Citizens Financial Group (CFG) investor relations material

Executive summary

• Q1 2026 delivered strong results with EPS up 47% year-over-year, net income of $517 million (up 39%), and positive operating leverage of 7.2%.

• Private Bank and wealth business contributed ~10% of pre-tax income, $0.11 to EPS, and ROE above 25%.

• Strategic initiatives, including Reimagine the Bank, are progressing well, targeting $450 million pre-tax run-rate benefit by 2028 and leveraging AI for productivity.

• Optimistic outlook for 2026, maintaining investment plans and expecting strong performance despite macro and geopolitical uncertainty.

Financial highlights

• Q1 EPS of $1.13, net income available to common stockholders of $484 million, and ROTCE of 12.2%.

• Net interest income up 12% year-over-year to $1.56 billion, with NIM up 24 bps to 3.14%.

• Noninterest income up 11% year-over-year to $606 million, driven by record Q1 capital markets and wealth fees.

• Noninterest expense increased 5% year-over-year, mainly due to higher salaries and technology costs.

• Efficiency ratio improved to 63.6% from 67.9% a year ago.

Outlook and guidance

• Q2 net interest income expected to rise 3%-4%, with noninterest income up 3%-5% and expenses stable to up 1%.

• Full-year guidance reaffirmed, targeting 16%-18% ROTCE by end of 2027, with NIM projected at 3.22%-3.28% for Q4 2026 and 3.30%-3.50% for Q4 2027.

• Net charge-offs projected to remain stable or decline slightly.