Company: CFG-PE
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000759944-25-000013
Chunk: 332

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-02-13
Form: 10-K
Item: Item 7
Chunk 332
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 in Net Interest Income Due to Average Volume and Average RateYear Ended December 31, 2024 Versus 2023(dollars in millions)Average Volume(1)Average Rate(1)Net ChangeInterest IncomeInterest-bearing cash and due from banks and deposits in banks$55 ($3)$52 Taxable investment securities151 345 496 Non-taxable investment securities— — —   Total investment securities151 345 496 Commercial and industrial(342)(327)(669)Commercial real estate(48)39 (9)     Total commercial(390)(288)(678)Residential mortgages44 88 132 Home equity85 54 139 Automobile(164)9 (155)Education (50)42 (8)Other retail (32)61 29       Total retail(117)254 137       Total loans and leases(507)(34)(541)Loans held for sale(2)(22)(3)(25)Total interest income($323)$305 ($18)Interest ExpenseChecking with interest($14)$59 $45 Money market55 156 211 Savings(32)75 43 Time226 155 381 Total interest-bearing deposits235 445 680 Short-term borrowed funds(28)— (28)Long-term borrowed funds(116)54 (62)      Total borrowed funds(144)54 (90)Total interest expense91 499 590 Net interest income($414)($194)($608)

(1) Volume and rate changes are allocated on a consistent basis using the respective percentage changes in average balances and average rates.

(2) See Note 1 for information regarding updates to the Consolidated Balance Sheets during 2024.

Citizens Financial Group, Inc. | 43

Noninterest Income

Table 4: Noninterest IncomeYear Ended December 31,(dollars in millions)20242023ChangePercentService charges and fees$420 $410 $10 2 %Capital markets fees467 319 148 46 Card fees368 296 72 24 Wealth fees(1)294 259 35 14 Mortgage banking fees209 242 (33)(14)Foreign exchange and derivative products146 183 (37)(20)Letter of credit and loan fees175 168 7 4 Securities gains, net18 28