significant deals pushed from Q2, as well as a broader increase in activity – Wealth fees increased $5 million, given an increase in advisory fees, driven by net inflows and market appreciation – Card fees decreased $3 million, reflecting lower balance transfer activity – Mortgage banking fees decreased $24 million, primarily due to lower MSR valuation changes, net of hedge impact – Other income decreased $11 million, given a higher level of various revenue items in the prior quarter

9 Noninterest expense(1) See pages 34-35 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 33. Noninterest expense Linked Quarter Year-Over-Year 3Q25 2Q25 3Q24 $ $s in millions Q/Q Y/Y Salaries & employee benefits $ 705 $ 681 $ 643 $ 24 $ 62 Equipment & software 197 193 192 4 5 Outside services 161 169 144 (8) 17 Occupancy 106 108 107 (2) (1) Other operating expense 166 168 162 (2) 4 Noninterest expense, underlying $ 1,335 $ 1,319 $ 1,248 $ 16 $ 87 Notable items (1) — — 11 — (11) Noninterest expense, reported $ 1,335 $ 1,319 $ 1,259 $ 16 $ 76 Full-time equivalents (FTEs) 17,496 17,677 17,329 (181) 167 Noninterest expense details $1,259 $1,316 $1,314 $1,319 $1,335$1,248 $1,292 $1,314 $1,319 $1,335 65.6% 65.4% 67.9% 64.8% 63.0% Noninterest expense Noninterest expense, Underlying Efficiency ratio, underlying 3Q24 4Q24 1Q25 2Q25 3Q25 $1,259 $1,316 $1,248 $1,292 $1,314 $1,319 $1,335 65.6% 65.4% 67.9% 64.8% 63.0% Underlying Notable items Efficiency ratio, underlying 3Q24 4Q24 1Q25 2Q25 3Q25 ■ Noninterest expense of $1.3 billion, up 1% – Salaries and benefits increased $24 million, reflecting hiring related to the Private Bank and Private Wealth buildout, increased medical benefit costs, and strong Capital Markets fee performance – Outside services decreased $8 million, primarily driven by technology and vendor efficiencies – Occupancy decreased $2 million, driven by branch optimization actions – Other operating expense decreased $2 million, primarily reflecting lower deposit insurance and advertising costs ■ Underlying noninterest expense of $1.3 billion, up 7% – Salaries and benefits increased $62 million, reflecting hiring related to the Private Bank and Private Wealth buildout, strong Capital Markets fee performance, and increased medical benefit costs – Equipment and software increased $5 million, given technology investments – Outside services increased $17 million, largely driven by investments across the enterprise – Other operating expense increased $4 million, reflecting higher travel and marketing-related costs, partly offset by lower deposit insurance $s in millions

10 $142.0 $140.9 $139.7 $138.8 $140.0 $8.4 $7.4 $6.4 $3.9 $3.3 $133.6 $133.5 $133.3 $134.9 $136.7 Non-Core Core Loan yield 3Q24 4Q24 1Q25 2Q25 3Q25 ~16% QoQ ■ Period-end loans up 1%; Core loans up 2% – Private Bank growth of $1.0 billion, driven primarily by commercial line utilization and mortgage – Commercial* up slightly given an increase in capital call line utilization, partially offset by CRE paydowns and balance sheet optimization actions – Retail* up $1.1 billion, driven by home equity and mortgage – Non-Core loans down $0.6 billion, reflecting continued runoff ■ Average loans up 1%; Core loans up 1% ■ Loan yield of 5.35%, up 4 bps QoQ, including the benefit of lower swap expense Loans and leases $s in billions Average loans and leases $141.6 $139.2 $137.6 $139.3 $140.9 $7.9 $6.9 $4.2 $3.6 $3.0 $133.7 $132.3 $133.4 $135.7 $137.9 Non-Core Core 3Q24 4Q24 1Q25 2Q25 3Q25 $s in billions Period-end loans and leases 5.50% 5.35% 5.26% 5.31% 5.35% Linked Quarter Year-Over-Year ~17% QoQ ~2% QoQ ~1% QoQ *Excludes Non-Core portfolio and Private Bank. See page 42 for details. ■ Period-end loans down $0.8 billion, or 1%, reflecting Non-Core runoff of $4.9 billion; Core loans up $4.1 billion, or 3% – Private Bank growth of $3.9 billion, primarily in commercial line utilization – Retail* up $2.4 billion, driven by home equity and mortgage – Commercial* down $2.2 billion, reflecting paydowns in CRE and balance sheet optimization actions, partially offset by higher line utilization ■ Average loans down $2.0 billion, or 1%; Core loans up 2%

11 $174.1 $174.3 $172.7 $174.1 $176.0 3Q24 4Q24 1Q25 2Q25 3Q25 Deposit performance and cost of funds $s in billions Average deposits 2.26% 2.02% 1.87% 1.85% 1.84% 2.86% 2.55% 2.37% 2.35% 2.35% Total deposit costs Interest-bearing deposit costs CommercialConsumer Treasury/Other Year-Over-YearPeriod-end deposits Linked Quarter ■ Average deposits up 1%, driven by growth in Private Bank and Commercial, partially offset by a reduction in higher- cost Treasury brokered and retail time deposits ■ Period-end deposits up 3%, driven by the Private Bank and Commercial, partially offset by a decrease in Treasury brokered and retail savings deposits ■ Interest-bearing deposit costs stable at 2.35% – Cumulative interest-bearing deposit down beta of ~53% ■ Total deposit costs down 1 bp ■ Total cost of funds down 2 bps $s in billions ■ Average deposits up 1% ■ Period-end deposits up $4.8 billion, or 3%, primarily reflecting growth in the Private Bank of $6.9 billion, partially offset by a $4.2 billion reduction in higher-cost Treasury brokered deposits ■ Interest-bearing deposit costs down 51 bps ■ Total deposit costs down 42 bps ■ Total cost of funds down 43 bps $175.2 $174.8 $177.6 $175.1 $180.0 Consumer Commercial Treasury/Other 3Q24 4Q24 1Q25 2Q25 3Q25

12 Branch deposits 47% Citizens Access 5% Private Bank/ Private Wealth 8% Business Banking 12% Commercial 26% Treasury/ Other 2% As of 9/30/25 Highly diversified and retail-oriented deposit base $180.0B Period-end deposits Peer Avg(1) Business mix Product mix Stable retail deposits(1) (excludes Private Bank/Private Wealth) 41% 43% 42% 21% 22% 22% 20% 21% 20% NIB Low-cost deposits 3Q24 2Q25 3Q25 % NIB and low-cost deposits (2) 56% 67% 66% 2Q25 2Q25 3Q25 See pages 34-35 for notes. NIB 22% Checking With Interest 20% Savings 9% Citizens Access Savings 4% Money Market 33% Time 12% As of 9/30/25

13 $172 $162 $153 $164 $154 $192 $189 $200 $167 $162 0.54% 0.53% 0.58% 0.48% 0.46% Provision for credit losses Net charge-offs Net c/o ratio 3Q24 4Q24 1Q25 2Q25 3Q25 0.51% Credit quality overview $s in millions $s in millions Credit provision expense; net charge-offs $1,687 $1,664 $1,582 $1,524 $1,518 $1,071 $1,017 $983 $939 $933 $616 $647 $599 $585 $585 136% 136% 140% 145% 145% Commercial Retail ACL to nonaccrual loans and leases 3Q24 4Q24 1Q25 2Q25 3Q25 Nonaccrual loans Net charge-offs associated with Non-Core transaction $175 Net charge-off ratio - excluding Non-Core transaction Commentary ■ Net charge-offs of $162 million, or 46 bps of average loans, down from $167 million, or 48 bps in 2Q25 driven primarily by a decrease in C&I ■ Nonaccrual loans are down slightly QoQ, driven by C&I and CRE

14 Allowance for credit losses Current assumptions Property valuations, peak-to-trough % decline ~72% Avg. loss severity (%) ~43% Default rate (%) ~29% General Office ACL coverage 12.4% Allowance for credit losses $314 million General Office key reserve assumptions ■ CRE General Office portfolio of $2.52 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 of 12.4% compares with 11.8% in 2Q25 – NCOs of~$527 million since March 31, 2023 plus the current ACL balance of $314 million equates to a potential loss rate of ~20%** on this portfolio, stable with 2Q25 3Q25 2Q25 Balance ($B) $ 2.52 $ 2.73 ACL ($MM; % coverage) $ 314 12.4 % $ 322 11.8 % Cumulative NCOs* ($MM) $ 527 $ 490 CRE General Office reserve *Cumulative losses since 3/31/23 $2,286 $2,259 $2,212 $2,209 $2,201 1.34% 1.39% 1.34% 1.39% 1.37% 1.88% 1.86% 1.86% 1.77% 1.74% Retail Commercial Retail ACL Commercial ACL 3Q24 4Q24 1Q25 2Q25 3Q25 $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 is relatively stable to the prior quarter, which reflects a mild recession and contemplates a potential macroeconomic impact from tariffs – Real GDP decline of 0.5% start-to-trough and peak unemployment of 5.2%, unchanged versus the 2Q25 assumptions – In addition, we apply a more severe scenario against areas of concern, such as General Office Commentary 1.61% 1.62% 1.61% 1.59% 1.56%Total ACL ratio See pages 34-35 for notes. (1)

15 Strong capital position $s in billions (period-end) 3Q24 4Q24 1Q25 2Q25 3Q25 Basel III basis(1) Common equity tier 1 capital $ 17.9 $ 17.9 $ 17.8 $ 17.8 $ 18.0 Risk-weighted assets $ 168.6 $ 165.7 $ 166.9 $ 168.0 $ 168.9 Common equity tier 1 ratio 10.6 % 10.8 % 10.6 % 10.6 % 10.7 % Tier 1 capital ratio 11.9 % 12.1 % 11.9 % 11.9 % 11.9 % Total capital ratio 13.9 % 14.0 % 13.9 % 13.8 % 13.9 % Tangible common equity ratio 7.0 % 6.8 % 7.0 % 7.2 % 7.4 % TBV/share CET1 $ % 2Q25 10.60% $35.23 Net Income 0.29 1.15 3.3% Common and preferred dividends (0.13) (0.50) (1.4) RWA increase (0.06) Treasury stock (0.04) (0.05) (0.1) Goodwill and intangibles — 0.01 — AOCI — 0.86 2.4 Other 0.02 0.03 0.1 Total change 0.08 1.50 4.3% 3Q25 10.68% $36.73 CET1 ratio remains strong(2) Highlights ■ 3Q25 CET1 ratio of 10.7% – 9.4% CET1 ratio adjusted for AOCI opt-out removal ■ TBV/share of $36.73, up 4% QoQ, reflects higher net income and AOCI benefit from lower long-term rates – Tangible common equity ratio of 7.4%, up 16 bps QoQ ■ Total capital returned to shareholders was $259 million in 3Q25 – Paid $184 million in common dividends to shareholders – Repurchased $75 million of common stock at a weighted-average price of $49.46 ■ The Board of Directors declared an increase in the quarterly common dividend to $0.46, up $0.04 QoQ, or 9.5%, payable in 4Q25 See pages 34-35 for notes.

16 See pages 31-32 for notes. Transformed Consumer Bank Strong deposit franchise grounded in primary relationships and high-quality customer growth Differentiated lending platform with focus on building relationships Significant potential to scale NY Metro and capture more affluent households ~56% Of households* are mass affluent and above(1) (Aug '25) ~19% Growth in average low- cost deposit balances per household* (Dec '19-Sep '25) $10.5 $11.1 3Q24 3Q25 Retail deposits NYC Metro Up ~6% Significant investments over the years have resulted in a higher-quality retail deposit franchise ■ Further optimize in-footprint retail network to drive low-cost deposit growth ■ Deepen household relationships with Wealth, HELOC, Card ■ Continued focus on enhancing customer digital experience Key priorities over the next 12-18 months Launched continuum of Card products in 2Q25 ~10% CAGR growth in home equity loans since 2022 Industry-leading HELOC journey enabled by advanced analytics and digital innovation Citizens FastLine *Household defined as retail branch checking households; excludes Citizens Access, Business Banking and Private Bank $s in billions

17 Best-positioned Commercial Bank Delivering results Strong league table results Middle market bookrunner by volume 12 months ended September 30, 2025(3) Sponsor #4 Overall #8 Revenue CAGR 2015 to 2025 YTD(1) Total Commercial Banking fees 3Q25 - Second strongest Capital Markets quarter ever Up 58% QoQ, 77% YoY Strong pipelines across M&A, debt and equity underwriting, and loan syndications ■ Multi-year investments in talent, capabilities, industry expertise to serve clients through their life cycle ■ Built out global markets, securities businesses, advisory and wealth capabilities ■ Focused on key growth verticals, i.e., Digital infrastructure, Gaming, Industrials, and Transportation and Logistics ■ Enhanced Treasury Solutions; delivering integrated payments platforms Focused on high-growth markets Fully-integrated client coverage Built a formidable full-service corporate bank ■ Expanded to a national focus; growing client base and continued expansion in high-potential geographies NYC Metro, Florida and California – Middle market loan growth up 19% YoY across these markets ■ Poised for additional upside in Capital Markets ■ Investing for growth opportunities in Commercial Payments ■ Developed full-service capabilities for private capital ■ Strong integrated coverage model serving middle market, mid-corporate and private capital ■ Collaborating with Private Bank/Private Wealth to deliver full product suite ■ Expanding leveraged finance and M&A opportunities across middle market, sponsor client base ■ Looking to leverage digitization and AI to unlock the next wave of efficiency and improve client experience Focused on middle market, mid-corporate, sponsor clients Best Bank for Treasury and Cash Management 2025; eighth consecutive year AMERICAN BANKER Innovation of the Year Award for our work in Open Banking and APIs 2015 2025 YTD +9% See pages 31-32 for notes. Commercial Payments revenue up 7%(2) 3Q25 YTD vs 3Q24 YTD 2025 Best New Embedded Finance Platform category

18 Building a premier Private Bank and Private Wealth franchise Expanding PBOs Positioning the business for continued growth and profitability Boston, MA Mill Valley, CA San Francisco, CA Palm Beach, FL New York, NY Menlo Park, CA (1H26) Newport Beach, CA (2H25) San Diego, CA (2H25) West Palm Beach, FL (1H26) Scaling the team, currently ~500 people ▪ Expanded into Southern California ▪ Co-located Private Wealth teams to all PB markets Attracting new clients by broadening capabilities ▪ Enhancing product expertise ▪ Alternative asset specialists ▪ Improved technology and digital capabilities to further enhance client experience (automate onboarding, reduce account opening times, drive analytics) ▪ Launched Partner Loan program and modernized securities based lending platform, as well as additional lending solutions for PE/VC professional investors ▪ Building out family office capabilities ▪ Scaling Alternatives with multiple discipline managers onboarded to the platform Average deposits per PBO $325 million open over 1 year Plan to double PBOs by YE2026, further accelerating growthLos Angeles, CA (2H26)

19 Private Bank buildout - financial update See pages 34-35 for notes. ■ Expect ~7% earnings contribution to total CFG in 2025, ahead of original expectation for 5%+ ■ Expect to maintain ROE in the 20 to 25% range in 2025 and over the medium term ■ Tracking well towards targets: ~$12 billion deposits, ~$7 billion loans and ~$11 billion AUM by end of 2025 Delivering financial impact Tracking above targets with accelerating momentum $4.8 $8.5 $10.7$5.6 $8.7 $12.5 Avg Spot 3Q24 2Q25 3Q25 $s in billionsDeposits $1.7 $4.0 $5.3 $2.0 $4.9 $5.9 Avg Spot 3Q24 2Q25 3Q25 Loans $4.1 $6.5 $7.6 3Q24 2Q25 3Q25 As of 9/30/25 AUM(1) ■ Avg. portfolio yield ~6.6%; ~4.3% spread over deposit cost ■ 3Q25 loan growth driven by higher capital call line utilization, as well as growth in retail mortgage ■ 8 advisor teams added since launch across key markets – New York, San Francisco, Boston, Boca Raton, Naples, Southern California ■ Transactional AUM $1.4 billion at 3Q25, with total client assets at $9 billion ■ ~34% DDA; ~2.3% total deposit cost ■ Continued strong client growth in Q3 with a ~$2.2 billion increase in average deposits; $3.8 billion spot growth $s in billions

20 Financial objectives Reimagine the Bank - Positioning Citizens to win long term Further upskilling AI/ ML talent Retail network optimization AI-driven pricing, credit, collections Hyper- personalized CX Agentic AI enabled Call Center Vendor simplification – Redesign E2E processes and customer journeys – Build Agentic AI infrastructure Redesign customer journeys AI-driven fraud, KYC and AML tools Automate operations Empowered bankers with AI- driven intelligence Corporate facilities optimization [Program benefits to fund ongoing transformation beginning in 2026] Modernizing our platforms by embracing technology innovation, simplifying the business model, and streamlining our cost base ■ Minimize impact of one-time costs and capital investments in 2026 by executing initiatives with faster payback ■ Deliver positive net benefits in 2027, accelerating in 2028 ■ Aspire to fully phased in run-rate benefits greater than TOP 6 ($400MM+) More details in January. What to expect: Leverage new technologies to further simplify and modernize operations and enhance customer experience Rationalize technology platforms, re-engineer and automate processes, simplify our business model Transformative investments • Deploy AI/agentic AI to improve customer experience, efficiency and decision making. Focus areas include: – Pricing and credit underwriting – KYC and AML – Fraud – Further automate operations; call center restructure – Technology development and resiliency – Enhanced analytics to improve client service and engagement • 100% in the cloud by YE2025; exit data centers and reduce number of business applications • Rationalize corporate facilities given shifting workforce dynamics • Further standardize, streamline and automate operational processes • Strategic restructure of vendor relationships • Reposition branch network for growth • Next-gen personalization

21 4Q25 outlook vs. 3Q25 See pages 34-35 for notes. 3Q25 4Q25 outlook Net interest income $1,488MM ■ Up 2.5 - 3% ■ NIM up ~5 bps ■ Earning assets up slightly Noninterest income $630MM ■ Stable Noninterest expense $1,335MM ■ Stable to up slightly Net charge-offs $162MM; 46 bps ■ Continued favorable trend; low 40s bps CET1 ratio(1) 10.7% ■ Stable ■ ~$125MM in share repurchases Tax rate 21.4% ■ ~22.5%

22 3Q25 2025 2026 2027 Meaningful NIM improvement over the medium term Medium-term NIM target 3.25 to 3.50% Terminated swaps Non-Core Asset sensitivity net of swaps/other impacts Projected NIM range Fixed-rate asset repricing benefit Cumulative time-based NIM benefit vs. 3Q25 4Q26 4Q27 In basis points +15 +5 +20 +19 +7 +26 +10 to +15 -11 to +9 ~3.25 to 3.50% Chart not to scale 3.00% Net benefit 0 to +25 bps 3.25% 3.50% Fed funds at or above 3.75% favor top end of range or above Fed funds at or below 2.75% 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 2.75-3.75% ■ Cumulative IBD beta of low/mid 50's % +26 bps time- based NIM benefit 3Q25 to 4Q27 4Q25 +1 +2 +3 ~3.05% ~3.15 to 3.30% Assumes range for 10-year treasury rate of 4.15 to 4.50% through 2027 +6 to +8+1 +1 -11 to +2 Cumulative NIM impact from starting point 3Q25

23 ■ Robust capital and liquidity position; further enhancing performance with balance sheet optimization ■ Credit allowance remains strong; credit metrics continue to trend favorably ■ Flexibility to support customers and invest while continuing to return capital to shareholders – Increased the quarterly common dividend by 9.5% to $0.46; repurchased $75 million of common stock in 3Q25 ■ Track record of strong execution; excellence in our capabilities, highly competitive with mega-banks and peers ■ Commitment to operating and financial discipline; TOP 10 on target to deliver pre-tax run-rate benefit of ~$100 million by YE2025; continuing to develop the initiatives for 'Reimagine the Bank' (multi-year transformational TOP program) Citizens is an attractive investment opportunity ■ Transformed Consumer Bank with leading retail deposit franchise; 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 Private Bank/Wealth franchise – Continued to make strong progress, contributing $0.08 to EPS in 3Q25 and projecting ~7% earnings accretion in 2025 – Achieved cumulative net positive EPS contribution, completely covering our investment in ~2 years – Accelerating AUM growth with leading wealth team hires in key markets Maintaining a robust balance sheet Citizens has transformed since IPO given sound strategy, capable and experienced leadership and a strong customer-focused culture Well positioned to deliver ~16 to 18% ROTCE over the medium term given strategic initiatives and 2025 to 2027 NII tailwinds ■ Significant NII tailwind from Non-Core and swaps over the medium term; confident in target NIM range ~3.25 to 3.50% ■ Private Bank results go from start-up to delivering an attractive 20 to 25% return on equity in FY2025 and beyond Continue to have a series of unique initiatives that will lead to relative medium-term outperformance

Appendix ■ Interest rate risk management ■ Non-Core assets and funding ■ AOCI accretion ■ Credit

25 $26.3 $26.3 $29.8 $31.8 $29.9 $26.6 $25.7 $27.3 $3.7 $7.3 $8.4 $11.6 $13.5 $18.3 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 $28.6 $27.4 $22.0 $14.8 $5.4 $2.8 $13.0 $19.2 $14.6 2025 2026 2027 2028 2029 Interest rate risk management W.A. receive-fixed rate 3.1% 3.1% 3.2% 3.3% 3.4% 3.5% 3.5% 3.6% 3.2% 3.5% 3.7% 3.6% 3.7% Executed post 6/30/23 - - 4.0% 4.0% 3.9% 3.8% 3.8% 3.7% 4.0% 3.8% 3.7% 3.6% 3.7% Executed pre 6/30/23 3.1% 3.1% 3.1% 3.1% 3.2% 3.2% 3.2% 3.3% 3.1% 3.2% 3.4% 2.6% - NII impact from terminated swaps ($MM): In-period impact $(127) $(119) $(108) $(103) $(88) $(62) $(52) $(28) $(457) $(230) $(40) $(3) $0 Sequential benefit $9 $8 $11 $5 $15 $26 $10 $24 $36 $227 $190 $37 $3 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 6/30/23 Receive-fixed swaps executed pre 6/30/23 (legacy) Maintaining strong liquidity while shortening duration Fixed/floating-rate mix 14% 19% 67% Securities $43B 34% 22% 44% Loans $141B Fixed Fixed with hedges Floating Floating with hedges Commentary 15% 15% 70% 37% 16% 47% As of 9/30/25 (1) See pages 34-35 for notes.

26 $5.8 $4.6 $3.5 $2.5 $1.1 $0.3 $2.9 $2.4 $2.0 $1.6 $0.3$4.0 $3.4 $2.8 $2.3 $1.0 $0.2 $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) ■ Non-Core loan portfolio has been reduced from $3.6 billion at 2Q25 to $3.0 billion at 3Q25 ■ Non-Core education loans of $0.5 billion remaining in held for sale as of September 30, 2025 – Announced in April 2025 an agreement to sell ~$1.9 billion of Non-Core education loans of which ~$200 million settled during 1Q25, ~$600 million settled in 2Q25 and ~$485 million settled in 3Q25; remainder settles in 4Q25 $4.2B ex. HFS $3.6B ex. HFS $3.0B ex. HFS See pages 34-35 for notes. Commentary

27 AOCI accretion Protecting CET1 - AFS marks; duration decreasing with securities portfolio hedging; less sensitivity to rates. Illustrate how sensitivity to a 50 bp move has fallen from 12/31/22 to 9/30/23 to 12/31/23 ...As recent actions limit AOCI volatility to protect capital $(1.8) $(1.6) $(1.5) $(1.4) $(0.3) $(0.3) $(0.3) $(0.3) $(0.2) $(0.1) $0.2 $0.2 Swaps Pension Securities 9/30/2025 12/31/2025 12/31/2026 12/31/2027 $(2.3) $(2.0) $(1.5) ~35% TCE CET1(2) $(2.1) $(1.9) $(1.7) Commentary ■ Expect benefit to capital via accretion to AOCI as unrealized losses "burn off" – ~$350 million in unrealized losses related to securities and pension expected to "burn off" by YE2027, adding ~21 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 ~24 bps; a 50 bp parallel decrease would positively impact by ~24 bps Burn-off by YE2027~17% (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 ~3.25% (3) Unrealized losses in swap portfolio includes both active and terminated swaps (4) CET1 ratio impact for illustrative purposes assumes the RWA balance at 9/30/25 Projected accretion to TCE and CET1 adjusted for AOCI opt-out removal(1) Accretes to CET1(2) (3) $s in billions $(2.0) $(1.8) $(1.5) $(0.3) $(0.3) $(0.3) $(0.3) $(0.1) Swaps Pension Securities 6/30/2025 12/31/2025 12/31/2026 $(1.5) $(1.7)

28 $72.5B Commercial credit portfolio Commercial portfolio risk ratings(3) $s in billions 58% 61% 62% 16% 17% 17% 18% 16% 15% 8% 6% 6% 3Q24 2Q25 3Q25 B- and lower B+ to B BB+ to BB- AAA+ to BBB- $72.5 Highlights $71.6 $ Balances % of CFG C&I Finance and Insurance $ 15.8 11 % Capital call facilities $ 8.3 Private Credit Finance 3.3 Other Finance and Insurance 4.2 Other Manufacturing 3.7 3 Technology 2.9 2 Accommodation and Food Services 2.1 1 Health, Pharma, Social Assistance 2.3 2 Professional, Scientific, and Technical Services 2.6 2 Wholesale Trade 2.4 2 Retail Trade 2.0 1 Other Services 2.3 1 Energy & Related 1.9 1 Rental and Leasing 1.2 1 Consumer Products Manufacturing 0.8 1 Administrative and Waste Management Services 1.2 1 Arts, Entertainment, and Recreation 1.7 1 Automotive 1.2 1 Other (1) 2.9 2 Total C&I $ 47.0 33 % CRE Multi-family $ 9.6 7 % Office 4.6 3 Credit tenant lease and life sciences(2) $ 2.1 Other general office 2.5 Industrial 2.6 2 Retail 2.9 2 Co-op 1.8 1 Data Center 0.9 1 Hospitality 0.4 — Other (1) 2.7 2 Total CRE $ 25.5 18 % Total Commercial loans & leases $ 72.5 51 % Total CFG $ 140.9 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 – ~82% of C&I portfolio is investment grade equivalent ■ Leveraged loans ~1.5% 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 $2.4 billion, or ~9% year-over-year, driven primarily by paydowns $71.8 See pages 34-35 for notes. $s in billions ■ [Non-depository financial institution (NDFI) balance under regulatory definition of [$15.9] billion; BBB- ratings equivalent]

29 Suburban Class C 3% CBD Class C 6% Suburban Class A 39% CBD Class A 12% Suburban Class B 28% CBD Class B 12% 50% 100% 100% 48% 86% 100% 88% 61% 100% 50% 52% 14% 100% 12% 39% New York, NY Washington, DC Los Angeles, CA Atlanta, GA Dallas, TX Chicago, IL Phoenix, AZ Baltimore, MD Boston, MA Minneapolis, MN Suburban CBD NY 17.1% NJ 11.1% VA 9.0% CA 8.9% TX 7.5% MD 7.0% GA 4.5% OH 4.1% PA 4.1% IL 3.6% AZ 3.5% MA 3.3% MN 3.0% CO 2.7% WA 2.5% Other 8.1% Commercial Real Estate - General Office portfolio well diversified(1) $2.5B General Office by state Other NC MO VT FL DC MI UT SC CT NH RI $2.5B General Office class & location Outstanding *Manhattan is ~$153 million $ 674 293 177 114 109 92 88 85 78 77 $s in millions, as of 9/30/25 See pages 34-35 for notes. As of 9/30/25 As of 9/30/25 Commentary ■ General Office portfolio is well diversified geographically ■ 70% suburban, generally performing better than CBD properties ■ 91% Class A/B ■ Continue to work down the portfolio, reducing balance from $4.1 billion in 1Q23 to $2.5 billion in 3Q25, reflecting paydowns and charge-offs – Remaining exposure is well reserved with 12.4% coverage Top 10 General Office MSA breakdown *

30 45% 46% 47% 31% 31% 31% 15% 14% 14% 4% 4% 3% 5% 5% 5% 3Q24 2Q25 3Q25 $34.5 $18.4 $2.8 $3.3 $5.3 $4.1 $68.4B Retail credit portfolio 800+ 740-799 680-739 640-679 <640 $68.4 $s in billions $67.7 Home equity Retail portfolio(1) Residential mortgage Auto Education - in school Education - refinance Other retail ~96% Super-prime/prime* ~81% Secured ■ Retail portfolio mix continues to improve with focus on high quality relationship lending ■ Core real estate secured increased to 78% of the portfolio as Non-Core was reduced significantly from 19% to 4% – Mortgage: FICO ~790; weighted-average LTV of ~51% – Home equity: FICO ~760; ~30% secured by 1st lien ◦ ~99% CLTV less than 80%; ~87% CLTV less than 70% ■ Core unsecured relatively stable at 18%; targeting super- prime/high-prime relationship borrowers – Education: FICO ~785 ◦ In-school: ~98% co-signed ◦ Refinance: ~40% have 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) $69.8 Homeowners ~2/3 See pages 34-35 for notes. As of 9/30/25 62% 78% 19% 18%19% 4% 2Q23** 3Q25 Non-Core (Auto & other indirect lending) Core unsecured (Education, Other retail) Core real estate secured (Mortgage, Home equity) of unsecured retail borrowers(3) of retail portfolio > 680 Improving retail portfolio mix of retail portfolio **2Q23 represents the start of the Non-Core portfolio designation $68.4B$73.0B $s in billions

31 Allocation of allowance for credit losses by product type September 30, 2025 June 30, 2025 $s in millions Loans and Leases Allowance Coverage Loans and Leases Allowance Coverage Commercial and industrial(1) $ 46,953 $641 1.36 % $ 45,412 $611 1.35 % Commercial real estate 25,540 624 2.44 26,230 658 2.51 Total commercial 72,493 1,265 1.74 71,642 1,269 1.77 Residential mortgages 34,477 211 0.61 33,823 201 0.59 Home equity 18,415 161 0.87 17,711 153 0.87 Automobile 2,816 13 0.45 3,407 15 0.42 Education 8,556 275 3.22 8,550 269 3.15 Other retail 4,113 276 6.72 4,171 302 7.24 Total retail loans 68,377 936 1.37 67,662 940 1.39 Allowance for credit losses(2) $140,870 $2,201 1.56 % $139,304 $2,209 1.59 % See pages 34-35 for notes.

32 Delinquency by product type September 30, 2025 (%) June 30, 2025 (%) 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 99.30 % 0.11 % 0.02 % 0.08 % 0.49 % 99.32 % 0.13 % 0.03 % 0.01 % 0.51 % Commercial real estate 96.59 0.35 0.28 0.03 2.75 96.77 0.29 0.02 0.23 2.69 Total commercial 98.34 0.20 0.11 0.06 1.29 98.39 0.19 0.02 0.09 1.31 Residential mortgages(1) 98.77 0.23 0.12 0.33 0.55 98.71 0.22 0.10 0.38 0.59 Home equity 97.79 0.45 0.15 — 1.61 97.81 0.45 0.15 — 1.59 Automobile 95.95 2.20 0.75 — 1.10 96.22 2.05 0.73 — 1.00 Education 99.14 0.40 0.21 0.02 0.23 99.18 0.39 0.19 0.02 0.22 Other retail 97.50 0.78 0.53 — 1.19 97.26 0.89 0.58 0.02 1.25 Total retail 98.35 0.43 0.19 0.17 0.86 98.32 0.44 0.19 0.19 0.86 Total 98.35 % 0.31 % 0.15 % 0.11 % 1.08 % 98.36 % 0.31 % 0.10 % 0.14 % 1.09 % See pages 34-35 for notes.

33 Notable items(1) There are no notable items in third quarter 2025 or second quarter 2025, as our intention going forward is to limit these to those items of greatest significance. Third quarter 2024 results reflect notable items primarily related to integration costs associated with recent acquisitions, as well as TOP revenue and efficiency initiatives. These notable items were excluded from reported results to better reflect Underlying operating results. See pages 34-35 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described above. Notable items - Integration-related 3Q25 2Q25 3Q24 $s in millions, except per share data Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Salaries & benefits $ — $ — $ — $ — $ (2) $ (2) Equipment and software — — — — — — Outside services — — — — — — Occupancy — — — — — — Other expense — — — — — — Noninterest expense $ — $ — $ — $ — $ (2) $ (2) EPS Impact - Noninterest expense $ — $ — $ — Total Integration Costs $ — $ — $ — $ — $ (2) $ (2) EPS Impact - Total Integration-related $ — $ — $ — Other notable items - TOP & Other 3Q25 2Q25 3Q24 $s in millions, except per share data Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Tax notable items $ — $ — $ — $ — $ — $ — Noninterest income $ — $ — $ — $ — $ (2) $ (1) Salaries & benefits $ — $ — $ — $ — $ (2) $ (2) Equipment and software — — — — (2) (2) Outside services — — — — (2) (2) Occupancy — — — — (1) — Other expense — — — — (2) (1) Noninterest expense $ — $ — $ — $ — $ (9) $ (7) Total Other Notable Items $ — $ — $ — $ — $ (11) $ (8) EPS Impact - Other Notable Items $ — $ — $ (0.02) Total Notable Items $ — $ — $ — $ — $ (13) $ (10) Total EPS Impact $ — $ — $ (0.02)

34 Notes on Non-GAAP Financial Measures See important information on our use of Non-GAAP Financial Measures at the beginning this presentation and reconciliations to GAAP financial measures at the end of this presentation. Non-GAAP measures are herein defined as Underlying results. Where there is a reference to Underlying results in a paragraph or table, all measures that follow these references are on the same basis, when applicable. Allowance coverage ratios for loans and leases includes the allowance for funded loans and leases in the numerator and funded loans and leases in the denominator. Allowance coverage ratios for credit losses includes the allowance for funded loans and leases and allowance for unfunded lending commitments in the numerator and funded loans and leases in the denominator. General Notes a. References to net interest margin are on a fully taxable equivalent ("FTE") basis. b. Throughout this presentation, references to consolidated and/or commercial loans and loan growth include leases. Loans held for sale are also referred to as LHFS. c. Select totals may not sum due to rounding. d. Based on Basel III standardized approach. Capital Ratios are preliminary. e. Throughout this presentation, reference to balance sheet items are on an average basis and loans exclude held for sale unless otherwise noted. Notes Notes on slide 3 - 3Q25 GAAP Summary 1) 3Q25 includes preferred stock early redemption costs of $5MM. 2) See general note a). Notes on slide 4 - 3Q25 Underlying financial summary 1) See note on non-GAAP financial measures. Notes on slide 5 - 3Q25 financial performance detail 1) Legacy Core consists of Commercial, Consumer excluding Private Bank and Non-Core, and Other. 2) At September 30, 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) 3Q25 includes preferred stock early redemption costs of $5MM. 4) See general note a). 5) See general note d). Notes on slide 6 - 3Q25 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) Includes bank-owned life insurance income and other miscellaneous income for all periods presented. 3) See above note on non-GAAP financial measures. See Notable Items slide 33 for more detail. Notes on slide 9 - Noninterest expense 1) See above note on non-GAAP financial measures. See Notable Items slide 33 for more detail. Notes on slide 12 - Highly diversified and retail-oriented deposit base 1) Estimated based on available company disclosures; Citizens stable deposits calculated using average Consumer deposits. 2) 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 - Transformed Consumer Bank 1) Mass affluent and above are retail households with the higher value of IXI or current month deposit/investment balances greater than or equal to $100K. Notes on slide 17 - Best-positioned Commercial Bank 1) Compounded annual growth rate is calculated using 2025 YTD annualized results (through 9/30). 2) Reflects business unit results for Commercial Payments activities. 3) Represents loan syndications; source: LSEG LPC For slide 18 - *AUM as of 9/30/2025. As Assets Under Management referenced above represents aggregated AUM [of the Private Bank] across our investment advisory affiliates.

35 Notes continued Notes on slide 19 - Private Bank buildout - financial update 1) Assets Under Management referenced represents aggregated AUM of the Private Bank across our investment advisory affiliates. Notes on slide 21 - 4Q25 outlook vs. 3Q25 1) See general note d). Notes on slide 25 - Interest rate risk management 1) Represents fair value balances. Notes on slide 26 - Non-Core portfolio - accelerating runoff with education loan sale 1) See general note c). Notes on slide 28 - $72.5B 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. Notes on slide 29 - Commercial Real Estate - General Office portfolio well diversified 1) See general note c). Notes on slide 30 - $68.4B 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 31 - Allocation of allowance for credit losses by product type 1) Coverage ratio includes total commercial allowance for unfunded lending commitments and total commercial allowance for loan and lease losses in the numerator and total commercial loans and leases in the denominator. 2) Coverage ratio reflects total allowance for credit losses for the respective portfolio. Notes on slide 32 - Delinquency by product type 1) 90+ days past due and accruing includes $114 million, $128 million,and $145 million of loans fully or partially guaranteed by the FHA, VA, and USDA for September 30, 2025, June 30, 2025, and September 30, 2024, respectively. Notes on slide 33 - Notable items 1) See note on non-GAAP financial measures.

36 Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS 3Q25 Change 3Q25 2Q25 3Q24 2Q25 3Q24 $ % $ % Noninterest income, Underlying: Noninterest income (GAAP) A $630 $600 $532 $30 5% $98 18% Less: Notable items — — (2) — — 2 100 Noninterest income, Underlying (non-GAAP) B $630 $600 $534 $30 5% $96 18% Total revenue, Underlying: Total revenue (GAAP) C $2,118 $2,037 $1,901 $81 4% $217 11% Less: Notable items — — (2) — — 2 100 Total revenue, Underlying (non-GAAP) D $2,118 $2,037 $1,903 $81 4% $215 11% Noninterest expense, Underlying: Noninterest expense (GAAP) E $1,335 $1,319 $1,259 $16 1% $76 6% Less: Notable items — — 11 — — (11) (100) Noninterest expense, Underlying (non-GAAP) F $1,335 $1,319 $1,248 $16 1% $87 7% Pre-provision profit: Total revenue (GAAP) C $2,118 $2,037 $1,901 $81 4% $217 11% Less: Noninterest expense (GAAP) E 1,335 1,319 1,259 16 1 76 6 Pre-provision profit (non-GAAP) $783 $718 $642 $65 9% $141 22% Pre-provision profit, Underlying: Total revenue, Underlying (non-GAAP) D $2,118 $2,037 $1,903 $81 4% $215 11% Less: Noninterest expense, Underlying (non-GAAP) F 1,335 1,319 1,248 16 1 87 7 Pre-provision profit, Underlying (non-GAAP) $783 $718 $655 $65 9% $128 20% Income before income tax expense, Underlying: Income before income tax expense (GAAP) G $629 $554 $470 $75 14% $159 34% Less: Income (expense) before income tax expense (benefit) related to notable items — — (13) — — 13 100 Income before income tax expense, Underlying (non-GAAP) H $629 $554 $483 $75 14% $146 30% Income tax expense, Underlying: Income tax expense (GAAP) I $135 $118 $88 $17 14% $47 53% Less: Income tax expense (benefit) related to notable items — — (3) — — 3 100 Income tax expense, Underlying (non-GAAP) J $135 $118 $91 $17 14% $44 48% Net income, Underlying: Net income (GAAP) K $494 $436 $382 $58 13% $112 29% Add: Notable items, net of income tax benefit — — 10 — — (10) (100) Net income, Underlying (non-GAAP) L $494 $436 $392 $58 13% $102 26% Net income available to common stockholders, Underlying: Net income available to common stockholders (GAAP) M $457 $402 $344 $55 14% $113 33% Add: Notable items, net of income tax benefit — — 10 — — (10) (100) Net income available to common stockholders, Underlying (non-GAAP) N $457 $402 $354 $55 14% $103 29%

37 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 3Q25 Change 3Q25 2Q25 3Q24 2Q25 3Q24 $/bps % $/bps % Operating leverage: Total revenue (GAAP) C $2,118 $2,037 $1,901 $81 3.91% $217 11.44% Less: Noninterest expense (GAAP) E 1,335 1,319 1,259 16 1.13 76 6.05 Operating leverage 2.78% 5.39% Operating leverage, Underlying: Total revenue, Underlying (non-GAAP) D $2,118 $2,037 $1,903 $81 3.91% $215 11.29% Less: Noninterest expense, Underlying (non-GAAP) F 1,335 1,319 1,248 16 1.13 87 6.91 Operating leverage, Underlying (non-GAAP) 2.78% 4.38% Efficiency ratio and efficiency ratio, Underlying: Efficiency ratio E/C 63.03 % 64.76% 66.23 % (173) bps (320) bps Efficiency ratio, Underlying (non-GAAP) F/D 63.03 64.76 65.61 (173) bps (258) bps Effective income tax rate and effective income tax rate, Underlying: Effective income tax rate I/G 21.38% 21.37% 18.56 % 1 bps 282 bps Effective income tax rate, Underlying (non-GAAP) J/H 21.38 21.37 18.75 1 bps 263 bps Return on average common equity and return on average common equity, Underlying: Average common equity (GAAP) O $23,288 $22,494 $22,380 $794 4% $908 4% Return on average common equity M/O 7.77 % 7.18% 6.12 % 59 bps 165 bps Return on average common equity, Underlying (non-GAAP) N/O 7.77 7.18 6.29 59 bps 148 bps Return on average tangible common equity and return on average tangible common equity, Underlying: Average common equity (GAAP) O $23,288 $22,494 $22,380 $794 4% $908 4% Less: Average goodwill (GAAP) 8,187 8,187 8,187 — — — — Less: Average other intangibles (GAAP) 126 134 140 (8) (6) (14) (10) Add: Average deferred tax liabilities related to goodwill (GAAP) 440 438 435 2 — 5 1 Average tangible common equity (non-GAAP) P $15,415 $14,611 $14,488 $804 6% $927 6% Return on average tangible common equity (non-GAAP) M/P 11.75 % 11.05% 9.45 % 70 bps 230 bps Return on average tangible common equity, Underlying (non-GAAP) N/P 11.75 11.05 9.71 70 bps 204 bps Return on average total assets and return on average total assets, Underlying: Average total assets (GAAP) Q $219,117 $217,661 $218,578 $1,456 1% $539 —% Return on average total assets K/Q 0.90 % 0.80% 0.70 % 10 bps 20 bps Return on average total assets, Underlying (non-GAAP) L/Q 0.90 0.80 0.71 10 bps 19 bps $s in millions, except share, per share and ratio data

38 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 3Q25 Change 3Q25 2Q25 3Q24 2Q25 3Q24 $/bps % $/bps % Return on average total tangible assets and return on average total tangible assets, Underlying: Average total assets (GAAP) Q $219,117 $217,661 $218,578 $1,456 1% $539 —% Less: Average goodwill (GAAP) 8,187 8,187 8,187 — — — — Less: Average other intangibles (GAAP) 126 134 140 (8) (6) (14) (10) Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 440 438 435 2 — 5 1 Average tangible assets (non-GAAP) R $211,244 $209,778 $210,686 $1,466 1% $558 —% Return on average total tangible assets (non-GAAP) K/R 0.93 % 0.83% 0.72 % 10 bps 21 bps Return on average total tangible assets, Underlying (non-GAAP) L/R 0.93 0.83 0.74 10 bps 19 bps Book value per common share and tangible book value per common share: Common shares - at period-end (GAAP) S 431,453,142 432,768,811 445,216,549 (1,315,669) —% (13,763,407) (3%) Common stockholders' equity (GAAP) T $23,718 $23,121 $22,820 $597 3 $898 4 Less: Goodwill (GAAP) 8,187 8,187 8,187 — — — — Less: Other intangible assets (GAAP) 123 128 137 (5) (4) (14) (10) Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP) 440 440 435 — — 5 1 Tangible common equity (non-GAAP) U $15,848 $15,246 $14,931 $602 4% $917 6% Book value per common share (GAAP) T/S $54.97 $53.43 $51.25 $1.54 3% $3.72 7% Tangible book value per common share (non-GAAP) U/S $36.73 $35.23 $33.54 $1.50 4% $3.19 10% 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 431,365,552 433,640,210 446,561,996 (2,274,658) (1%) (15,196,444) (3%) Average common shares outstanding - diluted (GAAP) W 435,472,350 436,539,774 449,913,467 (1,067,424) — (14,441,117) (3) Net income per average common share - basic (GAAP) M/V $1.06 $0.93 $0.77 $0.13 14 $0.29 38 Net income per average common share - diluted (GAAP) M/W 1.05 0.92 0.77 0.13 14 0.28 36 Net income per average common share - basic, Underlying (non-GAAP) N/V 1.06 0.93 0.79 0.13 14 0.27 34 Net income per average common share - diluted, Underlying (non-GAAP) N/W 1.05 0.92 0.79 0.13 14 0.26 33 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) 40 % 45 % 55 % (554) bps (1,493) bps Dividend payout ratio, Underlying (non-GAAP) X/(N/V) 40 45 53 (554) bps (1,338) bps Common equity ratio and tangible common equity ratio: Total assets (GAAP) Y $222,747 $218,310 $219,706 $4,437 2 $3,041 1% Less: Goodwill (GAAP) 8,187 8,187 8,187 — — — — Less: Other intangible assets (GAAP) 123 128 137 (5) (4) (14) (10) Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP) 440 440 435 — — 5 1 Tangible assets (non-GAAP) Z $214,877 $210,435 $211,817 $4,442 2% $3,060 1% Common equity ratio (GAAP) T/Y 10.6 % 10.6 % 10.4 % 6 bps 26 bps Tangible common equity ratio (non-GAAP) U/Z 7.4 7.2 7.0 16 bps 35 bps $s in millions, except share, per share and ratio data

39 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 3Q25 Change 3Q25 2Q25 3Q24 2Q25 3Q24 $/bps % $/bps % Net interest income and net interest margin on an FTE basis: Net interest income (annualized) (GAAP) AA $5,902 $5,770 $5,447 $132 2% $455 8% Average interest-earning assets (GAAP) BB 197,598 196,318 197,164 1,280 1 434 — Net interest margin (GAAP) AA/BB 2.99 % 2.94% 2.76% 5 bps 23 bps Net interest income (GAAP) $1,488 $1,437 $1,369 $51 4% $119 9% FTE adjustment 4 4 4 — — — — Net interest income on an FTE basis (non-GAAP) 1,492 1,441 1,373 51 4 119 9 Net interest income on an FTE basis (annualized) (non-GAAP) CC 5,919 5,786 5,465 133 2 454 8 Net interest margin on an FTE basis (non-GAAP) CC/BB 3.00 % 2.95% 2.77% 5 bps 23 bps Card fees, Underlying: Card fees (GAAP) $87 $90 $93 ($3) (3%) ($6) (6%) Less: Notable items — — 6 — — (6) (100) Card fees, Underlying (non-GAAP) $87 $90 $87 ($3) (3%) $— —% Other income, Underlying: Other income (GAAP) $31 $42 $24 ($11) (26%) $7 29% Less: Notable items — — (8) — — 8 100 Other income, Underlying (non-GAAP) $31 $42 $32 ($11) (26%) ($1) (3%) Salaries and employee benefits, Underlying: Salaries and employee benefits (GAAP) $705 $681 $647 $24 4% $58 9% Less: Notable items — — 4 — — (4) (100) Salaries and employee benefits, Underlying (non-GAAP) $705 $681 $643 $24 4% $62 10% Equipment and software, Underlying: Equipment and software (GAAP) $197 $193 $194 $4 2% $3 2% Less: Notable items — — 2 — — (2) (100) Equipment and software, Underlying (non-GAAP) $197 $193 $192 $4 2% $5 3% Outside services, Underlying: Outside services (GAAP) $161 $169 $146 ($8) (5%) $15 10% Less: Notable items — — 2 — — (2) (100) Outside services, Underlying (non-GAAP) $161 $169 $144 ($8) (5%) $17 12% Occupancy, Underlying: Occupancy (GAAP) $106 $108 $108 ($2) (2%) ($2) (2%) Less: Notable items — — 1 — — (1) (100) Occupancy, Underlying (non-GAAP) $106 $108 $107 ($2) (2%) ($1) (1%) Other operating expense, Underlying: Other operating expense (GAAP) $166 $168 $164 ($2) (1%) $2 1% Less: Notable items — — 2 — — (2) (100) Other operating expense, Underlying (non-GAAP) $166 $168 $162 ($2) (1%) $4 2% $s in millions, except share, per share and ratio data

40 Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS 1Q25 4Q24 Noninterest income, Underlying: Noninterest income (GAAP) A $544 $574 Less: Notable items — 10 Noninterest income, Underlying (non-GAAP) B $544 $564 Total revenue, Underlying: Total revenue (GAAP) C $1,935 $1,986 Less: Notable items — 10 Total revenue, Underlying (non-GAAP) D $1,935 $1,976 Noninterest expense, Underlying: Noninterest expense (GAAP) E $1,314 $1,316 Less: Notable items — 24 Noninterest expense, Underlying (non-GAAP) F $1,314 $1,292 Efficiency ratio and efficiency ratio, Underlying: Efficiency ratio E/C 67.9 % 66.3% Efficiency ratio, Underlying (non-GAAP) F/D 67.9 65.4

41 Non-GAAP financial measures and reconciliations - CET1 adjusted for AOCI opt-out removal QUARTERLY TRENDS 3Q25 2Q25 CET1 Ratio adjusted for AOCI opt-out removal CET1 capital $ 18,046 $ 17,812 Less: AFS securities - AOCI 1,060 1,282 HTM securities - AOCI(1) 700 719 DTA for AFS/HTM securities 30 31 Pension 294 297 DTA for Pension 4 3 CET 1 capital adjusted for AOCI opt-out removal A $15,958 $15,480 Risk-weighted assets 168,932 168,017 Less: HTM securities - AOCI 121 125 AFS securities - AOCI 167 208 DTA for AFS/HTM securities (1,422) (1,628) Pension 294 297 DTA for Pension (260) (263) Risk-weighted assets adjusted for AOCI opt-out removal B $170,032 $169,278 CET1 Ratio adjusted for AOCI opt-out removal A/B 9.4 % 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

42 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 3Q25 Change 3Q25 2Q25 3Q24 2Q25 3Q24 $/bps % $/bps % Total Retail loans - at period-end $68,377 $67,662 $69,824 $715 1% ($1,447) (2%) Less: Non-core retail loans - at period-end 2,972 3,573 7,869 (601) (17) (4,897) (62) Less: Private bank retail loans - at period-end 1,749 1,496 670 253 17 1,079 161 Total Retail loans excluding Private Bank and non-core - at period-end $63,656 $62,593 $61,285 $1,063 2% $2,371 4% Total Commercial loans - at period-end $72,493 $71,642 $71,808 $851 1% $685 1% Less: Private bank commercial loans - at period-end $4,189 $3,395 $1,353 $794 23 $2,836 210 Total Commercial loans excluding Private Bank - at period-end $68,304 $68,247 $70,455 $57 —% ($2,151) (3%) $s in millions, except share, per share and ratio data

43 Non-GAAP financial measures and reconciliations excluding Private Bank & Non-Core $s in millions, except share, per share and ratio data 3Q25 Net income available to common stockholders, Underlying: Net income available to common stockholders (GAAP) $457 Add: Notable items, net of income tax benefit — Net income available to common stockholders, Underlying (non-GAAP) A $457 Private Bank Net income available to common stockholders, (GAAP) 35 Less: Private Bank Notable Items — Private Bank Net income available to common stockholders, Underlying (non-GAAP) B $35 Non-Core Net income available to common stockholders, (GAAP) C ($14) Net income available to common stockholders excluding Private Bank & Non-Core, Underlying (non-GAAP) D=(A-B-C) $435 Return on average tangible common equity and return on average tangible common equity, Underlying: Average common equity (GAAP) $23,288 Less: Average goodwill (GAAP) 8,187 Less: Average other intangibles (GAAP) 126 Add: Average deferred tax liabilities related to goodwill (GAAP) 440 Average tangible common equity (non-GAAP) E $15,415 Return on average tangible common equity excluding Private Bank & Non-Core, Underlying (non-GAAP) D/E 11.2 %

EX-99.3 4 q325financialsupplement.htm EX-99.3 Document

Financial Supplement

Third Quarter 2025


Table of Contents						Page

Consolidated Financial Highlights						3

Consolidated Statements of Operations (unaudited)						5

Consolidated Balance Sheets (unaudited)						6

Loans and Deposits						7

Average Balance Sheets, Annualized Yields and Rates						8

Mortgage Banking Fees						10

Segment Financial Highlights						11

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

Capital and Ratios						20

Non-GAAP Financial Measures and Reconciliations						21
The information in this Financial Supplement is preliminary and based on company data available at the time of the earnings presentation. It speaks only as of the particular date or dates included in the accompanying pages. The Company does not undertake an obligation to, and disclaims any duty to, update any of the information provided. Any forward-looking statements in this Financial Supplement are subject to the forward-looking statements language contained in the Company’s reports filed with the SEC pursuant to the Securities Exchange Act of 1934, which can be found on the SEC’s website (www.sec.gov) or on the Company’s website (www.citizensbank.com). The Company’s future financial performance is subject to the risks and uncertainties described in its SEC filings.

CONSOLIDATED FINANCIAL HIGHLIGHTS

(dollars in millions, except per share data)


	QUARTERLY TRENDS																		FOR THE NINE MONTHS ENDED SEPTEMBER 30,
											3Q25 Change												2025 Change
	3Q25		2Q25		1Q25		4Q24		3Q24		2Q25				3Q24				2025		2024		2024
											$/bps		%		$/bps		%						$/bps		%
SELECTED OPERATING DATA
Total revenue	$2,118		$2,037		$1,935		$1,986		$1,901		$81		4	%	$217		11	%	$6,090		$5,823		$267		5	%
Noninterest expense	1,335		1,319		1,314		1,316		1,259		16		1		76		6		3,968		3,918		50		1
Pre-provision profit1	783		718		621		670		642		65		9		141		22		2,122		1,905		217		11
Provision (benefit) for credit losses	154		164		153		162		172		(10)		(6)		(18)		(10)		471		525		(54)		(10)
NET INCOME	494		436		373		401		382		58		13		112		29		1,303		1,108		195		18
Net income, Underlying1	494		436		373		412		392		58		13		102		26		1,303		1,195		108		9
Net income available to common stockholders	457		402		340		367		344		55		14		113		33		1,199		1,005		194		19
Net income available to common stockholders, Underlying1	457		402		340		378		354		55		14		103		29		1,199		1,092		107		10
PER COMMON SHARE DATA
Basic earnings	$1.06		$0.93		$0.78		$0.83		$0.77		$0.13		14	%	$0.29		38	%	$2.76		$2.21		$0.55		25	%
Diluted earnings	1.05		0.92		0.77		0.83		0.77		0.13		14		0.28		36		2.74		2.20		0.54		25
Basic earnings, Underlying1	1.06		0.93		0.78		0.86		0.79		0.13		14		0.27		34		2.76		2.40		0.36		15
Diluted earnings, Underlying1	1.05		0.92		0.77		0.85		0.79		0.13		14		0.26		33		2.74		2.39		0.35		15
Cash dividends declared and paid per common share	0.42		0.42		0.42		0.42		0.42		—		—		—		—		1.26		1.26		—		—
Book value per common share	54.97		53.43		51.99		50.26		51.25		1.54		3		3.72		7		54.97		51.25		3.72		7
Tangible book value per common share1	36.73		35.23		33.97		32.34		33.54		1.50		4		3.19		10		36.73		33.54		3.19		10
Dividend payout ratio	40	%	45	%	54	%	51	%	55	%	(554)	bps			(1,493)	bps			46	%	57	%	(1,136)	bps
Dividend payout ratio, Underlying1	40		45		54		49		53		(554)	bps			(1,338)	bps			46		53		(700)	bps
COMMON SHARES OUTSTANDING
Average: Basic	431,365,552		433,640,210		438,320,757		440,802,738		446,561,996		(2,274,658)		(1	%)	(15,196,444)		(3	%)	434,416,696		453,993,833		(19,577,136)		(4	%)
Diluted	435,472,350		436,539,774		442,200,180		444,836,786		449,913,467		(1,067,424)		—		(14,441,117)		(3)		437,915,596		456,461,330		(18,545,733)		(4)
Common shares at period-end	431,453,142		432,768,811		437,668,127		440,543,381		445,216,549		(1,315,669)		—		(13,763,407)		(3)		431,453,142		445,216,549		(13,763,407)		(3)

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

CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED

(dollars in millions, except per share data)


	QUARTERLY TRENDS																FOR THE NINE MONTHS ENDED SEPTEMBER 30,
											3Q25 Change										2025 Change
	3Q25		2Q25		1Q25		4Q24		3Q24		2Q25			3Q24			2025		2024		2024
											$/bps		%	$/bps		%					$/bps		%
FINANCIAL RATIOS
Net interest margin	2.99	%	2.94	%	2.89	%	2.86	%	2.76	%	5 bps			23 bps			2.94	%	2.84	%	10	bps
Net interest margin, FTE1,2	3.00		2.95		2.90		2.87		2.77		5			23			2.95		2.85		10
Return on average common equity	7.77		7.18		6.21		6.64		6.12		59			165			7.07		6.15		92
Return on average common equity, Underlying2	7.77		7.18		6.21		6.84		6.29		59			148			7.07		6.68		39
Return on average tangible common equity2	11.75		11.05		9.64		10.36		9.45		70			230			10.84		9.63		121
Return on average tangible common equity, Underlying2	11.75		11.05		9.64		10.66		9.71		70			204			10.84		10.46		38
Return on average total assets	0.90		0.80		0.70		0.73		0.70		10			20			0.80		0.67		13
Return on average total assets, Underlying2	0.90		0.80		0.70		0.75		0.71		10			19			0.80		0.73		7
Return on average total tangible assets2	0.93		0.83		0.73		0.76		0.72		10			21			0.83		0.70		13
Return on average total tangible assets, Underlying2	0.93		0.83		0.73		0.78		0.74		10			19			0.83		0.75		8
Effective income tax rate	21.38		21.37		20.26		21.04		18.56		1			282			21.06		19.69		137
Effective income tax rate, Underlying2	21.38		21.37		20.26		21.17		18.75		1			263			21.06		20.68		38
Efficiency ratio	63.03		64.76		67.91		66.27		66.23		(173)			(320)			65.16		67.28		(212)
Efficiency ratio, Underlying2	63.03		64.76		67.91		65.36		65.61		(173)			(258)			65.16		65.08		8
Noninterest income as a % of total revenue	29.75		29.41		28.14		28.90		27.95		34			180			29.12		27.51		161
Noninterest income as a % of total revenue, Underlying2	29.75		29.41		28.14		28.54		28.05		34			170			29.12		27.45		167
CAPITAL RATIOS - PERIOD-END (PRELIMINARY)
CET1 capital ratio	10.7	%	10.6	%	10.6	%	10.8	%	10.6	%
Tier 1 capital ratio	11.9		11.9		11.9		12.1		11.9
Total capital ratio	13.9		13.8		13.9		14.0		13.9
Tier 1 leverage ratio	9.4		9.4		9.4		9.4		9.4
Common equity ratio	10.6		10.6		10.3		10.2		10.4
Tangible common equity ratio2	7.4		7.2		7.0		6.8		7.0
SELECTED BALANCE SHEET DATA
Loan-to-deposit ratio (period-end balances)	78.26	%	79.56	%	77.51	%	79.65	%	80.85	%	(130)	bps		(259)	bps		78.26	%	80.85	%	(259)	bps
Loan-to-deposit ratio (average balances)	79.57		79.72		80.89		80.88		81.59		(15)	bps		(202)	bps		80.05		82.07		(202)	bps
Full-time equivalent colleagues (period-end)	17,496		17,677		17,315		17,287		17,329		(181)		(1)	167		1	17,496		17,329		167		1

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."

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(dollars in millions)


	QUARTERLY TRENDS											FOR THE NINE MONTHS ENDED SEPTEMBER 30,
						3Q25 Change								2025 Change
	3Q25	2Q25	1Q25	4Q24	3Q24	2Q25			3Q24			2025	2024	2024
						$	%		$	%				$	%
INTEREST INCOME
Interest and fees on loans and leases	$1,897	$1,851	$1,829	$1,910	$1,976	$46	2	%	($79)	(4	%)	$5,577	$6,038	($461)	(8	%)
Interest and fees on loans held for sale	31	36	16	21	19	(5)	(14)		12	63		83	56	27	48
Investment securities	433	428	418	419	423	5	1		10	2		1,279	1,239	40	3
Interest-bearing deposits in banks	97	92	89	112	121	5	5		(24)	(20)		278	391	(113)	(29)
Total interest income	2,458	2,407	2,352	2,462	2,539	51	2		(81)	(3)		7,217	7,724	(507)	(7)
INTEREST EXPENSE
Deposits	816	802	795	883	990	14	2		(174)	(18)		2,413	2,942	(529)	(18)
Short-term borrowed funds	5	9	8	1	3	(4)	(44)		2	67		22	14	8	57
Long-term borrowed funds	149	159	158	166	177	(10)	(6)		(28)	(16)		466	547	(81)	(15)
Total interest expense	970	970	961	1,050	1,170	—	—		(200)	(17)		2,901	3,503	(602)	(17)
Net interest income	1,488	1,437	1,391	1,412	1,369	51	4		119	9		4,316	4,221	95	2
NONINTEREST INCOME
Service charges and fees	112	111	109	109	109	1	1		3	3		332	311	21	7
Capital markets fees	166	105	100	121	94	61	58		72	77		371	346	25	7
Card fees	87	90	83	97	93	(3)	(3)		(6)	(6)		260	271	(11)	(4)
Wealth fees	93	88	81	75	76	5	6		17	22		262	219	43	20
Mortgage banking fees	49	73	59	60	46	(24)	(33)		3	7		181	149	32	21
Foreign exchange and derivative products	42	41	39	35	36	1	2		6	17		122	111	11	10
Letter of credit and loan fees	48	45	44	45	45	3	7		3	7		137	130	7	5
Securities gains, net	2	5	7	4	9	(3)	(60)		(7)	(78)		14	14	—	—
Other income	31	42	22	28	24	(11)	(26)		7	29		95	51	44	86
Total noninterest income	630	600	544	574	532	30	5		98	18		1,774	1,602	172	11
TOTAL REVENUE	2,118	2,037	1,935	1,986	1,901	81	4		217	11		6,090	5,823	267	5
Provision (benefit) for credit losses	154	164	153	162	172	(10)	(6)		(18)	(10)		471	525	(54)	(10)
NONINTEREST EXPENSE
Salaries and employee benefits	705	681	696	674	647	24	4		58	9		2,082	1,983	99	5
Equipment and software	197	193	194	193	194	4	2		3	2		584	576	8	1
Outside services	161	169	155	170	146	(8)	(5)		15	10		485	469	16	3
Occupancy	106	108	112	112	108	(2)	(2)		(2)	(2)		326	335	(9)	(3)
Other operating expense	166	168	157	167	164	(2)	(1)		2	1		491	555	(64)	(12)
Total noninterest expense	1,335	1,319	1,314	1,316	1,259	16	1		76	6		3,968	3,918	50	1
Income before income tax expense	629	554	468	508	470	75	14		159	34		1,651	1,380	271	20
Income tax expense	135	118	95	107	88	17	14		47	53		348	272	76	28
Net income	$494	$436	$373	$401	$382	$58	13	%	$112	29	%	$1,303	$1,108	$195	18	%
Net income, Underlying1	$494	$436	$373	$412	$392	$58	13	%	$102	26	%	$1,303	$1,195	$108	9	%
Net income available to common stockholders	$457	$402	$340	$367	$344	$55	14	%	$113	33	%	$1,199	$1,005	$194	19	%
Net income available to common stockholders, Underlying1	$457	$402	$340	$378	$354	$55	14	%	$103	29	%	$1,199	$1,092	$107	10	%

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

CONSOLIDATED BALANCE SHEETS (unaudited)

(dollars in millions, except par value)


PERIOD-END BALANCES	AS OF					SEPTEMBER 30, 2025 CHANGE
	Sept 30, 2025	June 30, 2025	Mar 31, 2025	Dec 31, 2024	Sept 30, 2024	June 30, 2025			September 30, 2024
						$	%		$	%
ASSETS
Cash and due from banks	$1,254	$1,107	$1,082	$1,409	$979	$147	13	%	$275	28	%
Interest-bearing cash and due from banks	10,396	7,441	10,459	9,192	9,936	2,955	40		460	5
Interest-bearing deposits in banks	694	680	685	635	648	14	2		46	7
Debt securities available for sale, at fair value	35,419	34,658	34,208	32,765	32,835	761	2		2,584	8
Debt securities held to maturity	8,124	8,293	8,469	8,599	8,738	(169)	(2)		(614)	(7)
Loans held for sale	1,334	2,093	2,820	858	663	(759)	(36)		671	101
Loans and leases	140,870	139,304	137,635	139,203	141,632	1,566	1		(762)	(1)
Less: Allowance for loan and lease losses	(1,972)	(2,008)	(2,014)	(2,061)	(2,079)	36	(2)		107	(5)
Net loans and leases	138,898	137,296	135,621	137,142	139,553	1,602	1		(655)	—
Derivative assets	721	832	760	408	586	(111)	(13)		135	23
Premises and equipment	857	855	855	875	862	2	—		(5)	(1)
Bank-owned life insurance	3,422	3,408	3,386	3,364	3,346	14	—		76	2
Goodwill	8,187	8,187	8,187	8,187	8,187	—	—		—	—
Other intangible assets	123	129	137	146	137	(6)	(5)		(14)	(10)
Other assets	13,318	13,331	13,479	13,941	13,236	(13)	—		82	1
TOTAL ASSETS	$222,747	$218,310	$220,148	$217,521	$219,706	$4,437	2	%	$3,041	1	%
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest-bearing	$39,472	$38,001	$37,556	$36,920	$35,978	$1,471	4	%	$3,494	10	%
Interest-bearing	140,539	137,085	140,020	137,856	139,210	3,454	3		1,329	1
Total deposits	180,011	175,086	177,576	174,776	175,188	4,925	3		4,823	3
Short-term borrowed funds	214	249	47	—	15	(35)	(14)		199	NM
Long-term borrowed funds:
FHLB advances	14	1,542	42	53	553	(1,528)	(99)		(539)	(97)
Senior debt	6,825	6,821	7,568	7,168	7,766	4	—		(941)	(12)
Subordinated debt and other debt	3,602	4,163	4,657	5,180	5,625	(561)	(13)		(2,023)	(36)
Total long-term borrowed funds	10,441	12,526	12,267	12,401	13,944	(2,085)	(17)		(3,503)	(25)
Derivative liabilities	738	766	883	1,220	1,012	(28)	(4)		(274)	(27)
Other liabilities	5,514	4,449	4,509	4,870	4,615	1,065	24		899	19
TOTAL LIABILITIES	196,918	193,076	195,282	193,267	194,774	3,842	2		2,144	1
STOCKHOLDERS' EQUITY
Preferred stock:
$25.00 par value, 100,000,000 shares authorized for each of the periods presented	2,111	2,113	2,113	2,113	2,112	(2)	—		(1)	—
Common stock:
$0.01 par value, 1,000,000,000 shares authorized for each of the periods presented	7	7	7	7	6	—	—		1	17
Additional paid-in capital	22,448	22,420	22,370	22,364	22,327	28	—		121	1
Retained earnings	11,056	10,783	10,566	10,412	10,233	273	3		823	8
Treasury stock, at cost	(7,526)	(7,450)	(7,249)	(7,047)	(6,820)	(76)	(1)		(706)	(10)
Accumulated other comprehensive income (loss)	(2,267)	(2,639)	(2,941)	(3,595)	(2,926)	372	14		659	23
TOTAL STOCKHOLDERS' EQUITY	25,829	25,234	24,866	24,254	24,932	595	2		897	4
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$222,747	$218,310	$220,148	$217,521	$219,706	$4,437	2	%	$3,041	1	%
Memo: Total tangible common equity1	$15,848	$15,246	$14,867	$14,246	$14,931	$602	4	%	$917	6	%

1 Represents a non-GAAP financial measure. For further information on this measure, refer to "Non-GAAP Financial Measures and Reconciliations."

LOANS AND DEPOSITS

(dollars in millions)


PERIOD-END BALANCES	AS OF					SEPTEMBER 30, 2025 CHANGE
	Sept 30, 2025	June 30, 2025	Mar 31, 2025	Dec 31, 2024	Sept 30, 2024	June 30, 2025			September 30, 2024
						$	%		$	%
LOANS AND LEASES
Commercial and industrial	$46,953	$45,412	$43,781	$42,551	$43,825	$1,541	3	%	$3,128	7	%
Commercial real estate	25,540	26,230	26,727	27,225	27,983	(690)	(3)		(2,443)	(9)
Total commercial	72,493	71,642	70,508	69,776	71,808	851	1		685	1
Residential mortgages	34,477	33,823	33,114	32,726	32,379	654	2		2,098	6
Home equity	18,415	17,711	16,853	16,495	15,992	704	4		2,423	15
Automobile	2,816	3,407	4,044	4,744	5,540	(591)	(17)		(2,724)	(49)
Education	8,556	8,550	8,779	10,812	11,118	6	—		(2,562)	(23)
Other retail	4,113	4,171	4,337	4,650	4,795	(58)	(1)		(682)	(14)
Total retail	68,377	67,662	67,127	69,427	69,824	715	1		(1,447)	(2)
Total loans and leases	$140,870	$139,304	$137,635	$139,203	$141,632	$1,566	1	%	($762)	(1	%)
Loans held for sale	1,334	2,093	2,820	858	663	(759)	(36)		671	101
Loans and leases and loans held for sale	$142,204	$141,397	$140,455	$140,061	$142,295	$807	1	%	($91)	—	%

DEPOSITS
Noninterest-bearing demand	$39,472	$38,001	$37,556	$36,920	$35,978	$1,471	4	%	$3,494	10	%
Checking with interest	35,219	34,918	34,456	33,246	33,680	301	1		1,539	5
Savings	24,759	25,400	25,765	25,976	26,489	(641)	(3)		(1,730)	(7)
Money market	59,709	55,638	55,996	55,321	54,654	4,071	7		5,055	9
Time	20,852	21,129	23,803	23,313	24,387	(277)	(1)		(3,535)	(14)
Total deposits	$180,011	$175,086	$177,576	$174,776	$175,188	$4,925	3	%	$4,823	3	%


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

	QUARTERLY TRENDS												3Q25 Change
	3Q25				2Q25				3Q24				2Q25			3Q24
	Average Balance	Interest	Rate		Average Balance	Interest	Rate		Average Balance	Interest	Rate		Average Balance	Interest	Rate	Average Balance	Interest	Rate
INTEREST-EARNING ASSETS
Interest-bearing cash and due from banks and deposits in banks	$9,015	$97	4.24	%	$8,217	$92	4.40	%	$8,896	$121	5.30	%	$798	$5	(16) bps	$119	($24)	(106) bps
Taxable investment securities	46,452	433	3.71		46,537	428	3.69		45,083	423	3.75		(85)	5	2	1,369	10	(4)
Non-taxable investment securities	1	—	2.60		1	—	2.60		1	—	2.60		—	—	—	—	—	—
Total investment securities	46,453	433	3.71		46,538	428	3.69		45,084	423	3.75		(85)	5	2	1,369	10	(4)

Commercial and industrial	46,351	581	4.91		44,936	549	4.84		44,071	556	4.95		1,415	32	7	2,280	25	(4)
Commercial real estate	25,799	380	5.76		26,487	384	5.73		28,209	452	6.26		(688)	(4)	3	(2,410)	(72)	(50)
Total commercial	72,150	961	5.21		71,423	933	5.17		72,280	1,008	5.46		727	28	4	(130)	(47)	(25)
Residential mortgages	34,134	339	3.98		33,420	327	3.92		32,117	301	3.75		714	12	6	2,017	38	23
Home equity	18,027	322	7.07		17,324	308	7.14		15,733	317	8.02		703	14	(7)	2,294	5	(95)
Automobile	3,096	35	4.44		3,705	41	4.41		5,942	64	4.28		(609)	(6)	3	(2,846)	(29)	16
Education	8,513	129	5.98		8,660	128	5.94		11,155	153	5.45		(147)	1	4	(2,642)	(24)	53
Other retail	4,091	111	10.92		4,277	114	10.66		4,776	133	11.04		(186)	(3)	26	(685)	(22)	(12)
Total retail	67,861	936	5.49		67,386	918	5.46		69,723	968	5.53		475	18	3	(1,862)	(32)	(4)
Total loans and leases	140,011	1,897	5.35		138,809	1,851	5.31		142,003	1,976	5.50		1,202	46	4	(1,992)	(79)	(15)
Loans held for sale	2,119	31	5.73		2,754	36	5.29		1,181	19	6.26		(635)	(5)	44	938	12	(53)
Total interest-earning assets	197,598	2,458	4.92		196,318	2,407	4.89		197,164	2,539	5.09		1,280	51	3	434	(81)	(17)


Noninterest-earning assets	21,519				21,343				21,414				176			105
TOTAL ASSETS	$219,117				$217,661				$218,578				$1,456			$539
INTEREST-BEARING LIABILITIES
Checking with interest	$34,748	$134	1.54	%	$33,847	$123	1.46	%	$33,090	$131	1.58	%	$901	$11	8	$1,658	$3	(4)
Savings	25,001	86	1.36		25,536	85	1.34		26,868	128	1.89		(535)	1	2	(1,867)	(42)	(53)
Money market	57,783	411	2.82		54,716	376	2.75		53,152	444	3.32		3,067	35	7	4,631	(33)	(50)
Time	20,355	185	3.61		22,679	218	3.85		24,705	287	4.65		(2,324)	(33)	(24)	(4,350)	(102)	(104)
Total interest-bearing deposits	137,887	816	2.35		136,778	802	2.35		137,815	990	2.86		1,109	14	—	72	(174)	(51)
Short-term borrowed funds	589	5	2.91		925	9	3.96		150	3	6.06		(336)	(4)	(105)	439	2	(315)
FHLB advances	1,009	12	4.64		1,063	12	4.64		477	6	5.38		(54)	—	—	532	6	(74)
Senior debt	6,823	88	5.16		7,042	90	5.07		7,462	93	5.01		(219)	(2)	9	(639)	(5)	15
Subordinated debt and other debt	3,811	49	5.16		4,394	57	5.18		5,751	78	5.43		(583)	(8)	(2)	(1,940)	(29)	(27)
Total long-term borrowed funds	11,643	149	5.11		12,499	159	5.07		13,690	177	5.20		(856)	(10)	4	(2,047)	(28)	(9)
Total borrowed funds	12,232	154	5.01		13,424	168	5.00		13,840	180	5.21		(1,192)	(14)	1	(1,608)	(26)	(20)
Total interest-bearing liabilities	150,119	970	2.56		150,202	970	2.59		151,655	1,170	3.07		(83)	—	(3)	(1,536)	(200)	(51)
Noninterest-bearing demand deposits	38,070				37,350				36,236				720			1,834
Other noninterest-bearing liabilities	5,387				5,503				6,194				(116)			(807)
TOTAL LIABILITIES	193,576				193,055				194,085				521			(509)
STOCKHOLDERS' EQUITY	25,541				24,606				24,493				935			1,048
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$219,117				$217,661				$218,578				$1,456			$539
INTEREST RATE SPREAD			2.36	%			2.30	%			2.02	%			6			34
NET INTEREST INCOME AND NET INTEREST MARGIN		$1,488	2.99	%		$1,437	2.94	%		$1,369	2.76	%		$51	5		$119	23
NET INTEREST INCOME AND NET INTEREST MARGIN, FTE1		$1,492	3.00	%		$1,441	2.95	%		$1,373	2.77	%		$51	5		$119	23
Memo: Total deposits (interest-bearing and noninterest-bearing demand)	$175,957	$816	1.84	%	$174,128	$802	1.85	%	$174,051	$990	2.26	%	$1,829	$14	(1) bps	$1,906	($174)	(42) 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."


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

	FOR THE NINE MONTHS ENDED SEPTEMBER 30,								2025 Change
	2025				2024				2024
	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	$8,445	$278	4.35	%	$9,602	$391	5.35	%	($1,157)	($113)	(100)	bps
Taxable investment securities	46,354	1,279	3.68		44,561	1,239	3.71		1,793	40	(3)
Non-taxable investment securities	1	—	2.60		1	—	2.60		—	—	—
Total investment securities	46,355	1,279	3.68		44,562	1,239	3.71		1,793	40	(3)
Commercial and industrial	44,972	1,645	4.83		44,342	1,795	5.32		630	(150)	(49)
Commercial real estate	26,429	1,151	5.74		28,681	1,376	6.30		(2,252)	(225)	(56)
Total commercial	71,401	2,796	5.16		73,023	3,171	5.71		(1,622)	(375)	(55)
Residential mortgages	33,480	984	3.92		31,713	874	3.68		1,767	110	24
Home equity	17,338	923	7.11		15,387	920	7.99		1,951	3	(88)
Automobile	3,727	123	4.41		6,832	218	4.27		(3,105)	(95)	14
Education	9,280	405	5.83		11,472	463	5.39		(2,192)	(58)	44
Other retail	4,285	346	10.83		4,866	392	10.76		(581)	(46)	7
Total retail	68,110	2,781	5.45		70,270	2,867	5.45		(2,160)	(86)	—
Total loans and leases	139,511	5,577	5.31		143,293	6,038	5.58		(3,782)	(461)	(27)
Loans held for sale	2,023	83	5.45		1,104	56	6.71		919	27	(126)
Total interest-earning assets	196,334	7,217	4.88		198,561	7,724	5.15		(2,227)	(507)	(27)
Noninterest-earning assets	21,372				20,959				413
TOTAL ASSETS	$217,706				$219,520				($1,814)
INTEREST-BEARING LIABILITIES
Checking with interest	$33,770	$367	1.45	%	$33,017	$368	1.49	%	$753	($1)	(4)
Savings	25,430	260	1.36		27,389	369	1.80		(1,959)	(109)	(44)
Money market	55,656	1,144	2.75		52,552	1,320	3.35		3,104	(176)	(60)
Time	22,093	642	3.89		25,274	885	4.68		(3,181)	(243)	(79)
Total interest-bearing deposits	136,949	2,413	2.36		138,232	2,942	2.84		(1,283)	(529)	(48)
Short-term borrowed funds	729	22	3.85		324	14	5.64		405	8	(179)
FHLB advances	891	31	4.62		1,704	72	5.56		(813)	(41)	(94)
Senior debt	6,998	264	5.03		6,755	243	4.80		243	21	23
Subordinated debt and other debt	4,374	171	5.22		5,688	232	5.44		(1,314)	(61)	(22)
Total long-term borrowed funds	12,263	466	5.07		14,147	547	5.15		(1,884)	(81)	(8)
Total borrowed funds	12,992	488	5.00		14,471	561	5.16		(1,479)	(73)	(16)
Total interest-bearing liabilities	149,941	2,901	2.58		152,703	3,503	3.06		(2,762)	(602)	(48)
Noninterest-bearing demand deposits	37,326				36,374				952
Other noninterest-bearing liabilities	5,618				6,544				(926)
TOTAL LIABILITIES	192,885				195,621				(2,736)
STOCKHOLDERS' EQUITY	24,821				23,899				922
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$217,706				$219,520				($1,814)
INTEREST RATE SPREAD			2.30	%			2.09	%			21
NET INTEREST INCOME AND NET INTEREST MARGIN		$4,316	2.94	%		$4,221	2.84	%		$95	10
NET INTEREST INCOME AND NET INTEREST MARGIN, FTE1		$4,328	2.95	%		$4,234	2.85	%		$94	10
Memo: Total deposits (interest-bearing and noninterest-bearing demand)	$174,275	$2,413	1.85	%	$174,606	$2,942	2.25	%	($331)	($529)	(40)	bps

1 Net 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."

MORTGAGE BANKING FEES SUMMARY

(dollars in millions)


	QUARTERLY TRENDS																		FOR THE NINE MONTHS ENDED SEPTEMBER 30,
											3Q25 Change												2025 Change
	3Q25		2Q25		1Q25		4Q24		3Q24		2Q25				3Q24				2025		2024		2024
											$/bps		%		$/bps		%						$/bps		%
MORTGAGE BANKING FEES
Production revenue	$18		$19		$15		$14		$15		($1)		(5	%)	$3		20	%	$52		$44		$8		18	%
Mortgage servicing revenue	29		28		32		33		33		1		4		(4)		(12)		89		101		(12)		(12)
MSR valuation changes, net of hedge impact	2		26		12		13		(2)		(24)		(92)		4		NM		40		4		36		NM
Total mortgage banking fees	$49		$73		$59		$60		$46		($24)		(33	%)	$3		7	%	$181		$149		$32		21	%

Pull-through adjusted locks	$2,150		$2,458		$2,112		$1,543		$1,996		($308)		(13	%)	$154		8	%	$6,720		$5,330		$1,390		26	%

Production revenue as a percentage of Pull-through adjusted locks	0.81	%	0.78	%	0.71	%	0.90	%	0.76	%	3	bps			5	bps			0.77	%	0.83	%	(6)	bps



RESIDENTIAL REAL ESTATE ORIGINATIONS
Retail	$2,019		$2,189		$1,444		$1,680		$1,749		($170)		(8	%)	$270		15	%	$5,652		$4,378		$1,274		29	%
Third Party	1,837		1,916		1,474		1,341		1,504		(79)		(4)		333		22		5,227		3,719		1,508		41
Total	$3,856		$4,105		$2,918		$3,021		$3,253		($249)		(6	%)	$603		19	%	$10,879		$8,097		$2,782		34	%

Originated for sale	$2,379		$2,486		$1,916		$1,948		$2,148		($107)		(4	%)	$231		11	%	$6,781		$5,316		$1,465		28	%
Originated for investment	1,477		1,619		1,002		1,073		1,105		(142)		(9)		372		34		4,098		2,781		1,317		47
Total	$3,856		$4,105		$2,918		$3,021		$3,253		($249)		(6	%)	$603		19	%	$10,879		$8,097		$2,782		34	%

MORTGAGE SERVICING INFORMATION (UPB)
Loans serviced for others	$95,244		$95,422		$95,203		$95,600		$96,120		($178)		—	%	($876)		(1	%)	$95,244		$96,120		($876)		(1	%)
Owned loans serviced	34,760		34,284		33,737		33,064		32,655		476		1		2,105		6		34,760		32,655		2,105		6
Total	$130,004		$129,706		$128,940		$128,664		$128,775		$298		—	%	$1,229		1	%	$130,004		$128,775		$1,229		1	%

MSR at fair value	$1,430		$1,426		$1,397		$1,491		$1,501		$4		—	%	($71)		(5	%)	$1,430		$1,501		($71)		(5	%)

SEGMENT FINANCIAL HIGHLIGHTS - CONSUMER BANKING

(dollars in millions)


	QUARTERLY TRENDS																		FOR THE NINE MONTHS ENDED SEPTEMBER 30,
CONSUMER BANKING											3Q25 Change												2025 Change
	3Q25		2Q25		1Q25		4Q24		3Q24		2Q25				3Q24				2025		2024		2024
											$/bps		%		$/bps		%						$/bps		%
Net interest income	$1,262		$1,218		$1,193		$1,196		$1,156		$44		4	%	$106		9	%	$3,673		$3,369		$304		9	%
Noninterest income	311		329		297		311		285		(18)		(5)		26		9		937		820		117		14
Total revenue	1,573		1,547		1,490		1,507		1,441		26		2		132		9		4,610		4,189		421		10
Noninterest expense	979		963		954		944		916		16		2		63		7		2,896		2,734		162		6
Profit (loss) before credit losses	594		584		536		563		525		10		2		69		13		1,714		1,455		259		18
Net charge-offs	81		81		86		82		84		—		—		(3)		(4)		248		249		(1)		—
Income (loss) before income tax expense (benefit)	513		503		450		481		441		10		2		72		16		1,466		1,206		260		22
Income tax expense (benefit)	130		127		114		123		114		3		2		16		14		371		311		60		19
Net income (loss)	$383		$376		$336		$358		$327		$7		2	%	$56		17	%	$1,095		$895		$200		22	%
AVERAGE BALANCES
Total assets	$80,729		$78,822		$77,534		$76,608		$75,392		$1,907		2	%	$5,337		7	%	$79,040		$74,510		$4,530		6	%
Total loans and leases1	74,274		72,402		71,054		70,274		69,021		1,872		3		5,253		8		72,588		68,146		4,442		7
Deposits	128,547		127,271		125,728		124,552		121,899		1,276		1		6,648		5		127,193		120,803		6,390		5
Interest-earning assets	74,870		72,988		71,635		70,857		69,608		1,882		3		5,262		8		73,176		68,740		4,436		6
KEY METRICS
Net interest margin	6.69	%	6.69	%	6.76	%	6.72	%	6.60	%	—	bps			9	bps			6.71	%	6.54	%	17	bps
Efficiency ratio	62.22		62.24		64.06		62.60		63.53		(2)	bps			(131)	bps			62.82		65.26		(244)	bps
Loan-to-deposit ratio (period-end balances)	57.40		57.24		54.97		55.85		56.34		16	bps			106	bps			57.40		56.34		106	bps
Loan-to-deposit ratio (average balances)	57.16		56.26		56.04		55.88		56.05		90	bps			111	bps			56.49		55.94		55	bps

1 Includes loans held for sale.

SEGMENT FINANCIAL HIGHLIGHTS - COMMERCIAL BANKING

(dollars in millions)


	QUARTERLY TRENDS																		FOR THE NINE MONTHS ENDED SEPTEMBER 30,
COMMERCIAL BANKING											3Q25 Change												2025 Change
	3Q25		2Q25		1Q25		4Q24		3Q24		2Q25				3Q24				2025		2024		2024
											$/bps		%		$/bps		%						$/bps		%
Net interest income	$448		$439		$441		$464		$478		$9		2	%	($30)		(6	%)	$1,328		$1,486		($158)		(11	%)
Noninterest income	286		232		215		232		207		54		23		79		38		733		676		57		8
Total revenue	734		671		656		696		685		63		9		49		7		2,061		2,162		(101)		(5)
Noninterest expense	333		317		327		313		300		16		5		33		11		977		928		49		5
Profit (loss) before credit losses	401		354		329		383		385		47		13		16		4		1,084		1,234		(150)		(12)
Net charge-offs	78		84		77		91		91		(6)		(7)		(13)		(14)		239		262		(23)		(9)
Income (loss) before income tax expense (benefit)	323		270		252		292		294		53		20		29		10		845		972		(127)		(13)
Income tax expense (benefit)	75		64		56		68		63		11		17		12		19		195		223		(28)		(13)
Net income (loss)	$248		$206		$196		$224		$231		$42		20	%	$17		7	%	$650		$749		($99)		(13	%)
AVERAGE BALANCES
Total assets	$66,134		$66,284		$65,366		$66,787		$68,092		($150)		—	%	($1,958)		(3	%)	$65,931		$69,046		($3,115)		(5	%)
Total loans and leases1	62,905		63,057		62,437		63,789		64,974		(152)		—		(2,069)		(3)		62,801		66,048		(3,247)		(5)
Deposits	44,482		42,481		42,178		43,597		44,190		2,001		5		292		1		43,056		44,766		(1,710)		(4)
Interest-earning assets	63,719		63,710		63,018		64,419		65,550		9		—		(1,831)		(3)		63,485		66,507		(3,022)		(5)
KEY METRICS
Net interest margin	2.78	%	2.78	%	2.83	%	2.86	%	2.90	%	—	bps			(12)	bps			2.80	%	2.98	%	(18)	bps
Efficiency ratio	45.15		47.47		49.77		44.78		43.84		(232)	bps			131	bps			47.38		42.95		443	bps
Loan-to-deposit ratio (period-end balances)	132.70		139.59		142.21		139.43		140.42		(689)	bps			(772)	bps			132.70		140.42		(772)	bps
Loan-to-deposit ratio (average balances)	140.06		146.90		146.86		144.70		145.93		(684)	bps			(587)	bps			144.50		146.36		(186)	bps

1 Includes loans held for sale.

SEGMENT FINANCIAL HIGHLIGHTS - NON-CORE

(dollars in millions)


	QUARTERLY TRENDS																		FOR THE NINE MONTHS ENDED SEPTEMBER 30,
NON-CORE											3Q25 Change												2025 Change
	3Q25		2Q25		1Q25		4Q24		3Q24		2Q25				3Q24				2025		2024		2024
											$/bps		%		$/bps		%						$/bps		%
Net interest income	($7)		($5)		($15)		($21)		($28)		($2)		(40	%)	$21		75	%	($27)		($96)		$69		72	%
Noninterest income	4		3		—		—		—		1		33		4		100		7		—		7		100
Total revenue	(3)		(2)		(15)		(21)		(28)		(1)		(50)		25		89		(20)		(96)		76		79
Noninterest expense	12		15		16		24		23		(3)		(20)		(11)		(48)		43		74		(31)		(42)
Profit (loss) before credit losses	(15)		(17)		(31)		(45)		(51)		2		12		36		71		(63)		(170)		107		63
Net charge offs	4		2		37		15		17		2		100		(13)		(76)		43		46		(3)		(7)
Income (loss) before income tax expense (benefit)	(19)		(19)		(68)		(60)		(68)		—		—		49		72		(106)		(216)		110		51
Income tax expense (benefit)	(5)		(5)		(17)		(15)		(17)		—		—		12		71		(27)		(55)		28		51
Net income (loss)	($14)		($14)		($51)		($45)		($51)		$—		—	%	$37		73	%	($79)		($161)		$82		51	%
AVERAGE BALANCES
Total assets	$4,000		$5,216		$6,536		$7,428		$8,389		($1,216)		(23	%)	($4,389)		(52	%)	$5,241		$9,450		($4,209)		(45	%)
Total loans and leases1	3,976		5,192		6,510		7,394		8,352		(1,216)		(23)		(4,376)		(52)		5,217		9,408		(4,191)		(45)
Interest-earning assets	3,976		5,192		6,510		7,394		8,352		(1,216)		(23)		(4,376)		(52)		5,217		9,408		(4,191)		(45)
KEY METRICS
Net interest margin	(0.63)	%	(0.43)	%	(0.90)	%	(1.12)	%	(1.30)	%	(20)	bps			67	bps			(0.69)	%	(1.36)	%	67	bps

1 Includes loans held for sale.

SEGMENT FINANCIAL HIGHLIGHTS - OTHER

(dollars in millions)


	QUARTERLY TRENDS											FOR THE NINE MONTHS ENDED SEPTEMBER 30,
OTHER1						3Q25 Change								2025 Change
	3Q25	2Q25	1Q25	4Q24	3Q24	2Q25			3Q24			2025	2024	2024
						$	%		$	%				$	%
Net interest income	($215)	($215)	($228)	($227)	($237)	$—	—	%	$22	9	%	($658)	($538)	($120)	(22	%)
Noninterest income	29	36	32	31	40	(7)	(19)		(11)	(28)		97	106	(9)	(8)
Total revenue	(186)	(179)	(196)	(196)	(197)	(7)	(4)		11	6		(561)	(432)	(129)	(30)
Noninterest expense	11	24	17	35	20	(13)	(54)		(9)	(45)		52	182	(130)	(71)
Profit (loss) before provision (benefit) for credit losses	(197)	(203)	(213)	(231)	(217)	6	3		20	9		(613)	(614)	1	—
Provision (benefit) for credit losses	(9)	(3)	(47)	(26)	(20)	(6)	(200)		11	55		(59)	(32)	(27)	(84)
Income (loss) before income tax expense (benefit)	(188)	(200)	(166)	(205)	(197)	12	6		9	5		(554)	(582)	28	5
Income tax expense (benefit)	(65)	(68)	(58)	(69)	(72)	3	4		7	10		(191)	(207)	16	8
Net income (loss)	($123)	($132)	($108)	($136)	($125)	$9	7	%	$2	2	%	($363)	($375)	$12	3	%
AVERAGE BALANCES
Total assets	$68,254	$67,339	$66,873	$66,725	$66,705	$915	1	%	$1,549	2	%	$67,494	$66,514	$980	1	%
Total loans and leases2	974	912	896	874	837	62	7		137	16		928	794	134	17
Deposits	2,928	4,376	4,799	6,113	7,962	(1,448)	(33)		(5,034)	(63)		4,026	9,037	(5,011)	(55)
Interest-earning assets	55,033	54,428	53,896	53,944	53,654	605	1		1,379	3		54,456	53,906	550	1

1 Includes assets, liabilities, capital, revenues, provision for credit losses, expenses and income tax expense not attributed to our Consumer Banking, Commercial Banking, or Non-Core segments as well as treasury and community development.

2 Includes loans held for sale.

CREDIT-RELATED INFORMATION

(dollars in millions)


	AS OF										SEPTEMBER 30, 2025 CHANGE
	Sept 30, 2025		June 30, 2025		Mar 31, 2025		Dec 31, 2024		Sept 30, 2024		June 30, 2025				September 30, 2024
											$/bps/%		%		$/bps/%		%
NONACCRUAL LOANS AND LEASES
Commercial and industrial	$230		$233		$283		$241		$219		($3)		(1	%)	$11		5	%
Commercial real estate	703		706		700		776		852		(3)		—		(149)		(17)
Total commercial	933		939		983		1,017		1,071		(6)		(1)		(138)		(13)
Residential mortgages1	188		198		198		192		169		(10)		(5)		19		11
Home equity	297		282		282		283		281		15		5		16		6
Automobile	31		34		39		48		46		(3)		(9)		(15)		(33)
Education	20		19		20		56		59		1		5		(39)		(66)
Other retail	49		52		60		68		61		(3)		(6)		(12)		(20)
Total retail	585		585		599		647		616		—		—		(31)		(5)
Total nonaccrual loans and leases	1,518		1,524		1,582		1,664		1,687		(6)		—		(169)		(10)
ASSET QUALITY RATIOS
Allowance for loan and lease losses to loans and leases	1.40	%	1.44	%	1.46	%	1.48	%	1.47	%	(4)	bps			(7)	bps
Allowance for credit losses to loans and leases	1.56		1.59		1.61		1.62		1.61		(3)	bps			(5)	bps
Allowance for loan and lease losses to nonaccrual loans and leases	130		132		127		124		123		(2	%)			7	%
Allowance for credit losses to nonaccrual loans and leases	145		145		140		136		136		—	%			9	%
Nonaccrual loans and leases to loans and leases	1.08		1.09		1.15		1.20		1.19		(1)	bps			(11)	bps

1 Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.

CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)


	AS OF					SEPTEMBER 30, 2025 CHANGE
	Sept 30, 2025	June 30, 2025	Mar 31, 2025	Dec 31, 2024	Sept 30, 2024	June 30, 2025			September 30, 2024
						$/bps	%		$/bps	%
LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Commercial and industrial	$39	$3	$9	$8	$5	$36	NM		$34	NM
Commercial real estate	7	60	4	6	15	(53)	(88)		(8)	(53)
Total commercial	46	63	13	14	20	(17)	(27)		26	130
Residential mortgages1	114	128	138	179	146	(14)	(11)		(32)	(22)
Home equity	—	—	—	—	—	—	—		—	—
Automobile	—	—	—	—	—	—	—		—	—
Education	2	2	3	2	2	—	—		—	—
Other retail	—	1	1	1	1	(1)	(100)		(1)	(100)
Total retail	116	131	142	182	149	(15)	(11)		(33)	(22)
Total loans and leases	$162	$194	$155	$196	$169	($32)	(16	%)	($7)	(4	%)

1 90+ days past due and accruing includes $114 million, $128 million, $137 million, $172 million, and $145 million of loans fully or partially guaranteed by the FHA, VA, and USDA for September 30, 2025, June 30, 2025, March 31, 2025, December 31, 2024 and September 30, 2024, respectively.

CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)


	QUARTERLY TRENDS											FOR THE NINE MONTHS ENDED SEPTEMBER 30,
						3Q25 Change								2025 Change
	3Q25	2Q25	1Q25	4Q24	3Q24	2Q25			3Q24			2025	2024	2024
						$	%		$	%				$	%
CHARGE-OFFS, RECOVERIES AND RELATED RATIOS
GROSS CHARGE-OFFS
Commercial and industrial	$33	$39	$34	$22	$57	($6)	(15	%)	($24)	(42	%)	$106	$85	$21	25	%
Commercial real estate	58	54	51	89	49	4	7		9	18		163	223	(60)	(27)
Total commercial	91	93	85	111	106	(2)	(2)		(15)	(14)		269	308	(39)	(13)
Residential mortgages	1	—	1	—	1	1	100		—	—		2	4	(2)	(50)
Home equity	3	4	5	6	4	(1)	(25)		(1)	(25)		12	12	—	—
Automobile	13	14	20	22	25	(1)	(7)		(12)	(48)		47	72	(25)	(35)
Education	25	26	56	33	30	(1)	(4)		(5)	(17)		107	93	14	15
Other retail	62	64	67	66	65	(2)	(3)		(3)	(5)		193	196	(3)	(2)
Total retail	104	108	149	127	125	(4)	(4)		(21)	(17)		361	377	(16)	(4)
Total gross charge-offs	$195	$201	$234	$238	$231	($6)	(3	%)	($36)	(16	%)	$630	$685	($55)	(8	%)
GROSS RECOVERIES
Commercial and industrial	$3	$—	$4	$7	$3	$3	100	%	$—	—	%	$7	$24	($17)	(71	%)
Commercial real estate	3	1	—	7	5	2	200		(2)	(40)		4	5	(1)	(20)
Total commercial	6	1	4	14	8	5	NM		(2)	(25)		11	29	(18)	(62)
Residential mortgages	1	—	1	1	1	1	100		—	—		2	3	(1)	(33)
Home equity	6	6	5	7	5	—	—		1	20		17	18	(1)	(6)
Automobile	9	11	12	12	12	(2)	(18)		(3)	(25)		32	41	(9)	(22)
Education	5	8	5	5	6	(3)	(38)		(1)	(17)		18	16	2	13
Other retail	6	8	7	10	7	(2)	(25)		(1)	(14)		21	21	—	—
Total retail	27	33	30	35	31	(6)	(18)		(4)	(13)		90	99	(9)	(9)
Total gross recoveries	$33	$34	$34	$49	$39	($1)	(3	%)	($6)	(15	%)	$101	$128	($27)	(21	%)
NET CHARGE-OFFS (RECOVERIES)
Commercial and industrial	$30	$39	$30	$15	$54	($9)	(23	%)	($24)	(44	%)	$99	$61	$38	62	%
Commercial real estate	55	53	51	82	44	2	4		11	25		159	218	(59)	(27)
Total commercial	85	92	81	97	98	(7)	(8)		(13)	(13)		258	279	(21)	(8)
Residential mortgages	—	—	—	(1)	—	—	—		—	—		—	1	(1)	(100)
Home equity	(3)	(2)	—	(1)	(1)	(1)	(50)		(2)	(200)		(5)	(6)	1	17
Automobile	4	3	8	10	13	1	33		(9)	(69)		15	31	(16)	(52)
Education	20	18	51	28	24	2	11		(4)	(17)		89	77	12	16
Other retail	56	56	60	56	58	—	—		(2)	(3)		172	175	(3)	(2)
Total retail	77	75	119	92	94	2	3		(17)	(18)		271	278	(7)	(3)
Total net charge-offs	$162	$167	$200	$189	$192	($5)	(3	%)	($30)	(16	%)	$529	$557	($28)	(5	%)

CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)


	QUARTERLY TRENDS																		FOR THE NINE MONTHS ENDED SEPTEMBER 30,
											3Q25 Change												2025 Change
	3Q25		2Q25		1Q25		4Q24		3Q24		2Q25				3Q24				2025		2024		2024
											$/bps		%		$/bps		%						$/bps		%
ANNUALIZED NET CHARGE-OFF (RECOVERY) RATES
Commercial and industrial	0.26	%	0.35	%	0.28	%	0.14	%	0.49	%	(9)	bps			(23)	bps			0.30	%	0.18	%	12	bps
Commercial real estate	0.85		0.80		0.77		1.17		0.62		5				23				0.81		1.02		(21)
Total commercial	0.47		0.51		0.47		0.54		0.54		(4)				(7)				0.48		0.51		(3)
Residential mortgages	—		—		0.01		—		—		—				—				—		—		—
Home equity	(0.06)		(0.05)		(0.01)		(0.01)		(0.03)		(1)				(3)				(0.04)		(0.05)		1
Automobile	0.43		0.36		0.73		0.83		0.81		7				(38)				0.52		0.60		(8)
Education	0.92		0.86		1.92		1.01		0.85		6				7				1.28		0.90		38
Other retail	5.45		5.23		5.46		4.54		4.93		22				52				5.38		4.82		56
Total retail	0.45		0.45		0.70		0.53		0.54		—				(9)				0.53		0.53		—
Total loans and leases	0.46	%	0.48	%	0.58	%	0.53	%	0.54	%	(2)	bps			(8)	bps			0.51	%	0.52	%	(1)	bps
Memo: Average loans
Commercial and industrial	$46,351		$44,936		$43,599		$43,674		$44,071		$1,415		3	%	$2,280		5	%	$44,972		$44,342		$630		1	%
Commercial real estate	25,799		26,487		27,013		27,681		28,209		(688)		(3)		(2,410)		(9)		26,429		28,681		(2,252)		(8)
Total commercial	72,150		71,423		70,612		71,355		72,280		727		1		(130)		—		71,401		73,023		(1,622)		(2)
Residential mortgages	34,134		33,420		32,872		32,520		32,117		714		2		2,017		6		33,480		31,713		1,767		6
Home equity	18,027		17,324		16,647		16,246		15,733		703		4		2,294		15		17,338		15,387		1,951		13
Automobile	3,096		3,705		4,394		5,129		5,942		(609)		(16)		(2,846)		(48)		3,727		6,832		(3,105)		(45)
Education	8,513		8,660		10,690		10,949		11,155		(147)		(2)		(2,642)		(24)		9,280		11,472		(2,192)		(19)
Other retail	4,091		4,277		4,495		4,748		4,776		(186)		(4)		(685)		(14)		4,285		4,866		(581)		(12)
Total retail	67,861		67,386		69,098		69,592		69,723		475		1		(1,862)		(3)		68,110		70,270		(2,160)		(3)
Total loans and leases	$140,011		$138,809		$139,710		$140,947		$142,003		$1,202		1	%	($1,992)		(1	%)	$139,511		$143,293		($3,782)		(3	%)

CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)


	QUARTERLY TRENDS											FOR THE NINE MONTHS ENDED SEPTEMBER 30,
						3Q25 Change								2025 Change
	3Q25	2Q25	1Q25	4Q24	3Q24	2Q25			3Q24			2025	2024	2024
						$	%		$	%				$	%
SUMMARY OF CHANGES IN THE COMPONENTS OF THE ALLOWANCE FOR CREDIT LOSSES
Allowance for loan and lease losses - beginning	$2,008	$2,014	$2,061	$2,079	$2,125	($6)	—	%	($117)	(6	%)	$2,061	$2,098	($37)	(2	%)









Charge-offs:
Commercial	91	93	85	111	106	(2)	(2)		(15)	(14)		269	308	(39)	(13)
Retail	104	108	149	127	125	(4)	(4)		(21)	(17)		361	377	(16)	(4)
Total charge-offs	195	201	234	238	231	(6)	(3)		(36)	(16)		630	685	(55)	(8)
Recoveries:
Commercial	6	1	4	14	8	5	NM		(2)	(25)		11	29	(18)	(62)
Retail	27	33	30	35	31	(6)	(18)		(4)	(13)		90	99	(9)	(9)
Total recoveries	33	34	34	49	39	(1)	(3)		(6)	(15)		101	128	(27)	(21)
Net charge-offs	162	167	200	189	192	(5)	(3)		(30)	(16)		529	557	(28)	(5)
Provision (benefit) for loan and lease losses:
Commercial	62	50	89	50	3	12	24		59	NM		201	216	(15)	(7)
Retail	64	111	64	121	143	(47)	(42)		(79)	(55)		239	322	(83)	(26)
Total provision (benefit) for loan and lease losses	126	161	153	171	146	(35)	(22)		(20)	(14)		440	538	(98)	(18)
Allowance for loan and lease losses - ending	$1,972	$2,008	$2,014	$2,061	$2,079	($36)	(2	%)	($107)	(5	%)	$1,972	$2,079	($107)	(5	%)

Allowance for unfunded lending commitments - beginning	$201	$198	$198	$207	$181	$3	2	%	$20	11	%	$198	$220	($22)	(10	%)


Provision (benefit) for unfunded lending commitments	28	3	—	(9)	26	25	NM		2	8		31	(13)	44	NM
Allowance for unfunded lending commitments - ending	$229	$201	$198	$198	$207	$28	14	%	$22	11	%	$229	$207	$22	11	%
Total allowance for credit losses - ending	$2,201	$2,209	$2,212	$2,259	$2,286	($8)	—	%	($85)	(4	%)	$2,201	$2,286	($85)	(4	%)

Memo: Total allowance for credit losses by product
Commercial	$1,265	$1,269	$1,312	$1,295	$1,351	($4)	—	%	($86)	(6	%)	$1,265	$1,351	($86)	(6	%)
Retail	936	940	900	964	935	(4)	—		1	—		936	935	1	—
Total allowance for credit losses	$2,201	$2,209	$2,212	$2,259	$2,286	($8)	—	%	($85)	(4	%)	$2,201	$2,286	($85)	(4	%)

CAPITAL AND RATIOS

(dollars in millions)


	AS OF																FOR THE NINE MONTHS ENDED SEPTEMBER 30,
											SEPTEMBER 30, 2025 CHANGE								2025 Change
	Sept 30, 2025		June 30, 2025		Mar 31, 2025		Dec 31, 2024		Sept 30, 2024		June 30, 2025			September 30, 2024			2025	2024	2024
											$	%		$	%				$	%
CAPITAL RATIOS AND COMPONENTS (PRELIMINARY)
CET1 capital	$18,046		$17,812		$17,751		$17,900		$17,941		$234	1	%	$105	1	%
Tier 1 capital	20,157		19,925		19,864		20,013		20,053		232	1		104	1
Total capital	23,455		23,221		23,156		23,232		23,352		234	1		103	—
Risk-weighted assets	168,932		168,017		166,908		165,699		168,552		915	1		380	—
Adjusted average assets1	213,536		212,450		211,119		212,555		213,274		1,086	1		262	—
CET1 capital ratio	10.7	%	10.6	%	10.6	%	10.8	%	10.6	%
Tier 1 capital ratio	11.9		11.9		11.9		12.1		11.9
Total capital ratio	13.9		13.8		13.9		14.0		13.9
Tier 1 leverage ratio	9.4		9.4		9.4		9.4		9.4
TANGIBLE COMMON EQUITY (PERIOD-END)
Common stockholders' equity	$23,718		$23,121		$22,753		$22,141		$22,820		$597	3	%	$898	4	%	$23,718	$22,820	$898	4	%
Less: Goodwill	8,187		8,187		8,187		8,187		8,187		—	—		—	—		8,187	8,187	—	—
Less: Other intangible assets	123		128		137		146		137		(5)	(4)		(14)	(10)		123	137	(14)	(10)
Add: Deferred tax liabilities2	440		440		438		438		435		—	—		5	1		440	435	5	1
Total tangible common equity3	$15,848		$15,246		$14,867		$14,246		$14,931		$602	4	%	$917	6	%	$15,848	$14,931	$917	6	%
TANGIBLE COMMON EQUITY (AVERAGE)
Common stockholders' equity	$23,288		$22,494		$22,188		$22,009		$22,380		$794	4	%	$908	4	%	$22,661	$21,838	$823	4	%
Less: Goodwill	8,187		8,187		8,187		8,187		8,187		—	—		—	—		8,187	8,187	—	—
Less: Other intangible assets	126		134		142		136		140		(8)	(6)		(14)	(10)		134	146	(12)	(8)
Add: Deferred tax liabilities2	440		438		438		436		435		2	—		5	1		439	433	6	1
Total tangible common equity3	$15,415		$14,611		$14,297		$14,122		$14,488		$804	6	%	$927	6	%	$14,779	$13,938	$841	6	%
INTANGIBLE ASSETS (PERIOD-END)
Goodwill	$8,187		$8,187		$8,187		$8,187		$8,187		$—	—	%	$—	—	%	$8,187	$8,187	$—	—	%
Other intangible assets	123		128		137		146		137		(5)	(4)		(14)	(10)		123	137	(14)	(10)
Total intangible assets	$8,310		$8,315		$8,324		$8,333		$8,324		($5)	—	%	($14)	—	%	$8,310	$8,324	($14)	—	%

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."

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.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(dollars in millions, except per share data)


		QUARTERLY TRENDS											FOR THE NINE MONTHS ENDED SEPTEMBER 30,
							3Q25 Change								2025 Change
		3Q25	2Q25	1Q25	4Q24	3Q24	2Q25			3Q24			2025	2024	2024
							$	%		$	%				$	%
Noninterest income, Underlying:
Noninterest income (GAAP)	A	$630	$600	$544	$574	$532	$30	5	%	$98	18	%	$1,774	$1,602	$172	11	%
Less: Notable items		—	—	—	10	(2)	—	—		2	100		—	5	(5)	(100)
Noninterest income, Underlying (non-GAAP)	B	$630	$600	$544	$564	$534	$30	5	%	$96	18	%	$1,774	$1,597	$177	11	%
Total revenue, Underlying:
Total revenue (GAAP)	C	$2,118	$2,037	$1,935	$1,986	$1,901	$81	4	%	$217	11	%	$6,090	$5,823	$267	5	%
Less: Notable items		—	—	—	10	(2)	—	—		2	100		—	5	(5)	(100)
Total revenue, Underlying (non-GAAP)	D	$2,118	$2,037	$1,935	$1,976	$1,903	$81	4	%	$215	11	%	$6,090	$5,818	$272	5	%
Noninterest expense, Underlying:
Noninterest expense (GAAP)	E	$1,335	$1,319	$1,314	$1,316	$1,259	$16	1	%	$76	6	%	$3,968	$3,918	$50	1	%
Less: Notable items		—	—	—	24	11	—	—		(11)	(100)		—	132	(132)	(100)
Noninterest expense, Underlying (non-GAAP)	F	$1,335	$1,319	$1,314	$1,292	$1,248	$16	1	%	$87	7	%	$3,968	$3,786	$182	5	%
Pre-provision profit:
Total revenue (GAAP)	C	$2,118	$2,037	$1,935	$1,986	$1,901	$81	4	%	$217	11	%	$6,090	$5,823	$267	5	%
Less: Noninterest expense (GAAP)	E	1,335	1,319	1,314	1,316	1,259	16	1		76	6		3,968	3,918	50	1
Pre-provision profit (non-GAAP)		$783	$718	$621	$670	$642	$65	9	%	$141	22	%	$2,122	$1,905	$217	11	%
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)	D	$2,118	$2,037	$1,935	$1,976	$1,903	$81	4	%	$215	11	%	$6,090	$5,818	$272	5	%
Less: Noninterest expense, Underlying (non-GAAP)	F	1,335	1,319	1,314	1,292	1,248	16	1		87	7		3,968	3,786	182	5
Pre-provision profit, Underlying (non-GAAP)		$783	$718	$621	$684	$655	$65	9	%	$128	20	%	$2,122	$2,032	$90	4	%




Income before income tax expense, Underlying:
Income before income tax expense (GAAP)	G	$629	$554	$468	$508	$470	$75	14	%	$159	34	%	$1,651	$1,380	$271	20	%
Less: Income (expense) before income tax expense (benefit) related to notable items		—	—	—	(14)	(13)	—	—		13	100		—	(127)	127	100
Income before income tax expense, Underlying (non-GAAP)	H	$629	$554	$468	$522	$483	$75	14	%	$146	30	%	$1,651	$1,507	$144	10	%
Income tax expense, Underlying:
Income tax expense (GAAP)	I	$135	$118	$95	$107	$88	$17	14	%	$47	53	%	$348	$272	$76	28	%
Less: Income tax expense (benefit) related to notable items		—	—	—	(3)	(3)	—	—		3	100		—	(40)	40	100
Income tax expense, Underlying (non-GAAP)	J	$135	$118	$95	$110	$91	$17	14	%	$44	48	%	$348	$312	$36	12	%
Net income, Underlying:
Net income (GAAP)	K	$494	$436	$373	$401	$382	$58	13	%	$112	29	%	$1,303	$1,108	$195	18	%
Add: Notable items, net of income tax benefit		—	—	—	11	10	—	—		(10)	(100)		—	87	(87)	(100)
Net income, Underlying (non-GAAP)	L	$494	$436	$373	$412	$392	$58	13	%	$102	26	%	$1,303	$1,195	$108	9	%
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)	M	$457	$402	$340	$367	$344	$55	14	%	$113	33	%	$1,199	$1,005	$194	19	%
Add: Notable items, net of income tax benefit		—	—	—	11	10	—	—		(10)	(100)		—	87	(87)	(100)
Net income available to common stockholders, Underlying (non-GAAP)	N	$457	$402	$340	$378	$354	$55	14	%	$103	29	%	$1,199	$1,092	$107	10	%

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(dollars in millions, except per share data)


		QUARTERLY TRENDS																		FOR THE NINE MONTHS ENDED SEPTEMBER 30,
												3Q25 Change												2025 Change
		3Q25		2Q25		1Q25		4Q24		3Q24		2Q25				3Q24				2025		2024		2024
												$/bps		%		$/bps		%						$/bps		%
Operating leverage:
Total revenue (GAAP)	C	$2,118		$2,037		$1,935		$1,986		$1,901		$81		3.91	%	$217		11.44	%	$6,090		$5,823		$267		4.59	%
Less: Noninterest expense (GAAP)	E	1,335		1,319		1,314		1,316		1,259		16		1.13		76		6.05		3,968		3,918		50		1.29
Operating leverage														2.78	%			5.39	%							3.30	%
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)	D	$2,118		$2,037		$1,935		$1,976		$1,903		$81		3.91	%	$215		11.29	%	$6,090		$5,818		$272		4.68	%
Less: Noninterest expense, Underlying (non-GAAP)	F	1,335		1,319		1,314		1,292		1,248		16		1.13		87		6.91		3,968		3,786		182		4.81
Operating leverage, Underlying (non-GAAP)														2.78	%			4.38	%							(0.13	%)
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio	E/C	63.03	%	64.76	%	67.91	%	66.27	%	66.23	%	(173)	bps			(320)	bps			65.16	%	67.28	%	(212)	bps
Efficiency ratio, Underlying (non-GAAP)	F/D	63.03		64.76		67.91		65.36		65.61		(173)	bps			(258)	bps			65.16		65.08		8	bps
Noninterest income as a % of total revenue, Underlying:
Noninterest income as a % of total revenue	A/C	29.75	%	29.41	%	28.14	%	28.90	%	27.95	%	34	bps			180	bps			29.12	%	27.51	%	161	bps
Noninterest income as a % of total revenue, Underlying (non-GAAP)	B/D	29.75		29.41		28.14		28.54		28.05		34	bps			170	bps			29.12		27.45		167	bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rate	I/G	21.38	%	21.37	%	20.26	%	21.04	%	18.56	%	1	bps			282	bps			21.06	%	19.69	%	137	bps
Effective income tax rate, Underlying (non-GAAP)	J/H	21.38		21.37		20.26		21.17		18.75		1	bps			263	bps			21.06		20.68		38	bps
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP)	O	$23,288		$22,494		$22,188		$22,009		$22,380		$794		4	%	$908		4	%	$22,661		$21,838		$823		4	%
Return on average common equity	M/O	7.77	%	7.18	%	6.21	%	6.64	%	6.12	%	59	bps			165	bps			7.07	%	6.15	%	92	bps
Return on average common equity, Underlying (non-GAAP)	N/O	7.77		7.18		6.21		6.84		6.29		59	bps			148	bps			7.07		6.68		39	bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)	O	$23,288		$22,494		$22,188		$22,009		$22,380		$794		4	%	$908		4	%	$22,661		$21,838		$823		4	%
Less: Average goodwill (GAAP)		8,187		8,187		8,187		8,187		8,187		—		—		—		—		8,187		8,187		—		—
Less: Average other intangibles (GAAP)		126		134		142		136		140		(8)		(6)		(14)		(10)		134		146		(12)		(8)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		440		438		438		436		435		2		—		5		1		439		433		6		1
Average tangible common equity (non-GAAP)	P	$15,415		$14,611		$14,297		$14,122		$14,488		$804		6	%	$927		6	%	$14,779		$13,938		$841		6	%
Return on average tangible common equity (non-GAAP)	M/P	11.75	%	11.05	%	9.64	%	10.36	%	9.45	%	70	bps			230	bps			10.84	%	9.63	%	121	bps
Return on average tangible common equity, Underlying (non-GAAP)	N/P	11.75		11.05		9.64		10.66		9.71		70	bps			204	bps			10.84		10.46		38	bps
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP)	Q	$219,117		$217,661		$216,309		$217,548		$218,578		$1,456		1	%	$539		—	%	$217,706		$219,520		($1,814)		(1	%)
Return on average total assets	K/Q	0.90	%	0.80	%	0.70	%	0.73	%	0.70	%	10	bps			20	bps			0.80	%	0.67	%	13	bps
Return on average total assets, Underlying (non-GAAP)	L/Q	0.90		0.80		0.70		0.75		0.71		10	bps			19	bps			0.80		0.73		7	bps

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(dollars in millions, except per share data)


		QUARTERLY TRENDS																		FOR THE NINE MONTHS ENDED SEPTEMBER 30,
												3Q25 Change												2025 Change
		3Q25		2Q25		1Q25		4Q24		3Q24		2Q25				3Q24				2025		2024		2024
												$/bps		%		$/bps		%						$/bps		%
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)	Q	$219,117		$217,661		$216,309		$217,548		$218,578		$1,456		1	%	$539		—	%	$217,706		$219,520		($1,814)		(1	%)
Less: Average goodwill (GAAP)		8,187		8,187		8,187		8,187		8,187		—		—		—		—		8,187		8,187		—		—
Less: Average other intangibles (GAAP)		126		134		142		136		140		(8)		(6)		(14)		(10)		134		146		(12)		(8)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		440		438		438		436		435		2		—		5		1		439		433		6		1
Average tangible assets (non-GAAP)	R	$211,244		$209,778		$208,418		$209,661		$210,686		$1,466		1	%	$558		—	%	$209,824		$211,620		($1,796)		(1	%)
Return on average total tangible assets (non-GAAP)	K/R	0.93	%	0.83	%	0.73	%	0.76	%	0.72	%	10	bps			21	bps			0.83	%	0.70	%	13	bps
Return on average total tangible assets, Underlying (non-GAAP)	L/R	0.93		0.83		0.73		0.78		0.74		10	bps			19	bps			0.83		0.75		8	bps
Book value per common share and tangible book value per common share:
Common shares - at period-end (GAAP)	S	431,453,142		432,768,811		437,668,127		440,543,381		445,216,549		(1,315,669)		—	%	(13,763,407)		(3	%)	431,453,142		445,216,549		(13,763,407)		(3	%)
Common stockholders' equity (GAAP)	T	$23,718		$23,121		$22,753		$22,141		$22,820		$597		3		$898		4		$23,718		$22,820		$898		4
Less: Goodwill (GAAP)		8,187		8,187		8,187		8,187		8,187		—		—		—		—		8,187		8,187		—		—
Less: Other intangible assets (GAAP)		123		128		137		146		137		(5)		(4)		(14)		(10)		123		137		(14)		(10)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)		440		440		438		438		435		—		—		5		1		440		435		5		1
Tangible common equity (non-GAAP)	U	$15,848		$15,246		$14,867		$14,246		$14,931		$602		4	%	$917		6	%	$15,848		$14,931		$917		6	%
Book value per common share (GAAP)	T/S	$54.97		$53.43		$51.99		$50.26		$51.25		$1.54		3	%	$3.72		7	%	$54.97		$51.25		$3.72		7	%
Tangible book value per common share (non-GAAP)	U/S	36.73		35.23		33.97		32.34		33.54		1.50		4		3.19		10		36.73		33.54		3.19		10
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	431,365,552		433,640,210		438,320,757		440,802,738		446,561,996		(2,274,658)		(1	%)	(15,196,444)		(3	%)	434,416,696		453,993,833		(19,577,136)		(4	%)
Average common shares outstanding - diluted (GAAP)	W	435,472,350		436,539,774		442,200,180		444,836,786		449,913,467		(1,067,424)		—		(14,441,117)		(3)		437,915,596		456,461,330		(18,545,733)		(4)
Net income per average common share - basic (GAAP)	M/V	$1.06		$0.93		$0.78		$0.83		$0.77		$0.13		14		$0.29		38		$2.76		$2.21		$0.55		25
Net income per average common share - diluted (GAAP)	M/W	1.05		0.92		0.77		0.83		0.77		0.13		14		0.28		36		2.74		2.20		0.54		25
Net income per average common share - basic, Underlying (non-GAAP)	N/V	1.06		0.93		0.78		0.86		0.79		0.13		14		0.27		34		2.76		2.40		0.36		15
Net income per average common share - diluted, Underlying (non-GAAP)	N/W	1.05		0.92		0.77		0.85		0.79		0.13		14		0.26		33		2.74		2.39		0.35		15
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		$—		—	%	$—		—	%	$1.26		$1.26		$—		—	%
Dividend payout ratio	X/(M/V)	40	%	45	%	54	%	51	%	55	%	(554) bps				(1,493) bps				46	%	57	%	(1,136) bps
Dividend payout ratio, Underlying (non-GAAP)	X/(N/V)	40		45		54		49		53		(554) bps				(1,338) bps				46		53		(700) bps

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(dollars in millions, except per share data)


		QUARTERLY TRENDS																		FOR THE NINE MONTHS ENDED SEPTEMBER 30,
												3Q25 Change												2025 Change
		3Q25		2Q25		1Q25		4Q24		3Q24		2Q25				3Q24				2025		2024		2024
												$/bps		%		$/bps		%						$/bps		%
Common equity ratio and tangible common equity ratio:
Total assets (GAAP)	Y	$222,747		$218,310		$220,148		$217,521		$219,706		$4,437		2	%	$3,041		1	%	$222,747		$219,706		$3,041		1
Less: Goodwill (GAAP)		8,187		8,187		8,187		8,187		8,187		—		—		—		—		8,187		8,187		—		—
Less: Other intangible assets (GAAP)		123		128		137		146		137		(5)		(4)		(14)		(10)		123		137		(14)		(10)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)		440		440		438		438		435		—		—		5		1		440		435		5		1
Tangible assets (non-GAAP)	Z	$214,877		$210,435		$212,262		$209,626		$211,817		$4,442		2	%	$3,060		1	%	$214,877		$211,817		$3,060		1	%
Common equity ratio (GAAP)	T/Y	10.6	%	10.6	%	10.3	%	10.2	%	10.4	%	6 bps				26 bps				10.6	%	10.4	%	26 bps
Tangible common equity ratio (non-GAAP)	U/Z	7.4		7.2		7.0		6.8		7.0		16 bps				35 bps				7.4		7.0		35 bps
Net interest income and net interest margin on an FTE basis:
Net interest income (annualized) (GAAP)	AA	$5,902		$5,770		$5,637		$5,620		$5,447		$132		2	%	$455		8	%	$5,771		$5,638		$133		2	%
Average interest-earning assets (GAAP)	BB	197,598		196,318		195,058		196,613		197,164		1,280		1		434		—		196,334		198,561		(2,227)		(1)
Net interest margin (GAAP)	AA/BB	2.99	%	2.94	%	2.89	%	2.86	%	2.76	%	5	bps			23	bps			2.94	%	2.84	%	10	bps
Net interest income (GAAP)		$1,488		$1,437		$1,391		$1,412		$1,369		$51		4	%	$119		9	%	$4,316		$4,221		$95		2	%
FTE adjustment		4		4		4		4		4		—		—		—		—		12		13		(1)		(8)
Net interest income on an FTE basis (non-GAAP)		1,492		1,441		1,395		1,416		1,373		51		4		119		9		4,328		4,234		94		2
Net interest income on an FTE basis (annualized) (non-GAAP)	CC	5,919		5,786		5,653		5,637		5,465		133		2		454		8		5,787		5,656		131		2
Net interest margin on an FTE basis (non-GAAP)	CC/BB	3.00	%	2.95	%	2.90	%	2.87	%	2.77	%	5	bps			23	bps			2.95	%	2.85	%	10	bps
Card fees, Underlying:
Card fees (GAAP)		$87		$90		$83		$97		$93		($3)		(3	%)	($6)		(6	%)	$260		$271		($11)		(4	%)
Less: Notable items		—		—		—		11		6		—		—		(6)		(100)		—		13		(13)		(100)
Card fees, Underlying (non-GAAP)		$87		$90		$83		$86		$87		($3)		(3	%)	$—		—	%	$260		$258		$2		1	%




Other income, Underlying:
Other income (GAAP)		$31		$42		$22		$28		$24		($11)		(26	%)	$7		29	%	$95		$51		$44		86	%
Less: Notable items		—		—		—		(1)		(8)		—		—		8		100		—		(8)		8		100
Other income, Underlying (non-GAAP)		$31		$42		$22		$29		$32		($11)		(26	%)	($1)		(3	%)	$95		$59		$36		61	%
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)		$705		$681		$696		$674		$647		$24		4	%	$58		9	%	$2,082		$1,983		$99		5	%
Less: Notable items		—		—		—		17		4		—		—		(4)		(100)		—		29		(29)		(100)
Salaries and employee benefits, Underlying (non-GAAP)		$705		$681		$696		$657		$643		$24		4	%	$62		10	%	$2,082		$1,954		$128		7	%
Equipment and software, Underlying:
Equipment and software (GAAP)		$197		$193		$194		$193		$194		$4		2	%	$3		2	%	$584		$576		$8		1	%
Less: Notable items		—		—		—		3		2		—		—		(2)		(100)		—		14		(14)		(100)
Equipment and software, Underlying (non-GAAP)		$197		$193		$194		$190		$192		$4		2	%	$5		3	%	$584		$562		$22		4	%
Outside services, Underlying:
Outside services (GAAP)		$161		$169		$155		$170		$146		($8)		(5	%)	$15		10	%	$485		$469		$16		3	%
Less: Notable items		—		—		—		4		2		—		—		(2)		(100)		—		24		(24)		(100)
Outside services, Underlying (non-GAAP)		$161		$169		$155		$166		$144		($8)		(5	%)	$17		12	%	$485		$445		$40		9	%

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(dollars in millions, except per share data)


	QUARTERLY TRENDS											FOR THE NINE MONTHS ENDED SEPTEMBER 30,
						3Q25 Change								2025 Change
	3Q25	2Q25	1Q25	4Q24	3Q24	2Q25			3Q24			2025	2024	2024
						$/bps	%		$/bps	%				$/bps	%
Occupancy, Underlying:
Occupancy (GAAP)	$106	$108	$112	$112	$108	($2)	(2	%)	($2)	(2	%)	$326	$335	($9)	(3	%)
Less: Notable items	—	—	—	5	1	—	—		(1)	(100)		—	14	(14)	(100)
Occupancy, Underlying (non-GAAP)	$106	$108	$112	$107	$107	($2)	(2	%)	($1)	(1	%)	$326	$321	$5	2	%
Other operating expense, Underlying:
Other operating expense (GAAP)	$166	$168	$157	$167	$164	($2)	(1	%)	$2	1	%	$491	$555	($64)	(12	%)
Less: Notable items	—	—	—	(5)	2	—	—		(2)	(100)		—	51	(51)	(100)
Other operating expense, Underlying (non-GAAP)	$166	$168	$157	$172	$162	($2)	(1	%)	$4	2	%	$491	$504	($13)	(3	%)