Citizens Financial Group reported third-quarter 2024 net income of $382 million, or $0.77 per diluted share, on 16 October 2024. Underlying net income, which excludes certain one-off items, came in at $392 million, or $0.79 per diluted share.
Net interest income fell 10% year-on-year to $1.37 billion. Partially offsetting the decline, total non-interest income rose 8% year-on-year to $532 million.
FEE INCOME AND PRIVATE BANK
The 8% year-on-year expansion in non-interest income reflected contributions from capital markets advisory, wealth management services, and various service charges.
Chairman and CEO Bruce Van Saun said the Private Bank had reached $5.6 billion in deposits and $4.1 billion in assets under management, and the bank continued to invest in its build-out during the quarter.
CAPITAL AND CREDIT QUALITY
Citizens Financial's Common Equity Tier 1 capital ratio stood at 10.6% at the end of the third quarter. The loan-to-deposit ratio was 80.8%.
Net charge-offs were 54 basis points of average loans, up 2 basis points from the prior quarter.