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CITIZENS FINANCIAL GROUP INC/RI filed this 8-K on 04/27/2020

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CITIZENS FINANCIAL GROUP INC/RI - 8-K - 20200427 - INCOME_STATEMENT


	QUARTERLY TRENDS
											1Q20 Change
	1Q20		4Q19		3Q19		2Q19		1Q19		4Q19						1Q19
											$			%			$			%
INTEREST INCOME
Interest and fees on loans and leases	$	1,302	$	1,312	$	1,356	$	1,392	$	1,381	($	10	)		(1	%)	($	79	)		(6	%)
Interest and fees on loans held for sale		15		18		19		15		11		(3	)		(17	)		4			36
Interest and fees on other loans held for sale		9		5		2		2		4		4			80			5			125
Investment securities		147		159		153		164		166		(12	)		(8	)		(19	)		(11	)
Interest-bearing deposits in banks		5		7		8		7		8		(2	)		(29	)		(3	)		(38	)

Total interest income		1,478		1,501		1,538		1,580		1,570		(23	)		(2	)		(92	)		(6	)

INTEREST EXPENSE
Deposits		227		263		297		308		287		(36	)		(14	)		(60	)		(21	)
Short-term borrowed funds^C		1		2		2		4		2		(1	)		(50	)		(1	)		(50	)
Long-term borrowed funds		90		93		94		102		121		(3	)		(3	)		(31	)		(26	)

Total interest expense		318		358		393		414		410		(40	)		(11	)		(92	)		(22	)

Net interest income		1,160		1,143		1,145		1,166		1,160		17			1			—			—

NONINTEREST INCOME
Service charges and fees		118		128		128		126		123		(10	)		(8	)		(5	)		(4	)
Mortgage banking fees		159		80		117		62		43		79			99			116			NM
Card fees		56		64		67		64		59		(8	)		(13	)		(3	)		(5	)
Capital markets fees		43		66		39		57		54		(23	)		(35	)		(11	)		(20	)
Trust and investment services fees		53		52		50		53		47		1			2			6			13
Foreign exchange and interest rate products		24		49		35		35		36		(25	)		(51	)		(12	)		(33	)
Letter of credit and loan fees		34		35		34		33		33		(1	)		(3	)		1			3
Securities gains, net		—		4		3		4		8		(4	)		(100	)		(8	)		(100	)
Other income		10		16		20		28		25		(6	)		(38	)		(15	)		(60	)

Total noninterest income		497		494		493		462		428		3			1			69			16

TOTAL REVENUE		1,657		1,637		1,638		1,628		1,588		20			1			69			4
Provision for credit losses		600		110		101		97		85		490			NM			515			NM
NONINTEREST EXPENSE
Salaries and employee benefits		549		502		508		507		509		47			9			40			8
Equipment and software expense		133		133		130		126		125		—			—			8			6
Outside services		135		142		128		118		110		(7	)		(5	)		25			23
Occupancy		84		88		80		82		83		(4	)		(5	)		1			1
Other operating expense		111		121		127		118		110		(10	)		(8	)		1			1

Total noninterest expense		1,012		986		973		951		937		26			3			75			8

Income before income tax expense		45		541		564		580		566		(496	)		(92	)		(521	)		(92	)
Income tax expense		11		91		115		127		127		(80	)		(88	)		(116	)		(91	)

Net income	$	34	$	450	$	449	$	453	$	439	($	416	)		(92	%)	($	405	)		(92	%)

Net income, Underlying^A	$	59	$	454	$	453	$	458	$	443	($	395	)		(87	%)	($	384	)		(87	%)

Net income available to common stockholders	$	12	$	427	$	432	$	435	$	424	($	415	)		(97	%)	($	412	)		(97	%)

Net income available to common stockholders, Underlying^A	$	37	$	431	$	436	$	440	$	428	($	394	)		(91	%)	($	391	)		(91	%)