Company: CFG-PE
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0000759944-25-000108
Chunk: 189

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 2
Chunk 189
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1)42 10 32 NM64 27 37 137 Noninterest income$600 $553 $47 8%$1,144 $1,070 $74 7%

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

The primary drivers for the change in noninterest income for the three and six months ended June 30, 2025, compared to the same periods in 2024, are described below.

•Mortgage banking fees increased driven by higher MSR valuation, net of hedging.

•Wealth fees increased reflecting growth in assets under management, primarily from the Private Bank.

•Service charges and fees increased driven primarily by higher overdraft and cash management fees.

•Capital markets fees decreased as a result of lower M&A and bond underwriting fees, partially offset by higher equity underwriting fees during the three- and six-month periods, and by higher loan syndication fees during the six-month period.

Citizens Financial Group, Inc. | 12

Noninterest Expense

Table 3: Noninterest ExpenseThree Months Ended June 30,Six Months Ended June 30,(dollars in millions)20252024ChangePercent20252024ChangePercentSalaries and employee benefits$681 $645 $36 6%$1,377 $1,336 $41 3%Equipment and software193 190 3 2 387 382 5 1 Outside services169 165 4 2 324 323 1 — Occupancy108 113 (5)(4)220 227 (7)(3)Other operating expense168 188 (20)(11)325 391 (66)(17)Noninterest expense$1,319 $1,301 $18 1%$2,633 $2,659 ($26)(1%)

The primary drivers for the change in noninterest expense for the three and six months ended June 30, 2025, compared to the same periods in 2024, are described below.

•Other operating expense decreased driven primarily by lower FDIC deposit insurance, reflecting $5 million and $40 million, respectively, for CBNA’s special assessment recognized during the same three- and six-month period in 2024, and lower fraud losses. Lower marketing-related costs are also a driver during the three-month period.

•Salaries and employee benefits increased reflecting hiring related to