Company: CFG-PE
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000759944-25-000070
Chunk: 106

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 2
Chunk 106
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83 86 (3)(3)Wealth fees81 68 13 19 Mortgage banking fees59 49 10 20 Foreign exchange and derivative products39 36 3 8 Letter of credit and loan fees44 42 2 5 Securities gains, net7 5 2 40 Other income(1)22 17 5 29 Noninterest income$544 $517 $27 5 %

(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 months ended March 31, 2025, compared to the same period in 2024, are described below.

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

•Wealth fees reflect growth in Private Bank assets under management.

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

•Capital markets fees decreased reflecting lower M&A fees, partially offset by higher loan syndication and bond underwriting fees.  

Noninterest Expense

Table 3: Noninterest ExpenseThree Months Ended March 31,(dollars in millions)20252024ChangePercentSalaries and employee benefits$696 $691 $5 1 %Equipment and software194 192 2 1 Outside services155 158 (3)(2)Occupancy112 114 (2)(2)Other operating expense157 203 (46)(23)Noninterest expense$1,314 $1,358 ($44)(3 %)

The decrease in noninterest expense for the three months ended March 31, 2025, compared to the same period in 2024, was driven primarily by other operating expense associated with FDIC deposit insurance, reflecting $35 million for CBNA’s special assessment recognized in 2024, and lower fraud losses. 

For more information regarding CBNA’s special assessment, see “Regulation and Supervision - Deposit Insurance” in our 2024 Form 10-K.

Citizens Financial Group, Inc. | 10

Provision for Credit Losses

The provision for 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 $