Company: CFG-PE
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0000759944-25-000070
Chunk: 101

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-05-01
Form: 10-Q
Item: Part I, Item 2
Chunk 101
---
, compared to the same period in 2024.

•Total revenue of $1.9 billion decreased $24 million for the three months ended March 31, 2025, compared to the same period in 2024, driven by a decrease of 4% in net interest income.

•The efficiency ratio of 67.91% for the three months ended March 31, 2025, compared to 69.33% for the same period in 2024.

•ROTCE of 9.64% for the three months ended March 31, 2025, compared to 8.86% for the same period in 2024.

•Tangible book value per common share of $33.97 increased 5% from December 31, 2024.

See “Non-GAAP Financial Measures” for more information regarding the ROTCE and tangible book value per common share non-GAAP financial measures presented herein.

Citizens Financial Group, Inc. | 7

Sale of Education Loans

During the first quarter of 2025, we entered into an agreement to sell $1.9 billion of Non-Core education loans and subsequently reclassified these loans to LHFS. Upon reclassification to LHFS, a charge-off of $25 million was recognized, which was covered by existing reserves. This transaction will settle ratably each quarter throughout 2025, with $200 million settled during the first quarter, and is expected to be accretive to net interest margin, EPS, and ROTCE.

Senior Notes Offering

On March 5, 2025, the Parent Company issued $750 million of fixed/floating-rate senior notes that mature on March 5, 2031. The senior notes bear interest at a rate of 5.253% per annum until March 4, 2030, and at SOFR plus 1.259% from March 5, 2030 until maturity. See Note 7 for additional information regarding the Company’s borrowed funds.

Share Repurchases

During the three months ended March 31, 2025, the Parent Company repurchased $200 million of its outstanding common stock. See Note 10 and Item 2 for additional information on share repurchase activity.

Other Developments

On March 27, 2025, the SEC voted to end its defense of several court challenges of its climate disclosure rule. The rule requires companies to disclose certain climate-related matters, including risks, activities to mitigate or adapt to such risks, governance