Overview
Citizens Financial Q3 net income at $494 mln, EPS at $1.05
Company reports 9% sequential PPNR growth and 3% positive operating leverage
Citizens increases quarterly dividend by 9.5% to $0.46 per share
Result Drivers
NII AND FEE GROWTH - Strong net interest income and fee growth contributed to Q3 results, per CEO Bruce Van Saun
PRIVATE BANK PERFORMANCE - Solid loan and deposit growth driven by strong performance from the Private Bank
CAPITAL MARKETS REVENUE - Increased market activity led to highest Capital Markets revenues since Q4 2021
Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Adjusted EPS
$1.05
Q3 EPS
$1.05
Q3 Net Income
$494 mln
Q3 Credit Loss Provision
$154 mln
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 19 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the banks peer group is "buy"
Wall Street's median 12-month price target for Citizens Financial Group Inc is $60.00, about 13.7% above its October 14 closing price of $51.80
The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 10 three months ago
Press Release: ID:nBw1vnzwma
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)