Citizens Financial Group · Earnings release · 8-K Exhibit 99

Citizens Financial Group, Inc. Reports Third Quarter 2025 Net Income of

Sequential PPNR Growth of 9% and Positive Operating Leverage of 3%

Key Financial Data*

Third Quarter 2025 Highlights

Income

Statement

($s in millions)

–Continued strong Private Bank progress, contributing $0.08 to EPS, up $0.02 QoQ

■PPNR of $783 million, up 9% QoQ

–NII up 3.5%, reflects NIM increase of 5 bps to 3.00%, and interest-earning assets up 1%

–Strong fee performance led by Capital Markets up 58% QoQ; 77% YoY, and Wealth, up 6% QoQ; 22% YoY

–T1Positive operating leverage of 3%; efficiency ratio improved ~170 bps to 63.0%

■Loans up 1% QoQ on a spot basis with growth driven by the Private Bank and retail

■Net charge-offs of 46 bps, down 2 bps QoQ, with continuing favorable credit trends

■Strong ACL coverage of 1.56%, down slightly QoQ, reflects improving loan mix

■Average deposits up 1% QoQ reflecting $2.2 billion growth in the Private Bank, partially offset by continued reductions in higher-cost Treasury brokered deposits

■Strong liquidity profile; spot LDR of 78.3%; pro forma LCR well exceeds Category I Bank requirement of 100%

■Strong CET1 ratio of 10.7%

Total revenue

$

$

$

Pre-provision profit

Underlying pre-provision profit

Provision for credit losses

Net income

Underlying net income

Balance Sheet

&

Credit Quality

($s in billions)

Period-end loans and leases

$

$

$

Average loans and leases

Period-end deposits

Average deposits

Period-end loan-to-deposit ratio

%

%

%

NCO ratio

%

%

%

Financial Metrics

Diluted EPS

$

$

$

Underlying Diluted EPS

ROTCE

%

%

%

Underlying ROTCE

Net interest margin, FTE

Efficiency ratio

Underlying efficiency ratio

CET1

%

%

%

TBV/Share

$

$

$

Notable Items

($s in millions except per share data)

Pre-tax $

EPS

Pre-tax $

EPS

Pre-tax $

EPS

Integration-related

$

—

$

—

$

—

$

—

$

(2)

$

—

TOP/Other

—

—

—

—

Total

$

—

$

—

$

—

$

—

$

$

*Results presented on an Underlying basis are non-GAAP Financial Measures. See page 15 for additional information on our use of Non-GAAP Financial Measures.

Citizens Financial Group, Inc.

Comments from Chairman and CEO Bruce Van Saun

“We are pleased to report very strong results for the third quarter, paced by excellent NII and fee growth, 3% sequential positive operating leverage, and credit results that continue to trend favorably,” said Chairman and CEO Bruce Van Saun. “T2Loan and deposit growth was solid, as the Private Bank delivered strong performance. A pick-up in market activity drove our highest Capital Markets revenues since fourth quarter of 2021, with pipelines remaining strong. Our Reimagine the Bank initiative continues to take shape and will positively contribute to delivery of our medium-term targets. All in all, we feel we have good momentum and are very well-positioned for the medium-term.”

Citizens also announced today that its board of directors declared a quarterly common stock dividend of $0.46 per share, a $0.04, or 9.5%, increase compared with the prior quarter. The dividend is payable on November 12, 2025 to shareholders of record at the close of business on October 29, 2025.

2

Citizens Financial Group, Inc.

Earnings highlights(1):

Quarterly Trends

($s in millions, except per share data)

Earnings

$/bps/%

%

$/bps/%

%

Net interest income

$

$

$

$

4

%

$

9

%

Noninterest income

5

Total revenue

4

Noninterest expense

1

6

Pre-provision profit

9

Provision for credit losses

(6)

Net income

Preferred dividends/other(2)

3

9

(1)

(3)

Net income available to common stockholders

$

$

$

$

%

$

%

After-tax notable Items

—

—

—

—

Underlying net income

$

$

$

$

%

$

%

Underlying net income available to common stockholders

Average common shares outstanding

Basic (in millions)

(1)

(3)

Diluted (in millions)

—

(3)

Diluted earnings per share

$

$

$

$

%

$

%

Underlying diluted earnings per share

Performance metrics

Net interest margin

%

%

%

5

bps

bps

Net interest margin, FTE

5

Effective income tax rate

1

Efficiency ratio

Underlying efficiency ratio

Return on average tangible common equity

Underlying return on average tangible common equity

Return on average total tangible assets

Underlying return on average total tangible assets

%

%

%

bps

bps

Capital adequacy(3,4)

Common equity tier 1 capital ratio

%

%

%

Total capital ratio

Tier 1 leverage ratio

Tangible common equity ratio

Allowance for credit losses to loans and leases

%

%

%

(3)

bps

(5)

bps

Asset quality(4)

Nonaccrual loans and leases to loans and leases

%

%

%

(1)

bp

bps

Allowance for credit losses to nonaccrual loans and leases

—

%

9

%

Net charge-offs as a % of average loans and leases

%

%

%

(2)

bps

(8)

bps

(1) Unless otherwise noted, references to balance sheet items are on an average basis, loans exclude loans held for sale, earnings per share

represent fully diluted per common share and references to NIM are on a FTE basis.

(2) 3Q25 includes preferred stock early redemption costs of $5 million.

(3) Current reporting-period regulatory capital ratios are preliminary.

(4) Capital adequacy and asset-quality ratios calculated on a period-end basis, except net charge-offs.

3

Citizens Financial Group, Inc.

The following table provides information on Underlying results which exclude the impact of notable items.

Underlying results:

Quarterly Trends

($s in millions, except per share data)

$/bps

%

$/bps

%

Net interest income

$

$

$

$

4

%

$

9

%

Noninterest income

5

Total revenue

$

$

$

$

4

%

$

%

Noninterest expense

1

7

Provision for credit losses

(6)

Net income available to common stockholders

$

$

$

$

%

$

%

Performance metrics

EPS

$

$

$

$

%

$

%

Efficiency ratio

%

%

%

bps

bps

Return on average tangible common equity

%

%

%

bps

bps

Consolidated balance sheet summary(1):

($s in millions)

$/bps

%

$/bps

%

Total assets

$

$

$

$

2

%

$

1

%

Total loans and leases

1

(1)

Total loans held for sale

Deposits

3

3

Stockholders' equity

2

4

Stockholders' common equity

3

4

Tangible common equity

$

$

$

$

4

%

$

6

%

Loan-to-deposit ratio (period-end)(2)

%

%

%

bps

bps

Loan-to-deposit ratio (average)(2)

%

%

%

bps

bps

(1) Represents period-end unless otherwise noted.

(2) Excludes loans held for sale.

4

Citizens Financial Group, Inc.

Notable items:

There are no notable items in third quarter 2025 or second quarter 2025, as our intention going forward is to limit these to those items of greatest significance. Third quarter 2024 results reflect notable items primarily related to integration costs associated with recent acquisitions, as well as TOP revenue and efficiency initiatives. These notable items were excluded from reported results to better reflect Underlying operating results.

Notable items - Integration-related

($s in millions, except per share data)

Pre-tax

After-tax

Pre-tax

After-tax

Pre-tax

After-tax

Salaries & benefits

$

—

$

—

$

—

$

—

$

(2)

$

(2)

Equipment and software

—

—

—

—

—

—

Outside services

—

—

—

—

—

—

Occupancy

—

—

—

—

—

—

Other expense

—

—

—

—

—

—

Noninterest expense

$

—

$

—

$

—

$

—

$

(2)

$

(2)

EPS Impact - Noninterest expense

$

—

$

—

$

—

Total Integration-related

$

—

$

—

$

—

$

—

$

(2)

$

(2)

EPS Impact - Total Integration-related

$

—

$

—

$

—

Other notable items - TOP & Other

($s in millions, except per share data)

Pre-tax

After-tax

Pre-tax

After-tax

Pre-tax

After-tax

Tax notable items

$

—

$

—

$

—

$

—

$

—

$

—

Noninterest income

—

—

—

—

(2)

(1)

Salaries & benefits

—

—

—

—

(2)

(2)

Equipment and software

—

—

—

—

(2)

(2)

Outside services

—

—

—

—

(2)

(2)

Occupancy

—

—

—

—

(1)

—

Other expense

—

—

—

—

(2)

(1)

Noninterest expense

$

—

$

—

$

—

$

—

$

(9)

$

(7)

Total Other Notable Items

$

—

$

—

$

—

$

—

$

$

(8)

EPS Impact - Other Notable Items

$

—

$

—

$

Total Notable Items

$

—

$

—

$

—

$

—

$

$

Total EPS Impact

$

—

$

—

$

5

Citizens Financial Group, Inc.

Discussion of results:

Net interest income

($s in millions)

$/bps

%

$/bps

%

Interest income:

Interest and fees on loans and leases and loans held for sale

$

$

$

$

2

%

$

(3)

%

Investment securities

5

1

2

Interest-bearing deposits in banks

5

5

Total interest income

$

$

$

$

2

%

$

(3)

%

Interest expense:

Deposits

$

$

$

$

2

%

$

%

Short-term borrowed funds

5

9

3

(4)

2

Long-term borrowed funds

(6)

Total interest expense

$

$

$

$

—

—

%

$

%

Net interest income

$

$

$

$

4

%

$

9

%

Net interest margin, FTE

%

%

%

5

bps

bps

vs.

T3Net interest income of $1.5 billion increased 3.5%, reflecting a higher net interest margin, as well as a 1% increase in average interest-earning assets.

•Net interest margin of 3.00% increased 5 basis points, largely given the time-based benefits of Non-Core runoff and lower terminated swap impacts.

•Interest-bearing deposit costs were stable; total deposit costs decreased 1 basis point, and total cost of funds decreased 2 basis points to 2.05%.

vs.

Net interest income of $1.5 billion increased 9%, primarily reflecting a higher net interest margin.

•Net interest margin of 3.00% increased 23 basis points, largely driven by the time-based benefits of Non-Core runoff and terminated swap impacts as well as fixed-rate asset repricing benefits.

6

Citizens Financial Group, Inc.

Noninterest Income

($s in millions)

$

%

$

%

Service charges and fees

$

$

$

$

1

1

%

$

3

3

%

Capital markets fees

Card fees

(3)

(3)

(6)

(6)

Wealth fees

5

6

Mortgage banking fees

3

7

Foreign exchange and derivative products

1

2

6

Letter of credit and loan fees

3

7

3

7

Securities gains, net

2

5

9

(3)

(7)

Other income(1)

7

Noninterest income

$

$

$

$

5

%

$

%

Underlying, as applicable

Card fees

$

$

$

$

(3)

(3)

$

—

—

Other income(1)

$

$

$

$

$

(1)

(3)

Underlying noninterest income

$

$

$

$

5

%

$

%

(1) Includes bank-owned life insurance income and other miscellaneous income for all periods presented.

vs.

Noninterest income of $630 million increased $30 million, or 5%.

•T4Capital markets fees increased $61 million, driven by higher M&A, debt underwriting and loan syndication fees. M&A fees reflect several significant deals pushed from Q2, as well as a broader increase in activity.

•Wealth fees increased $5 million, given an increase in advisory fees, primarily driven by net inflows and market appreciation.

•Card fees decreased $3 million, reflecting lower balance transfer activity.

•Mortgage banking fees decreased $24 million, primarily due to lower MSR valuation changes, net of hedge impact.

•Other income decreased $11 million, given a higher level of various revenue items in the prior quarter.

vs.

Underlying noninterest income of $630 million increased $96 million, or 18%.

•Capital markets fees increased $72 million, driven by higher M&A, loan syndications and equity underwriting fees.

•Wealth fees increased $17 million, reflecting growth in AUM, primarily from the Private Bank.

•Foreign exchange and derivative products revenue increased $6 million, given increased client activity in foreign exchange hedging.

7

Citizens Financial Group, Inc.

Noninterest Expense

($s in millions)

$

%

$

%

Salaries and employee benefits

$

$

$

$

4

%

$

9

%

Equipment and software

4

2

3

2

Outside services

(8)

(5)

Occupancy

(2)

(2)

(2)

(2)

Other operating expense

(2)

(1)

2

1

Noninterest expense

$

$

$

$

1

%

$

6

%

Notable items

$

—

$

—

$

$

—

—

%

$

Underlying, as applicable

Salaries and employee benefits

$

$

$

$

4

%

$

%

Equipment and software

4

2

5

3

Outside services

(8)

(5)

Occupancy

(2)

(2)

(1)

(1)

Other operating expense

(2)

(1)

4

2

Underlying noninterest expense

$

$

$

$

1

%

$

7

%

vs.

Noninterest expense of $1.3 billion increased 1%.

•Salaries and employee benefits increased $24 million, reflecting hiring related to the Private Bank and Private Wealth buildout, increased medical benefit costs, and strong Capital Markets fee performance.

•Outside services decreased $8 million, primarily driven by technology and vendor-related efficiencies.

•Occupancy decreased $2 million, driven by branch optimization actions.

The effective tax rate was 21.4% in third quarter 2025 was stable with 21.4% in second quarter 2025.

vs.

Underlying noninterest expense of $1.3 billion increased 7%.

•Salaries and employee benefits increased $62 million, reflecting hiring related to the Private Bank and Private Wealth buildout, strong Capital Markets fee performance, and increased medical benefit costs.

•Equipment and software increased $5 million, given technology investments.

•Outside services increased $17 million, largely driven by investments across the enterprise.

•Other operating expense increased $4 million, reflecting higher travel and marketing-related costs, partly offset by lower deposit insurance.

The effective tax rate was 21.4% in third quarter 2025 compared with 18.7% on an Underlying basis in third quarter 2024, primarily reflecting less benefit from tax-advantaged investments given higher income and higher state taxes.

8

Citizens Financial Group, Inc.

Interest-earning assets

($s in millions)

Period-end interest-earning assets

$

%

$

%

Investments

$

$

$

$

1

%

$

5

%

Interest-bearing deposits in banks

5

Commercial loans and leases

1

1

Retail loans

1

(2)

Total loans and leases

1

(1)

Loans held for sale

Total loans and leases and loans held for sale

1

—

Total period-end interest-earning assets

$

$

$

$

2

%

$

1

%

Average interest-earning assets(1)

Investments

$

$

$

$

—

%

$

3

%

Interest-bearing deposits in banks

1

Commercial loans and leases

1

—

Retail loans

1

(3)

Total loans and leases

1

(1)

Loans held for sale

Total loans and leases and loans held for sale

—

(1)

Total average interest-earning assets

$

$

$

$

1

%

$

—

%

(1) Total average interest-earning assets excludes the mark-to-market on investment securities and unsettled purchases or sales of loans and investments.

vs.

Period-end interest-earning assets of $197.8 billion increased $4.3 billion, or 2%, reflecting a $3.0 billion increase in cash held in interest-bearing deposits and $557 million increase in investments in securities. Total loans and leases increased $1.6 billion, as growth in the Private Bank, higher capital call line utilization in Commercial, and growth in home equity and mortgage in Consumer were partially offset by the runoff of Non-Core loans and commercial real estate paydowns.

Average interest-earning assets of $197.6 billion increased $1.3 billion, or 1%, reflecting a $1.2 billion increase in total loans and leases and a $798 million increase in cash held in interest-bearing deposits, partly offset by a $635 million decrease in loans held for sale related to the third partial settlement of the sale of Non-Core education loans.

The average effective duration of the securities portfolio was 3.6 years, compared with 3.7 years at June 30, 2025 and 3.3 years at September 30, 2024.

vs.

Period-end interest-earning assets of $197.8 billion increased $2.4 billion, or 1%, reflecting a $2.0 billion increase in investments in securities, a $506 million increase in cash held in interest-bearing deposits and a $91 million decrease in total loans and leases and loans held for sale. The decrease in loans and leases is driven by a $1.4 billion decrease in retail reflecting the reclassification of ~$1.9 billion of Non-Core education loans to loans held for sale in the first quarter of 2025 (“Non-Core transaction”), as well as continued Non-Core portfolio runoff, primarily in auto. This decline was partially offset by growth in home equity and mortgage, including in the Private Bank.

Results also include an increase of $685 million in commercial loans reflecting higher capital call line utilization, partially offset by paydowns in commercial real estate and balance sheet optimization actions.

Average interest-earning assets of $197.6 billion increased $434 million, primarily reflecting a $1.4 billion increase in investments in securities, partially offset by a $1.1 billion decrease in total loans and leases and loans held for sale.

9

Citizens Financial Group, Inc.

Deposits

($s in millions)

Period-end deposits

$

%

$

%

Non-interest bearing demand

$

$

$

$

4

%

$

%

Checking with interest

1

5

Savings

(3)

(7)

Money market

7

9

Time

(1)

Total period-end deposits

$

$

$

$

3

%

$

3

%

Average deposits

Non-interest bearing demand

$

$

$

$

2

%

$

5

%

Checking with interest

3

5

Savings

(2)

(7)

Money market

6

9

Time

Total average deposits

$

$

$

$

1

%

$

1

%

vs.

Total period-end deposits of $180.0 billion are up 3%, driven by growth in the Private Bank and Commercial, partially offset by a decrease in Treasury brokered and higher-cost retail deposits.

Average deposits of $176.0 billion increased 1%, reflecting the same factors.

vs.

Total period-end deposits of $180.0 billion increased 3%, primarily reflecting growth in the Private Bank of $6.9 billion, partially offset by a $4.2 billion reduction in higher-cost Treasury brokered deposits.

Average deposits of $176.0 billion were up 1%.

Citizens Financial Group, Inc.

Borrowed Funds

($s in millions)

Period-end borrowed funds

$

%

$

%

Short-term borrowed funds

$

$

$

$

$

NM

Long-term borrowed funds

FHLB advances

Senior debt

4

—

Subordinated debt and other debt

(8)

Auto collateralized borrowings

Total borrowed funds

$

$

$

$

%

$

%

Average borrowed funds

Short-term borrowed funds

$

$

$

$

$

NM

Long-term borrowed funds

FHLB advances

(5) %

Senior debt

(3)

(9)

Subordinated debt and other debt

(8)

(8)

Auto collateralized borrowings

Total average borrowed funds

$

$

$

$

(9)

%

$

%

vs.

Period-end borrowed funds decreased $2.1 billion, reflecting a $1.5 billion decrease in FHLB advances and a $429 million decrease in collateralized borrowings on auto loans given runoff of the associated portfolio. Average borrowed funds decreased $1.2 billion, primarily reflecting a $446 million decrease in auto collateralized borrowings, a $336 million decrease in short-term borrowed funds and a $219 million decrease in senior debt given the impact of a debt maturity during the second quarter.

vs.

Period-end borrowed funds decreased by $3.3 billion, reflecting decreases of $1.8 billion in auto collateralized borrowings, $941 million in senior debt given the impact of net maturities, and $539 million in FHLB advances.

Average borrowed funds decreased by $1.6 billion, reflecting a $1.8 billion decrease in auto collateralized borrowings, given runoff of the associated portfolio, and a $639 million decrease in senior debt issuances, partially offset by an increase of $532 million in FHLB advances and a $439 million increase in short-term borrowed funds.

Citizens Financial Group, Inc.

Capital

($s and shares in millions, except per share data)

Period-end capital

$

%

$

%

Stockholders' equity

$

$

$

$

2

%

$

4

%

Stockholders' common equity

3

4

Tangible common equity

4

6

Tangible book value per common share

$

$

$

$

4

%

$

%

Common shares - at end of period

—

(3)

Common shares - average (diluted)

—

%

(3)

%

Common equity tier 1 capital ratio(1)

%

%

%

Total capital ratio(1)