Company: CFG-PE
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000759944-25-000013
Chunk: 250

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-02-13
Form: 10-K
Item: Item 6
Chunk 250
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 credit losses is the result of a detailed analysis performed to estimate our ACL. The total provision for credit losses includes the provision for loan and lease losses and the provision for unfunded commitments. Refer to “Analysis of Financial Condition — Credit Quality” for more information.

Provision expense of $687 million for 2024 was stable compared to 2023. The provision expense for 2024 reflects higher reserves against the CRE office portfolio, primarily driven by elevated interest rates and return-to-office dynamics and unsecured products and education loans given recent inflationary pressures and government actions, partially offset by a decline in total loans and leases.

Income Tax Expense

Income tax expense of $379 million decreased $43 million and our effective income tax rate of 20.1% decreased from 20.8% compared to 2023. These decreases reflect a higher benefit from tax-advantaged investments.

Business Operating Segments 

We have three business operating segments: Consumer Banking, Commercial Banking, and Non-Core. See Note 26 for more information regarding our business operating segments.

The following table presents certain financial data of our business operating segments. Total business operating segment financial results differ from total consolidated financial results. These differences are reflected in Other non-segment operations.

Table 6: Selected Financial Data for Business Operating SegmentsConsumer BankingCommercial BankingNon-CoreYear Ended December 31,Year Ended December 31,Year Ended December 31,(dollars in millions)202420232024202320242023Net interest income$4,565 $4,187 $1,950 $2,292 ($117)($129)Noninterest income1,131 1,067 908 784 — — Total revenue5,696 5,254 2,858 3,076 (117)(129)Noninterest expense3,678 3,542 1,241 1,295 98 123 Profit (loss) before credit losses2,018 1,712 1,617 1,781 (215)(252)Net charge-offs331 280 353 250 61 78 Income (loss) before income tax expense (benefit)1,687 1,432 1,264 1,531 (276)(330)Income tax expense (benefit)434 373 291 378 (70)(86)Net income (loss)$1,253 $1,059 $973 $1,153 ($