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Citizens Financial Group, Inc. Reports First Quarter Net Income of $34 million and EPS of $0.03 with Underlying Net Income of $59 million and EPS of $0.09

Published: 2020-04-17 10:37:00 ET

CECL-related reserve build of $463 million, or $0.85 per share, tied to COVID-19 impacts

CET1 ratio remains strong at 9.4%

Record noninterest income up 16% year over year, paced by record results in Mortgage and Wealth

Tangible book value per share of $32 up 8% year over year

PROVIDENCE, R.I.--(BUSINESS WIRE)-- Citizens Financial Group, Inc. (NYSE: CFG or “Citizens”) today reported first quarter 2020 financial results. The earnings press release, investor presentation, and financial supplement are available at http://investor.citizensbank.com. In addition, these materials will be furnished to the Securities and Exchange Commission (SEC) on a Form 8-K and will be available on the SEC website at www.sec.gov.

“We are dealing with unprecedented times, but I am pleased to say that Citizens remains financially strong, and focused on serving the needs of our customers, colleagues and communities,” said Chairman and Chief Executive Officer Bruce Van Saun. “Our first quarter results were quite strong before the impact of the CECL provision build, which was impacted by COVID-19’s effect on the economy. I would like to personally thank our colleagues for their outstanding efforts through this challenging period, and I offer my heartfelt empathy for the struggles that many in our community are facing.”

Citizens also announced today that its board of directors declared a second quarter 2020 common stock dividend of $0.39 per share. The dividend is payable on May 13, 2020 to shareholders of record at the close of business on April 29, 2020. The quarterly dividend is 22% higher than the year-ago quarter. In order to ensure capital remains strong to meet further loan demand, the Company will cease stock repurchases through December 31, 2020.

As previously announced, Citizens will host a conference call to review its first quarter financial results. Interested parties may access the call and related materials through the following details:

Conference Call

Time: 9:00 am ET

Dial-in: (844) 767-5679, conference ID 2469575

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

Replay Information: A replay of the conference call will be available beginning at 12:00 pm ET on April 17 through May 17, 2020. Please dial (866) 207-1041 and enter access code 3857257. 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 $176.7 billion in assets as of March 31, 2020. 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 24/7 customer contact center and the convenience of approximately 2,800 ATMs and approximately 1,000 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. 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 Twitter, LinkedIn or Facebook.

Cautionary Statement About Forward-Looking Statements

This news release 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” or similar expressions or future or conditional verbs such as “may,” “will,” “should,” “would,” and “could.” Forward-looking statements are based upon the current beliefs and expectations of management, and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found under “Risk Factors” in our Annual Report on Form 10-K filed with the United States Securities and Exchange Commission on February 24, 2020.

CFG-IR

View source version on businesswire.com: https://www.businesswire.com/news/home/20200417005205/en/

Media: Peter Lucht - 781.655.2289 Investors: Ellen A. Taylor - 203.900.6854

Source: Citizens Financial Group, Inc.

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