Company: CFG-PE
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000759944-25-000070
Chunk: 189

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 2
Chunk 189
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656 (15)(196)1,935 Direct expenses(1)(2)669 218 — 427 1,314 Indirect expenses(3)285 109 16 (410)— Noninterest expense954 327 16 17 1,314 Profit (loss) before provision (benefit) for credit losses536 329 (31)(213)621 Provision (benefit) for credit losses86 77 37 (47)153 Income (loss) before income tax expense (benefit)450 252 (68)(166)468 Income tax expense (benefit)114 56 (17)(58)95 Net income (loss)$336 $196 ($51)($108)$373 Total average assets$77,534 $65,366 $6,536 $66,873 $216,309 (1) Represents operating expenses incurred by the business segments and primarily includes salaries and employee benefits, equipment and software, outside services, and occupancy.(2) Includes depreciation and amortization of $31 million, $5 million and $75 million, respectively, for the Consumer Banking, Commercial Banking and Other business segments.(3) Represents allocated corporate overhead from support functions such as information technology, finance, risk, and human resources.Three Months Ended March 31, 2024(dollars in millions)Consumer BankingCommercial BankingNon-CoreOtherConsolidatedNet interest income$1,093 $514 ($37)($128)$1,442 Noninterest income258 227 — 32 517 Total revenue 1,351 741 (37)(96)1,959 Direct expenses(1)(2)576 213 1 568 1,358 Indirect expenses(3)327 104 24 (455)— Noninterest expense903 317 25 113 1,358 Profit (loss) before provision (benefit) for credit losses448 424 (62)(209)601 Provision (benefit) for credit losses81 81 19 (10)171 Income (loss) before income tax expense (benefit)367 343 (81)(199)430 Income tax expense (benefit)95 84 (21)(62)96 Net income (loss)$272 $259 ($60)($137)$334