Citizens Financial Reports Mixed Q2 Performance

Citizens Financial Group CFG reported second-quarter FY23 sales growth of 5% year-on-year to $2.09 billion, missing the analyst consensus of $2.10 billion.

Adjusted net income for the quarter was $531 million versus $595 million last year.

Adjusted EPS of $1.04 beat the analyst consensus of $1.01.

Adjusted efficiency ratio for the quarter was 58.9% compared to a ratio of 58.2% last year.

Capital Equity Tier 1 ratio improved to 10.3%, a 30 basis points increase Q/Q.

Period-end loans to deposit ratio was 85.2% compared to 87.3% last year.

The board of directors declared a quarterly common stock dividend of $0.42 per share, payable on Aug. 16, 2023, to shareholders of record at the close of business on Aug. 2, 2023.

“Our CET1 ratio improved to 10.3% while also buying back over $250 million in stock, we grew deposits by $5.5 billion, and we reduced our FHLB borrowings by almost $7 billion to $5 billion,” said Chairman and CEO Bruce Van Saun.

Price Action: CFG shares are trading lower by 0.38% at $29.00 premarket on the last check Wednesday.