CFG - Citizens Financial Group: A Lot Of Patience Is Required Following Q1 Results
2024-04-17 10:50:41 ET
Summary
- Citizens Financial Group, Inc. Q1 earnings show declines in deposits and loans, as well as a decrease in revenue.
- Net income and adjusted EPS also decreased compared to the previous quarter and the previous year.
- Asset quality worsened, with net loan charge-offs and nonaccrual loans increasing. Return metrics were mixed.
This is a tough period here in April for stocks. You have the Dow at the time of this writing pacing for its worst month since 2022. The S&P 500 (SP500) and the NASDAQ (COMP:IND) are on pace for their worst month since September 2023. Can earnings season correct the ship, or will it add to the storms? We have begun our seasonal coverage of bank earnings, as they provide a tremendous insight into the real health of the economy. While, of course, every bank is different, as a whole, we get a picture of loan demand, what is going on with deposits, and in asset quality, if delinquencies are on the rise....
Citizens Financial Group: A Lot Of Patience Is Required Following Q1 Results