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Citizens Financial Group, Inc. Reports Third Quarter 2026 Net Income of
$636 million, up 29% YoY, and EPS of $1.41, up 34% YoY and 8% QoQ
ROTCE of 15.1%; Dividend raised 13%
Positive Operating Leverage of 5.3% YoY
Key Financial Data3Q262Q263Q25
Third Quarter 2026 Highlights
Income
Statement		($s in millions)
■EPS of $1.41; ROTCE of 15.1%
–Continued strong Private Bank progress, contributing $0.16 to EPS
■PPNR of $929 million, up 4.5% QoQ, up 18.6% YoY
–NII up 2.7% QoQ, with NIM up 2 bps to 3.19%; NII up 13% YoY, with NIM up 19 bps
–Fees down 1% QoQ reflecting lower Mortgage and Capital Markets, partially offset by record Wealth; up 2.7% YoY
–Positive operating leverage of 1.8% QoQ and 5.3% YoY
■Average loans up 1% QoQ, with growth led by Private Bank and retail; up 0.5% QoQ on a spot basis
■Credit continues to be broadly favorable; net charge-offs of 37 bps, stable QoQ; ACL coverage of 1.47%
■Average and spot deposits broadly stable QoQ
–Private Bank spot deposits of $18.5 billion, up ~$750 million, or 4%, QoQ
–Total deposit costs well controlled, up 3 bps QoQ
■Strong liquidity profile; spot LDR of 80.0%
■Strong CET1 ratio of 10.5%
■TBV/share of $35.78, down 6.6% QoQ
Total revenue$2,322 $2,283 $2,118 
Pre-provision profit929 889 783 
Provision for credit losses125 134 154 
Net income636 587 494 
Balance Sheet
&
Credit Quality		($s in billions)
Period-end loans and leases$148.2 $147.5 $140.9 
Average loans and leases147.4 146.1 140.0 
Period-end deposits185.2 185.6 180.0 
Average deposits183.7 183.6 176.0 
Loan-to-deposit ratio (spot)80.0 %79.5 %78.3 %
NCO ratio0.37 %0.37 %0.46 %
Financial MetricsDiluted EPS$1.41 $1.30 $1.05 
ROTCE15.1 %13.9 %11.7 %
Net interest margin, FTE3.19 3.17 3.00 
Efficiency ratio60.0 61.1 63.0 
CET110.5 %10.4 %10.7 %
TBV/Share$35.78 $38.29 $36.73 
Comments from Chairman and CEO Bruce Van Saun
“We continued to deliver attractive revenue and earnings growth in the third quarter, notwithstanding significant volatility in the external environment,” said Chairman and CEO Bruce Van Saun. “We remain focused on executing our strategic initiatives, advancing our AI, technology and cybersecurity agenda, and attracting great talent. We remain confident in our positioning and outlook for Q4 and for 2027.”
Citizens also announced today that its board of directors declared a quarterly common stock dividend of $0.52 per share, a $0.06, or 13%, increase compared with the prior quarter. The dividend is payable on November 13, 2026 to shareholders of record at the close of business on October 30, 2026. In addition, Citizens announced today that its board of directors increased

Citizens Financial Group, Inc.
the capacity of its common share repurchase program to $1.95 billion, an increase of $1.3 billion above the $650 million of capacity currently remaining under the prior June 2025 authorization.

Earnings highlights(1):
Quarterly Trends
3Q26 change from
($s in millions, except per share data)3Q262Q263Q252Q263Q25
Earnings$/bps/%%$/bps/%%
Net interest income$1,675 $1,631 $1,488 $44 3  %$187 13  %
Noninterest income647 652 630 (5)(1)17 3 
Total revenue2,322 2,283 2,118 39 2 204 10 
Noninterest expense1,393 1,394 1,335 (1)— 58 4 
Pre-provision profit929 889 783 40 4 146 19 
Provision for credit losses125 134 154 (9)(7)(29)(19)
Net income636 587 494 49 8 142 29 
Preferred dividends/other(2)
37 33 37 4 12 — — 
Net income available to common stockholders$599 $554 $457 $45 8  %$142 31  %
Average common shares outstanding
Basic (in millions)421.1 422.9 431.4 (1.7)— (10.2)(2)
Diluted (in millions)425.7 426.7 435.5 (1.0)— (9.8)(2)
Diluted earnings per share1.41 1.30 1.05 0.11 80.36 34 
Performance metrics
Net interest margin3.18 %3.16 %2.99 %2  bps19  bps
Net interest margin, FTE3.19 3.17 3.00 2 19 
Effective income tax rate20.9 22.3 21.4 (143)(52)
Efficiency ratio60.0 61.1 63.0 (110)(305)
Return on average tangible common equity15.1 13.9 11.7 117 333 
Return on average total tangible assets1.13 %1.06 %0.93 %7  bps20  bps
Capital adequacy(3,4)
Common equity tier 1 capital ratio10.5 %10.4 %10.7 %
Total capital ratio13.7 13.6 13.9 
Tier 1 leverage ratio9.2 9.2 9.4 
Tangible common equity ratio6.7 7.2 7.4 
Allowance for credit losses to loans and leases1.47 %1.48 %1.56 %(1) bps(9) bps
Asset quality(4)
Nonaccrual loans and leases to loans and leases0.99 %0.97 %1.08 %2  bps(9) bps
Allowance for credit losses to nonaccrual loans and leases149 152 145 (3)%4 %
Net charge-offs as a % of average loans and leases0.37 %0.37 %0.46 %—  bps(9) 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) 3Q26 and 3Q25 include preferred stock early redemption costs of $4 million and $5 million, respectively.
(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.

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Citizens Financial Group, Inc.
Consolidated balance sheet summary(1):
3Q26 change from
($s in millions)3Q262Q263Q252Q263Q25
$/bps%$/bps%
Total assets$234,464 $233,836 $222,747 $628 —  %$11,717 5  %
Total loans and leases148,227 147,491 140,870 736 — 7,357 5 
Total loans held for sale884 1,458 1,334 (574)(39)(450)(34)
Deposits185,228 185,620 180,011 (392)— 5,217 3 
Stockholders' equity25,162 26,183 25,829 (1,021)(4)(667)(3)
Stockholders' common equity22,952 24,072 23,718 (1,120)(5)(766)(3)
Tangible common equity$15,070 $16,185 $15,848 $(1,115)(7) %$(778)(5) %
Loan-to-deposit ratio (period-end)(2)
80.0 %79.5  %78.3  %56  bps176  bps
Loan-to-deposit ratio (average)(2)
80.2 %79.6 %79.6 %62  bps63  bps
(1) Represents period-end unless otherwise noted.
(2) Excludes loans held for sale.






























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Citizens Financial Group, Inc.
Discussion of results:
Net interest income3Q26 change from
($s in millions)3Q262Q263Q252Q263Q25
$/bps%$/bps%
Interest income:
Interest and fees on loans and leases and loans held for sale$2,056 $1,994 $1,928 $62 3  %$128 7  %
Investment securities462 446 433 16 4 29 7 
Interest-bearing deposits in banks103 103 97 — — 6 6 
Total interest income$2,621 $2,543 $2,458 $78 3  %$163 7  %
Interest expense:
Deposits$767 $747 $816 $20 3  %$(49)(6) %
Short-term borrowed funds12 9 5 3 33 7 140 
Long-term borrowed funds167 156 149 11 7 18 12 
Total interest expense$946 $912 $970 $34 4  %$(24)(2) %
Net interest income$1,675 $1,631 $1,488 $44 3  %$187 13  %
Net interest margin, FTE3.19  %3.17  %3.00  %2  bps19  bps
Third quarter 2026vs.second quarter 2026
Net interest income of $1.7 billion increased 2.7%, reflecting a higher net interest margin along with a 1% increase in average interest-earning assets.
•Net interest margin of 3.19% increased 2 basis points, reflecting the benefit of lower terminated swap impacts and fixed-rate asset repricing, partially offset by increased funding costs.
•Interest-bearing deposit costs increased 5 basis points to 2.13%; total deposit costs increased 3 basis points to 1.66%; total cost of funds increased 3 basis points to 1.88%.
Third quarter 2026vs.third quarter 2025
Net interest income of $1.7 billion increased 13%, primarily reflecting a higher net interest margin, as well as a 6% increase in interest-earning assets.
•Net interest margin of 3.19% increased 19 basis points, largely driven by the benefit of lower terminated swap impacts and Non-Core runoff, fixed-rate asset repricing and improved funding costs.




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Citizens Financial Group, Inc.
Noninterest Income3Q26 change from
($s in millions)3Q262Q263Q252Q263Q25
$%$%
Service charges and fees$120 $117 $112 $3 3  %$8 7  %
Capital markets fees149 153 166 (4)(3)(17)(10)
Wealth fees109 102 93 7 7 16 17 
Card fees90 89 87 1 1 3 3 
Mortgage banking fees35 42 49 (7)(17)(14)(29)
Foreign exchange and derivative products49 47 42 2 4 7 17 
Letter of credit and loan fees54 52 48 2 4 6 13 
Securities gains, net
11 6 2 5 839 NM
Other income(1)
30 44 31 (14)(32)(1)(3)
Noninterest income$647 $652 $630 $(5)(1) %$17 3  %
(1) Includes bank-owned life insurance income and other miscellaneous income for all periods presented.

Third quarter 2026vs.second quarter 2026
Noninterest income of $647 million decreased $5 million, or 1%.
•Service charges and fees increased $3 million, primarily from higher overdraft fees.
•Capital markets fees decreased $4 million to $149 million, reflecting lower loan syndication and debt and equity underwriting fees, largely offset by higher M&A fees.
•Wealth fees increased $7 million to $109 million, a new record, primarily reflecting higher advisory fees.
•FX and derivative products increased $2 million, given higher FX and commodities client hedging activity.
•Mortgage banking fees decreased $7 million, primarily due to a decline in net MSR valuation of $13 million, partially offset by higher servicing revenue.
•Other income decreased $14 million, reflecting several modest revenue items in the prior quarter.
Third quarter 2026vs.third quarter 2025
Noninterest income of $647 million increased $17 million, or 3%.
•Service charges and fees increased $8 million, primarily reflecting higher overdraft and cash management fees.
•Capital markets fees decreased $17 million, primarily driven by lower M&A relative to particularly strong results in third quarter 2025.
•Wealth fees increased $16 million, primarily from growth in AUM, reflecting net inflows and market appreciation.
•Mortgage banking fees decreased $14 million, reflecting lower net MSR valuation results and lower production fees, partially offset by higher servicing revenue.



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Citizens Financial Group, Inc.
Noninterest Expense3Q26 change from
($s in millions)3Q262Q263Q252Q263Q25
$%$%
Salaries and employee benefits$750 $745 $705 $5 1 %$45 6 %
Equipment and software202 195 197 7 4 5 3 
Outside services174 174 161 — — 13 8 
Occupancy107 108 106 (1)(1)1 1 
Other operating expense160 172 166 (12)(7)(6)(4)
Noninterest expense$1,393 $1,394 $1,335 $(1)— %$58 4 %
Third quarter 2026vs.second quarter 2026
Noninterest expense of $1.4 billion was stable.
•Salaries and employee benefits increased $5 million, primarily reflecting the continued Private Bank & Wealth buildout, an increase in Commercial, as well as higher medical benefit costs.
•Equipment and software increased $7 million, largely due to higher technology-related costs.
•Other operating expense decreased $12 million, reflecting the impact of various sundry items.
The effective tax rate of 20.9% in third quarter 2026 compares with 22.3% in second quarter 2026. The lower third quarter tax rate reflected the recognition of discrete tax benefits.
Third quarter 2026vs.third quarter 2025
Noninterest expense of $1.4 billion increased 4%.
•Salaries and employee benefits increased $45 million, reflecting the continued Private Bank & Wealth buildout.
•Outside services increased $13 million, primarily reflecting costs to implement the Reimagine the Bank program.
•Other operating expense decreased $6 million, reflecting the impact of various sundry items.
The effective tax rate was 20.9% in third quarter 2026 compared with 21.4% in third quarter 2025.

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Citizens Financial Group, Inc.
Interest-earning assets3Q26 change from
($s in millions)3Q262Q263Q252Q263Q25
Period-end interest-earning assets$%$%
Investments$45,690 $46,345 $44,456 $(655)(1) %$1,234 3  %
Interest-bearing deposits in banks12,517 12,648 11,090 (131)(1)1,427 13 
Commercial loans and leases77,223 77,284 72,493 (61)— 4,730 7 
Retail loans71,004 70,207 68,377 797 1 2,627 4 
Total loans and leases148,227 147,491 140,870 736 — 7,357 5 
Loans held for sale
884 1,458 1,334 (574)(39)(450)(34)
Total loans and leases and loans held for sale149,111 148,949 142,204 162 — 6,907 5 
Total period-end interest-earning assets$207,318 $207,942 $197,750 $(624)—  %$9,568 5  %
Average interest-earning assets(1)
Investments
$49,211 $48,088 $46,453 $1,123 2  %$2,758 6  %
Interest-bearing deposits in banks10,941 10,839 9,015 102 1 1,926 21 
Commercial loans and leases76,920 76,548 72,150 372 — 4,770 7 
Retail loans70,434 69,580 67,861 854 1 2,573 4 
Total loans and leases147,354 146,128 140,011 1,226 1 7,343 5 
Loans held for sale
1,436 1,715 2,119 (279)(16)(683)(32)
Total loans and leases and loans held for sale148,790 147,843 142,130 947 1 6,660 5 
Total average interest-earning assets$208,942 $206,770 $197,598 $2,172 1  %$11,344 6  %
(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 2026vs.second quarter 2026
Period-end interest-earning assets of $207.3 billion decreased $624 million, reflecting a $655 million decrease in investments in securities and $574 million decrease in loans held for sale, partially offset by a $736 million increase in total loans and leases. Total loans and leases increased $736 million, as growth in the Private Bank, and growth in home equity and mortgage, were partially offset by commercial real estate paydowns, lower commercial line utilization, and runoff of Non-Core loans.
Average interest-earning assets of $208.9 billion increased $2.2 billion, or 1%, primarily reflecting a $1.2 billion increase in total loans and leases, and a $1.1 billion increase in investments.
The average effective duration of the securities portfolio was 4.6 years, compared with 4.1 years at June 30, 2026 and 3.6 years at September 30, 2025.

Third quarter 2026vs.third quarter 2025
Period-end interest-earning assets of $207.3 billion increased $9.6 billion, or 5%, reflecting a $1.2 billion increase in investments in securities, a $1.4 billion increase in cash held in interest-bearing deposits and a $6.9 billion increase in total loans and leases and loans held for sale. The increase in total loans and leases and loans held for sale was largely driven by growth in the Private Bank and growth in commercial, given net new money originations in corporate banking and higher commercial line utilization, partially offset by commercial real estate paydowns. Retail also grew $2.6 billion, reflecting growth in home equity and mortgage, partially offset by Non-Core portfolio runoff.
Average interest-earning assets of $208.9 billion increased $11.3 billion, primarily reflecting a $6.7 billion increase in total loans and leases and loans held for sale, as well as $1.9 billion increase in cash held in interest-bearing deposits and a $2.8 billion increase in investments in securities.
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Citizens Financial Group, Inc.
Deposits3Q26 change from
($s in millions)3Q262Q263Q252Q263Q25
Period-end deposits$%$%
Noninterest-bearing demand
$40,916 $40,939 $39,472 $(23)—  %$1,444 4  %
Checking with interest38,526 40,258 35,219 (1,732)(4)3,307 9
Savings22,424 23,570 24,759 (1,146)(5)(2,335)(9)
Money market63,379 60,029 59,709 3,350 63,670 6
Time19,983 20,824 20,852 (841)(4)(869)(4)
Total period-end deposits$185,228 $185,620 $180,011 $(392)—  %$5,217 3  %
Average deposits
Noninterest-bearing demand
$40,567 $39,881 $38,070 $686 2  %$2,497 7  %
Checking with interest38,684 38,632 34,748 52 —3,936 11
Savings22,923 23,780 25,001 (857)(4)(2,078)(8)
Money market61,115 60,295 57,783 820 13,332 6
Time20,447 21,032 20,355 (585)(3)92 —
Total average deposits$183,736 $183,620 $175,957 $116 —  %$7,779 4  %


Third quarter 2026vs.second quarter 2026
Total period-end deposits of $185.2 billion are broadly stable, reflecting growth in the Private Bank and Commercial, largely offset by a decrease in Consumer. Private Bank deposits increased 4% to $18.5 billion at the end of third quarter 2026.
Average deposits of $183.7 billion are broadly stable, primarily reflecting growth in Commercial, largely offset by a decrease in Consumer.
Third quarter 2026vs.third quarter 2025
Total period-end deposits of $185.2 billion increased 3%, driven by Private Bank growth of $6.1 billion.
Average deposits of $183.7 billion were up 4%, largely reflecting growth in the Private Bank.
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Citizens Financial Group, Inc.
Borrowed Funds3Q26 change from
($s in millions)3Q262Q263Q252Q263Q25
Period-end borrowed funds$%$%
Short-term borrowed funds$819 $1,159 $214 $(340)(29) %$605 NM
Long-term borrowed funds
FHLB advances7,613 5,763 14 1,850 327,599 NM
Senior debt7,318 7,078 6,825 240 3493 7
Subordinated debt and other debt1,422 1,421 1,620 1 —(198)(12)
Auto collateralized borrowings660 928 1,982 (268)(29)(1,322)(67)
Total borrowed funds$17,832 $16,349 $10,655 $1,483 9  %$7,177 67  %
Average borrowed funds
Short-term borrowed funds$1,627 $989 $589 $638 65 %$1,038 176  %
Long-term borrowed funds
FHLB advances4,718 3,538 1,009 1,180 33 %3,709 NM
Senior debt7,117 7,078 6,823 39 1294 4
Subordinated debt and other debt1,422 1,419 1,622 3 —(200)(12)
Auto collateralized borrowings784 1,077 2,189 (293)(27)(1,405)(64)
Total average borrowed funds$15,668 $14,101 $12,232 $1,567 11  %$3,436 28  %

Third quarter 2026vs.second quarter 2026
Period-end borrowed funds increased $1.5 billion, primarily reflecting an increase in FHLB advances, partially offset by a decrease in short-term borrowed funds and a decrease in collateralized borrowings on auto loans as the associated portfolio runs down.
Average borrowed funds increased $1.6 billion, driven primarily by an increase in FHLB advances and an increase in short-term borrowed funds, partially offset by a decrease in auto collateralized borrowings.
Third quarter 2026vs.third quarter 2025
Period-end borrowed funds increased $7.2 billion, primarily reflecting increases in FHLB advances, short-term borrowed funds and senior debt, partially offset by the decrease in auto collateralized borrowings as the associated portfolio runs down.
Average borrowed funds increased by $3.4 billion, given increases in FHLB advances, short-term borrowed funds and senior debt, partially offset by the decrease in auto collateralized borrowings.
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Citizens Financial Group, Inc.
Capital3Q26 change from
($s and shares in millions, except per share data)3Q262Q263Q252Q263Q25
Period-end capital$%$%
Stockholders' equity$25,162 $26,183 $25,829 $(1,021)(4) %$(667)(3) %
Stockholders' common equity22,952 24,072 23,718 (1,120)(5)(766)(3)
Tangible common equity15,070 16,185 15,848 (1,115)(7)(778)(5)
Tangible book value per common share$35.78 $38.29 $36.73 $(2.51)(7) %$(0.95)(3) %
Common shares - at end of period421.2 422.7 431.5 (1.5)—(10.2)(2)
Common shares - average (diluted)425.7 426.7 435.5 (1.0)—  %(9.8)(2) %
Common equity tier 1 capital ratio(1)
10.5 %10.4 %10.7 %
Total capital ratio(1)
13.7 13.6 13.9 
Tangible common equity ratio6.7 7.2 7.4 
(1) Current reporting-period regulatory capital ratios are preliminary.
Third quarter 2026
•The CET1 capital ratio of 10.5% as of September 30, 2026 compares with 10.4% at June 30, 2026 and 10.7% at September 30, 2025.
•Total capital ratio of 13.7% compares with 13.6% at June 30, 2026 and 13.9% as of September 30, 2025.
•Tangible common equity ratio of 6.7% compares with 7.2% at June 30, 2026 and 7.4% as of September 30, 2025.
•Tangible book value per common share of $35.78, decreased 6.6% compared with second quarter 2026, and 2.6% versus third quarter 2025, given the negative impact of higher long-term rates on the investment securities and swap portfolios.
•Total capital returned to shareholders was $322 million in third quarter 2026.
◦Paid $197 million in common dividends to shareholders during third quarter 2026. This compares with $197 million in common dividends during second quarter 2026 and $184 million during third quarter 2025.
◦Repurchased $125 million of common shares during third quarter 2026, compared with $225 million in second quarter 2026 and $75 million in third quarter 2025.
•Citizens’ board of directors declared an increase in its quarterly common dividend to $0.52 per share, up $0.06 or 13% compared with the prior quarter, payable in 4Q26.
•The board of directors also increased the capacity of Citizens’ common share repurchase program to $1.95 billion, an increase of $1.3 billion above the $650 million of capacity currently remaining under the prior June 2025 authorization.
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Citizens Financial Group, Inc.
Credit quality review3Q26 change from
($s in millions)3Q262Q263Q252Q263Q25
$/bps/%%$/bps/%%
Nonaccrual loans and leases(1)
$1,461 $1,435 $1,518 $26 2  %$(57)(4) %
90+ days past due and accruing(2)
165 183 162 (18)(10)3 2 
Net charge-offs137 135 162 2 1 (25)(15)
Provision for credit losses125 134 154 (9)(7)(29)(19)
Allowance for credit losses $2,172 $2,184 $2,201 $(12)(1) %$(29)(1) %
Nonaccrual loans and leases to loans and leases0.99  %0.97  %1.08  %2  bps(9) bps
Net charge-offs as a % of total loans and leases0.37 0.37 0.46 — (9)
Allowance for credit losses to loans and leases1.47 1.48 1.56 (1)(9)
Allowance for credit losses to nonaccrual loans and leases149  %152  %145  %(3)%4 %
(1) Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.
(2) 90+ days past due and accruing includes $157 million, $172 million, and $114 million of loans fully or partially guaranteed by the FHA, VA, and USDA for September 30, 2026, June 30, 2026, and September 30, 2025, respectively.
Third quarter 2026vs.second quarter 2026
•Nonaccrual loans of $1.5 billion increased 2%, driven by modest increases in C&I and residential mortgage. The nonaccrual loans to total loans ratio of 0.99% compares with 0.97% at June 30, 2026.
•Net charge-offs of $137 million, or 37 basis points of average loans and leases, was stable compared with the prior quarter.
•The third quarter 2026 provision for credit losses of $125 million compares with $134 million for second quarter 2026.
•The ratio of allowance for credit losses to total loans of 1.47% was down slightly compared with 1.48% as of June 30, 2026 reflecting improved loan mix given a decrease in general office and multi-family commercial real estate balances, with originations primarily in C&I and retail real estate secured that have a lower loss content profile.
•The allowance for credit losses to nonaccrual loans and leases ratio of 149% declined from 152% at June 30, 2026, reflecting the slight decrease in the allowance for credit losses and the modest increase in nonaccrual loans.
Third quarter 2026vs.third quarter 2025
•Nonaccrual loans decreased 4% driven largely by an 11% decrease in commercial, largely reflecting an 18% decline in commercial real estate. The nonaccrual loans to total loans ratio of 0.99% compares with 1.08% at September 30, 2025.
•Net charge-offs of $137 million, or 37 basis points of average loans and leases compares with 46 basis points for third quarter 2025, reflecting a decrease in commercial real estate and retail.
•Provision for credit losses of $125 million decreased compared with a $154 million provision in third quarter 2025 reflecting the runoff of the Non-Core portfolio and improving credit trends and loan mix.
•Allowance for credit losses of $2.2 billion decreased $29 million compared with September 30, 2025 given the continued Non-Core runoff and other improvements in loan mix. Allowance for credit losses ratio of 1.47% as of September 30, 2026 compares with 1.56% as of September 30, 2025.
•The allowance for credit losses to nonaccrual loans and leases ratio of 149% compares with 145% as of September 30, 2025.
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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: Chris Emerson – (781) 655-5582
Conference Call
CFG management will host a live conference call today with details as follows:
Time:    9:00 am ET
Dial-in: (800) 369-1703, conference ID 1679767
Webcast/Presentation: The live webcast will be available at http://investor.citizensbank.com under Events & Presentations.
Replay Information: A replay of the conference call will be available beginning at 12:00 pm ET on October 16, 2026 through November 15, 2026. 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 $234.5 billion in assets as of September 30, 2026. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail, private banking, wealth management 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 3,000 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. Consumer Banking includes Citizens Private Bank & Wealth, which integrate banking services and wealth management solutions to serve high- and ultra-high-net-worth individuals and families, as well as investors, entrepreneurs and businesses. 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.

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Citizens Financial Group, Inc.

Non-GAAP Financial Measures and Reconciliations
Non-GAAP Financial Measures:
This document contains non-GAAP financial measures that we believe provide useful information to investors to understand our results of operations or financial condition. We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP financial 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. See the following pages for reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures.


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Citizens Financial Group, Inc.


Non-GAAP financial measures and reconciliations
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS
3Q26 Change
3Q262Q263Q252Q263Q25
$/bps%$/bps%
Pre-provision profit:
Total revenue (GAAP)A$2,322 $2,283 $2,118 $392%$204 10%
Less: Noninterest expense (GAAP)B1,393 1,394 1,335 (1)— 58 4 
Pre-provision profit (non-GAAP)$929 $889 $783 $404%$146 19%
Operating leverage:
Total revenue (GAAP)A$2,322 $2,283 $2,118 $39 1.72%$204 9.64%
Less: Noninterest expense (GAAP)B1,393 1,394 1,335 (1)(0.11)58 4.32 
Operating leverage1.83%5.32%
Efficiency ratio:
Efficiency ratio B/A59.98%61.08%63.03%(110) bps(305) bps
Book value per common share and tangible book value per common share:
Common shares - at period-end (GAAP)C421,219,810 422,677,660 431,453,142 (1,457,850)—%(10,233,332)(2%)
Common stockholders' equity (GAAP)D$22,952 $24,072 $23,718 ($1,120)(5)($766)(3)
Less: Goodwill (GAAP)8,220 8,220 8,187 —— 33— 
Less: Other intangible assets (GAAP)100 105 123 (5)(5)(23)(19)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)438 438 440 —— (2)— 
Tangible common equity (non-GAAP)E$15,070 $16,185 $15,848 ($1,115)(7%)($778)(5%)
Book value per common share (GAAP)D/C$54.49 $56.95 $54.97 ($2.46)(4%)($0.48)(1%)
Tangible book value per common share (non-GAAP)E/C35.78 38.29 36.73 (2.51)(7)(0.95)(3)
Net interest income and net interest margin on an FTE basis:
Net interest income (annualized) (GAAP)F$6,645 $6,542 $5,902 $1032%$74313%
Average interest-earning assets (GAAP)G208,942 206,770 197,598 2,1721 11,3446 
Net interest margin (GAAP)F/G3.18 %3.16%2.99%2  bps19  bps
Net interest income (GAAP)$1,675 $1,631 $1,488 $443%$18713%
FTE adjustment3 3 4 —— (1)(25)
Net interest income on an FTE basis (non-GAAP)1,678 1,634 1,492 443 18612 
Net interest income on an FTE basis (annualized) (non-GAAP)H6,657 6,555 5,919 1022 73812 
Net interest margin on an FTE basis (non-GAAP)H/G3.19 %3.17%3.00%2  bps19  bps
Return on average common equity and return on average tangible common equity:
Net income available to common stockholders (GAAP)I$599 $554 $457 $458%$14231%
Average common equity (GAAP)J$23,644 $23,839 $23,288 ($195)(1)$3562 
Less: Average goodwill (GAAP)8,220 8,221 8,187 (1)— 33— 
Less: Average other intangibles (GAAP)103 109 126 (6)(6)(23)(18)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)438 438 440 —— (2)—
Average tangible common equity (non-GAAP)K$15,759 $15,947 $15,415 ($188)(1%)$3442%
Return on average common equity (GAAP)I/J10.05%9.31%7.77%74  bps228  bps
Return on average tangible common equity (non-GAAP)I/K15.08%13.91%11.75%117  bps333  bps
Return on average total assets and return on average total tangible assets:
Net income (GAAP)L$636 $587 $494 $498%$14229%
Average total assets (GAAP)M$231,250 $229,263 $219,117 $1,9871 $12,1336 
Less: Average goodwill (GAAP)8,220 8,221 8,187 (1)— 33— 
Less: Average other intangibles (GAAP)103 109 126 (6)(6)(23)(18)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)438 438 440 —— (2)— 
Average tangible assets (non-GAAP)N$223,365 $221,371 $211,244 $1,9941%$12,1216%
Return on average total assets (GAAP)L/M1.09%1.03%0.90%6  bps19  bps
Return on average total tangible assets (non-GAAP)L/N1.13 %1.06%0.93%7  bps20  bps
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Citizens Financial Group, Inc.


Non-GAAP financial measures and reconciliations (continued)
(in millions, except share, per-share and ratio data)
QUARTERLY TRENDS
3Q26 Change
3Q262Q263Q252Q263Q25
$/bps%$/bps%
Common equity ratio and tangible common equity ratio:
Total assets (GAAP)O$234,464 $233,836 $222,747 $628— %$11,7175%
Less: Goodwill (GAAP)8,220 8,220 8,187 —— 33— 
Less: Other intangible assets (GAAP)100 105 123 (5)(5)(23)(19)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)438 438 440 —— (2)— 
Tangible assets (non-GAAP)P$226,582 $225,949 $214,877 $633—%$11,7055%
Common equity ratio (GAAP)D/O9.8 %10.3 %10.6 %(50) bps(86) bps
Tangible common equity ratio (non-GAAP)E/P6.7 7.2 7.4 (50) bps(70) bps










































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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," and "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 achieve our financial performance goals and execute on our strategic business initiatives, including the continued expansion of Private Bank & Wealth, and our aim to position us as a more innovative, modern, and customer-centric bank;
•The effects of geopolitical instability, including the war in Ukraine and the conflict in 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 supervisory requirements and expectations as well as new or amended regulations;
•Liabilities and business restrictions resulting from litigation and regulatory investigations;
•The impact of changes in interest rates on our net interest income, net interest margin, mortgage originations, and mortgage servicing rights, as well as on market liquidity, which could affect our funding sources and 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, 2025 as filed with the Securities and Exchange Commission.
Note: Per share amounts and ratios presented in this document are calculated using whole dollars.

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Citizens Financial Group, Inc.
CFG-IR
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