Company: CFG-PE
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000759944-25-000013
Chunk: 618

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-02-13
Form: 10-K
Item: Item 3
Chunk 618
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 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.

Non-GAAP measures are denoted throughout our MD&A by the use of the term “Underlying.” Where there is a reference to these metrics in that paragraph, all measures that follow are on the same basis when applicable. For more information on the computation of non-GAAP financial measures, see “Non-GAAP Financial Measures and Reconciliations.”

Citizens Financial Group, Inc. | 39

FINANCIAL PERFORMANCE

Key Highlights

Net income decreased $99 million, with earnings per diluted common share down $0.10 to $3.03 compared to 2023.

Results reflect notable items of $98 million or $0.21 per diluted common share, net of tax benefit, compared to $357 million or $0.75 per diluted common share, net of tax benefit, in 2023.

Table 1: Notable Items Year Ended December 31, 2024Less: notable items(dollars in millions)Reported results (GAAP)Integration related costs(1)TOP and other(2)FDIC special assessment(3)Underlying results (non-GAAP)Noninterest income$2,176 $— $15 $— $2,161 Noninterest expense5,234 10 115 31 5,078 Income tax expense379 (3)(33)(7)422 

Year Ended December 31, 2023Less: notable items(dollars in millions)Reported results (GAAP)Integration related costs(1)TOP and other(2)FDIC special assessment(3)Underlying results (non-GAAP)Noninterest income$1,983 $— $— $— $1,983 Noninterest expense5,507 104 177 225 5,001 Income tax expense422 (28)(63)(58)571 

(1) Includes integration related costs associated with acquisitions.

(2)  Primarily includes our TOP revenue and efficiency initiatives for the years ended December 31, 2024 and 2023.

(3)  Represents an industry-wide FDIC special assessment. For more information, see “Regulation and Supervision - Deposit Insurance” in Item 1