PROVIDENCE, R.I. - Citizens Financial Group, Inc. (NYSE: NYSE:CFG) announced its financial results for the fourth quarter and the full year of 2023, demonstrating robust performance. The company reported a net income of $426M with earnings per share (EPS) of $0.85 for the fourth quarter. For the entire year, the net income reached $1.6B, with EPS at $3.13 and underlying EPS of $3.88.
The bank's Common Equity Tier 1 (CET1) capital ratio, a key measure of financial strength, stood at 10.6%. Citizens also noted a lower loan-to-deposit ratio (LDR) of 82% and a reduction of Federal Home Loan Bank (FHLB) advances to $3.8B.
Bruce Van Saun, Chairman and CEO of Citizens, highlighted the company's strong balance sheet and the successful execution of strategic initiatives aimed at medium-term growth. He acknowledged the efforts of the Citizens team in achieving these results and maintaining controlled expenses and credit costs.
In addition to its earnings, Citizens declared a quarterly common stock dividend of $0.42 per share, payable on February 14, 2024, to shareholders of record as of January 31, 2024.
Citizens Financial Group, with $222B in assets as of December 31, 2023, is one of the nation's oldest and largest financial institutions. It offers a wide array of banking services to individuals, small businesses, and corporate clients through its Consumer and Commercial Banking divisions.
The information provided in this article is based on a press release statement from Citizens Financial Group, Inc.
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