- Citizens Financial press release ( NYSE: CFG ): Q3 Non-GAAP EPS of $1.30 beats by $0.03 .
- Revenue of $2.17B (+31.5% Y/Y) beats by $40M .
- Underlying PPNR of $982 million, up 16% QoQ –
- NII up 11% QoQ given improved net interest margin, up 21bps, and interest-earning asset growth –
- Fees down 2% QoQ with FX and derivative products revenue down from record prior quarter – Expenses well controlled, up 1% QoQ
- Strong positive underlying operating leverage QoQ of 6.0% – Underlying efficiency ratio improved to 54.9%
- Continued strong credit performance with NCO ratio of 19 bps
- Average loans up 2% QoQ led by strength in commercial; period-end loans stable – Loan yield up 62 bps QoQ
- Average deposits up 1% QoQ, with period-end deposits stable; deposit costs up 27 bps
- Period-end LDR of 87%; liquidity position remains strong
- CET1 ratio slightly above target midpoint at 9.8%
- TBV/share of $26.62, down 8.6% QoQ
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Citizens Financial Non-GAAP EPS of $1.30 beats by $0.03, revenue of $2.17B beats by $40M