Underlying net income of $458 million up 8% and EPS of $0.96 up 9% year over year
Strong fee revenue growth paced by record results in Mortgage, Wealth and Capital Markets
Tangible book value per share up 12% year over year; up 4% sequential quarter
Raised third quarter 2019 common dividend 13% to $0.36 per share
PROVIDENCE, R.I.–(BUSINESS WIRE)–Citizens Financial Group, Inc. (NYSE: CFG or “Citizens”) today reported second quarter 2019 financial results. The earnings press release, investor presentation, and financial supplement are available at http://investor.citizensbank.com. In addition, these materials will be furnished to the Securities and Exchange Commission (SEC) on a Form 8-K and will be available on the SEC website at www.sec.gov.
“We are pleased to report another strong quarterly result, paced by good fee income growth, strong expense discipline and solid execution against our strategic initiatives,” said Chairman and Chief Executive Officer Bruce Van Saun. “We feel good about our ability to integrate and leverage our recent fee-based acquisitions, and about our continued success with Citizens Access, which provides a springboard for broader digital initiatives. Also noteworthy is the launch of our TOP 6 Program, which will drive further improvement in the overall efficiency and effectiveness of our organization, while providing the capacity to self-fund investments to drive innovation and future growth.”
Citizens also announced today that its board of directors declared a third quarter 2019 common stock dividend of $0.36 per share. The dividend is payable on August 14, 2019 to shareholders of record at the close of business on July 31, 2019. The quarterly dividend is now 33% higher than the year-ago quarter.
As previously announced, Citizens will host a conference call to review its second quarter 2019 financial results. Interested parties may access the call and related materials through the following details:
Time: 9:00 am ET
Dial-in: (800) 230-1059, conference ID 468592
Webcast/Presentation: The live webcast will be available at http://investor.citizensbank.com under Events & Presentations.
Replay Information: A replay of the conference call will be available beginning at 11:00 am ET on July 19 through August 19, 2019. Please dial (800) 475-6701 and enter access code 468592. The webcast replay will be available at http://investor.citizensbank.com under Events & Presentations.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $162.7 billion in assets as of June 30, 2019. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 2,900 ATMs and approximately 1,100 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services, including lending and deposits, capital markets, treasury services, foreign exchange and interest rate products, and asset finance. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.
Media: Peter Lucht – 781.655.2288
Investors: Ellen A. Taylor – 203.900.6854