Citizens Financial Group (CFG) Tops Q1 EPS by 2c, Revenues In-Line

Citizens Financial Group (NYSE: CFG) reported Q1 EPS of $0.78, $0.02 better than the analyst estimate of $0.76. Revenue for the quarter came in at $1.46 billion versus the consensus estimate of $1.46 billion.

Key Highlights

• First quarter highlights include solid growth in net interest income driven by an eight basis point improvement in net interest margin. Average and spot loan growth were 1% for the quarter.
• Provision expense decreased $5 million despite an $8 million reserve build.
• Delivered an efficiency ratio* of 60.4% despite seasonally lower revenues and higher salaries and employee benefits expenses.
• ROTCE of 11.7% compares with ROTCE of 19.9%, or 10.4% on an Underlying basis.*
• Tangible book value per common share of $27.24 decreased 1%. Fully diluted average common shares outstanding decreased 4.5 million shares.

For earnings history and earnings-related data on Citizens Financial Group (CFG) click here.

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