CFG - Why Citizens Financial Shares Are Sliding Today | Benzinga
Citizens Financial Group Inc (NYSE:CFG) shares are trading lower after the company reported fourth-quarter FY23 earnings.
The company reported a revenue decline of 10% Y/Y to $1.988 billion, missing the analyst consensus of $1.996 billion.
Net interest income fell 12% Y/Y to $1.49 billion due to lower net interest margin and average interest-earning assets.
Adjusted net income for the quarter decreased 38% Y/Y to $426 million. Adjusted EPS of $0.85 beat the analyst consensus of $0.71.
The adjusted efficiency ratio for the quarter was 63.8% compared to a ratio of 54.4% last year.
The CET 1 ratio improved to 10.6%, compared to 10.0% a year ago. ...