Citizens Financial Group Doubled 4Q Profit

Dow Jones

Jan 17, 2025

By Dean Seal

Citizens Financial Group more than doubled its profit in the fourth quarter as noninterest income rose and costs came down.

The bank posted a profit of $401 million, or 83 cents a share, compared with $189 million, or 34 cents a share, in the same quarter a year ago.

Stripping out one-time items, adjusted earnings were 85 cents a share. Analysts polled by FactSet had been expecting 82 cents a share.

Revenue came in at $1.99 billion, about flat with the year-ago quarter and above analyst forecasts for $1.96 billion, according to FactSet.

Net interest income dropped about 5% year over year to $1.41 billion, while noninterest income was up 15% at $574 million. Noninterest expenses meanwhile fell 18% to $1.32 billion.

Citizens had a provision for credit losses during the quarter of $162 million, a $9 million drop from a year earlier and $10 million lower than the prior quarter.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

January 17, 2025 06:52 ET (11:52 GMT)

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