Citizens Financial Group · Earnings release

Citizens Financial Group, Inc. Reports First Quarter 2026 Net Income of

Positive Operating Leverage of 7.2% YoY

Key Financial Data

First Quarter 2026 Highlights

Income

Statement

($s in millions)

–Continued strong Private Bank progress, contributing $0.11 to EPS

■PPNR of $790 million, down 3% QoQ, up 27% YoY

–NII up 1.6% QoQ as NIM continues to expand, up 7 bps to 3.14%; NII up 12%, NIM up 24 bps YoY

–Fees up 11% YoY driven by Capital Markets and Wealth; down 2% QoQ, reflecting seasonality and market dynamics

–Positive operating leverage of 7.2% YoY

■Loans up 1% QoQ on a spot and average basis with growth led by Commercial and Private Bank

–Lower Non-Core runoff and balance sheet optimization impacts

■Continuing favorable credit trends; net charge-offs of 39 bps, down 4 bps QoQ

■Strong ACL coverage of 1.52%

■Average deposits up 1% QoQ driven by growth in Private Bank

–Private Bank spot deposits of $16.6 billion

–Interest-bearing deposit costs down 16 bps QoQ

■Strong liquidity profile; spot LDR of 78.1%

■Strong CET1 ratio of 10.5%; 9.3% adjusted for AOCI opt-out removal

■TBV/share of $37.94 broadly stable QoQ

Total revenue

$

$

$

Pre-provision profit

Provision for credit losses

Net income

Balance Sheet

&

Credit Quality

($s in billions)

Period-end loans and leases

$

$

$

Average loans and leases

Period-end deposits

Average deposits

Loan-to-deposit ratio (spot)

%

%

%

NCO ratio

%

%

%

Financial Metrics

Diluted EPS

$

$

$

ROTCE

%

%

%

Net interest margin, FTE

Efficiency ratio

CET1

%

%

%

TBV/Share

$

$

$

Comments from Chairman and CEO Bruce Van Saun

“We are pleased to get off to a strong start in 2026 notwithstanding heightened geopolitical tensions and uncertainty in the macro environment,” said Chairman and CEO Bruce Van Saun. “Our financial results in a seasonally soft quarter were good, with year-over-year EPS growth of 47%, positive operating leverage of 7%, NIM expansion of 7 bps sequentially and 24 bps versus a year ago, and a robust balance sheet position. Credit is trending favorably, the Private Bank continues to grow nicely, and Reimagine the Bank is off to a great start. We continue to be well-positioned to deliver a strong year and reach our medium-term targets.”

Citizens also announced today that its board of directors declared a quarterly common stock dividend of $0.46 per share. The dividend is payable on May 14, 2026 to shareholders of record at the close of business on April 30, 2026.

Citizens Financial Group, Inc.

Earnings highlights(1):

Quarterly Trends

($s in millions, except per share data)

Earnings

$/bps/%

%

$/bps/%

%

Net interest income

$

$

$

$

2

%

$

%

Noninterest income

(2)

Total revenue

1

Noninterest expense

3

5

Pre-provision profit

(3)

Provision for credit losses

3

2

(8)

Net income

(2)

Preferred dividends/other

(6)

—

—

Net income available to common stockholders

$

$

$

$

(5)

(1)

%

$

%

Average common shares outstanding

Basic (in millions)

(1)

(3)

Diluted (in millions)

(1)

(3)

Diluted earnings per share

—

—

Performance metrics

Net interest margin

%

%

%

8

bps

bps

Net interest margin, FTE

7

Effective income tax rate

Efficiency ratio

Return on average tangible common equity

1

Return on average total tangible assets

%

%

%

(1)

bp

bps

Capital adequacy(2,3)

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

%

%

%

(1)

bp

(9)

bps

Asset quality(3)

Nonaccrual loans and leases to loans and leases

%

%

%

(1)

bp

bps

Allowance for credit losses to nonaccrual loans and leases

1

%

6

%

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

%

%

%

(4)

bps

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) Current reporting-period regulatory capital ratios are preliminary.

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

2

Citizens Financial Group, Inc.

Consolidated balance sheet summary(1):

($s in millions)

$/bps

%

$/bps

%

Total assets

$

$

$

$

1

%

$

4

%

Total loans and leases

1

4

Total loans held for sale

Deposits

—

4

Stockholders' equity

(1)

5

Stockholders' common equity

(1)

6

Tangible common equity

$

$

$

$

(1)

%

$

9

%

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.

3

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

$

$

$

$

(1)

%

$

3

%

Investment securities

(2)

6

1

Interest-bearing deposits in banks

2

2

2

2

Total interest income

$

$

$

$

(1)

%

$

3

%

Interest expense:

Deposits

$

$

$

$

(8)

%

$

%

Short-term borrowed funds

4

—

8

4

(4)

Long-term borrowed funds

9

Total interest expense

$

$

$

$

(6)

%

$

%

Net interest income

$

$

$

$

2

%

$

%

Net interest margin, FTE

%

%

%

7

bps

bps

vs.

Net interest income of $1.6 billion increased 1.6%, reflecting a higher net interest margin along with a 1% increase in average interest-earning assets, partially offset by the day count impact of $22 million.

•Net interest margin of 3.14% increased 7 basis points, reflecting the benefit of lower terminated swap impacts and Non-Core runoff, fixed-rate asset repricing and improved funding costs, partially offset by lower asset yields.

•Interest-bearing deposit costs decreased 16 basis points to 2.04%; total deposit costs decreased 12 basis points to 1.60%; total cost of funds decreased 10 basis points to 1.80%.

vs.

Net interest income of $1.6 billion increased 12%, primarily reflecting a higher net interest margin, as well as a 4% increase in interest-earning assets.

•Net interest margin of 3.14% increased 24 basis points, largely driven by the benefit of Non-Core runoff and terminated swap impacts, fixed-rate asset repricing and improved funding costs, partially offset by lower asset yields.

4

Citizens Financial Group, Inc.

Noninterest Income

($s in millions)

$

%

$

%

Service charges and fees

$

$

$

$

—

—

%

$

3

3

%

Capital markets fees

(6)

(4)

Wealth fees

2

2

Card fees

(3)

(3)

—

—

Mortgage banking fees

Foreign exchange and derivative products

5

Letter of credit and loan fees

1

2

6

Securities gains, net

7

7

7

—

—

—

—

Other income(1)

(8)

Noninterest income

$

$

$

$

(2)

%

$

%

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

vs.

Noninterest income of $606 million decreased $14 million, or 2%.

•Capital markets fees decreased $6 million relative to a seasonally strong fourth quarter. Notwithstanding heightened geopolitical tensions and uncertainty in the macro environment, fees posted a record first quarter. Results reflect lower loan syndication fees, partially offset by higher M&A and bond underwriting fees.

•Wealth fees increased $2 million, reflecting higher advisory fees.

•Card fees decreased $3 million, given seasonal impacts.

•Mortgage banking fees decreased $10 million, reflecting lower MSR valuation results, net of hedge impact, partially offset by slightly higher servicing and production revenue.

•FX and derivative products increased $10 million, reflecting higher client commodities and interest rate hedging activity.

•Other income decreased $8 million, given higher small revenue items in the prior quarter.

vs.

Noninterest income of $606 million increased $62 million, or 11%.

•Capital markets fees increased $34 million, driven by higher M&A, loan syndication and equity underwriting fees.

•Wealth fees increased $19 million, primarily reflecting growth in AUM, largely from net inflows.

•Mortgage banking fees decreased $17 million, reflecting lower MSR valuation results, net of hedge impact, and lower servicing revenue, partially offset by higher production revenue.

•Other income increased $12 million, given favorable performance across several small revenue items.

5

Citizens Financial Group, Inc.

Noninterest Expense

($s in millions)

$

%

$

%

Salaries and employee benefits

$

$

$

$

6

%

$

9

%

Equipment and software

(2)

(1)

3

2

Outside services

9

7

5

Occupancy

5

5

2

2

Other operating expense

(6)

Noninterest expense

$

$

$

$

3

%

$

5

%

vs.

Noninterest expense of $1.4 billion increased 2.6%.

•Salaries and employee benefits increased $42 million, primarily reflecting a seasonal increase in payroll taxes.

•Outside services increased $14 million, primarily driven by higher technology-related costs and costs to implement the Reimagine the Bank program.

•Other operating expense decreased $24 million, reflecting lower fraud losses and seasonal factors.

The effective tax rate was 20.5% in first quarter 2026 compared with 22.0% in fourth quarter 2025, primarily driven by discrete tax benefits recognized in the first quarter.

vs.

Noninterest expense of $1.4 billion increased 5%.

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

•Equipment and software increased $3 million, reflecting technology investments.

•Outside services increased $7 million, primarily driven by costs to implement the Reimagine the Bank program.

•Other operating expense decreased $10 million, reflecting the impact of various favorable sundry items.

The effective tax rate was 20.5% in first quarter 2026 compared with 20.3% in first quarter 2025.

6

Citizens Financial Group, Inc.

Interest-earning assets

($s in millions)

Period-end interest-earning assets

$

%

$

%

Investments

$

$

$

$

1

%

$

4

%

Interest-bearing deposits in banks

(1)

8

Commercial loans and leases

1

6

Retail loans

—

3

Total loans and leases

1

4

Loans held for sale

Total loans and leases and loans held for sale

1

3

Total period-end interest-earning assets

$

$

$

$

1

%

$

4

%

Average interest-earning assets(1)

Investments

$

$

$

$

—

%

$

2

%

Interest-bearing deposits in banks

Commercial loans and leases

2

6

Retail loans

—

—

Total loans and leases

1

3

Loans held for sale

(1)

Total loans and leases and loans held for sale

1

3

Total average interest-earning assets

$

$

$

$

1

%

$

4

%

(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 $202.5 billion increased $1.7 billion, or 1%, reflecting a $568 million increase in investments in securities and 1% growth in loans and leases. Total loans and leases increased $975 million, as growth in the Private Bank, net new money originations in corporate banking and higher commercial line utilization, as well as growth in home equity and mortgage, were partially offset by commercial real estate paydowns and the runoff of Non-Core loans.

Average interest-earning assets of $201.9 billion increased $2.8 billion, or 1%, reflecting a $1.7 billion increase in total loans and leases and a $923 million increase in cash held in interest-bearing deposits.

The average effective duration of the securities portfolio was 4.0 years, compared with 3.8 years at December 31, 2025 and 3.6 years at March 31, 2025.

vs.

Period-end interest-earning assets of $202.5 billion increased $7.4 billion, or 4%, reflecting a $1.7 billion increase in investments in securities, a $932 million increase in cash held in interest-bearing deposits and a $4.7 billion increase in total loans and leases and loans held for sale. The increase in total loans and leases and loans held for sale was largely driven by $4.1 billion of growth in commercial given net new money originations in corporate banking and higher commercial line utilization, as well as growth in the Private Bank, partially offset by commercial real estate paydowns. Retail also grew $2.0 billion, reflecting growth in home equity and mortgage, partially offset by Non-Core portfolio runoff.

Average interest-earning assets of $201.9 billion increased $6.9 billion, primarily reflecting a $4.0 billion increase in total loans and leases and loans held for sale, as well as $2.0 billion increase in cash held as interest-bearing deposits and a $860 million increase in investments in securities.

7

Citizens Financial Group, Inc.

Deposits

($s in millions)

Period-end deposits

$

%

$

%

Noninterest-bearing demand

$

$

$

$

3

%

$

%

Checking with interest

1

9

Savings

(1)

(6)

Money market

(1)

6

Time

—

Total period-end deposits

$

$

$

$

—

%

$

4

%

Average deposits

Noninterest-bearing demand

$

$

$

$

1

%

$

8

%

Checking with interest

2

Savings

(2)

(6)

Money market

2

Time

(2)

Total average deposits

$

$

$

$

1

%

$

5

%

vs.

Total period-end deposits of $184.0 billion are broadly stable, with growth in Private Bank and retail partially offset by lower commercial deposits given seasonality. Private Bank deposits reached $16.6 billion at the end of first quarter 2026.

Average deposits of $181.3 billion increased 1%, primarily driven by growth in Private Bank.

vs.

Total period-end deposits of $184.0 billion increased 4%, primarily reflecting growth in Private Bank of $7.9 billion, and $1.9 billion in Commercial, partially offset by a $2.4 billion reduction in higher-cost Treasury brokered deposits.

Average deposits of $181.3 billion were up 5%.

8

Citizens Financial Group, Inc.

Borrowed Funds

($s in millions)

Period-end borrowed funds

$

%

$

%

Short-term borrowed funds

$

$

$

$

(4)

(7) %

$

7

%

Long-term borrowed funds

FHLB advances

NM

Senior debt

(7)

Subordinated debt and other debt

Auto collateralized borrowings

Total borrowed funds

$

$

$

$

9

%

$

—

—

%

Average borrowed funds

Short-term borrowed funds

$

$

$

$

$

%

Long-term borrowed funds

FHLB advances

NM

Senior debt

3

(4)

Subordinated debt and other debt

1

Auto collateralized borrowings

Total average borrowed funds

$

$

$

$

%

$

%

vs.

Period-end borrowed funds increased $1.0 billion, reflecting an increase in senior debt and subordinated debt of $748 million and $135 million, respectively, given net issuances, and an increase of FHLB advances of $499 million, partially offset by a $346 million decrease in collateralized borrowings on auto loans as the associated portfolio runs down.

Average borrowed funds increased $1.5 billion, driven primarily by an increase in FHLB advances and short-term borrowed funds of $1.4 billion and $233 million, respectively, as well as an increase in senior debt of $201 million, partially offset by a $365 million decrease in auto collateralized borrowings.

vs.

Period-end borrowed funds were stable, reflecting an increase in FHLB advances of $2.5 billion, offset by a decrease of $1.6 billion in auto collateralized borrowings, given runoff of the associated portfolio, and decreases of $492 million and $353 million in senior debt and subordinated debt, respectively, given the impact of redemptions.

Average borrowed funds decreased by $1.8 billion, given a $1.7 billion decrease in auto collateralized borrowings, and decreases in senior and subordinated debt of $290 million and $394 million respectively, given the impact of redemptions. These results were partially offset by an increase in FHLB advances of $813 million.

9

Citizens Financial Group, Inc.

Capital

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

Period-end capital

$

%

$

%

Stockholders' equity

$

$

$

$

(1)

%

$

5

%

Stockholders' common equity

(1)

6

Tangible common equity

(1)

9

Tangible book value per common share

$

$

$

$

—

%

$

%

Common shares - at end of period

(1)

(3)

Common shares - average (diluted)

(1)

%

(3)

%

Common equity tier 1 capital ratio(1)

%

%

%

Total capital ratio(1)

Tangible common equity ratio

Tier 1 leverage ratio(1)

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

•The CET1 capital ratio of 10.5% as of March 31, 2026 compares with 10.6% at December 31, 2025 and March 31, 2025.

•Total capital ratio of 13.7% compares with 13.8% at December 31, 2025 and 13.9% as of March 31, 2025.

•Tangible common equity ratio of 7.3% compares with 7.5% at December 31, 2025 and 7.0% as of March 31, 2025.

•Tangible book value per common share of $37.94 was broadly stable with fourth quarter 2025.

•Paid $198 million in common dividends to shareholders during first quarter 2026. This compares with $201 million in common dividends during fourth quarter 2025 and $186 million during first quarter 2025.

•Repurchased $300 million of common shares during first quarter 2026, compared with $125 million in fourth quarter 2025 and $200 million in first quarter 2025.

Citizens Financial Group, Inc.

Credit quality review

($s in millions)

$/bps/%

%

$/bps/%

%

Nonaccrual loans and leases(1)

$

$

$

$

(7)

—

%

$

(5)

%

90+ days past due and accruing(2)

Net charge-offs

Provision for credit losses

3

2

(8)

Allowance for credit losses

$

$

$

$

2

—

%

$

(1)

%

Nonaccrual loans and leases to loans and leases

%

%

%

(1)

bp

bps

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

(4)

Allowance for credit losses to loans and leases

(1)

(9)

Allowance for credit losses to nonaccrual loans and leases

%

%

%

1

%

6

%

(1) Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.

(2) 90+ days past due and accruing includes $179 million, $141 million, and $137 million of loans fully or partially guaranteed by the FHA, VA, and USDA for March 31, 2026, December 31, 2025, and March 31, 2025, respectively.

vs.

•Nonaccrual loans of $1.5 billion decreased modestly. The nonaccrual loans to total loans ratio of 1.04% compares with 1.05% at December 31, 2025.

•Net charge-offs of $138 million, or 39 basis points of average loans and leases, compares with 43 basis points in the prior quarter, with the decrease driven by retail and commercial real estate.

•The first quarter 2026 provision for credit losses of $140 million compares with $137 million for fourth quarter 2025.

•The ratio of allowance for credit losses to total loans of 1.52% was slightly down compared with 1.53% as of December 31, 2025 reflecting improved loan mix given the continued reduction in the Non-Core portfolio and a decrease in commercial real estate balances, with originations primarily in C&I and retail real estate secured that have a lower loss content profile.

•The allowance for credit losses to nonaccrual loans and leases ratio of 146% is stable with December 31, 2025.

vs.

•Nonaccrual loans decreased 5% driven largely by a 12% decrease in commercial. The nonaccrual loans to total loans ratio of 1.04% compares with 1.15% at March 31, 2025.

•Net charge-offs of $138 million, or 39 basis points of average loans and leases compares with 58 basis points for first quarter 2025. This reflects a decrease in retail, given charge-offs associated with a loan sale in first quarter 2025, and a decrease in commercial real estate.

•Provision for credit losses of $140 million decreased compared with a $153 million provision in first quarter 2025 reflecting the runoff of the Non-Core portfolio and improving credit trends and loan mix.

•Allowance for credit losses of $2.2 billion decreased $27 million compared with March 31, 2025 given the benefit of the sale of Non-Core education loans, continued Non-Core runoff and other improvements in loan mix. Allowance for credit losses ratio of 1.52% as of March 31, 2026 compares with 1.61% as of March 31, 2025.

•The allowance for credit losses to nonaccrual loans and leases ratio of 146% compares with 140% as of March 31, 2025.

Citizens Financial Group, Inc.

Corresponding Financial Tables and Information

Investors are encouraged to review the foregoing summary and discussion of Citizens’ earnings and financial condition in conjunction with the detailed financial tables and other information available on the Investor Relations portion of the company’s website at www.citizensbank.com/about-us.

Conference Call

CFG management will host a live conference call today with details as follows:

Webcast/Presentation: The live webcast will be available at http://investor.citizensbank.com under Events & Presentations.

Replay Information: A replay of the conference call will be available beginning at 12:00 pm ET on April 16, 2026 through May 16, 2026. The webcast replay will be available at http://investor.citizensbank.com under Events & Presentations.

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $227.9 billion in assets as of March 31, 2026. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail, private banking, wealth management and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,000 ATMs and approximately 1,000 branches in 14 states and the District of Columbia.

Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. Consumer Banking includes Citizens Private Bank and Private Wealth, which integrate banking services and wealth management solutions to serve high- and ultra-high-net-worth individuals and families, as well as investors, entrepreneurs and businesses. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on X, LinkedIn or Facebook.

Citizens Financial Group, Inc.

Non-GAAP Financial Measures and Reconciliations

Non-GAAP Financial Measures:

This document contains non-GAAP financial measures that we believe provide useful information to investors to understand our results of operations or financial condition. We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP financial measures. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our results reported under GAAP. See the following pages for reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures.

Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations

(in millions, except share, per-share and ratio data)

QUARTERLY TRENDS

$/bps

%

$/bps

%

Pre-provision profit:

Total revenue (GAAP)

A

1

%

%

Less: Noninterest expense (GAAP)

B

3

5

Pre-provision profit (non-GAAP)

(3

%)

%

Operating leverage:

Total revenue (GAAP)

A

%

%

Less: Noninterest expense (GAAP)

B

Operating leverage

%)

%

Efficiency ratio:

Efficiency ratio

B/A

%

%

%

bps

bps

Book value per common share and tangible book value per common share:

Common shares - at period-end (GAAP)

C

(1

%)

(3

%)

Common stockholders' equity (GAAP)

D

(1)

6

Less: Goodwill (GAAP)

—

—

Less: Other intangible assets (GAAP)

(3)

(3)

Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)

—

—

(1)

—

Tangible common equity (non-GAAP)

E

(1

%)

9

%

Book value per common share (GAAP)

D/C

—

%

9

%

Tangible book value per common share (non-GAAP)

E/C

—

Net interest income and net interest margin on an FTE basis:

Net interest income (annualized) (GAAP)

F

4

%

%

Average interest-earning assets (GAAP)

G

1

4

Net interest margin (GAAP)

F/G

%

%

%

8

bps

bps

Net interest income (GAAP)

2

%

%

FTE adjustment

3

4

4

(1)

(1)

Net interest income on an FTE basis (non-GAAP)

2

Net interest income on an FTE basis (annualized) (non-GAAP)

H

4

Net interest margin on an FTE basis (non-GAAP)

H/G

%

%

%

7

bps

bps

Return on average common equity and return on average tangible common equity:

Net income available to common stockholders (GAAP)

I

($5)

(1

%)

%

Average common equity (GAAP)

J

1

8

Less: Average goodwill (GAAP)

—

—

Less: Average other intangibles (GAAP)

(6)

(5)

Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)

(3)

(1)

(1)

—

Average tangible common equity (non-GAAP)

K

1

%

%

Return on average common equity (GAAP)

I/J

%

%

%

3

bps

bps

Return on average tangible common equity (non-GAAP)

I/K

%

%

%

1

bps

bps

Return on average total assets and return on average total tangible assets:

Net income (GAAP)

L

(2

%)

%

Average total assets (GAAP)

M

1

4

Less: Average goodwill (GAAP)

—

—

Less: Average other intangibles (GAAP)

(6)

(5)

Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)

(3)

(1)

(1)

—

Average tangible assets (non-GAAP)

N

1

%

4

%

Return on average total assets (GAAP)

L/M

%

%

%

(1)

bps

bps

Return on average total tangible assets (non-GAAP)

L/N

%

%

%

(1)

bps

bps

Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations (continued)

(in millions, except share, per-share and ratio data)

QUARTERLY TRENDS

$/bps

%

$/bps

%

Common equity ratio and tangible common equity ratio:

Total assets (GAAP)

O

1

%

4

%