Form 8-K - Current report

CITIZENS FINANCIAL GROUP INC/RI0000759944false00007599442024-07-182024-07-180000759944us-gaap:CommonStockMember2024-07-182024-07-180000759944us-gaap:SeriesEPreferredStockMember2024-07-182024-07-180000759944us-gaap:SeriesHPreferredStockMember2024-07-182024-07-18

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): July 18, 2024

 (Exact name of the registrant as specified in its charter)

Delaware						001-36636			05-0412693
(State or Other Jurisdiction of Incorporation)						(Commission File Number)			(I.R.S. Employer Identification Number)
One Citizens Plaza
Providence,			RI						02903
(Address of principal executive offices)									(Zip Code)

 

Registrant’s telephone number, including area code: [phone]

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading symbol(s)			Name of each exchange on which registered
Common stock, $0.01 par value per share			CFG			New York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 5.000% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series E			CFG PrE			New York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 7.375% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series H			CFG PrH			New York Stock Exchange

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under the Exchange Act (17 CFR 240.12b-2).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

   

Item 8.01   Other Events.

On July 17, 2024, Citizens Financial Group, Inc. (the “Company”) announced its second quarter 2024 earnings. The Company’s earnings results and financial supplement are being filed as Exhibits 99.1 and 99.2, respectively.

Item 9.01   Financial Statements and Exhibits.

			Exhibit Number						Description
(d)			Exhibit 99.1						Citizens Financial Group, Inc. earnings results for second quarter 2024
			Exhibit 99.2						Citizens Financial Group, Inc. financial supplement for second quarter 2024
			Exhibit 104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

CITIZENS FINANCIAL GROUP, INC.
By:						/s/ John F. Woods
						John F. Woods
						Vice Chair and Chief Financial Officer

Date:  July 18, 2024

    

Exhibit 99.1

						Key Financial Data						2Q24			1Q24			2Q23																		Second Quarter 2024 Highlights
Income Statement						($s in millions)																														■Underlying EPS of $0.82 and ROTCE of 11.1% ■Underlying PPNR of $694 million, up 2% QoQ –Strong fee performance, up 7% QoQ with higher Capital Markets and record Wealth and Card fees –NII down 2% QoQ primarily driven by a 4 bp decline in NIM related to swaps impact –Expenses down 1% QoQ notwithstanding continued investment in the Private Bank ■Strong ACL coverage of 1.63%, up 2 bps QoQ ■Period-end and average loans down 1% QoQ given balance sheet optimization, including Non-Core portfolio run off, and paydowns in Commercial ■Period-end deposits stable QoQ; Private Bank period-end deposits up $1.6 billion to $4 billion ■Strong liquidity profile; spot LDR improved to 80.4%; FHLB advances reduced further to just $553 million –Pro forma LCR of 119% exceeds Category 1 Bank requirement of 100% ■Net charge-offs of 52 bps, up 2 bps QoQ reflects broadly stable charge-offs and lower average loans ■Strong CET1 ratio of 10.7%; TCE ratio of 6.5% ■TBV/share of $30.61, up 1.4% QoQ reflects higher net income and net AOCI benefit
						Total revenue						$	1,963		$	1,959		$	2,094
						Pre-provision profit						662			601			788
						Underlying pre-provision profit						694			683			861
						Provision for credit losses						182			171			176
						Net income						392			334			478
						Underlying net income						408			395			531
Balance Sheet & Credit Quality						($s in billions)
						Period-end loans and leases						$	141.8		$	143.2		$	151.3
						Average loans and leases						143.1			144.8			153.7
						Period-end deposits						176.4			176.4			177.7
						Average deposits						173.7			176.1			173.2
						Period-end loan-to-deposit ratio						80.4		%	81.2		%	85.2		%
						NCO ratio						0.52		%	0.50		%	0.40		%
Financial Metrics						Diluted EPS						$	0.78		$	0.65		$	0.92
						Underlying Diluted EPS						0.82			0.79			1.04
						ROTCE						10.6		%	8.9		%	12.4		%
						Underlying ROTCE						11.1			10.6			13.9
						Net interest margin, FTE						2.87			2.91			3.17
						Efficiency ratio						66.3			69.3			62.3
						Underlying efficiency ratio						64.6			65.1			58.9
						CET1						10.7		%	10.6		%	10.3		%
						TBV/Share						$	30.61		$	30.19		$	28.72

Notable Items												2Q24
						($s in millions except per share data)						Pre-tax $			EPS
						Integration-related						$	(3)		$	(0.01)
						TOP and Other items						(24)			(0.04)
						FDIC special assessment						(5)			(0.01)
						Tax item						—			0.02
						Total						$	(32)		$	(0.04)

Citizens also announced that its board of directors declared a quarterly common stock dividend of $0.42 per share. The dividend is payable on August 14, 2024 to shareholders of record at the close of business on July 31, 2024.

Results presented on an Underlying basis are non-GAAP Financial Measures. See page 15 for additional information on our use of Non-GAAP Financial Measures.

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Citizens Financial Group, Inc.

Earnings highlights(1):

						Quarterly Trends
																		2Q24 change from
($s in millions, except per share data)						2Q24			1Q24			2Q23						1Q24									2Q23
Earnings																		$/bps			%						$/bps			%
Net interest income						$	1,410		$	1,442		$	1,588					$	(32)		(2)		%				$	(178)		(11)		%
Noninterest income						553			517			506						36			7						47			9
Total revenue						1,963			1,959			2,094						4			—						(131)			(6)
Noninterest expense						1,301			1,358			1,306						(57)			(4)						(5)			—
Pre-provision profit						662			601			788						61			10						(126)			(16)
Provision for credit losses						182			171			176						11			6						6			3
Net income						392			334			478						58			17						(86)			(18)
Preferred dividends						35			30			34						5			17						1			3
Net income available to common stockholders						$	357		$	304		$	444					$	53		17		%				$	(87)		(20)		%
After-tax notable Items						16			61			53						(45)			(74)						(37)			(70)
Underlying net income						$	408		$	395		$	531					$	13		3		%				$	(123)		(23)		%
Underlying net income available to common stockholders						373			365			497						8			2						(124)			(25)
Average common shares outstanding
Basic (in millions)						454.1			461.4			479.5						(7.2)			(2)						(25.3)			(5)
Diluted (in millions)						456.6			463.8			481.0						(7.2)			(2)						(24.4)			(5)
Diluted earnings per share						$	0.78		$	0.65		$	0.92					$	0.13		20		%				$	(0.14)		(15)		%
Underlying diluted earnings per share						0.82			0.79			1.04						0.03			4						(0.22)			(21)
Performance metrics
Net interest margin						2.86		%	2.90		%	3.16		%				(4)		bps							(30)		bps
Net interest margin, FTE						2.87			2.91			3.17						(4)									(30)
Effective income tax rate						18.5			22.3			22.1						(379)									(360)
Efficiency ratio						66.3			69.3			62.3						(306)									393
Underlying efficiency ratio						64.6			65.1			58.9						(46)									573
Return on average tangible common equity						10.6			8.9			12.4						175									(181)
Underlying return on average tangible common equity						11.1			10.6			13.9						44									(284)
Return on average total tangible assets						0.75			0.63			0.89						12									(14)
Underlying return on average total tangible assets						0.78		%	0.75		%	0.99		%				3		bps							(21)		bps
Capital adequacy(2,3)
Common equity tier 1 capital ratio						10.7		%	10.6		%	10.3		%
Total capital ratio						14.0			13.8			13.3
Tier 1 leverage ratio						9.4			9.3			9.4
Tangible common equity ratio						6.5			6.5			6.3
Allowance for credit losses to loans and leases						1.63		%	1.61		%	1.52		%				2		bps							11		bps
Asset quality(3)
Nonaccrual loans and leases to loans and leases						1.08		%	1.02		%	0.79		%				6		bps							29		bps
Allowance for credit losses to nonaccrual loans and leases						151			157			193						(6)									(42)
Net charge-offs as a % of average loans and leases						0.52		%	0.50		%	0.40		%				2		bps							12		bps

(1) Unless otherwise noted, references to balance sheet items are on an average basis, loans exclude loans held for sale, earnings per share

represent fully diluted per common share and references to NIM are on a FTE basis.

(2) Current reporting-period regulatory capital ratios are preliminary.

(3) Capital adequacy and asset-quality ratios calculated on a period-end basis, except net charge-offs.

2

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Citizens Financial Group, Inc.

The following table provides information on Underlying results which exclude the impact of notable items.

Underlying results:

						Quarterly Trends
																		2Q24 change from
($s in millions, except per share data)						2Q24			1Q24			2Q23						1Q24									2Q23
																		$/bps			%						$/bps			%
Net interest income						$	1,410		$	1,442		$	1,588					$	(32)		(2)		%				$	(178)		(11)		%
Noninterest income						549			514			506						35			7						43			8
Total revenue						$	1,959		$	1,956		$	2,094					$	3		—		%				$	(135)		(6)		%
Noninterest expense						1,265			1,273			1,233						(8)			(1)		%				32			3		%
Provision for credit losses						182			171			176						11			6						6			3
Net income available to common stockholders						$	373		$	365		$	497					$	8		2		%				$	(124)		(25)		%
Performance metrics
EPS						$	0.82		$	0.79		$	1.04					$	0.03		4		%				$	(0.22)		(21)		%
Efficiency ratio						64.6		%	65.1		%	58.9		%				(46)		bps							573		bps
Return on average tangible common equity						11.1		%	10.6		%	13.9		%				44		bps							(284)		bps

Consolidated balance sheet summary(1):

																								2Q24 change from
($s in millions)						2Q24						1Q24						2Q23						1Q24									2Q23
																								$/bps			%						$/bps			%
Total assets						$	219,938					$	220,448					$	223,066					$	(510)		—		%				$	(3,128)		(1)		%
Total loans and leases						141,842						143,188						151,320						(1,346)			(1)						(9,478)			(6)
Total loans held for sale						683						555						1,421						128			23						(738)			(52)
Deposits						176,352						176,428						177,667						(76)			—						(1,315)			(1)
Stockholders' equity						23,869						23,761						23,585						108			—						284			1
Stockholders' common equity						21,757						21,747						21,571						10			—						186			1
Tangible common equity						$	13,866					$	13,844					$	13,630					$	22		—		%				$	236		2		%
Loan-to-deposit ratio (period-end)(2)						80.4		%				81.2		%				85.2		%				(73)		bps							(474)		bps
Loan-to-deposit ratio (average)(2)						82.4		%				82.2		%				88.7		%				14		bps							(635)		bps
(1) Represents period-end unless otherwise noted.
(2) Excludes loans held for sale.

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Citizens Financial Group, Inc.

Notable items:

Quarterly results reflect notable items primarily related to integration costs associated with recent acquisitions, as well as TOP revenue and efficiency initiatives and other items. In addition, second quarter 2024 and first quarter 2024 include a notable item for an industry-wide FDIC special assessment. These notable items have been excluded from reported results to better reflect Underlying operating results.

Notable items - Integration-related						2Q24												1Q24												2Q23
($s in millions, except per share data)						Pre-tax						After-tax												Pre-tax						After-tax												Pre-tax						After-tax
Salaries & benefits						$	(3)					$	(2)											$	(2)					$	(1)											$	(2)					$	(1)
Equipment and software						—						—												—						—												(1)						(1)
Outside services						—						—												(1)						(1)												(11)						(8)
Occupancy						—						—												—						—												(25)						(18)
Other expense						—						—												—						—												—						—
Noninterest expense						$	(3)					$	(2)											$	(3)					$	(2)											$	(39)					$	(28)
EPS Impact - Noninterest expense												$	(0.01)																	$	(0.01)																	$	(0.06)
Total integration related						$	(3)					$	(2)											$	(3)					$	(2)											$	(39)					$	(28)
EPS Impact - Total Integration-related												$	(0.01)																	$	(0.01)																	$	(0.06)
Other notable items - TOP & Other						2Q24												1Q24												2Q23
($s in millions, except per share data)						Pre-tax						After-tax												Pre-tax						After-tax												Pre-tax						After-tax
Tax notable items						$	—					$	7											$	—					$	—											$	—					$	—
Noninterest income						4						3												3						2												—						—
Salaries & benefits						(5)						(4)												(15)						(11)												(12)						(9)
Equipment and software						(4)						(3)												(8)						(6)												(3)						(2)
Outside services						(10)						(7)												(11)						(9)												(10)						(7)
Occupancy						(6)						(4)												(7)						(5)												(5)						(4)
FDIC special assessment(1)						(5)						(4)												(35)						(26)												—						—
Other expense						(3)						(2)												(6)						(4)												(4)						(3)
Noninterest expense						$	(33)					$	(24)											$	(82)					$	(61)											$	(34)					$	(25)
Total Other Notable Items						$	(29)					$	(14)											$	(79)					$	(59)											$	(34)					$	(25)
EPS Impact - Other Notable Items												$	(0.03)																	$	(0.13)																	$	(0.06)
Total Notable Items						$	(32)					$	(16)											$	(82)					$	(61)											$	(73)					$	(53)
Total EPS Impact												$	(0.04)																	$	(0.14)																	$	(0.12)
(1) The FDIC special assessment earnings per share impact is $(0.01) and $(0.05) for second quarter 2024 and first quarter 2024, respectively.

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Citizens Financial Group, Inc.

Discussion of results:

Net interest income																								2Q24 change from
($s in millions)						2Q24						1Q24						2Q23						1Q24												2Q23
																								$/bps						%						$/bps						%
Interest income:
Interest and fees on loans and leases and loans held for sale						$	2,028					$	2,071					$	2,164					$	(43)					(2)		%				$	(136)					(6)		%
Investment securities						417						399						267						18						5						150						56
Interest-bearing deposits in banks						130						140						100						(10)						(7)						30						30
Total interest income						$	2,575					$	2,610					$	2,531					$	(35)					(1)		%				$	44					2		%
Interest expense:
Deposits						$	965					$	987					$	723					$	(22)					(2)		%				$	242					33		%
Short-term borrowed funds						4						7						22						(3)						(43)						(18)						(82)
Long-term borrowed funds						196						174						198						22						13						(2)						(1)
Total interest expense						$	1,165					$	1,168					$	943					$	(3)					—		%				$	222					24		%
Net interest income						$	1,410					$	1,442					$	1,588					$	(32)					(2)		%				$	(178)					(11)		%
Net interest margin, FTE						2.87		%				2.91		%				3.17		%				(4)		bps										(30)		bps

Second quarter 2024			vs.			first quarter 2024

Net interest income of $1.4 billion decreased 2%, primarily reflecting lower net interest margin.

•Net interest margin of 2.87% was down 4 basis points, largely reflecting the impact of swaps (6 basis points) and higher funding costs (3 basis points), partly offset by improved asset yields (4 basis points) and the benefit of Non-Core run off (2 basis points).

Second quarter 2024			vs.			second quarter 2023

Net interest income of $1.4 billion decreased 11%, reflecting lower net interest margin and a 2% decline in average interest-earning assets, reflecting lower loans.

•Net interest margin of 2.87% decreased 30 basis points, as an increase in funding and swap costs and the impact of building liquidity were partly offset by higher interest-earning-asset yields and the benefit of Non-Core run off.

5

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Citizens Financial Group, Inc.

Noninterest Income																								2Q24 change from
($s in millions)						2Q24						1Q24						2Q23						1Q24												2Q23
																								$						%						$						%
Service charges and fees						$	106					$	96					$	101					$	10					10		%				$	5					5		%
Capital markets fees						134						118						82						16						14						52						63
Card fees						92						86						80						6						7						12						15
Wealth fees(1)						75						68						65						7						10						10						15
Mortgage banking fees						54						49						59						5						10						(5)						(8)
Foreign exchange and derivative products						39						36						44						3						8						(5)						(11)
Letter of credit and loan fees						43						42						43						1						2						—						—
Securities gains, net						—						5						9						(5)						(100)						(9)						(100)
Other income(2)						10						17						23						(7)						(41)						(13)						(57)
Noninterest income						$	553					$	517					$	506					$	36					7		%				$	47					9		%
Underlying, as applicable
Card fees						$	88					$	83					$	80					$	5					6						$	8					10
Underlying noninterest income						$	549					$	514					$	506					$	35					7		%				$	43					8		%
(1) Effective for 2Q24, Trust and Investment services fees was renamed to Wealth Fees to better reflect the broad range of wealth-related management fees and services provided to our customers. (2) Includes bank-owned life insurance income and other miscellaneous income for all periods presented.

Second quarter 2024			vs.			first quarter 2024

Underlying noninterest income of $549 million increased $35 million, or 7%.

•Service charges and fees increased $10 million, primarily from seasonality.

•Capital markets fees increased $16 million, given higher bond underwriting and loan syndication fees, partly offset by lower M&A advisory fees.

•Card fees increased $5 million primarily given the full-quarter benefit of favorable vendor contract negotiations as well as seasonality.

•Wealth fees increased $7 million, reflecting increased sales activity and higher asset management fees.

•Mortgage banking fees increased $5 million, driven by higher MSR valuation, net of hedging, and servicing fees, partly offset by lower production revenue.

•Foreign exchange and derivative products revenue increased $3 million, primarily reflecting higher client activity in commodities and foreign exchange hedging.

•Other income decreased $7 million, largely due to higher operational losses.

Second quarter 2024			vs.			second quarter 2023

Underlying noninterest income of $549 million increased $43 million, or 8%.

•Service charges and fees increased $5 million, primarily driven by higher overdraft and cash management fees.

•Capital markets fees increased $52 million, given higher bond and equity underwriting, loan syndication and M&A advisory fees.

•Card fees increased $8 million, primarily reflecting favorable vendor contract negotiations.

•Wealth fees increased $10 million, reflecting increased sales activity and higher asset management fees.

•Mortgage banking fees decreased $5 million, given lower production fees, partly offset by higher MSR valuation, net of hedging.

•FX and derivative products revenue decreased $5 million, primarily given lower client activity in interest rate hedging.

•Other income decreased $13 million, primarily reflecting higher operational losses.

6

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Citizens Financial Group, Inc.

Noninterest Expense																								2Q24 change from
($s in millions)						2Q24						1Q24						2Q23						1Q24									2Q23
																								$			%						$			%
Salaries and employee benefits						$	645					$	691					$	615					$	(46)		(7)		%				$	30		5		%
Equipment and software						190						192						181						(2)			(1)						9			5
Outside services						165						158						177						7			4						(12)			(7)
Occupancy						113						114						136						(1)			(1)						(23)			(17)
Other operating expense						188						203						197						(15)			(7)						(9)			(5)
Noninterest expense						$	1,301					$	1,358					$	1,306					$	(57)		(4)		%				$	(5)		—		%
Notable items						$	36					$	85					$	73					$	(49)		(58)		%				$	(37)		(51)%
Underlying, as applicable
Salaries and employee benefits						$	637					$	674					$	601					$	(37)		(5)		%				$	36		6		%
Equipment and software						186						184						177						2			1						9			5
Outside services						155						146						156						9			6						(1)			(1)
Occupancy						107						107						106						—			—						1			1
Other operating expense						180						162						193						18			11						(13)			(7)
Underlying noninterest expense						$	1,265					$	1,273					$	1,233					$	(8)		(1)		%				$	32		3		%

Second quarter 2024			vs.			first quarter 2024

Underlying noninterest expense of $1.27 billion, decreased 1%

•Salaries and benefits decreased $37 million, primarily reflecting lower payroll taxes and compensation-related costs given seasonality.

•Outside services increased $9 million primarily driven by technology investments.

•Other operating expense increased $18 million driven primarily by increased marketing-related expenses.

Reported noninterest expense of $1.30 billion decreased $57 million, primarily driven by the industry-wide FDIC special assessment recognized in the first quarter.

The effective tax rate was 18.5% in second quarter 2024. On an underlying basis, the effective tax rate of 20.3% decreased modestly compared to 22.8% in first quarter 2024 primarily given a state tax adjustment and lower stock-related compensation.

Second quarter 2024			vs.			second quarter 2023

Underlying noninterest expense of $1.27 billion increased 3%; down 1% excluding $46 million in expenses related to the Private Bank start-up investment.

•Salaries and benefits increased $36 million primarily reflecting the Private Bank start-up investment.

•Equipment and software increased $9 million given technology investments and maintenance.

•Other operating expenses decreased $13 million, primarily driven by lower advertising and travel-related expenses.

The effective tax rate was 18.5% in second quarter 2024. On an underlying basis, the effective tax rate of 20.3% compared with 22.5% in second quarter 2023.

7

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Citizens Financial Group, Inc.

Interest-earning assets															2Q24 change from
($s in millions)			2Q24			1Q24			2Q23						1Q24												2Q23
Period-end interest-earning assets															$						%						$						%
Investments			$	41,677		$	41,127		$	35,339					$	550					1		%				$	6,338					18		%
Interest-bearing deposits in banks			11,139			10,893			10,162						246						2						977						10
Commercial loans and leases			71,934			72,823			78,279						(889)						(1)						(6,345)						(8)
Retail loans			69,908			70,365			73,041						(457)						(1)						(3,133)						(4)
Total loans and leases			141,842			143,188			151,320						(1,346)						(1)						(9,478)						(6)
Loans held for sale, at fair value			591			505			1,225						86						17						(634)						(52)
Other loans held for sale			92			50			196						42						84						(104)						(53)
Total loans and leases and loans held for sale			142,525			143,743			152,741						(1,218)						(1)						(10,216)						(7)
Total period-end interest-earning assets			$	195,341		$	195,763		$	198,242					$	(422)					—		%				$	(2,901)					(1)		%
Average interest-earning assets
Investments(1)			$	44,692		$	43,905		$	38,002					$	787					2		%				$	6,690					18		%
Interest-bearing deposits in banks			9,650			10,268			7,768						(618)						(6)						1,882						24
Commercial loans and leases			72,955			73,842			80,237						(887)						(1)						(7,282)						(9)
Retail loans			70,112			70,980			73,488						(868)						(1)						(3,376)						(5)
Total loans and leases			143,067			144,822			153,725						(1,755)						(1)						(10,658)						(7)
Loans held for sale, at fair value			896			850			1,381						46						5						(485)						(35)
Other loans held for sale			160			223			622						(63)						(28)						(462)						(74)
Total loans and leases and loans held for sale			144,123			145,895			155,728						(1,772)						(1)						(11,605)						(7)
Total average interest-earning assets			$	198,465		$	200,068		$	201,498					$	(1,603)					(1)		%				$	(3,033)					(2)		%
(1) Total average interest-earning assets excludes the mark-to-market on investment securities and unsettled purchases or sales of loans and investments.

Second quarter 2024			vs.			first quarter 2024

Period-end interest-earning assets of $195.3 billion were relatively stable reflecting a $1.3 billion decrease in loans and leases, partly offset by a $550 million increase in investments in securities and a $246 million increase in cash held in interest-bearing deposits. The decrease in loans and leases reflects an $889 million decline in commercial driven by paydowns and balance sheet optimization actions as well as market conditions driving lower client demand. Results also reflect a $457 million decrease in retail, given $1.1 billion Non-Core portfolio run off, partly offset by growth in home equity and mortgage.

Average interest-earning assets of $198.5 billion decreased $1.6 billion, or 1%, reflecting a $1.8 billion decrease in total loans and leases and a $618 million decrease in cash held in interest-bearing deposits, partly offset by a $787 million increase in investments. The decrease in loans and leases reflects a $887 million decrease in commercial given paydowns and balance sheet optimization actions as well as market conditions driving lower client demand. Retail decreased $868 million driven by Non-Core portfolio run off, partially offset by growth in home equity and mortgage.

The average effective duration of the securities portfolio was 3.7 years, compared with 3.8 years at March 31, 2024 and 5.5 years at June 30, 2023.

Second quarter 2024			vs.			second quarter 2023

Period-end interest-earning assets of $195.3 billion decreased $2.9 billion, or 1%, reflecting a $10.2 billion decrease in total loans and leases and loans held for sale, partly offset by a $6.3 billion increase in investments in securities and a $1.0 billion increase in investments in cash held in interest-bearing deposits. The decrease in loans and leases reflects a $6.3 billion decline in commercial given paydowns, balance sheet optimization actions and lower client demand, and a $3.1 billion decline in retail driven by the $4.8 billion Non-Core portfolio run off, partially offset by growth in home equity and mortgage.

Average interest-earning assets of $198.5 billion decreased $3.0 billion, or 2%, reflecting a $11.6 billion decrease in total loans and leases and loans held for sale, partially offset by a $6.7 billion increase in investments in securities and a $1.9 billion increase in cash held in interest-bearing deposits.

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Citizens Financial Group, Inc.

Deposits															2Q24 change from
($s in millions)			2Q24			1Q24			2Q23						1Q24												2Q23
Period-end deposits															$						%						$						%
Demand			$	36,927		$	36,593		$	40,286					$	334					1		%				$	(3,359)					(8)		%
Money market			52,599			52,182			52,542						417						1						57						—
Checking with interest			34,421			34,487			35,028						(66)						—						(607)						(2)
Savings			27,240			27,912			29,824						(672)						(2)						(2,584)						(9)
Term			25,165			25,254			19,987						(89)						—						5,178						26
Total period-end deposits			$	176,352		$	176,428		$	177,667					$	(76)					—		%				$	(1,315)					(1)		%
Average deposits
Demand			$	36,205		$	36,684		$	42,178					$	(479)					(1)		%				$	(5,973)					(14)		%
Money market			51,570			52,926			49,665						(1,356)						(3)						1,905						4
Checking with interest			33,659			32,302			34,586						1,357						4						(927)						(3)
Savings			27,560			27,745			29,640						(185)						(1)						(2,080)						(7)
Term			24,676			26,447			17,180						(1,771)						(7)						7,496						44
Total average deposits			$	173,670		$	176,104		$	173,249					$	(2,434)					(1)		%				$	421					—		%

Second quarter 2024			vs.			first quarter 2024

Total period-end deposits of $176.4 billion are broadly stable reflecting growth in the the Private Bank offset by seasonally lower retail deposits.

Average deposits of $173.7 billion are down 1% reflecting lower Commercial deposits given seasonal outflows, lower Treasury deposits and a seasonal decline in retail deposits. These more than offset the $1.2 billion growth in Private Bank deposits.

The mix of deposits reflects continued slowing in the rate of migration from demand to interest-bearing and low-cost to high-cost interest bearing accounts, as well as the benefit of deposit growth in the Private Bank.

Second quarter 2024			vs.			second quarter 2023

Average deposits of $173.7 billion are broadly stable. Total period-end deposits of $176.4 billion decreased 1% driven by a decline in Treasury and Commercial deposits reflecting deposit optimization initiatives, and slightly lower retail deposits. These more than offset growth in Private Bank deposits of $4 billion.

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Citizens Financial Group, Inc.

Borrowed Funds															2Q24 change from
($s in millions)			2Q24			1Q24			2Q23						1Q24												2Q23
Period-end borrowed funds															$						%						$						%
Short-term borrowed funds			$	2		$	9		$	1,099					$	(7)					(78) %						$	(1,097)					(100)		%
Long-term borrowed funds
FHLB advances			553			2,036			5,029						(1,483)						(73)						(4,476)						(89)
Senior debt			6,512			6,414			5,258						98						2						1,254						24
Subordinated debt and other debt			1,827			1,825			1,813						2						—						14						1
Auto collateralized borrowings			4,190			3,529			2,000						661						19						2,190						110
Total borrowed funds			$	13,084		$	13,813		$	15,199					$	(729)					(5)		%				$	(2,115)					(14)		%
Average borrowed funds
Short-term borrowed funds			$	325		$	498		$	1,446					$	(173)					(35) %						$	(1,121)					(78)		%
Long-term borrowed funds
FHLB advances			2,375			2,272			9,674						103						5						(7,299)						(75)
Senior debt			6,684			6,113			5,264						571						9						1,420						27
Subordinated debt and other debt			1,826			1,821			1,813						5						—						13						1
Auto collateralized borrowings			4,207			3,458			44						749						22						4,163						NM
Total average borrowed funds			$	15,417		$	14,162		$	18,241					$	1,255					9		%				$	(2,824)					(15)		%

Second quarter 2024			vs.			first quarter 2024

Period-end borrowed funds decreased by $729 million. Senior debt increased by $98 million and collateralized borrowings on auto loans increased by $661 million, reflecting attractive new issuance. Proceeds were used to further lower FHLB advances, which declined by $1.5 billion.

Average borrowed funds increased $1.3 billion. Senior debt increased by $571 million and collateralized borrowings on auto loans increased by $749 million, reflecting new issuance.

Second quarter 2024			vs.			second quarter 2023

Period-end borrowed funds decreased by $2.1 billion, primarily due to a decrease in FHLB advances of $4.5 billion and a $1.1 billion decrease in short-term borrowed funds, partly offset by the $2.2 billion increase in auto collateralized borrowings and $1.3 billion increase in senior debt issuances.

Average borrowed funds decreased by $2.8 billion, reflecting a $7.3 billion decrease in FHLB advances driven by the run off of the Non-Core portfolio and re-mixing of funding to auto collateralized borrowings, up $4.2 billion, and senior debt issuances, up $1.4 billion.

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Citizens Financial Group, Inc.

Capital																					2Q24 change from
($s and shares in millions, except per share data)			2Q24						1Q24						2Q23						1Q24												2Q23
Period-end capital																					$						%						$						%
Stockholders' equity			$	23,869					$	23,761					$	23,585					$	108					—		%				$	284					1		%
Stockholders' common equity			21,757						21,747						21,571						10						—						186						1
Tangible common equity			13,866						13,844						13,630						22						—						236						2
Tangible book value per common share			$	30.61					$	30.19					$	28.72					$	0.42					1		%				$	1.89					7		%
Common shares - at end of period			453.0						458.5						474.7						(5.5)						(1)						(21.7)						(5)
Common shares - average (diluted)			456.6						463.8						481.0						(7.2)						(2)		%				(24.4)						(5)		%
Common equity tier 1 capital ratio(1)			10.7		%				10.6		%				10.3		%
Total capital ratio(1)			14.0						13.8						13.3
Tangible common equity ratio			6.5						6.5						6.3
Tier 1 leverage ratio(1)			9.4						9.3						9.4
(1) Current reporting-period regulatory capital ratios are preliminary.

Second quarter 2024

•The CET1 capital ratio of 10.7% as of June 30, 2024 compares with 10.6% at March 31, 2024 and 10.3% at June 30, 2023.

•Total capital ratio of 14.0% compares with 13.8% at March 31, 2024 and 13.3% as of June 30, 2023.

•Tangible common equity ratio of 6.5% compares with 6.5% at March 31, 2024 and 6.3% as of June 30, 2023.

•Tangible book value per common share of $30.61 increased 1% compared with first quarter 2024 reflecting higher net income and AOCI benefit from amortized unrealized losses more than offsetting the impact of higher rates.

•Paid $193 million in common dividends to shareholders during second quarter 2024. This compares with $197 million in common dividends during first quarter 2024 and $205 million during second quarter 2023.

•Repurchased $200 million of common shares during second quarter 2024, compared with $300 million in first quarter 2024 and $256 million in second quarter 2023.

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Citizens Financial Group, Inc.

Credit quality review																								2Q24 change from
($s in millions)						2Q24						1Q24						2Q23						1Q24												2Q23
																								$/bps						%						$/bps						%
Nonaccrual loans and leases(1)						$	1,527					$	1,469					$	1,191					$	58					4		%				$	336					28		%
90+ days past due and accruing(2)						228						300						282						(72)						(24)						(54)						(19)
Net charge-offs						184						181						152						3						2						32						21
Provision for credit losses						182						171						176						11						6						6						3
Allowance for credit losses						$	2,306					$	2,308					$	2,299					$	(2)					—		%				$	7					—		%
Nonaccrual loans and leases to loans and leases						1.08		%				1.02		%				0.79		%				6		bps										29
Net charge-offs as a % of total loans and leases						0.52						0.50						0.40						2												12
Allowance for credit losses to loans and leases						1.63						1.61						1.52						2												11
Allowance for credit losses to nonaccrual loans and leases						151		%				157		%				193		%				(6)		bps										(42)		bps
(1) Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.
(2) 90+ days past due and accruing includes $168 million, $202 million, and $256 million of loans fully or partially guaranteed by the FHA, VA, and USDA for June 30, 2024, March 31, 2024, and June 30, 2023, respectively.

Second quarter 2024			vs.			first quarter 2024

•The nonaccrual loans to total loans ratio of 1.08% compares with 1.02% at March 31, 2024. Nonaccrual loans of $1.5 billion increased $58 million, or 4%, primarily reflecting a $48 million increase in Commercial, driven by an increase in the General Office and Multifamily segments of commercial real estate.

•Net charge-offs of $184 million, or 52 basis points of average loans and leases, increased 2 basis points compared with the prior quarter given broadly stable charge-offs and lower average loans. Charge-offs increased $3 million with an $11 million increase in commercial, primarily driven by the General Office segment of commercial real estate, and an $8 million decrease in retail.

•The second quarter 2024 provision for credit losses of $182 million compares with $171 million for first quarter 2024. The ratio of allowance for credit losses to total loans of 1.63% increased from 1.61% as of March 31, 2024, primarily reflecting lower loan balances given Non-Core run off and commercial paydowns and balance sheet optimization.

•The allowance for credit losses to nonaccrual loans and leases ratio of 151% compares with 157% as of March 31, 2024.

Second quarter 2024			vs.			second quarter 2023

•The nonaccrual loans to total loans ratio of 1.08% increased from 0.79% at June 30, 2023.

•Nonaccrual loans increased $336 million, or 28%, primarily reflecting an increase in the General Office segment of commercial real estate.

•Net charge-offs of $184 million, or 52 basis points of average loans and leases, increased $32 million, primarily reflecting a $20 million increase in commercial driven by the General Office segment of commercial real estate.

•Provision for credit losses of $182 million compares with a $176 million provision in second quarter 2023.

•Allowance for credit losses of $2.3 billion increased $7 million compared with June 30, 2023. Allowance for credit losses ratio of 1.63% as of June 30, 2024, compares with 1.52% as of June 30, 2023.

•The allowance for credit losses to nonaccrual loans and leases ratio of 151% compares with 193% as of June 30, 2023.

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Citizens Financial Group, Inc.

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $219.9 billion in assets as of June 30, 2024. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,300 ATMs and more than 1,000 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities.

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Citizens Financial Group, Inc.

Non-GAAP Financial Measures and Reconciliations

Non-GAAP Financial Measures:

This document contains non-GAAP financial measures denoted as Underlying. Underlying results for any given reporting period exclude certain items that may occur in that period which Management does not consider indicative of the Company’s on-going financial performance. We believe these non-GAAP financial measures provide useful information to investors because they are used by our Management to evaluate our operating performance and make day-to-day operating decisions. In addition, we believe our Underlying results in any given reporting period reflect our on-going financial performance in that period and, accordingly, are useful to consider in addition to our GAAP financial results. We further believe the presentation of Underlying results increases comparability of period-to-period results. See the following pages for reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures.

Other companies may use similarly titled non-GAAP financial measures that may be calculated differently from the way we calculate such measures. Accordingly, our non-GAAP financial measures may not be comparable to similar measures used by such companies. We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP measures. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our results reported under GAAP.

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Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations

(in millions, except share, per-share and ratio data)

						QUARTERLY TRENDS
																																				2Q24 Change
						2Q24						1Q24																		2Q23						1Q24												2Q23
																																				$						%						$						%
Noninterest income, Underlying:
Noninterest income (GAAP)						$553						$517																		$506						$36						7		%				$47						9		%
Less: Notable items						4						3																		—						1						33						4						100
Noninterest income, Underlying (non-GAAP)						$549						$514																		$506						$35						7		%				$43						8		%
Total revenue, Underlying:
Total revenue (GAAP)			A			$1,963						$1,959																		$2,094						$4						—		%				($131)						(6		%)
Less: Notable items						4						3																		—						1						33						4						100
Total revenue, Underlying (non-GAAP)			B			$1,959						$1,956																		$2,094						$3						—		%				($135)						(6		%)
Noninterest expense, Underlying:
Noninterest expense (GAAP)			C			$1,301						$1,358																		$1,306						($57)						(4		%)				($5)						—		%
Less: Notable items						36						85																		73						(49)						(58)						(37)						(51)
Noninterest expense, Underlying (non-GAAP)			D			$1,265						$1,273																		$1,233						($8)						(1		%)				$32						3		%
Pre-provision profit:
Total revenue (GAAP)			A			$1,963						$1,959																		$2,094						$4						—		%				($131)						(6		%)
Less: Noninterest expense (GAAP)			C			1,301						1,358																		1,306						(57)						(4)						(5)						—
Pre-provision profit (non-GAAP)						$662						$601																		$788						$61						10		%				($126)						(16		%)
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)			B			$1,959						$1,956																		$2,094						$3						—		%				($135)						(6		%)
Less: Noninterest expense, Underlying (non-GAAP)			D			1,265						1,273																		1,233						(8)						(1)						32						3
Pre-provision profit, Underlying (non-GAAP)						$694						$683																		$861						$11						2		%				($167)						(19		%)
Income before income tax expense, Underlying:
Income before income tax expense (GAAP)			E			$480						$430																		$612						$50						12		%				($132)						(22		%)
Less: Income (expense) before income tax expense (benefit) related to notable items						(32)						(82)																		(73)						50						61						41						56
Income before income tax expense, Underlying (non-GAAP)			F			$512						$512																		$685						$—						—		%				($173)						(25		%)
Income tax expense, Underlying:
Income tax expense (GAAP)			G			$88						$96																		$134						($8)						(8		%)				($46)						(34		%)
Less: Income tax expense (benefit) related to notable items						(16)						(21)																		(20)						5						24						4						20
Income tax expense, Underlying (non-GAAP)			H			$104						$117																		$154						($13)						(11		%)				($50)						(32		%)
Net income, Underlying:
Net income (GAAP)			I			$392						$334																		$478						$58						17		%				($86)						(18		%)
Add: Notable items, net of income tax benefit						16						61																		53						(45)						(74)						(37)						(70)
Net income, Underlying (non-GAAP)			J			$408						$395																		$531						$13						3		%				($123)						(23		%)
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)			K			$357						$304																		$444						$53						17		%				($87)						(20		%)
Add: Notable items, net of income tax benefit						16						61																		53						(45)						(74)						(37)						(70)
Net income available to common stockholders, Underlying (non-GAAP)			L			$373						$365																		$497						$8						2		%				($124)						(25		%)

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Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations (continued)

(in millions, except share, per-share and ratio data)

						QUARTERLY TRENDS
																																				2Q24 Change
						2Q24						1Q24																		2Q23						1Q24												2Q23
																																				$/bps						%						$/bps						%
Operating leverage:
Total revenue (GAAP)			A			$1,963						$1,959																		$2,094						$4						—		%				($131)						(6		%)
Less: Noninterest expense (GAAP)			C			1,301						1,358																		1,306						(57)						(4)						(5)						—
Operating leverage																																										4		%										(6		%)
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)			B			$1,959						$1,956																		$2,094						$3						—		%				($135)						(6		%)
Less: Noninterest expense, Underlying (non-GAAP)			D			1,265						1,273																		1,233						(8)						(1)						32						3
Operating leverage, Underlying (non-GAAP)																																										1		%										(9		%)
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio			C/A			66.27		%				69.33		%																62.34		%				(306)		bps										393		bps
Efficiency ratio, Underlying (non-GAAP)			D/B			64.59						65.05																		58.86						(46)		bps										573		bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rate			G/E			18.49		%				22.28		%																22.09		%				(379)		bps										(360)		bps
Effective income tax rate, Underlying (non-GAAP)			H/F			20.33						22.84																		22.51						(251)		bps										(218)		bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)			M			$21,427						$21,700																		$22,289						($273)						(1		%)				($862)						(4		%)
Less: Average goodwill (GAAP)						8,188						8,188																		8,182						—						—						6						—
Less: Average other intangibles (GAAP)						144						153																		181						(9)						(6)						(37)						(20)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)						432						433																		422						(1)						—						10						2
Average tangible common equity			N			$13,527						$13,792																		$14,348						($265)						(2		%)				($821)						(6		%)
Return on average tangible common equity			K/N			10.61		%				8.86		%																12.42		%				175		bps										(181)		bps
Return on average tangible common equity, Underlying (non-GAAP)			L/N			11.09						10.65																		13.93						44		bps										(284)		bps
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)			O			$219,222						$220,770																		$222,373						($1,548)						(1		%)				($3,151)						(1		%)
Less: Average goodwill (GAAP)						8,188						8,188																		8,182						—						—						6						—
Less: Average other intangibles (GAAP)						144						153																		181						(9)						(6)						(37)						(20)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)						432						433																		422						(1)						—						10						2
Average tangible assets			P			$211,322						$212,862																		$214,432						($1,540)						(1		%)				($3,110)						(1		%)
Return on average total tangible assets			I/P			0.75		%				0.63		%																0.89		%				12		bps										(14)		bps
Return on average total tangible assets, Underlying (non-GAAP)			J/P			0.78						0.75																		0.99						3		bps										(21)		bps

16

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Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations (continued)

(in millions, except share, per-share and ratio data)

						QUARTERLY TRENDS
																																				2Q24 Change
						2Q24						1Q24																		2Q23						1Q24												2Q23
																																				$/bps						%						$/bps						%
Tangible book value per common share:
Common shares - at period-end (GAAP)			Q			452,961,853						458,485,032																		474,682,759						(5,523,179)						(1		%)				(21,720,906)						(5		%)
Common stockholders' equity (GAAP)						$21,757						$21,747																		$21,571						$10						—						$186						1
Less: Goodwill (GAAP)						8,187						8,188																		8,188						(1)						—						(1)						—
Less: Other intangible assets (GAAP)						139						148																		175						(9)						(6)						(36)						(21)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)						435						433																		422						2						—						13						3
Tangible common equity			R			$13,866						$13,844																		$13,630						$22						—		%				$236						2		%
Tangible book value per common share			R/Q			$30.61						$30.19																		$28.72						$0.42						1		%				$1.89						7		%
Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying:
Average common shares outstanding - basic (GAAP)			S			454,142,489						461,358,681																		479,470,543						(7,216,192)						(2		%)				(25,328,054)						(5		%)
Average common shares outstanding - diluted (GAAP)			T			456,561,022						463,797,964																		480,975,281						(7,236,942)						(2)						(24,414,259)						(5)
Net income per average common share - basic (GAAP)			K/S			$0.79						$0.66																		$0.93						$0.13						20						($0.14)						(15)
Net income per average common share - diluted (GAAP)			K/T			0.78						0.65																		0.92						0.13						20						(0.14)						(15)
Net income per average common share - basic, Underlying (non-GAAP)			L/S			0.82						0.79																		1.04						0.03						4						(0.22)						(21)
Net income per average common share - diluted, Underlying (non-GAAP)			L/T			0.82						0.79																		1.04						0.03						4						(0.22)						(21)

17

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Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations (continued)

(in millions, except share, per-share and ratio data)

						QUARTERLY TRENDS
																																				2Q24 Change
						2Q24						1Q24																		2Q23						1Q24												2Q23
																																				$/bps						%						$/bps						%
Card fees, Underlying:
Card fees (GAAP)						$92						$86																		$80						$6						7						$12						15%
Less: Notable items						4						3																		—						1						33						4						100
Card fees, Underlying (non-GAAP)						$88						$83																		$80						$5						6						$8						10		%
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)						$645						$691																		$615						($46)						(7		%)				$30						5		%
Less: Notable items						8						17																		14						(9)						(53)						(6)						(43)
Salaries and employee benefits, Underlying (non-GAAP)						$637						$674																		$601						($37)						(5		%)				$36						6		%
Equipment and software, Underlying:
Equipment and software (GAAP)						$190						$192																		$181						($2)						(1		%)				$9						5		%
Less: Notable items						4						8																		4						(4)						(50)						—						—
Equipment and software, Underlying (non-GAAP)						$186						$184																		$177						$2						1		%				$9						5		%
Outside services, Underlying:
Outside services (GAAP)						$165						$158																		$177						$7						4		%				($12)						(7		%)
Less: Notable items						10						12																		21						(2)						(17)						(11)						(52)
Outside services, Underlying (non-GAAP)						$155						$146																		$156						$9						6		%				($1)						(1		%)
Occupancy, Underlying:
Occupancy (GAAP)						$113						$114																		$136						($1)						(1		%)				($23)						(17		%)
Less: Notable items						6						7																		30						(1)						(14)						(24)						(80)
Occupancy, Underlying (non-GAAP)						$107						$107																		$106						$—						—		%				$1						1		%
Other operating expense, Underlying:
Other operating expense (GAAP)						$188						$203																		$197						($15)						(7		%)				($9)						(5		%)
Less: Notable items						8						41																		4						(33)						(80)						4						100
Other operating expense, Underlying (non-GAAP)						$180						$162																		$193						$18						11		%				($13)						(7		%)

18

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Citizens Financial Group, Inc.

Forward-Looking Statements

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement that does not describe historical or current facts is a forward-looking statement. These statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “goals,” “targets,” “initiatives,” “potentially,” “probably,” “projects,” “outlook,” “guidance” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would,” and “could.”

Forward-looking statements are based upon the current beliefs and expectations of management, and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation:

•Negative economic, business and political conditions, including as a result of the interest rate environment, supply chain disruptions, inflationary pressures and labor shortages, that adversely affect the general economy, housing prices, the job market, consumer confidence and spending habits;

•The general state of the economy and employment, as well as general business and economic conditions, and changes in the competitive environment;

•Our capital and liquidity requirements under regulatory standards and our ability to generate capital and liquidity on favorable terms;

•The effect of changes in our credit ratings on our cost of funding, access to capital markets, ability to market our securities, and overall liquidity position;

•The effect of changes in the level of commercial and consumer deposits on our funding costs and net interest margin;

•Our ability to execute on our strategic business initiatives and achieve our financial performance goals across our Consumer, Commercial and Private Bank businesses;

•The effects of geopolitical instability, including the wars in Ukraine and the Middle East, on economic and market conditions, inflationary pressures and the interest rate environment, commodity price and foreign exchange rate volatility, and heightened cybersecurity risks;

•Our ability to comply with heightened supervisory requirements and expectations as well as new or amended regulations;

•Liabilities and business restrictions resulting from litigation and regulatory investigations;

•The effect of changes in interest rates on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgages held for sale;

•Changes in interest rates and market liquidity, as well as the magnitude of such changes, which may reduce interest margins, impact funding sources and affect the ability to originate and distribute financial products in the primary and secondary markets;

•Financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses;

•Environmental risks, such as physical or transition risks associated with climate change, and social and governance risks, that could adversely affect our reputation, operations, business, and customers;

•A failure in or breach of our compliance with laws, as well as operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber-attacks; and

•Management’s ability to identify and manage these and other risks.

In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, capital impacts of strategic initiatives, market conditions, and regulatory considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares from or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends.

More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found in the “Risk Factors” section in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 as filed with the Securities and Exchange Commission.

Note: Per share amounts and ratios presented in this document are calculated using whole dollars.

19

Exhibit 99.2

Financial Supplement

Second Quarter 2024

1

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Table of Contents						Page
Consolidated Financial Highlights						3
Consolidated Statements of Operations (unaudited)						5
Consolidated Balance Sheets (unaudited)						6
Loans and Deposits						7
Average Balance Sheets, Annualized Yields and Rates						8
Mortgage Banking Fees						10
Segment Financial Highlights						11
Credit-Related Information:
Nonaccrual loans and leases						15
Loans and Leases 90 Days or More Past Due and Accruing						16
Charge-offs, Recoveries, and Related Ratios						17
Summary of Changes in the Components of the Allowance for Credit Losses						19
Capital and Ratios						20
Non-GAAP Financial Measures and Reconciliations						21
The information in this Financial Supplement is preliminary and based on company data available at the time of the earnings presentation. It speaks only as of the particular date or dates included in the accompanying pages. The Company does not undertake an obligation to, and disclaims any duty to, update any of the information provided. Any forward-looking statements in this Financial Supplement are subject to the forward-looking statements language contained in the Company’s reports filed with the SEC pursuant to the Securities Exchange Act of 1934, which can be found on the SEC’s website (www.sec.gov) or on the Company’s website (www.citizensbank.com). The Company’s future financial performance is subject to the risks and uncertainties described in its SEC filings.

2

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CONSOLIDATED FINANCIAL HIGHLIGHTS

(dollars in millions, except per share data)

						QUARTERLY TRENDS																																																						FOR THE SIX MONTHS ENDED JUNE 30,
																																				2Q24 Change																																				2024 Change
						2Q24						1Q24						4Q23						3Q23						2Q23						1Q24												2Q23												2024						2023						2023
																																				$/bps						%						$/bps						%																		$/bps						%
SELECTED OPERATING DATA
Total revenue						$1,963						$1,959						$1,988						$2,014						$2,094						$4						—		%				($131)						(6		%)				$3,922						$4,222						($300)						(7		%)
Noninterest expense						1,301						1,358						1,612						1,293						1,306						(57)						(4)						(5)						—						2,659						2,602						57						2
Profit before provision (benefit) for credit losses						662						601						376						721						788						61						10						(126)						(16)						1,263						1,620						(357)						(22)
Provision (benefit) for credit losses						182						171						171						172						176						11						6						6						3						353						344						9						3
NET INCOME						392						334						189						430						478						58						17						(86)						(18)						726						989						(263)						(27)
Net income, Underlying1						408						395						426						448						531						13						3						(123)						(23)						803						1,091						(288)						(26)
Net income available to common stockholders						357						304						159						400						444						53						17						(87)						(20)						661						932						(271)						(29)
Net income available to common stockholders, Underlying1						373						365						396						418						497						8						2						(124)						(25)						738						1,034						(296)						(29)
PER COMMON SHARE DATA
Basic earnings						$0.79						$0.66						$0.34						$0.85						$0.93						$0.13						20		%				($0.14)						(15		%)				$1.44						$1.93						($0.49)						(25		%)
Diluted earnings						0.78						0.65						0.34						0.85						0.92						0.13						20						(0.14)						(15)						1.44						1.92						(0.48)						(25)
Basic earnings, Underlying1						0.82						0.79						0.85						0.89						1.04						0.03						4						(0.22)						(21)						1.61						2.14						(0.53)						(25)
Diluted earnings, Underlying1						0.82						0.79						0.85						0.89						1.04						0.03						4						(0.22)						(21)						1.60						2.14						(0.54)						(25)
Cash dividends declared and paid per common share						0.42						0.42						0.42						0.42						0.42						—						—						—						—						0.84						0.84						—						—
Book value per common share						48.03						47.43						47.87						44.75						45.44						0.60						1						2.59						6						48.03						45.44						2.59						6
Tangible book value per common share						30.61						30.19						30.91						27.73						28.72						0.42						1						1.89						7						30.61						28.72						1.89						7
Dividend payout ratio						53		%				64		%				124		%				49		%				45		%				(1,048)		bps										816		bps										58		%				44		%				1,433		bps
Dividend payout ratio, Underlying1						51						53						49						47						40						(200)		bps										1,100		bps										52						39						1,300		bps
COMMON SHARES OUTSTANDING
Average: Basic						454,142,489						461,358,681						466,234,324						469,481,085						479,470,543						(7,216,192)						(2		%)				(25,328,054)						(5		%)				457,750,585						482,440,926						(24,690,341)						(5		%)
Diluted						456,561,022						463,797,964						468,159,167						471,183,719						480,975,281						(7,236,942)						(2)						(24,414,259)						(5)						460,009,546						484,252,103						(24,242,557)						(5)
Common shares at period-end						452,961,853						458,485,032						466,418,055						466,221,795						474,682,759						(5,523,179)						(1)						(21,720,906)						(5)						452,961,853						474,682,759						(21,720,906)						(5)

1 These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."

3

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CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED

(dollars in millions, except per share data)

						QUARTERLY TRENDS																																																						FOR THE SIX MONTHS ENDED JUNE 30,
																																				2Q24 Change																																				2024 Change
						2Q24						1Q24						4Q23						3Q23						2Q23						1Q24												2Q23												2024						2023						2023
																																				$/bps						%						$/bps						%																		$/bps						%
FINANCIAL RATIOS
Net interest margin						2.86		%				2.90		%				2.90		%				3.03		%				3.16		%				(4) bps												(30) bps												2.88		%				3.23		%				(35)		bps
Net interest margin, FTE1						2.87						2.91						2.91						3.03						3.17						(4)												(30)												2.89						3.23						(34)
Return on average common equity						6.70						5.63						2.96						7.50						8.00						107												(130)												6.16						8.54						(238)
Return on average common equity, Underlying2						7.00						6.77						7.41						7.82						8.97						23												(197)												6.88						9.48						(260)
Return on average tangible common equity						10.61						8.86						4.72						12.00						12.42						175												(181)												9.73						13.37						(364)
Return on average tangible common equity, Underlying2						11.09						10.65						11.84						12.51						13.93						44												(284)												10.87						14.84						(397)
Return on average total assets						0.72						0.61						0.33						0.78						0.86						11												(14)												0.66						0.90						(24)
Return on average total assets, Underlying2						0.75						0.72						0.76						0.81						0.96						3												(21)												0.73						0.99						(26)
Return on average total tangible assets						0.75						0.63						0.35						0.81						0.89						12												(14)												0.69						0.93						(24)
Return on average total tangible assets, Underlying2						0.78						0.75						0.78						0.84						0.99						3												(21)												0.76						1.03						(27)
Effective income tax rate						18.49						22.28						7.59						21.51						22.09						(379)												(360)												20.28						22.55						(227)
Effective income tax rate, Underlying2						20.33						22.84						22.25						21.69						22.51						(251)												(218)												21.59						22.89						(130)
Efficiency ratio						66.27						69.33						81.13						64.21						62.34						(306)												393												67.79						61.62						617
Efficiency ratio, Underlying2						64.59						65.05						63.77						63.08						58.86						(46)												573												64.82						58.34						648
Noninterest income as a % of total revenue						28.16						26.41						25.16						24.44						24.14						175												402												27.29						23.47						382
Noninterest income as a % of total revenue, Underlying2						28.00						26.32						25.16						24.44						24.14						168												386												27.16						23.47						369
CAPITAL RATIOS - PERIOD-END (PRELIMINARY)
CET1 capital ratio						10.7		%				10.6		%				10.6		%				10.4		%				10.3		%
Tier 1 capital ratio						12.0						11.8						11.8						11.5						11.4
Total capital ratio						14.0						13.8						13.7						13.4						13.3
Tier 1 leverage ratio						9.4						9.3						9.3						9.4						9.4
Tangible common equity ratio						6.5						6.5						6.7						5.9						6.3
SELECTED BALANCE SHEET DATA
Loan-to-deposit ratio (period-end balances)						80.43		%				81.16		%				82.30		%				84.03		%				85.17		%				(73)		bps										(474)		bps										80.43		%				85.17		%				(474)		bps
Loan-to-deposit ratio (average balances)						82.38						82.24						83.54						85.46						88.73						14		bps										(635)		bps										82.31						89.24						(693)		bps
Full-time equivalent colleagues (period-end)						17,510						17,354						17,570						18,214						18,468						156						1						(958)						(5)						17,510						18,468						(958)						(5)

1Net interest margin is presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21%. The FTE impact is predominantly attributable to commercial loans for the periods presented.

2These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."

4

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CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(dollars in millions)

						QUARTERLY TRENDS																																																						FOR THE SIX MONTHS ENDED JUNE 30,
																																				2Q24 Change																																				2024 Change
						2Q24						1Q24						4Q23						3Q23						2Q23						1Q24												2Q23												2024						2023						2023
																																				$						%						$						%																		$						%
INTEREST INCOME
Interest and fees on loans and leases						$2,011						$2,051						$2,144						$2,166						$2,132						($40)						(2		%)				($121)						(6		%)				$4,062						$4,179						($117)						(3		%)
Interest and fees on loans held for sale						13						14						18						20						20						(1)						(7)						(7)						(35)						27						35						(8)						(23)
Interest and fees on other loans held for sale						4						6						4						8						12						(2)						(33)						(8)						(67)						10						17						(7)						(41)
Investment securities						417						399						339						290						267						18						5						150						56						816						533						283						53
Interest-bearing deposits in banks						130						140						171						111						100						(10)						(7)						30						30						270						169						101						60
Total interest income						2,575						2,610						2,676						2,595						2,531						(35)						(1)						44						2						5,185						4,933						252						5
INTEREST EXPENSE
Deposits						965						987						974						898						723						(22)						(2)						242						33						1,952						1,273						679						53
Short-term borrowed funds						4						7						7						8						22						(3)						(43)						(18)						(82)						11						28						(17)						(61)
Long-term borrowed funds						196						174						207						167						198						22						13						(2)						(1)						370						401						(31)						(8)
Total interest expense						1,165						1,168						1,188						1,073						943						(3)						—						222						24						2,333						1,702						631						37
Net interest income						1,410						1,442						1,488						1,522						1,588						(32)						(2)						(178)						(11)						2,852						3,231						(379)						(12)
NONINTEREST INCOME
Service charges and fees						106						96						104						105						101						10						10						5						5						202						201						1						—
Capital markets fees						134						118						87						67						82						16						14						52						63						252						165						87						53
Card fees						92						86						70						74						80						6						7						12						15						178						152						26						17
Wealth fees1						75						68						68						63						65						7						10						10						15						143						128						15						12
Mortgage banking fees						54						49						57						69						59						5						10						(5)						(8)						103						116						(13)						(11)
Foreign exchange and derivative products						39						36						43						48						44						3						8						(5)						(11)						75						92						(17)						(18)
Letter of credit and loan fees						43						42						42						43						43						1						2						—						—						85						83						2						2
Securities gains, net						—						5						9						5						9						(5)						(100)						(9)						(100)						5						14						(9)						(64)
Other income						10						17						20						18						23						(7)						(41)						(13)						(57)						27						40						(13)						(33)
Total noninterest income						553						517						500						492						506						36						7						47						9						1,070						991						79						8
TOTAL REVENUE						1,963						1,959						1,988						2,014						2,094						4						—						(131)						(6)						3,922						4,222						(300)						(7)
Provision (benefit) for credit losses						182						171						171						172						176						11						6						6						3						353						344						9						3
NONINTEREST EXPENSE
Salaries and employee benefits						645						691						667						659						615						(46)						(7)						30						5						1,336						1,273						63						5
Equipment and software						190						192						215						191						181						(2)						(1)						9						5						382						350						32						9
Outside services						165						158						174						160						177						7						4						(12)						(7)						323						353						(30)						(8)
Occupancy						113						114						125						107						136						(1)						(1)						(23)						(17)						227						260						(33)						(13)
Other operating expense						188						203						431						176						197						(15)						(7)						(9)						(5)						391						366						25						7
Total noninterest expense						1,301						1,358						1,612						1,293						1,306						(57)						(4)						(5)						—						2,659						2,602						57						2
Income before income tax expense						480						430						205						549						612						50						12						(132)						(22)						910						1,276						(366)						(29)
Income tax expense						88						96						16						119						134						(8)						(8)						(46)						(34)						184						287						(103)						(36)
Net income						$392						$334						$189						$430						$478						$58						17		%				($86)						(18		%)				$726						$989						($263)						(27		%)
Net income, Underlying2						$408						$395						$426						$448						$531						$13						3		%				($123)						(23		%)				$803						$1,091						($288)						(26		%)
Net income available to common stockholders						$357						$304						$159						$400						$444						$53						17		%				($87)						(20		%)				$661						$932						($271)						(29		%)
Net income available to common stockholders, Underlying2						$373						$365						$396						$418						$497						$8						2		%				($124)						(25		%)				$738						$1,034						($296)						(29		%)

1 Effective for the second quarter of 2024, Trust and investment services fees was renamed to Wealth fees to better reflect the broad range of wealth-related management fees and services provided to our customers.

2 These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."

5

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CONSOLIDATED BALANCE SHEETS (unaudited)

(dollars in millions, except par value)

PERIOD-END BALANCES						AS OF																														JUNE 30, 2024 CHANGE
						June 30, 2024						Mar 31, 2024						Dec 31, 2023						Sept 30, 2023						June 30, 2023						March 31, 2024												June 30, 2023
																																				$						%						$						%
ASSETS
Cash and due from banks						$1,191						$1,098						$1,794						$1,395						$1,689						$93						8		%				($498)						(29		%)
Interest-bearing cash and due from banks						10,580						10,501						9,834						14,005						9,878						79						1						702						7
Interest-bearing deposits in banks						559						392						405						324						284						167						43						275						97
Debt securities available for sale, at fair value						31,938						31,187						29,777						25,069						24,755						751						2						7,183						29
Debt securities held to maturity						8,895						9,054						9,184						9,320						9,520						(159)						(2)						(625)						(7)
Loans held for sale, at fair value						591						505						676						749						1,225						86						17						(634)						(52)
Other loans held for sale						92						50						103						99						196						42						84						(104)						(53)
Loans and leases						141,842						143,188						145,959						149,746						151,320						(1,346)						(1)						(9,478)						(6)
Less: Allowance for loan and lease losses						(2,125)						(2,086)						(2,098)						(2,080)						(2,044)						(39)						2						(81)						4
Net loans and leases						139,717						141,102						143,861						147,666						149,276						(1,385)						(1)						(9,559)						(6)
Derivative assets						367						469						440						522						719						(102)						(22)						(352)						(49)
Premises and equipment						863						872						895						878						876						(9)						(1)						(13)						(1)
Bank-owned life insurance						3,325						3,311						3,291						3,275						3,263						14						—						62						2
Goodwill						8,187						8,188						8,188						8,188						8,188						(1)						—						(1)						—
Other intangible assets						139						148						157						167						175						(9)						(6)						(36)						(21)
Other assets						13,494						13,571						13,359						13,613						13,022						(77)						(1)						472						4
TOTAL ASSETS						$219,938						$220,448						$221,964						$225,270						$223,066						($510)						—		%				($3,128)						(1		%)
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest-bearing						$36,927						$36,593						$37,107						$38,561						$40,286						$334						1		%				($3,359)						(8		%)
Interest-bearing						139,425						139,835						140,235						139,636						137,381						(410)						—						2,044						1
Total deposits						176,352						176,428						177,342						178,197						177,667						(76)						—						(1,315)						(1)
Short-term borrowed funds						2						9						505						232						1,099						(7)						(78)						(1,097)						(100)
Derivative liabilities						1,547						1,705						1,562						2,109						2,270						(158)						(9)						(723)						(32)
Long-term borrowed funds:
FHLB advances						553						2,036						3,786						7,036						5,029						(1,483)						(73)						(4,476)						(89)
Senior debt						6,512						6,414						5,170						5,258						5,258						98						2						1,254						24
Subordinated debt and other debt						6,017						5,354						4,511						5,060						3,813						663						12						2,204						58
Total long-term borrowed funds						13,082						13,804						13,467						17,354						14,100						(722)						(5)						(1,018)						(7)
Other liabilities						5,086						4,741						4,746						4,500						4,345						345						7						741						17
TOTAL LIABILITIES						196,069						196,687						197,622						202,392						199,481						(618)						—						(3,412)						(2)
STOCKHOLDERS' EQUITY
Preferred stock:
$25.00 par value, 100,000,000 shares authorized for each of the periods presented						2,112						2,014						2,014						2,014						2,014						98						5						98						5
Common stock:
$0.01 par value, 1,000,000,000 shares authorized for each of the periods presented						6						6						6						6						6						—						—						—						—
Additional paid-in capital						22,299						22,272						22,250						22,231						22,207						27						—						92						—
Retained earnings						10,079						9,923						9,816						9,856						9,655						156						2						424						4
Treasury stock, at cost						(6,492)						(6,290)						(5,986)						(5,986)						(5,734)						(202)						(3)						(758)						(13)
Accumulated other comprehensive income (loss)						(4,135)						(4,164)						(3,758)						(5,243)						(4,563)						29						1						428						9
TOTAL STOCKHOLDERS' EQUITY						23,869						23,761						24,342						22,878						23,585						108						—						284						1
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY						$219,938						$220,448						$221,964						$225,270						$223,066						($510)						—		%				($3,128)						(1		%)
Memo: Total tangible common equity						$13,866						$13,844						$14,417						$12,930						$13,630						$22						—		%				$236						2		%

6

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LOANS AND DEPOSITS

(dollars in millions)

PERIOD-END BALANCES						AS OF																														JUNE 30, 2024 CHANGE
						June 30, 2024						Mar 31, 2024						Dec 31, 2023						Sept 30, 2023						June 30, 2023						Mar 31, 2024												June 30, 2023
																																				$						%						$						%
LOANS AND LEASES
Commercial and industrial1						$43,623						$43,951						$44,974						$47,971						$49,332						($328)						(1		%)				($5,709)						(12		%)
Commercial real estate						28,311						28,872						29,471						29,486						28,947						(561)						(2)						(636)						(2)
Total commercial						71,934						72,823						74,445						77,457						78,279						(889)						(1)						(6,345)						(8)
Residential mortgages						31,890						31,512						31,332						30,983						30,769						378						1						1,121						4
Home equity						15,534						15,113						15,040						14,729						14,487						421						3						1,047						7
Automobile						6,383						7,277						8,258						9,290						10,428						(894)						(12)						(4,045)						(39)
Education						11,265						11,646						11,834						12,134						12,246						(381)						(3)						(981)						(8)
Other retail						4,836						4,817						5,050						5,153						5,111						19						—						(275)						(5)
Total retail						69,908						70,365						71,514						72,289						73,041						(457)						(1)						(3,133)						(4)
Total loans and leases						$141,842						$143,188						$145,959						$149,746						$151,320						($1,346)						(1		%)				($9,478)						(6		%)
Loans held for sale, at fair value						591						505						676						749						1,225						86						17						(634)						(52)
Other loans held for sale						92						50						103						99						196						42						84						(104)						(53)
Loans and leases and loans held for sale						$142,525						$143,743						$146,738						$150,594						$152,741						($1,218)						(1		%)				($10,216)						(7		%)
DEPOSITS
Demand						$36,927						$36,593						$37,107						$38,561						$40,286						$334						1		%				($3,359)						(8		%)
Money market						52,599						52,182						53,812						53,517						52,542						417						1						57						—
Checking with interest						34,421						34,487						31,876						33,355						35,028						(66)						—						(607)						(2)
Savings						27,240						27,912						27,983						29,139						29,824						(672)						(2)						(2,584)						(9)
Term						25,165						25,254						26,564						23,625						19,987						(89)						—						5,178						26
Total deposits						$176,352						$176,428						$177,342						$178,197						$177,667						($76)						—		%				($1,315)						(1		%)

1Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation.

7

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AVERAGE BALANCE SHEETS, ANNUALIZED YIELDS AND RATES
(dollars in millions)
						QUARTERLY TRENDS																																																						2Q24 Change
						2Q24																		1Q24																		2Q23																		1Q24																		2Q23
						Average Balances						Interest						Rate						Average Balances						Interest						Rate						Average Balances						Interest						Rate						Average Balances						Interest						Rate						Average Balances						Interest						Rate
INTEREST-EARNING ASSETS
Interest-bearing cash and due from banks and deposits in banks						$9,650						$130						5.35		%				$10,268						$140						5.39		%				$7,768						$100						5.10		%				($618)						($10)						(4) bps						$1,882						$30						25 bps
Taxable investment securities						44,691						417						3.73						43,904						399						3.63						38,000						267						2.81						787						18						10						6,691						150						92
Non-taxable investment securities						1						—						2.60						1						—						2.60						2						—						2.68						—						—						—						(1)						—						(8)
Total investment securities						44,692						417						3.73						43,905						399						3.63						38,002						267						2.81						787						18						10						6,690						150						92
Commercial and industrial1						44,381						604						5.38						44,577						635						5.64						51,122						777						6.02						(196)						(31)						(26)						(6,741)						(173)						(64)
Commercial real estate						28,574						456						6.32						29,265						468						6.32						29,115						445						6.05						(691)						(12)						—						(541)						11						27
Total commercial						72,955						1,060						5.75						73,842						1,103						5.91						80,237						1,222						6.03						(887)						(43)						(16)						(7,282)						(162)						(28)
Residential mortgages						31,633						290						3.67						31,384						283						3.60						30,566						259						3.38						249						7						7						1,067						31						29
Home equity						15,343						305						7.99						15,080						298						7.94						14,340						264						7.38						263						7						5						1,003						41						61
Automobile						6,807						72						4.28						7,758						82						4.25						10,997						113						4.14						(951)						(10)						3						(4,190)						(41)						14
Education						11,447						154						5.40						11,816						156						5.31						12,430						155						5.00						(369)						(2)						9						(983)						(1)						40
Other retail						4,882						130						10.71						4,942						129						10.54						5,155						119						9.30						(60)						1						17						(273)						11						141
Total retail						70,112						951						5.45						70,980						948						5.36						73,488						910						4.96						(868)						3						9						(3,376)						41						49
Total loans and leases						143,067						2,011						5.60						144,822						2,051						5.64						153,725						2,132						5.52						(1,755)						(40)						(4)						(10,658)						(121)						8
Loans held for sale, at fair value						896						13						6.19						850						14						6.37						1,381						20						5.74						46						(1)						(18)						(485)						(7)						45
Other loans held for sale						160						4						9.34						223						6						10.72						622						12						7.90						(63)						(2)						(138)						(462)						(8)						144
Total interest-earning assets						198,465						2,575						5.17						200,068						2,610						5.20						201,498						2,531						5.00						(1,603)						(35)						(3)						(3,033)						44						17
Noninterest-earning assets						20,757																		20,702																		20,875																		55																		(118)
TOTAL ASSETS						$219,222																		$220,770																		$222,373																		($1,548)																		($3,151)
INTEREST-BEARING LIABILITIES
Checking with interest						$33,659						128						1.54						$32,302						109						1.35						$34,586						110						1.28						$1,357						19						19						($927)						$18						26
Money market						51,570						431						3.36						52,926						445						3.38						49,665						348						2.81						(1,356)						(14)						(2)						1,905						83						55
Regular savings						27,560						120						1.75						27,745						121						1.76						29,640						108						1.46						(185)						(1)						(1)						(2,080)						12						29
Term						24,676						286						4.66						26,447						312						4.74						17,180						157						3.68						(1,771)						(26)						(8)						7,496						129						98
Total interest-bearing deposits						137,465						965						2.82						139,420						987						2.85						131,071						723						2.21						(1,955)						(22)						(3)						6,394						242						61
Short-term borrowed funds						325						4						5.62						498						7						5.53						1,446						22						5.82						(173)						(3)						9						(1,121)						(18)						(20)
FHLB advances						2,375						34						5.55						2,272						32						5.60						9,674						123						5.01						103						2						(5)						(7,299)						(89)						54
Senior debt						6,684						80						4.81						6,113						70						4.56						5,264						57						4.27						571						10						25						1,420						23						54
Subordinated debt and other debt						6,033						82						5.43						5,279						72						5.45						1,857						18						4.37						754						10						(2)						4,176						64						106
Total long-term borrowed funds						15,092						196						5.18						13,664						174						5.08						16,795						198						4.70						1,428						22						10						(1,703)						(2)						48
Total borrowed funds						15,417						200						5.18						14,162						181						5.09						18,241						220						4.80						1,255						19						9						(2,824)						(20)						38
Total interest-bearing liabilities						152,882						1,165						3.06						153,582						1,168						3.05						149,312						943						2.53						(700)						(3)						1						3,570						222						53
Demand deposits						36,205																		36,684																		42,178																		(479)																		(5,973)
Other noninterest-bearing liabilities						6,652																		6,791																		6,580																		(139)																		72
TOTAL LIABILITIES						195,739																		197,057																		198,070																		(1,318)																		(2,331)
STOCKHOLDERS' EQUITY						23,483																		23,713																		24,303																		(230)																		(820)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY						$219,222																		$220,770																		$222,373																		($1,548)																		($3,151)
INTEREST RATE SPREAD																		2.11		%																2.15		%																2.47		%																(4)																		(36)
NET INTEREST MARGIN AND NET INTEREST INCOME												$1,410						2.86		%										$1,442						2.90		%										$1,588						3.16		%										($32)						(4)												($178)						(30)
NET INTEREST MARGIN AND NET INTEREST INCOME, FTE2												$1,415						2.87		%										$1,446						2.91		%										$1,593						3.17		%										($31)						(4)												($178)						(30)
Memo: Total deposits (interest-bearing and demand)						$173,670						$965						2.24		%				$176,104						$987						2.25		%				$173,249						$723						1.68		%				($2,434)						($22)						(1) bps						$421						$242						56 bps

1Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation.

2Net interest income and net interest margin is presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21%. The FTE impact is predominantly attributable to commercial loans for the periods presented.

8

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AVERAGE BALANCE SHEETS, ANNUALIZED YIELDS AND RATES
(dollars in millions)
						FOR THE SIX MONTHS ENDED JUNE 30,																																				2024 Change
						2024																		2023																		2023
						Average Balances						Interest						Rate						Average Balances						Interest						Rate						Average Balances						Interest						Rate
INTEREST-EARNING ASSETS
Interest-bearing cash and due from banks and deposits in banks						$9,959						$270						5.37		%				$6,839						$169						4.91		%				$3,120						$101						46		bps
Taxable investment securities						44,297						816						3.68						38,474						533						2.77						5,823						283						91
Non-taxable investment securities						1						—						2.60						2						—						2.68						(1)						—						(8)
Total investment securities						44,298						816						3.68						38,476						533						2.77						5,822						283						91
Commercial and industrial1						44,479						1,239						5.51						52,269						1,524						5.81						(7,790)						(285)						(30)
Commercial real estate						28,920						924						6.32						29,004						861						5.90						(84)						63						42
Total commercial						73,399						2,163						5.83						81,273						2,385						5.84						(7,874)						(222)						(1)
Residential mortgages						31,508						573						3.64						30,322						509						3.35						1,186						64						29
Home equity						15,212						603						7.97						14,207						504						7.16						1,005						99						81
Automobile						7,282						154						4.26						11,465						232						4.09						(4,183)						(78)						17
Education						11,632						310						5.35						12,612						309						4.94						(980)						1						41
Other retail						4,912						259						10.62						5,222						240						9.27						(310)						19						135
Total retail						70,546						1,899						5.40						73,828						1,794						4.89						(3,282)						105						51
Total loans and leases						143,945						4,062						5.62						155,101						4,179						5.39						(11,156)						(117)						23
Loans held for sale, at fair value						873						27						6.28						1,196						35						5.79						(323)						(8)						49
Other loans held for sale						191						10						10.14						410						17						8.40						(219)						(7)						174
Total interest-earning assets						199,266						5,185						5.18						202,022						4,933						4.88						(2,756)						252						30
Noninterest-earning assets						20,730																		20,519																		211
TOTAL ASSETS						$219,996																		$222,541																		($2,545)
INTEREST-BEARING LIABILITIES
Checking with interest						$32,980						237						1.45						$35,276						207						1.18						($2,296)						30						27
Money market						52,248						876						3.37						49,803						635						2.57						2,445						241						80
Regular savings						27,653						241						1.75						29,551						187						1.28						(1,898)						54						47
Term						25,562						598						4.70						15,021						244						3.27						10,541						354						143
Total interest-bearing deposits						138,443						1,952						2.84						129,651						1,273						1.98						8,792						679						86
Short-term borrowed funds						411						11						5.57						997						28						5.59						(586)						(17)						(2)
FHLB advances						2,323						66						5.58						10,016						244						4.84						(7,693)						(178)						74
Senior debt						6,399						150						4.69						5,434						118						4.33						965						32						36
Subordinated debt and other debt						5,656						154						5.44						1,834						39						4.37						3,822						115						107
Total long-term borrowed funds						14,378						370						5.13						17,284						401						4.63						(2,906)						(31)						50
Total borrowed funds						14,789						381						5.14						18,281						429						4.68						(3,492)						(48)						46
Total interest-bearing liabilities						153,232						2,333						3.06						147,932						1,702						2.31						5,300						631						75
Demand deposits						36,444																		44,145																		(7,701)
Other noninterest-bearing liabilities						6,722																		6,453																		269
TOTAL LIABILITIES						196,398																		198,530																		(2,132)
STOCKHOLDERS' EQUITY						23,598																		24,011																		(413)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY						$219,996																		$222,541																		($2,545)
INTEREST RATE SPREAD																		2.12		%																2.57		%																(45)
NET INTEREST MARGIN AND NET INTEREST INCOME												$2,852						2.88		%										$3,231						3.23		%										($379)						(35)
NET INTEREST MARGIN AND NET INTEREST INCOME, FTE2												$2,861						2.89		%										$3,240						3.23		%										($379)						(34)
Memo: Total deposits (interest-bearing and demand)						$174,887						$1,952						2.24		%				$173,796						$1,273						1.48		%				$1,091						$679						76		bps

1Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation.

2Net interest income and net interest margin is presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21%. The FTE impact is predominantly attributable to commercial loans for the periods presented.

9

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MORTGAGE BANKING FEES SUMMARY

(dollars in millions)

						QUARTERLY TRENDS																																																						FOR THE SIX MONTHS ENDED JUNE 30,
																																				2Q24 Change																																				2024 Change
						2Q24						1Q24						4Q23						3Q23						2Q23						1Q24												2Q23												2024						2023						2023
																																				$/bps						%						$/bps						%																		$/bps						%
MORTGAGE BANKING FEES
Production revenue						$14						$15						$11						$19						$23						($1)						(7		%)				($9)						(39		%)				$29						$41						($12)						(29		%)
Mortgage servicing revenue						35						33						37						35						34						2						6						1						3						68						71						(3)						(4)
MSR valuation changes, net of hedge impact						5						1						9						15						2						4						NM						3						150						6						4						2						50
Total mortgage banking fees						$54						$49						$57						$69						$59						$5						10		%				($5)						(8		%)				$103						$116						($13)						(11		%)
Pull-through adjusted locks						$1,930						$1,404						$1,412						$2,397						$2,870						$526						37		%				($940)						(33		%)				$3,334						$4,948						($1,614)						(33		%)
Production revenue as a percentage of Pull-through adjusted locks						0.74		%				1.05		%				0.78		%				0.79		%				0.79		%				(31)		bps										(5)		bps										0.87		%				0.84		%				3		bps
RESIDENTIAL REAL ESTATE ORIGINATIONS
Retail						$1,584						$1,045						$958						$1,146						$1,260						$539						52		%				$324						26		%				$2,629						$2,271						$358						16		%
Third Party						1,323						892						1,214						2,285						2,350						431						48						(1,027)						(44)						2,215						3,683						(1,468)						(40)
Total						$2,907						$1,937						$2,172						$3,431						$3,610						$970						50		%				(703)						(19		%)				$4,844						$5,954						($1,110)						(19		%)
Originated for sale						$1,872						$1,296						$1,595						$2,815						$2,874						$576						44		%				($1,002)						(35		%)				$3,168						$4,525						($1,357)						(30		%)
Originated for investment						1,035						641						577						616						736						394						61						299						41						1,676						1,429						247						17
Total						$2,907						$1,937						$2,172						$3,431						$3,610						$970						50		%				($703)						(19		%)				$4,844						$5,954						($1,110)						(19		%)
MORTGAGE SERVICING INFORMATION (UPB)
Loans serviced for others						$96,439						$96,952						$97,420						$97,603						$96,591						($513)						(1		%)				($152)						—		%				$96,439						$96,591						($152)						—		%
Owned loans serviced						32,118						31,659						31,640						31,436						31,636						459						1						482						2						32,118						31,636						482						2
Total						$128,557						$128,611						$129,060						$129,039						$128,227						($54)						—		%				$330						—		%				$128,557						$128,227						$330						—		%
MSR at fair value						$1,568						$1,564						$1,552						$1,620						$1,524						$4						—		%				$44						3		%				$1,568						$1,524						$44						3		%

    

10

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SEGMENT FINANCIAL HIGHLIGHTS - CONSUMER BANKING

(dollars in millions)

						QUARTERLY TRENDS																																																						FOR THE SIX MONTHS ENDED JUNE 30,
CONSUMER BANKING																																				2Q24 Change																																				2024 Change
						2Q24						1Q24						4Q23						3Q23						2Q23						1Q24												2Q23												2024						2023						2023
																																				$/bps						%						$/bps						%																		$/bps						%
Net interest income						$1,120						$1,093						$1,086						$1,067						$1,023						$27						2		%				$97						9		%				$2,213						$2,034						$179						9		%
Noninterest income						277						258						265						278						268						19						7						9						3						535						524						11						2
Total revenue						1,397						1,351						1,351						1,345						1,291						46						3						106						8						2,748						2,558						190						7
Noninterest expense						915						903						905						905						875						12						1						40						5						1,818						1,732						86						5
Profit (loss) before credit losses						482						448						446						440						416						34						8						66						16						930						826						104						13
Net charge-offs						84						81						82						67						68						3						4						16						24						165						131						34						26
Income (loss) before income tax expense (benefit)						398						367						364						373						348						31						8						50						14						765						695						70						10
Income tax expense (benefit)						102						95						95						97						91						7						7						11						12						197						181						16						9
Net income (loss)						$296						$272						$269						$276						$257						$24						9		%				$39						15		%				$568						$514						$54						11		%
AVERAGE BALANCES
Total assets						$74,295						$73,833						$73,334						$72,964						$72,583						$462						1		%				$1,712						2		%				$74,064						$72,230						$1,834						3		%
Total loans and leases1						67,960						67,448						66,906						66,641						66,289						512						1						1,671						3						67,704						65,931						1,773						3
Deposits						120,478						120,019						118,474						117,979						115,847						459						—						4,631						4						120,248						115,713						4,535						4
Interest-earning assets						68,552						68,050						67,524						67,273						66,933						502						1						1,619						2						68,301						66,594						1,707						3
KEY METRICS
Net interest margin						6.57		%				6.46		%				6.40		%				6.28		%				6.12		%				11		bps										45		bps										6.51		%				6.16		%				35		bps
Efficiency ratio						65.49						66.87						67.08						67.18						67.74						(138)		bps										(225)		bps										66.17						67.72						(155)		bps
Loan-to-deposit ratio (period-end balances)						55.73						55.25						55.52						55.81						55.35						48		bps										38		bps										55.73						55.35						38		bps
Loan-to-deposit ratio (average balances)						55.97						55.80						55.88						55.71						56.44						17		bps										(47)		bps										55.88						56.35						(47)		bps
Return on average total tangible assets						1.61						1.49						1.47						1.51						1.43						12		bps										18		bps										1.55						1.45						10		bps

1 Includes loans held for sale.

11

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SEGMENT FINANCIAL HIGHLIGHTS - COMMERCIAL BANKING

(dollars in millions)

						QUARTERLY TRENDS																																																						FOR THE SIX MONTHS ENDED JUNE 30,
COMMERCIAL BANKING																																				2Q24 Change																																				2024 Change
						2Q24						1Q24						4Q23						3Q23						2Q23						1Q24												2Q23												2024						2023						2023
																																				$/bps						%						$/bps						%																		$/bps						%
Net interest income						$494						$514						$551						$560						$584						($20)						(4		%)				($90)						(15		%)				$1,008						$1,181						($173)						(15		%)
Noninterest income						242						227						196						180						207						15						7						35						17						469						408						61						15
Total revenue						736						741						747						740						791						(5)						(1)						(55)						(7)						1,477						1,589						(112)						(7)
Noninterest expense						311						317						324						325						315						(6)						(2)						(4)						(1)						628						646						(18)						(3)
Profit (loss) before credit losses						425						424						423						415						476						1						—						(51)						(11)						849						943						(94)						(10)
Net charge-offs						90						81						65						67						71						9						11						19						27						171						118						53						45
Income (loss) before income tax expense (benefit)						335						343						358						348						405						(8)						(2)						(70)						(17)						678						825						(147)						(18)
Income tax expense (benefit)						76						84						89						88						100						(8)						(10)						(24)						(24)						160						201						(41)						(20)
Net income (loss)						$259						$259						$269						$260						$305						$—						—		%				($46)						(15		%)				$518						$624						($106)						(17		%)
AVERAGE BALANCES
Total assets						$68,958						$70,100						$72,758						$74,997						$77,546						($1,142)						(2		%)				($8,588)						(11		%)				$69,529						$78,215						($8,686)						(11		%)
Total loans and leases1						65,997						67,187						69,899						71,898						74,295						(1,190)						(2)						(8,298)						(11)						66,592						75,010						(8,418)						(11)
Deposits						44,203						45,912						46,962						47,221						45,494						(1,709)						(4)						(1,291)						(3)						45,058						47,220						(2,162)						(5)
Interest-earning assets						66,447						67,536						70,267						72,275						74,687						(1,089)						(2)						(8,240)						(11)						66,991						75,405						(8,414)						(11)
KEY METRICS
Net interest margin						2.99		%				3.07		%				3.11		%				3.07		%				3.13		%				(8)		bps										(14)		bps										3.03		%				3.16		%				(13)		bps
Efficiency ratio						42.28						42.80						43.44						43.93						39.76						(52)		bps										252		bps										42.54						40.62						192		bps
Loan-to-deposit ratio (period-end balances)						141.41						143.98						146.09						145.77						150.41						(257)		bps										(900)		bps										141.41						150.41						(900)		bps
Loan-to-deposit ratio (average balances)						148.15						145.05						147.64						150.96						160.89						310		bps										(1,274)		bps										146.57						156.99						(1,042)		bps
Return on average total tangible assets						1.52						1.50						1.48						1.39						1.59						2		bps										(7)		bps										1.51						1.62						(11)		bps

1 Includes loans held for sale.

12

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SEGMENT FINANCIAL HIGHLIGHTS - NON-CORE

(dollars in millions)

						QUARTERLY TRENDS																																																						FOR THE SIX MONTHS ENDED JUNE 30,
NON-CORE																																				2Q24 Change																																				2024 Change
						2Q24						1Q24						4Q23						3Q23						2Q23						1Q24												2Q23												2024						2023						2023
																																				$/bps						%						$/bps						%																		$/bps						%
Net interest income						($31)						($37)						($45)						($41)						($28)						$6						16		%				($3)						(11		%)				($68)						($43)						($25)						(58		%)
Noninterest income						—						—						—						—						—						—						—						—						—						—						—						—						—
Total revenue						(31)						(37)						(45)						(41)						(28)						6						16						(3)						(11)						(68)						(43)						(25)						(58)
Noninterest expense						26						25						28						30						33						1						4						(7)						(21)						51						65						(14)						(22)
Profit (loss) before credit losses						(57)						(62)						(73)						(71)						(61)						5						8						4						7						(119)						(108)						(11)						(10)
Net charge offs						10						19						24						20						13						(9)						(47)						(3)						(23)						29						34						(5)						(15)
Income (loss) before income tax expense (benefit)						(67)						(81)						(97)						(91)						(74)						14						17						7						9						(148)						(142)						(6)						(4)
Income tax expense (benefit)						(17)						(21)						(25)						(24)						(19)						4						19						2						11						(38)						(37)						(1)						(3)
Net income (loss)						($50)						($60)						($72)						($67)						($55)						$10						17		%				$5						9		%				($110)						($105)						($5)						(5		%)
AVERAGE BALANCES
Total assets						$9,418						$10,554						$11,776						$13,113						$14,456						($1,136)						(11		%)				($5,038)						(35		%)				$9,986						$15,068						($5,082)						(34		%)
Total loans and leases1						9,376						10,507						11,701						13,010						14,395						(1,131)						(11)						(5,019)						(35)						9,942						15,004						(5,062)						(34)
Interest-earning assets						9,376						10,507						11,726						13,010						14,395						(1,131)						(11)						(5,019)						(35)						9,942						15,004						(5,062)						(34)
KEY METRICS
Net interest margin						(1.36)		%				(1.41)		%				(1.54)		%				(1.24)		%				(0.77)		%				5		bps										(59)		bps										(1.38)		%				(0.57)		%				(81)		bps
Return on average total tangible assets						(2.14)						(2.30)						(2.42)						(2.03)						(1.53)						16		bps										(61)		bps										(2.22)						(1.41)						(81)		bps

1 Includes loans held for sale.

13

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SEGMENT FINANCIAL HIGHLIGHTS - OTHER

(dollars in millions)

						QUARTERLY TRENDS																																																						FOR THE SIX MONTHS ENDED JUNE 30,
OTHER1																																				2Q24 Change																																				2024 Change
						2Q24						1Q24						4Q23						3Q23						2Q23						1Q24												2Q23												2024						2023						2023
																																				$						%						$						%																		$						%
Net interest income						($173)						($128)						($104)						($64)						$9						($45)						(35		%)				($182)						NM						($301)						$59						($360)						NM
Noninterest income						34						32						39						34						31						2						6						3						10						66						59						7						12
Total revenue						(139)						(96)						(65)						(30)						40						(43)						(45)						(179)						NM						(235)						118						(353)						NM
Noninterest expense						49						113						355						33						83						(64)						(57)						(34)						(41)						162						159						3						2
Profit (loss) before provision (benefit) for credit losses						(188)						(209)						(420)						(63)						(43)						21						10						(145)						NM						(397)						(41)						(356)						NM
Provision (benefit) for credit losses						(2)						(10)						—						18						24						8						80						(26)						NM						(12)						61						(73)						NM
Income (loss) before income tax expense (benefit)						(186)						(199)						(420)						(81)						(67)						13						7						(119)						(178)						(385)						(102)						(283)						NM
Income tax expense (benefit)						(73)						(62)						(143)						(42)						(38)						(11)						(18)						(35)						(92)						(135)						(58)						(77)						(133)
Net income (loss)						($113)						($137)						($277)						($39)						($29)						$24						18		%				($84)						NM						($250)						($44)						($206)						NM
AVERAGE BALANCES
Total assets						$66,551						$66,283						$65,785						$59,088						$57,788						$268						—		%				$8,763						15		%				$66,417						$57,028						$9,389						16		%
Total loans and leases2						789						754						729						766						748						35						5						41						5						771						762						9						1
Deposits						8,989						10,173						11,692						11,250						11,908						(1,184)						(12)						(2,919)						(25)						9,581						10,863						(1,282)						(12)
Interest-earning assets						54,089						53,976						53,604						47,035						45,482						113						—						8,607						19						54,033						45,018						9,015						20

1 Includes assets, liabilities, capital, revenues, provision for credit losses, expenses and income tax expense not attributed to our Consumer Banking, Commercial Banking, or Non-Core segments as well as treasury and community development.

2 Includes loans held for sale.

14

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CREDIT-RELATED INFORMATION

(dollars in millions)

						AS OF																														JUNE 30, 2024 CHANGE
						June 30, 2024						Mar 31, 2024						Dec 31, 2023						Sept 30, 2023						June 30, 2023						Mar 31, 2024												June 30, 2023
																																				$/bps/%						%						$/bps/%						%
NONACCRUAL LOANS AND LEASES
Commercial and industrial1						$261						$294						$297						$245						$283						($33)						(11		%)				($22)						(8		%)
Commercial real estate						678						597						477						470						352						81						14						326						93
Total commercial						939						891						774						715						635						48						5						304						48
Residential mortgages2						153						174						177						190						201						(21)						(12)						(48)						(24)
Home equity						279						288						285						268						251						(9)						(3)						28						11
Automobile						44						47						61						62						51						(3)						(6)						(7)						(14)
Education						52						29						28						23						22						23						79						30						136
Other retail						60						40						39						38						31						20						50						29						94
Total retail						588						578						590						581						556						10						2						32						6
Nonaccrual loans and leases						1,527						1,469						1,364						1,296						1,191						58						4						336						28
Repossessed assets						13						14						14						15						11						(1)						(7)						2						18
Nonaccrual loans and leases and repossessed assets						$1,540						$1,483						$1,378						$1,311						$1,202						$57						4		%				$338						28		%
NONACCRUAL LOANS AND LEASES BY PRODUCT3
Commercial						$939						$891						$774						$715						$635						$48						5		%				$304						48		%
Retail						601						592						604						596						567						9						2						34						6
Total nonaccrual loans and leases						$1,540						$1,483						$1,378						$1,311						$1,202						$57						4		%				$338						28		%
ASSET QUALITY RATIOS
Allowance for loan and lease losses to loans and leases						1.50		%				1.46		%				1.44		%				1.39		%				1.35		%				4		bps										15		bps
Allowance for credit losses to loans and leases						1.63						1.61						1.59						1.55						1.52						2												11
Allowance for loan and lease losses to nonaccrual loans and leases						139						142						154						160						172						(3		%)										(33		%)
Allowance for credit losses to nonaccrual loans and leases						151						157						170						179						193						(6		%)										(42		%)
Nonaccrual loans and leases to loans and leases						1.08						1.02						0.93						0.87						0.79						6		bps										29		bps

1Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation.

2Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.

3Nonaccrual loans and leases by product includes repossessed assets.

15

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CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)

						AS OF																														JUNE 30, 2024 CHANGE
						June 30, 2024						Mar 31, 2024						Dec 31, 2023						Sept 30, 2023						June 30, 2023						Mar 31, 2024												June 30, 2023
																																				$/bps						%						$/bps						%
LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Commercial and industrial1						$7						$23						$6						$4						$2						($16)						(70		%)				$5						250		%
Commercial real estate						36						39						40						3						—						(3)						(8)						36						100
Total commercial						43						62						46						7						2						(19)						(31)						41						NM
Residential mortgages2						182						209						256						217						257						(27)						(13)						(75)						(29)
Home equity						—						—						—						—						—						—						—						—						—
Automobile						—						—						—						—						—						—						—						—						—
Education						2						2						2						3						3						—						—						(1)						(33)
Other retail						1						27						29						21						20						(26)						(96)						(19)						(95)
Total retail						185						238						287						241						280						(53)						(22)						(95)						(34)
Total loans and leases						$228						$300						$333						$248						$282						($72)						(24		%)				($54)						(19		%)

1Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation.

2 90+ days past due and accruing includes $168 million, $202 million, $243 million, $216 million, and $256 million of loans fully or partially guaranteed by the FHA, VA, and USDA for June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023, respectively.

16

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CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)

						QUARTERLY TRENDS																																																						FOR THE SIX MONTHS ENDED JUNE 30,
																																				2Q24 Change																																				2024 Change
						2Q24						1Q24						4Q23						3Q23						2Q23						1Q24												2Q23												2024						2023						2023
																																				$						%						$						%																		$						%
CHARGE-OFFS, RECOVERIES AND RELATED RATIOS
GROSS CHARGE-OFFS
Commercial and industrial1						$14						$14						$24						$25						$17						$—						—		%				($3)						(18)						$28						$72						($44)						(61		%)
Commercial real estate						86						88						49						49						62						(2)						(2)						24						39						174						66						108						164
Total commercial						100						102						73						74						79						(2)						(2)						21						27						202						138						64						46
Residential mortgages						1						2						3						1						1						(1)						(50)						—						—						3						2						1						50
Home equity						4						4						4						3						3						—						—						1						33						8						5						3						60
Automobile						19						28						31						28						24						(9)						(32)						(5)						(21)						47						54						(7)						(13)
Education						31						32						35						27						26						(1)						(3)						5						19						63						49						14						29
Other retail						68						63						60						58						56						5						8						12						21						131						112						19						17
Total retail						123						129						133						117						110						(6)						(5)						13						12						252						222						30						14
Total gross charge-offs						$223						$231						$206						$191						$189						($8)						(3		%)				$34						18		%				$454						$360						$94						26		%
GROSS RECOVERIES
Commercial and industrial1						$4						$17						$3						$3						$3						($13)						(76		%)				$1						33		%				$21						$9						$12						133		%
Commercial real estate						—						—						1						1						—						—						—						—						—						—						1						(1)						(100)
Total commercial						4						17						4						4						3						(13)						(76)						1						33						21						10						11						110
Residential mortgages						1						1						1						2						1						—						—						—						—						2						1						1						100
Home equity						7						6						5						6						6						1						17						1						17						13						11						2						18
Automobile						15						14						14						13						16						1						7						(1)						(6)						29						31						(2)						(6)
Education						5						5						5						5						4						—						—						1						25						10						9						1						11
Other retail						7						7						6						8						7						—						—						—						—						14						13						1						8
Total retail						35						33						31						34						34						2						6						1						3						68						65						3						5
Total gross recoveries						$39						$50						$35						$38						$37						($11)						(22		%)				$2						5		%				$89						$75						$14						19		%
NET CHARGE-OFFS (RECOVERIES)
Commercial and industrial1						$10						($3)						$21						$22						$14						$13						NM						($4)						(29)						$7						$63						($56)						(89)
Commercial real estate						86						88						48						48						62						(2)						(2)						24						39						174						65						109						168
Total commercial						96						85						69						70						76						11						13						20						26						181						128						53						41
Residential mortgages						—						1						2						(1)						—						(1)						(100)						—						—						1						1						—						—
Home equity						(3)						(2)						(1)						(3)						(3)						(1)						(50)						—						—						(5)						(6)						1						17
Automobile						4						14						17						15						8						(10)						(71)						(4)						(50)						18						23						(5)						(22)
Education						26						27						30						22						22						(1)						(4)						4						18						53						40						13						33
Other retail						61						56						54						50						49						5						9						12						24						117						99						18						18
Total retail						88						96						102						83						76						(8)						(8)						12						16						184						157						27						17
Total net charge-offs						$184						$181						$171						$153						$152						$3						2		%				$32						21		%				$365						$285						$80						28		%

1Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation.

17

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CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)

						QUARTERLY TRENDS																																																						FOR THE SIX MONTHS ENDED JUNE 30,
																																				2Q24 Change																																				2024 Change
						2Q24						1Q24						4Q23						3Q23						2Q23						1Q24												2Q23												2024						2023						2023
																																				$/bps						%						$/bps						%																		$/bps						%
ANNUALIZED NET CHARGE-OFF (RECOVERY) RATES
Commercial and industrial1						0.09		%				(0.03		%)				0.18		%				0.18		%				0.11		%				12		bps										(2)		bps										0.03		%				0.24		%				(21)		bps
Commercial real estate						1.20						1.22						0.66						0.65						0.86						(2)												34												1.21						0.46						75
Total commercial						0.53						0.47						0.36						0.35						0.38						6												15												0.50						0.32						18
Residential mortgages						—						0.01						0.02						(0.02)						—						(1)												—												—						—						—
Home equity						(0.07)						(0.06)						(0.04)						(0.08)						(0.08)						(1)												1												(0.06)						(0.08)						2
Automobile						0.27						0.73						0.77						0.60						0.30						(46)												(3)												0.52						0.41						11
Education						0.93						0.92						1.00						0.72						0.68						1												25												0.92						0.63						29
Other retail						4.98						4.56						4.13						3.95						3.84						42												114												4.77						3.83						94
Total retail						0.51						0.54						0.56						0.46						0.41						(3)												10												0.52						0.43						9
Total loans and leases						0.52		%				0.50		%				0.46		%				0.40		%				0.40		%				2		bps										12		bps										0.51		%				0.37		%				14		bps
Memo: Average loans
Commercial and industrial1						$44,381						$44,577						$46,618						$48,908						$51,122						($196)						—		%				($6,741)						(13		%)				$44,479						$52,269						($7,790)						(15		%)
Commercial real estate						28,574						29,265						29,460						29,353						29,115						(691)						(2)						(541)						(2)						28,920						29,004						(84)						—
Total commercial						72,955						73,842						76,078						78,261						80,237						(887)						(1)						(7,282)						(9)						73,399						81,273						(7,874)						(10)
Residential mortgages						31,633						31,384						31,146						30,838						30,566						249						1						1,067						3						31,508						30,322						1,186						4
Home equity						15,343						15,080						14,889						14,589						14,340						263						2						1,003						7						15,212						14,207						1,005						7
Automobile						6,807						7,758						8,752						9,849						10,997						(951)						(12)						(4,190)						(38)						7,282						11,465						(4,183)						(36)
Education						11,447						11,816						11,971						12,147						12,430						(369)						(3)						(983)						(8)						11,632						12,612						(980)						(8)
Other retail						4,882						4,942						5,133						5,107						5,155						(60)						(1)						(273)						(5)						4,912						5,222						(310)						(6)
Total retail						70,112						70,980						71,891						72,530						73,488						(868)						(1)						(3,376)						(5)						70,546						73,828						(3,282)						(4)
Total loans and leases						$143,067						$144,822						$147,969						$150,791						$153,725						($1,755)						(1		%)				($10,658)						(7		%)				$143,945						$155,101						($11,156)						(7		%)

1Effective for the first quarter of 2024, the Company's lease portfolio is included in Commercial and industrial. Prior period results have been revised to conform to the new presentation.

18

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CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)

						QUARTERLY TRENDS																																																						FOR THE SIX MONTHS ENDED JUNE 30,
																																				2Q24 Change																																				2024 Change
						2Q24						1Q24						4Q23						3Q23						2Q23						1Q24												2Q23												2024						2023						2023
																																				$						%						$						%																		$						%
SUMMARY OF CHANGES IN THE COMPONENTS OF THE ALLOWANCE FOR CREDIT LOSSES
Allowance for loan and lease losses - beginning						$2,086						$2,098						$2,080						$2,044						$2,017						($12)						(1		%)				$69						3		%				$2,098						$1,983						$115						6		%
Charge-offs:
Commercial						100						102						73						74						79						(2)						(2)						21						27						202						138						64						46
Retail						123						129						133						117						110						(6)						(5)						13						12						252						222						30						14
Total charge-offs						223						231						206						191						189						(8)						(3)						34						18						454						360						94						26
Recoveries:
Commercial						4						17						4						4						3						(13)						(76)						1						33						21						10						11						110
Retail						35						33						31						34						34						2						6						1						3						68						65						3						5
Total recoveries						39						50						35						38						37						(11)						(22)						2						5						89						75						14						19
Net charge-offs						184						181						171						153						152						3						2						32						21						365						285						80						28
Provision (benefit) for loan and lease losses:
Commercial						144						69						86						146						122						75						109						22						18						213						225						(12)						(5)
Retail						79						100						103						43						57						(21)						(21)						22						39						179						121						58						48
Total provision (benefit) for loan and lease losses						223						169						189						189						179						54						32						44						25						392						346						46						13
Allowance for loan and lease losses - ending						$2,125						$2,086						$2,098						$2,080						$2,044						$39						2		%				$81						4		%				$2,125						$2,044						$81						4		%
Allowance for unfunded lending commitments - beginning						$222						$220						$238						$255						$258						$2						1		%				($36)						(14		%)				$220						$257						($37)						(14		%)
Provision (benefit) for unfunded lending commitments						(41)						2						(18)						(17)						(3)						(43)						NM						(38)						NM						(39)						(2)						(37)						NM
Allowance for unfunded lending commitments - ending						$181						$222						$220						$238						$255						($41)						(18		%)				($74)						(29)						$181						$255						($74)						(29)
Total allowance for credit losses - ending						$2,306						$2,308						$2,318						$2,318						$2,299						($2)						—		%				$7						—		%				$2,306						$2,299						$7						—		%
Memo: Total allowance for credit losses by product
Commercial						$1,429						$1,425						$1,425						$1,425						$1,370						$4						—		%				$59						4		%				$1,429						$1,370						$59						4		%
Retail						877						883						893						893						929						(6)						(1)						(52)						(6)						877						929						(52)						(6)
Total allowance for credit losses						$2,306						$2,308						$2,318						$2,318						$2,299						($2)						—		%				$7						—		%				$2,306						$2,299						$7						—		%

19

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CAPITAL AND RATIOS

(dollars in millions)

						AS OF																																																						FOR THE SIX MONTHS ENDED JUNE 30,
																																				JUNE 30, 2024 CHANGE																																				2024 Change
						June 30, 2024						Mar 31, 2024						Dec 31, 2023						Sept 30, 2023						June 30, 2023						Mar 31, 2024												June 30, 2023												2024						2023						2023
																																				$						%						$						%																		$						%
CAPITAL RATIOS AND COMPONENTS (PRELIMINARY)
CET1 capital						$18,086						$18,090						$18,358						$18,360						$18,381						($4)						—		%				($295)						(2		%)
Tier 1 capital						20,198						20,104						20,372						20,374						20,395						94						—						(197)						(1)
Total capital						23,551						23,466						23,608						23,682						23,748						85						—						(197)						(1)
Risk-weighted assets						168,393						170,125						172,601						176,407						179,034						(1,732)						(1)						(10,641)						(6)
Adjusted average assets1						214,574						216,001						219,591						215,877						217,264						(1,427)						(1)						(2,690)						(1)
CET1 capital ratio						10.7		%				10.6		%				10.6		%				10.4		%				10.3		%
Tier 1 capital ratio						12.0						11.8						11.8						11.5						11.4
Total capital ratio						14.0						13.8						13.7						13.4						13.3
Tier 1 leverage ratio						9.4						9.3						9.3						9.4						9.4
TANGIBLE COMMON EQUITY (PERIOD-END)
Common stockholders' equity						$21,757						$21,747						$22,329						$20,864						$21,571						$10						—		%				$186						1		%				$21,757						$21,571						$186						1		%
Less: Goodwill						8,187						8,188						8,188						8,188						8,188						(1)						—						(1)						—						8,187						8,188						(1)						—
Less: Other intangible assets						139						148						157						167						175						(9)						(6)						(36)						(21)						139						175						(36)						(21)
Add: Deferred tax liabilities2						435						433						433						421						422						2						—						13						3						435						422						13						3
Total tangible common equity						$13,866						$13,844						$14,417						$12,930						$13,630						$22						—		%				$236						2		%				$13,866						$13,630						$236						2		%
TANGIBLE COMMON EQUITY (AVERAGE)
Common stockholders' equity						$21,427						$21,700						$21,209						$21,177						$22,289						($273)						(1		%)				($862)						(4		%)				$21,563						$21,997						($434)						(2		%)
Less: Goodwill						8,188						8,188						8,188						8,188						8,182						—						—						6						—						8,188						8,179						9						—
Less: Other intangible assets						144						153						163						173						181						(9)						(6)						(37)						(20)						149						186						(37)						(20)
Add: Deferred tax liabilities2						432						433						421						422						422						(1)						—						10						2						433						421						12						3
Total tangible common equity						$13,527						$13,792						$13,279						$13,238						$14,348						($265)						(2		%)				($821)						(6		%)				$13,659						$14,053						($394)						(3		%)
INTANGIBLE ASSETS (PERIOD-END)
Goodwill						$8,187						$8,188						$8,188						$8,188						$8,188						($1)						—		%				($1)						—		%				$8,187						$8,188						($1)						—		%
Other intangible assets						139						148						157						167						175						(9)						(6)						(36)						(21)						139						175						(36)						(21)
Total intangible assets						$8,326						$8,336						$8,345						$8,355						$8,363						($10)						—		%				($37)						—		%				$8,326						$8,363						($37)						—		%

1Adjusted average assets include quarterly average assets, less deductions for disallowed goodwill and other intangible assets, net of deferred taxes, and the accumulated other comprehensive
income impact related to the adoption of post-retirement benefit plan guidance under GAAP.

2Deferred tax liabilities relate to tax-deductible goodwill and other intangible assets.

20

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NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

(dollars in millions, except per share data)

Non-GAAP Financial Measures

This document contains non-GAAP financial measures denoted as Underlying. Underlying results for any given reporting period exclude certain items that may occur in that period which management does not consider indicative of the Company’s on-going financial performance. We believe these non-GAAP financial measures provide useful information to investors because they are used by our management to evaluate our operating performance and make day-to-day operating decisions. In addition, we believe our Underlying results in any given reporting period reflect our on-going financial performance in that period and, accordingly, are useful to consider in addition to our GAAP financial results. The following tables present reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures.

Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Accordingly, our non-GAAP financial measures may not be comparable to similar measures used by such companies. We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP measures. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our results reported under GAAP.

21

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NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED (dollars in millions, except per share data)

						QUARTERLY TRENDS																																																						FOR THE SIX MONTHS ENDED JUNE 30,
																																				2Q24 Change																																				2024 Change
						2Q24						1Q24						4Q23						3Q23						2Q23						1Q24												2Q23												2024						2023						2023
																																				$						%						$						%																		$						%
Noninterest income, Underlying:
Noninterest income (GAAP)			A			$553						$517						$500						$492						$506						$36						7		%				$47						9		%				$1,070						$991						$79						8		%
Less: Notable items						4						3						—						—						—						1						33						4						100						7						—						7						100
Noninterest income, Underlying (non-GAAP)			B			$549						$514						$500						$492						$506						$35						7		%				$43						8		%				$1,063						$991						$72						7		%
Total revenue, Underlying:
Total revenue (GAAP)			C			$1,963						$1,959						$1,988						$2,014						$2,094						$4						—		%				($131)						(6		%)				$3,922						$4,222						($300)						(7		%)
Less: Notable items						4						3						—						—						—						1						33						4						100						7						—						7						100
Total revenue, Underlying (non-GAAP)			D			$1,959						$1,956						$1,988						$2,014						$2,094						$3						—		%				($135)						(6		%)				$3,915						$4,222						($307)						(7		%)
Noninterest expense, Underlying:
Noninterest expense (GAAP)			E			$1,301						$1,358						$1,612						$1,293						$1,306						($57)						(4		%)				($5)						—		%				$2,659						$2,602						$57						2		%
Less: Notable items						36						85						345						22						73						(49)						(58)						(37)						(51)						121						139						(18)						(13)
Noninterest expense, Underlying (non-GAAP)			F			$1,265						$1,273						$1,267						$1,271						$1,233						($8)						(1		%)				$32						3		%				$2,538						$2,463						$75						3		%
Pre-provision profit:
Total revenue (GAAP)			C			$1,963						$1,959						$1,988						$2,014						$2,094						$4						—		%				($131)						(6		%)				$3,922						$4,222						($300)						(7		%)
Less: Noninterest expense (GAAP)			E			1,301						1,358						1,612						1,293						1,306						(57)						(4)						(5)						—						2,659						2,602						57						2
Pre-provision profit (non-GAAP)						$662						$601						$376						$721						$788						$61						10		%				($126)						(16		%)				$1,263						$1,620						($357)						(22		%)
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)			D			$1,959						$1,956						$1,988						$2,014						$2,094						$3						—		%				($135)						(6		%)				$3,915						$4,222						($307)						(7		%)
Less: Noninterest expense, Underlying (non-GAAP)			F			1,265						1,273						1,267						1,271						1,233						(8)						(1)						32						3						2,538						2,463						75						3
Pre-provision profit, Underlying (non-GAAP)						$694						$683						$721						$743						$861						$11						2		%				($167)						(19		%)				$1,377						$1,759						($382)						(22		%)
Income before income tax expense, Underlying:
Income before income tax expense (GAAP)			G			$480						$430						$205						$549						$612						$50						12		%				($132)						(22		%)				$910						$1,276						($366)						(29		%)
Less: Income (expense) before income tax expense (benefit) related to notable items						(32)						(82)						(345)						(22)						(73)						50						61						41						56						(114)						(139)						25						18
Income before income tax expense, Underlying (non-GAAP)			H			$512						$512						$550						$571						$685						$—						—		%				($173)						(25		%)				$1,024						$1,415						($391)						(28		%)
Income tax expense, Underlying:
Income tax expense (GAAP)			I			$88						$96						$16						$119						$134						($8)						(8		%)				($46)						(34		%)				$184						$287						($103)						(36		%)
Less: Income tax expense (benefit) related to notable items						(16)						(21)						(108)						(4)						(20)						5						24						4						20						(37)						(37)						—						—
Income tax expense, Underlying (non-GAAP)			J			$104						$117						$124						$123						$154						($13)						(11		%)				($50)						(32		%)				$221						$324						($103)						(32		%)
Net income, Underlying:
Net income (GAAP)			K			$392						$334						$189						$430						$478						$58						17		%				($86)						(18		%)				$726						$989						($263)						(27		%)
Add: Notable items, net of income tax benefit						16						61						237						18						53						(45)						(74)						(37)						(70)						77						102						(25)						(25)
Net income, Underlying (non-GAAP)			L			$408						$395						$426						$448						$531						$13						3		%				($123)						(23		%)				$803						$1,091						($288)						(26		%)
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)			M			$357						$304						$159						$400						$444						$53						17		%				($87)						(20		%)				$661						$932						($271)						(29		%)
Add: Notable items, net of income tax benefit						16						61						237						18						53						(45)						(74)						(37)						(70)						77						102						(25)						(25)
Net income available to common stockholders, Underlying (non-GAAP)			N			$373						$365						$396						$418						$497						$8						2		%				($124)						(25		%)				$738						$1,034						($296)						(29		%)

22

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NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(dollars in millions, except per share data)

						QUARTERLY TRENDS																																																						FOR THE SIX MONTHS ENDED JUNE 30,
																																				2Q24 Change																																				2024 Change
						2Q24						1Q24						4Q23						3Q23						2Q23						1Q24												2Q23												2024						2023						2023
																																				$/bps						%						$/bps						%																		$/bps						%
Operating leverage:
Total revenue (GAAP)			C			$1,963						$1,959						$1,988						$2,014						$2,094						$4						0.27		%				($131)						(6.26		%)				$3,922						$4,222						($300)						(7.12		%)
Less: Noninterest expense (GAAP)			E			1,301						1,358						1,612						1,293						1,306						(57)						(4.15)						(5)						(0.36)						2,659						2,602						57						2.19
Operating leverage																																										4.42		%										(5.90		%)																						(9.31		%)
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)			D			$1,959						$1,956						$1,988						$2,014						$2,094						$3						0.17		%				($135)						(6.48		%)				$3,915						$4,222						($307)						(7.29		%)
Less: Noninterest expense, Underlying (non-GAAP)			F			1,265						1,273						1,267						1,271						1,233						(8)						(0.54)						32						2.63						2,538						2,463						75						3.01
Operating leverage, Underlying (non-GAAP)																																										0.71		%										(9.11		%)																						(10.30		%)
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio			E/C			66.27		%				69.33		%				81.13		%				64.21		%				62.34		%				(306)		bps										393		bps										67.79		%				61.62		%				617		bps
Efficiency ratio, Underlying (non-GAAP)			F/D			64.59						65.05						63.77						63.08						58.86						(46)		bps										573		bps										64.82						58.34						648		bps
Noninterest income as a % of total revenue, Underlying:
Noninterest income as a % of total revenue			A/C			28.16		%				26.41		%				25.16		%				24.44		%				24.14		%				175		bps										402		bps										27.29		%				23.47		%				382		bps
Noninterest income as a % of total revenue, Underlying			B/D			28.00						26.32						25.16						24.44						24.14						168		bps										386		bps										27.16						23.47						369		bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rate			I/G			18.49		%				22.28		%				7.59		%				21.51		%				22.09		%				(379)		bps										(360)		bps										20.28		%				22.55		%				(227)		bps
Effective income tax rate, Underlying (non-GAAP)			J/H			20.33						22.84						22.25						21.69						22.51						(251)		bps										(218)		bps										21.59						22.89						(130)		bps
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP)			O			$21,427						$21,700						$21,209						$21,177						$22,289						($273)						(1		%)				($862)						(4		%)				$21,563						$21,997						($434)						(2		%)
Return on average common equity			M/O			6.70		%				5.63		%				2.96		%				7.50		%				8.00		%				107		bps										(130)		bps										6.16		%				8.54		%				(238)		bps
Return on average common equity, Underlying (non-GAAP)			N/O			7.00						6.77						7.41						7.82						8.97						23		bps										(197)		bps										6.88						9.48						(260)		bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)			O			$21,427						$21,700						$21,209						$21,177						$22,289						($273)						(1		%)				($862)						(4		%)				$21,563						$21,997						($434)						(2		%)
Less: Average goodwill (GAAP)						8,188						8,188						8,188						8,188						8,182						—						—						6						—						8,188						8,179						9						—
Less: Average other intangibles (GAAP)						144						153						163						173						181						(9)						(6)						(37)						(20)						149						186						(37)						(20)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)						432						433						421						422						422						(1)						—						10						2						433						421						12						3
Average tangible common equity			P			$13,527						$13,792						$13,279						$13,238						$14,348						($265)						(2		%)				($821)						(6		%)				$13,659						$14,053						($394)						(3		%)
Return on average tangible common equity			M/P			10.61		%				8.86		%				4.72		%				12.00		%				12.42		%				175		bps										(181)		bps										9.73		%				13.37		%				(364)		bps
Return on average tangible common equity, Underlying (non-GAAP)			N/P			11.09						10.65						11.84						12.51						13.93						44		bps										(284)		bps										10.87						14.84						(397)		bps
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP)			Q			$219,222						$220,770						$223,653						$220,162						$222,373						($1,548)						(1		%)				($3,151)						(1		%)				$219,996						$222,541						($2,545)						(1		%)
Return on average total assets			K/Q			0.72		%				0.61		%				0.33		%				0.78		%				0.86		%				11		bps										(14)		bps										0.66		%				0.90		%				(24)		bps
Return on average total assets, Underlying (non-GAAP)			L/Q			0.75						0.72						0.76						0.81						0.96						3		bps										(21)		bps										0.73						0.99						(26)		bps

23

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NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(dollars in millions, except per share data)

						QUARTERLY TRENDS																																																						FOR THE SIX MONTHS ENDED JUNE 30,
																																				2Q24 Change																																				2024 Change
						2Q24						1Q24						4Q23						3Q23						2Q23						1Q24												2Q23												2024						2023						2023
																																				$/bps						%						$/bps						%																		$/bps						%
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)			Q			$219,222						$220,770						$223,653						$220,162						$222,373						($1,548)						(1		%)				($3,151)						(1		%)				$219,996						$222,541						($2,545)						(1		%)
Less: Average goodwill (GAAP)						8,188						8,188						8,188						8,188						8,182						—						—						6						—						8,188						8,179						9						—
Less: Average other intangibles (GAAP)						144						153						163						173						181						(9)						(6)						(37)						(20)						149						186						(37)						(20)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)						432						433						421						422						422						(1)						—						10						2						433						421						12						3
Average tangible assets			R			$211,322						$212,862						$215,723						$212,223						$214,432						($1,540)						(1		%)				($3,110)						(1		%)				$212,092						$214,597						($2,505)						(1		%)
Return on average total tangible assets			K/R			0.75		%				0.63		%				0.35		%				0.81		%				0.89		%				12		bps										(14)		bps										0.69		%				0.93		%				(24)		bps
Return on average total tangible assets, Underlying (non-GAAP)			L/R			0.78						0.75						0.78						0.84						0.99						3		bps										(21)		bps										0.76						1.03						(27)		bps
Tangible book value per common share:
Common shares - at period-end (GAAP)			S			452,961,853						458,485,032						466,418,055						466,221,795						474,682,759						(5,523,179)						(1		%)				(21,720,906)						(5		%)				452,961,853						474,682,759						(21,720,906)						(5		%)
Common stockholders' equity (GAAP)						$21,757						$21,747						$22,329						$20,864						$21,571						$10						—						$186						1						$21,757						$21,571						$186						1
Less: Goodwill (GAAP)						8,187						8,188						8,188						8,188						8,188						(1)						—						(1)						—						8,187						8,188						(1)						—
Less: Other intangible assets (GAAP)						139						148						157						167						175						(9)						(6)						(36)						(21)						139						175						(36)						(21)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)						435						433						433						421						422						2						—						13						3						435						422						13						3
Tangible common equity			T			$13,866						$13,844						$14,417						$12,930						$13,630						$22						—		%				$236						2		%				$13,866						$13,630						$236						2		%
Tangible book value per common share			T/S			$30.61						$30.19						$30.91						$27.73						$28.72						$0.42						1		%				$1.89						7		%				$30.61						$28.72						$1.89						7		%
Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying:
Average common shares outstanding - basic (GAAP)			U			454,142,489						461,358,681						466,234,324						469,481,085						479,470,543						(7,216,192)						(2		%)				(25,328,054)						(5		%)				457,750,585						482,440,926						(24,690,341)						(5		%)
Average common shares outstanding - diluted (GAAP)			V			456,561,022						463,797,964						468,159,167						471,183,719						480,975,281						(7,236,942)						(2)						(24,414,259)						(5)						460,009,546						484,252,103						(24,242,557)						(5)
Net income per average common share - basic (GAAP)			M/U			$0.79						$0.66						$0.34						$0.85						$0.93						$0.13						20						($0.14)						(15)						$1.44						$1.93						($0.49)						(25)
Net income per average common share - diluted (GAAP)			M/V			0.78						0.65						0.34						0.85						0.92						0.13						20						(0.14)						(15)						1.44						1.92						(0.48)						(25)
Net income per average common share - basic, Underlying (non-GAAP)			N/U			0.82						0.79						0.85						0.89						1.04						0.03						4						(0.22)						(21)						1.61						2.14						(0.53)						(25)
Net income per average common share - diluted, Underlying (non-GAAP)			N/V			0.82						0.79						0.85						0.89						1.04						0.03						4						(0.22)						(21)						1.60						2.14						(0.54)						(25)
Dividend payout ratio and dividend payout ratio, Underlying:
Cash dividends declared and paid per common share			W			$0.42						$0.42						$0.42						$0.42						$0.42						$—						—		%				$—						—		%				$0.84						$0.84						$—						—		%
Dividend payout ratio			W/(M/U)			53		%				64		%				124		%				49		%				45		%				(1,048) bps												816 bps												58		%				44		%				1,433 bps
Dividend payout ratio, Underlying (non-GAAP)			W/(N/U)			51						53						49						47						40						(200) bps												1,100 bps												52						39						1,300 bps

24

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NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(dollars in millions, except per share data)

						QUARTERLY TRENDS																																																						FOR THE SIX MONTHS ENDED JUNE 30,
																																				2Q24 Change																																				2024 Change
						2Q24						1Q24						4Q23						3Q23						2Q23						1Q24												2Q23												2024						2023						2023
																																				$						%						$						%																		$/bps						%
Card fees, Underlying:
Card fees (GAAP)						$92						$86						$70						$74						$80						$6						7		%				$12						15		%				$178						$152						$26						17		%
Less: Notable items						4						3						—						—						—						1						33						4						100						7						—						7						100
Card fees, Underlying (non-GAAP)						$88						$83						$70						$74						$80						$5						6		%				$8						10		%				$171						$152						$19						13		%
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)						$645						$691						$667						$659						$615						($46)						(7		%)				$30						5		%				$1,336						$1,273						$63						5		%
Less: Notable items						8						17						32						5						14						(9)						(53)						(6)						(43)						25						30						(5)						(17)
Salaries and employee benefits, Underlying (non-GAAP)						$637						$674						$635						$654						$601						($37)						(5		%)				$36						6		%				$1,311						$1,243						$68						5		%
Equipment and software, Underlying:
Equipment and software (GAAP)						$190						$192						$215						$191						$181						($2)						(1		%)				$9						5		%				$382						$350						$32						9		%
Less: Notable items						4						8						37						6						4						(4)						(50)						—						—						12						8						4						50
Equipment and software, Underlying (non-GAAP)						$186						$184						$178						$185						$177						$2						1		%				$9						5		%				$370						$342						$28						8		%
Outside services, Underlying:
Outside services (GAAP)						$165						$158						$174						$160						$177						$7						4		%				($12)						(7		%)				$323						$353						($30)						(8		%)
Less: Notable items						10						12						13						7						21						(2)						(17)						(11)						(52)						22						48						(26)						(54)
Outside services, Underlying (non-GAAP)						$155						$146						$161						$153						$156						$9						6		%				($1)						(1		%)				$301						$305						($4)						(1		%)
Occupancy, Underlying:
Occupancy (GAAP)						$113						$114						$125						$107						$136						($1)						(1		%)				($23)						(17		%)				$227						$260						($33)						(13		%)
Less: Notable items						6						7						20						2						30						(1)						(14)						(24)						(80)						13						48						(35)						(73)
Occupancy, Underlying (non-GAAP)						$107						$107						$105						$105						$106						$—						—		%				$1						1		%				$214						$212						$2						1		%
Other operating expense, Underlying:
Other operating expense (GAAP)						$188						$203						$431						$176						$197						($15)						(7		%)				($9)						(5		%)				$391						$366						$25						7		%
Less: Notable items						8						41						243						2						4						(33)						(80)						4						100						49						5						44						NM
Other operating expense, Underlying (non-GAAP)						$180						$162						$188						$174						$193						$18						11		%				($13)						(7		%)				$342						$361						($19)						(5		%)

25

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NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS

(dollars in millions)

									SECOND QUARTER 2024																														FIRST QUARTER 2024
									Consumer Banking						Commercial Banking						Non-Core						Other						Consolidated						Consumer Banking						Commercial Banking						Non-Core						Other						Consolidated
Net income (loss) available to common stockholders:
Net income (loss)			A						$296						$259						($50)						($113)						$392						$272						$259						($60)						($137)						$334
Less: Preferred stock dividends									—						—						—						35						35						—						—						—						30						30
Net income (loss) available to common stockholders			B						$296						$259						($50)						($148)						$357						$272						$259						($60)						($167)						$304
Return on average total tangible assets:
Average total assets (GAAP)									$74,295						$68,958						$9,418						$66,551						$219,222						$73,833						$70,100						$10,554						$66,283						$220,770
Less: Average goodwill (GAAP)									542						770						—						6,876						8,188						542						770						—						6,876						8,188
Average other intangibles (GAAP)									87						31						—						26						144						92						33						—						28						153
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)									27						9						—						396						432						26						10						—						397						433
Average tangible assets			C						$73,693						$68,166						$9,418						$60,045						$211,322						$73,225						$69,307						$10,554						$59,776						$212,862
Return on average total tangible assets			A/C						1.61		%				1.52		%				(2.14)		%				NM						0.75		%				1.49		%				1.50		%				(2.30)		%				NM						0.63		%
Efficiency ratio:
Noninterest expense (GAAP)			D						$915						$311						$26						$49						$1,301						$903						$317						$25						$113						$1,358
Net interest income (GAAP)									1,120						494						(31)						(173)						1,410						1,093						514						(37)						(128)						1,442
Noninterest income (GAAP)									277						242						—						34						553						258						227						—						32						517
Total revenue (GAAP)			E						$1,397						$736						($31)						($139)						$1,963						$1,351						$741						($37)						($96)						$1,959
Efficiency ratio			D/E						65.49		%				42.28		%				NM						NM						66.27		%				66.87		%				42.80		%				NM						NM						69.33		%

									FOURTH QUARTER 2023																														THIRD QUARTER 2023
									Consumer Banking						Commercial Banking						Non-Core						Other						Consolidated						Consumer Banking						Commercial Banking						Non-Core						Other						Consolidated
Net income (loss) available to common stockholders:
Net income (loss)			A						$269						$269						($72)						($277)						$189						$276						$260						($67)						($39)						$430
Less: Preferred stock dividends									—						—						—						30						30						—						—						—						30						30
Net income (loss) available to common stockholders			B						$269						$269						($72)						($307)						$159						$276						$260						($67)						($69)						$400
Return on average total tangible assets:
Average total assets (GAAP)									$73,334						$72,758						$11,776						$65,785						$223,653						$72,964						$74,997						$13,113						$59,088						$220,162
Less: Average goodwill (GAAP)									542						770						—						6,876						8,188						542						770						—						6,876						8,188
Average other intangibles (GAAP)									98						35						—						30						163						103						39						—						31						173
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)									26						10						—						385						421						24						12						—						386						422
Average tangible assets			C						$72,720						$71,963						$11,776						$59,264						$215,723						$72,343						$74,200						$13,113						$52,567						$212,223
Return on average total tangible assets			A/C						1.47		%				1.48		%				(2.42)		%				NM						0.35		%				1.51		%				1.39		%				(2.03)		%				NM						0.81		%
Efficiency ratio:
Noninterest expense (GAAP)			D						$905						$324						$28						$355						$1,612						$905						$325						$30						$33						$1,293
Net interest income (GAAP)									1,086						551						(45)						(104)						1,488						1,067						560						(41)						(64)						1,522
Noninterest income (GAAP)									265						196						—						39						500						278						180						—						34						492
Total revenue (GAAP)			E						$1,351						$747						($45)						($65)						$1,988						$1,345						$740						($41)						($30)						$2,014
Efficiency ratio			D/E						67.08		%				43.44		%				NM						NM						81.13		%				67.18		%				43.93		%				NM						NM						64.21		%

26

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NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS, CONTINUED

(dollars in millions)

									SECOND QUARTER 2023
									Consumer Banking						Commercial Banking						Non-Core						Other						Consolidated
Net income (loss) available to common stockholders:
Net income (loss)			A						$257						$305						($55)						($29)						$478
Less: Preferred stock dividends									—						—						—						34						34
Net income (loss) available to common stockholders			B						$257						$305						($55)						($63)						$444
Return on average total tangible assets:
Average total assets (GAAP)									$72,583						$77,546						$14,456						$57,788						$222,373
Less: Average goodwill (GAAP)									540						766						—						6,876						8,182
Average other intangibles (GAAP)									109						41						—						31						181
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)									23						11						—						388						422
Average tangible assets			C						$71,957						$76,750						$14,456						$51,269						$214,432
Return on average total tangible assets			A/C						1.43		%				1.59		%				(1.53)		%				NM						0.89		%
Efficiency ratio:
Noninterest expense (GAAP)			D						$875						$315						$33						$83						$1,306
Net interest income (GAAP)									1,023						584						(28)						9						1,588
Noninterest income (GAAP)									268						207						—						31						506
Total revenue (GAAP)			E						$1,291						$791						($28)						$40						$2,094
Efficiency ratio			D/E						67.74		%				39.76		%				NM						NM						62.34		%

27

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NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS, CONTINUED

(dollars in millions)

						FOR THE SIX MONTHS ENDED JUNE 30,
						2024																														2023
						Consumer Banking						Commercial Banking						Non-Core						Other						Consolidated						Consumer Banking						Commercial Banking						Non-Core						Other						Consolidated
Net income (loss) available to common stockholders:
Net income (loss)			A			$568						$518						($110)						($250)						$726						$514						$624						($105)						($44)						$989
Less: Preferred stock dividends						—						—						—						65						65						—						—						—						57						57
Net income (loss) available to common stockholders			B			$568						$518						($110)						($315)						$661						$514						$624						($105)						($101)						$932
Return on average total tangible assets:
Average total assets (GAAP)						$74,064						$69,529						$9,986						$66,417						$219,996						$72,230						$78,215						$15,068						$57,028						$222,541
Less: Average goodwill (GAAP)						542						770						—						6,876						8,188						539						764						—						6,876						8,179
Average other intangibles (GAAP)						90						32						—						27						149						112						42						—						32						186
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)						27						10						—						396						433						23						12						—						386						421
Average tangible assets			C			$73,459						$68,737						$9,986						$59,910						$212,092						$71,602						$77,421						$15,068						$50,506						$214,597
Return on average total tangible assets			A/C			1.55		%				1.51		%				(2.22)		%				NM						0.69		%				1.45		%				1.62		%				(1.41)		%				NM						0.93		%
Efficiency ratio:
Noninterest expense (GAAP)			D			$1,818						$628						$51						$162						$2,659						$1,732						$646						$65						$159						$2,602
Net interest income (GAAP)						2,213						1,008						(68)						(301)						2,852						2,034						1,181						(43)						59						3,231
Noninterest income (GAAP)						535						469						—						66						1,070						524						408						—						59						991
Total revenue (GAAP)			E			$2,748						$1,477						($68)						($235)						$3,922						$2,558						$1,589						($43)						$118						$4,222
Efficiency ratio			D/E			66.17		%				42.54		%				NM						NM						67.79		%				67.72		%				40.62		%				NM						NM						61.62		%

28

Document and Entity Information Document	Jul. 18, 2024
Document and Entity Information [Line Items]
Entity Registrant Name	CITIZENS FINANCIAL GROUP INC/RI
Amendment Flag	false
Entity Central Index Key	0000759944
Document Type	8-K
Document Period End Date	Jul. 18, 2024
Entity Incorporation, State or Country Code	DE
Entity File Number	001-36636
Entity Tax Identification Number	05-0412693
Entity Address, Address Line One	One Citizens Plaza
Entity Address, City or Town	Providence,
Entity Address, State or Province	RI
Entity Address, Postal Zip Code	02903
City Area Code	203
Local Phone Number	900-6715
Entity Emerging Growth Company	false
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Common Stock [Member]
Document and Entity Information [Line Items]
Title of 12(b) Security	Common stock, $0.01 par value per share
Trading Symbol	CFG
Security Exchange Name	NYSE
Series E Preferred Stock [Member]
Document and Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/40th interest in a share of 5.000% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series E
Trading Symbol	CFG PrE
Security Exchange Name	NYSE
Series H Preferred Stock
Document and Entity Information [Line Items]
Title of 12(b) Security	Depositary Shares, each representing a 1/40th interest in a share of 7.375% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series H
Trading Symbol	CFG PrH
Security Exchange Name	NYSE

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