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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