Company: CFG-PE
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0000759944-25-000108
Chunk: 201

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 2
Chunk 201
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 income tax expense (benefit)953 765 522 678 (87)(148)Income tax expense (benefit)241 197 120 160 (22)(38)Net income (loss)$712 $568 $402 $518 ($65)($110)Average Balances: Total assets$78,182 $74,064 $65,827 $69,529 $5,872 $9,986 Total loans and leases(1)71,732 67,704 62,749 66,592 5,847 9,942 Deposits126,504 120,248 42,330 45,058 — — Interest-earning assets72,315 68,301 63,366 66,991 5,847 9,942 

(1)  Includes LHFS.

Consumer Banking 

Net interest income increased $98 million and $198 million for the three and six months ended June 30, 2025, respectively, compared to the same periods in 2024, driven by higher net interest margin and growth in average interest-earning assets.

Citizens Financial Group, Inc. | 20

Noninterest income increased $52 million and $91 million for the three and six months ended June 30, 2025, respectively, compared to the same periods in 2024, driven by mortgage banking fees, wealth fees, and service charges and fees, reflecting higher MSR valuation, net of hedging, growth in assets under management, primarily from the Private Bank, and higher overdraft and cash management fees.

Noninterest expense increased $48 million and $99 million for the three and six months ended June 30, 2025, respectively, compared to the same periods in 2024, driven primarily by salaries and benefits reflecting hiring related to the Private Bank and Private Wealth build-out, as well as a broader increase in salaries and benefits, and outside services given investments across the enterprise. These increases are partially offset by lower fraud losses. 

Net charge-offs were stable for the three and six months ended June 30, 2025 compared to the same periods in 2024.

Commercial Banking 

Net interest income decreased $55 million and $128 million for the three and six months ended June 30, 2025, respectively, compared to the same periods in 2024, driven by lower net interest margin and a decline in average interest-earning