Company: CFG-PE
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000759944-25-000013
Chunk: 328

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-02-13
Form: 10-K
Item: Item 7
Chunk 328
---
(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.

•Net income available to common stockholders decreased $119 million to $1.4 billion compared to 2023.

◦On an Underlying basis, net income available to common stockholders of $1.5 billion compared to $1.8 billion in 2023.

◦On an Underlying basis, earnings per diluted common share of $3.24 compared to $3.88 in 2023.

•Total revenue decreased $415 million to $7.8 billion compared to 2023, driven by a decrease of 10% in net interest income.

•The efficiency ratio of 67.0% was stable compared to 2023.

◦On an Underlying basis, the efficiency ratio of 65.2% compared to 60.8% in 2023.

•ROTCE of 9.8% compared to 10.9% in 2023.

◦On an Underlying basis, ROTCE of 10.5% compared to 13.5%.

•Tangible book value per common share of $32.34 increased 5% from 2023.

For additional information regarding our financial performance, see “Results of Operations — 2024 compared with 2023” included in this report.

Citizens Financial Group, Inc. | 40

RESULTS OF OPERATIONS — 2024 compared with 2023 

Net Interest Income

Net interest income is our largest source of revenue and is the difference between the interest earned on interest-earning assets (generally loans and investment securities) and the interest expense incurred in connection with interest-bearing liabilities (generally deposits and borrowed funds). The level of our net interest income is primarily a function of the difference between the effective yield on our average interest-earning assets and the effective cost of our interest-bearing liabilities. Factors that