Citizens Financial posts earnings beat, revenue in-line; Stock up slightly

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Citizens Financial posts earnings beat, revenue in-line; Stock up slightly
Credit: © Reuters.

PROVIDENCE, R.I. - Citizens Financial Group, Inc. (NYSE: NYSE: CFG ) announced its first quarter 2024 results, revealing an earnings per share (EPS) of $0.79, which was $0.08 higher than the analyst consensus of $0.71. The company's revenue matched expectations, coming in at $1.96 billion, in line with the consensus estimate.

The stock was up 0.32% in premarket trading.

Chairman and CEO Bruce Van Saun highlighted the quarter's achievements, stating, "We are pleased to start the year with a solid first quarter, featuring a bounce back in capital markets fees, stable NIM, further improvement in our LDR, tight expense management and a strong capital and credit reserve position." Van Saun also expressed confidence in the company's full-year guidance and its medium-term prospects.

The company's performance was driven by a strong recovery in capital markets fees, which contributed to the overall positive results for the quarter.

Citizens also declared a quarterly common stock dividend of $0.42 per share, payable on May 15, 2024, to shareholders of record as of May 1, 2024.

The company's financial position remains robust, with a CET1 ratio of 10.6% and a loan-to-deposit ratio (LDR) of 81%, demonstrating prudent management and a solid capital structure.

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