Citizens Financial Group Full Year 2024 Earnings: In Line With Expectations

Citizens Financial Group (NYSE:CFG) Full Year 2024 Results

Key Financial Results

• Revenue: US$7.12b (down 5.5% from FY 2023).
• Net income: US$1.37b (down 8.0% from FY 2023).
• Profit margin: 19% (in line with FY 2023).
• EPS: US$3.04 (down from US$3.14 in FY 2023).

CFG Banking Performance Indicators

• Net interest margin (NIM): 2.85% (down from 3.10% in FY 2023).
• Cost-to-income ratio: 65.2% (up from 60.8% in FY 2023).
• Non-performing loans: 1.20% (up from 0.93% in FY 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Citizens Financial Group Meets Expectations

Revenue was in line with analyst estimates. Earnings per share (EPS) was also in line with analyst expectations.

The primary driver behind last 12 months revenue was the Consumer Banking segment contributing a total revenue of US$5.37b (75% of total revenue). The largest operating expense was General & Administrative costs, amounting to US$4.51b (78% of total expenses). Explore how CFG's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Banks industry in the US.

Performance of the American Banks industry.

The company's shares are down 3.3% from a week ago.

Balance Sheet Analysis

While earnings are important, another area to consider is the balance sheet. We've done some analysis and you can see our take on Citizens Financial Group's balance sheet.

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