Company: CFG-PE
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0000759944-25-000013
Chunk: 24

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-02-13
Form: 10-K
Item: Item 3
Chunk 24
---
 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(dollars in millions)Net Charge-OffsAverage BalanceRatioNet Charge-OffsAverage BalanceRatioCommercial and industrial$76 $44,174 0.17 %$106 $49,998 0.21 %Commercial real estate300 28,430 1.05 161 29,206 0.56 Total commercial376 72,604 0.52 267 79,204 0.34 Residential mortgages— 31,916 — 2 30,660 — Home equity(7)15,603 (0.04)(10)14,475 (0.07)Automobile41 6,404 0.65 55 10,374 0