Company: CFG-PE
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000759944-25-000153
Chunk: 197

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 2
Chunk 197
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Service charges and fees$112 $109 $3 3%$332 $311 $21 7%Capital markets fees166 94 72 77371 346 25 7Card fees87 93 (6)(6)260 271 (11)(4)Wealth fees93 76 17 22 262 219 43 20 Mortgage banking fees49 46 3 7181 149 32 21Foreign exchange and derivative products42 36 6 17 122 111 11 10 Letter of credit and loan fees48 45 3 7 137 130 7 5 Securities gains, net2 9 (7)(78)14 14 — — Other income(1)31 24 7 29 95 51 44 86 Noninterest income$630 $532 $98 18%$1,774 $1,602 $172 11%

(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 nine months ended September 30, 2025, compared to the same periods in 2024, are described below:

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

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

•Capital markets fees increased driven by higher M&A, loan syndication, and equity underwriting fees during the three-month period, and by higher loan syndication and equity underwriting fees during the nine-month period; and

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

Citizens Financial Group, Inc. | 12

Noninterest Expense

The following table presents the components of noninterest expense:

Table 3: Noninterest ExpenseThree Months Ended September 30,Nine Months Ended September 30,(dollars in millions)20252024ChangePercent20252024ChangePercentSalaries and employee benefits$705 $647 $58 9%$2,082 $1,983 $99 5%Equipment and software197 194 3 2 584 576 8 1 Outside services161 146 15 10 485 469 16 3 Occupancy106 108 (2)(2)