Company: CFG-PE
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000759944-25-000013
Chunk: 259

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-02-13
Form: 10-K
Item: Item 6
Chunk 259
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 %$175 1.91 %Retail(2)43 1.39 45 1.25      Total allowance for unfunded lending commitments198 220 Allowance for credit losses$139,203 $2,259 1.62 %$145,959 $2,318 1.59 %

(1)    Coverage ratio includes total commercial allowance for unfunded lending commitments and total commercial allowance for loan and lease losses in the numerator and total commercial loans and leases in the denominator.

(2) Coverage ratio includes total retail allowance for unfunded lending commitments and total retail allowance for loan losses in the numerator and total retail loans in the denominator.

The ACL as of December 31, 2024 compared to December 31, 2023 decreased $59 million, driven by a $130 million decline in commercial reflecting lower loan balances and charge-offs. Retail increased $71 million driven by higher reserves related to unsecured products and education loans given recent inflationary pressures and government actions.

Citizens Financial Group, Inc. | 51

Table 13: Nonaccrual Loans and LeasesDecember 31,(dollars in millions)20242023Change PercentCommercial and industrial$241 $297 ($56)(19 %)Commercial real estate776 477 299 63 Total commercial1,017 774 243 31 Residential mortgages192 177 15 8 Home equity283 285 (2)(1)Automobile48 61 (13)(21)Education56 28 28 100 Other retail68 39 29 74 Total retail647 590 57 10 Nonaccrual loans and leases$1,664 $1,364 $300 22 %Nonaccrual loans and leases to total loans and leases1.20 %0.93 %27  bpsAllowance for loan and lease losses to nonaccrual loans and leases124 154 (30 %)Allowance for credit losses to nonaccrual loans and leases136 170 (34 %)

The increase in nonaccrual loans and leases as of December 31, 2024 compared to December 31, 2023 was primarily driven by the general office segment of CRE.

Table 14: Ratio of Net Charge-Offs to Average Loans and LeasesYear Ended December 31,20242023(doll