Citizens Financial Group, Inc. Reports Third Quarter 2026 Net Income of (Form 8-K)

Citizens Financial Group, Inc. Reports Third Quarter 2026 Net Income of

$636 million, up 29% YoY, and EPS of $1.41, up 34% YoY and 8% QoQ

ROTCE of 15.1%; Dividend raised 13%

Positive Operating Leverage of 5.3% YoY

						Key Financial Data						3Q26			2Q26			3Q25						Third Quarter 2026 Highlights
Income Statement						($s in millions)																		■EPS of $1.41; ROTCE of 15.1% -Continued strong Private Bank progress, contributing $0.16 to EPS ■PPNR of $929 million, up 4.5% QoQ, up 18.6% YoY -NII up 2.7% QoQ, with NIM up 2 bps to 3.19%; NII up 13% YoY, with NIM up 19 bps -Fees down 1% QoQ reflecting lower Mortgage and Capital Markets, partially offset by record Wealth; up 2.7% YoY -Positive operating leverage of 1.8% QoQ and 5.3% YoY ■Average loans up 1% QoQ, with growth led by Private Bank and retail; up 0.5% QoQ on a spot basis ■Credit continues to be broadly favorable; net charge-offs of 37 bps, stable QoQ; ACL coverage of 1.47% ■Average and spot deposits broadly stable QoQ -Private Bank spot deposits of $18.5 billion, up ~$750 million, or 4%, QoQ -Total deposit costs well controlled, up 3 bps QoQ ■Strong liquidity profile; spot LDR of 80.0% ■Strong CET1 ratio of 10.5% ■TBV/share of $35.78, down 6.6% QoQ
						Total revenue						$	2,322		$	2,283		$	2,118
						Pre-provision profit						929			889			783
						Provision for credit losses						125			134			154
						Net income						636			587			494
			Balance Sheet & Credit Quality						($s in billions)
									Period-end loans and leases						$	148.2		$	147.5		$	140.9
									Average loans and leases						147.4			146.1			140.0
									Period-end deposits						185.2			185.6			180.0
									Average deposits						183.7			183.6			176.0
									Loan-to-deposit ratio (spot)						80.0		%	79.5		%	78.3		%
						NCO ratio						0.37		%	0.37		%	0.46		%
Financial Metrics						Diluted EPS						$	1.41		$	1.30		$	1.05
						ROTCE						15.1		%	13.9		%	11.7		%
						Net interest margin, FTE						3.19			3.17			3.00
						Efficiency ratio						60.0			61.1			63.0
						CET1						10.5		%	10.4		%	10.7		%
						TBV/Share						$	35.78		$	38.29		$	36.73

Comments from Chairman and CEO Bruce Van Saun

"We continued to deliver attractive revenue and earnings growth in the third quarter, notwithstanding significant volatility in the external environment," said Chairman and CEO Bruce Van Saun. "We remain focused on executing our strategic initiatives, advancing our AI, technology and cybersecurity agenda, and attracting great talent. We remain confident in our positioning and outlook for Q4 and for 2027."

Citizens also announced today that its board of directors declared a quarterly common stock dividend of $0.52 per share, a $0.06, or 13%, increase compared with the prior quarter. The dividend is payable on November 13, 2026 to shareholders of record at the close of business on October 30, 2026. In addition, Citizens announced today that its board of directors increased

Citizens Financial Group, Inc.

the capacity of its common share repurchase program to $1.95 billion, an increase of $1.3 billion above the $650 million of capacity currently remaining under the prior June 2025 authorization.

Earnings highlights(1):

						Quarterly Trends
																		3Q26 change from
($s in millions, except per share data)						3Q26			2Q26			3Q25						2Q26									3Q25
Earnings																		$/bps/%			%						$/bps/%			%
Net interest income						$	1,675		$	1,631		$	1,488					$	44		3		%				$	187		13		%
Noninterest income						647			652			630						(5)			(1)						17			3
Total revenue						2,322			2,283			2,118						39			2						204			10
Noninterest expense						1,393			1,394			1,335						(1)			-						58			4
Pre-provision profit						929			889			783						40			4						146			19
Provision for credit losses						125			134			154						(9)			(7)						(29)			(19)
Net income						636			587			494						49			8						142			29
Preferred dividends/other(2)						37			33			37						4			12						-			-
Net income available to common stockholders						$	599		$	554		$	457					$	45		8		%				$	142		31		%
Average common shares outstanding
Basic (in millions)						421.1			422.9			431.4						(1.7)			-						(10.2)			(2)
Diluted (in millions)						425.7			426.7			435.5						(1.0)			-						(9.8)			(2)
Diluted earnings per share						1.41			1.30			1.05						0.11			8						0.36			34
Performance metrics
Net interest margin						3.18		%	3.16		%	2.99		%				2		bps							19		bps
Net interest margin, FTE						3.19			3.17			3.00						2									19
Effective income tax rate						20.9			22.3			21.4						(143)									(52)
Efficiency ratio						60.0			61.1			63.0						(110)									(305)
Return on average tangible common equity						15.1			13.9			11.7						117									333
Return on average total tangible assets						1.13		%	1.06		%	0.93		%				7		bps							20		bps
Capital adequacy(3,4)
Common equity tier 1 capital ratio						10.5		%	10.4		%	10.7		%
Total capital ratio						13.7			13.6			13.9
Tier 1 leverage ratio						9.2			9.2			9.4
Tangible common equity ratio						6.7			7.2			7.4
Allowance for credit losses to loans and leases						1.47		%	1.48		%	1.56		%				(1)		bps							(9)		bps
Asset quality(4)
Nonaccrual loans and leases to loans and leases						0.99		%	0.97		%	1.08		%				2		bps							(9)		bps
Allowance for credit losses to nonaccrual loans and leases						149			152			145						(3)		%							4		%
Net charge-offs as a % of average loans and leases						0.37		%	0.37		%	0.46		%				-		bps							(9)		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) 3Q26 and 3Q25 include preferred stock early redemption costs of $4 million and $5 million, respectively.

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

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

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Citizens Financial Group, Inc.

Consolidated balance sheet summary(1):

																								3Q26 change from
($s in millions)						3Q26						2Q26						3Q25						2Q26									3Q25
																								$/bps			%						$/bps			%
Total assets						$	234,464					$	233,836					$	222,747					$	628		-		%				$	11,717		5		%
Total loans and leases						148,227						147,491						140,870						736			-						7,357			5
Total loans held for sale						884						1,458						1,334						(574)			(39)						(450)			(34)
Deposits						185,228						185,620						180,011						(392)			-						5,217			3
Stockholders' equity						25,162						26,183						25,829						(1,021)			(4)						(667)			(3)
Stockholders' common equity						22,952						24,072						23,718						(1,120)			(5)						(766)			(3)
Tangible common equity						$	15,070					$	16,185					$	15,848					$	(1,115)		(7)		%				$	(778)		(5)		%
Loan-to-deposit ratio (period-end)(2)						80.0		%				79.5		%				78.3		%				56		bps							176		bps
Loan-to-deposit ratio (average)(2)						80.2		%				79.6		%				79.6		%				62		bps							63		bps
(1) Represents period-end unless otherwise noted.
(2) Excludes loans held for sale.

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Citizens Financial Group, Inc.

Discussion of results:

Net interest income																								3Q26 change from
($s in millions)						3Q26						2Q26						3Q25						2Q26												3Q25
																								$/bps						%						$/bps						%
Interest income:
Interest and fees on loans and leases and loans held for sale						$	2,056					$	1,994					$	1,928					$	62					3		%				$	128					7		%
Investment securities						462						446						433						16						4						29						7
Interest-bearing deposits in banks						103						103						97						-						-						6						6
Total interest income						$	2,621					$	2,543					$	2,458					$	78					3		%				$	163					7		%
Interest expense:
Deposits						$	767					$	747					$	816					$	20					3		%				$	(49)					(6)		%
Short-term borrowed funds						12						9						5						3						33						7						140
Long-term borrowed funds						167						156						149						11						7						18						12
Total interest expense						$	946					$	912					$	970					$	34					4		%				$	(24)					(2)		%
Net interest income						$	1,675					$	1,631					$	1,488					$	44					3		%				$	187					13		%
Net interest margin, FTE						3.19		%				3.17		%				3.00		%				2		bps										19		bps

Third quarter 2026			vs.			second quarter 2026

Net interest income of $1.7 billion increased 2.7%, reflecting a higher net interest margin along with a 1% increase in average interest-earning assets.

•Net interest margin of 3.19% increased 2 basis points, reflecting the benefit of lower terminated swap impacts and fixed-rate asset repricing, partially offset by increased funding costs.

•Interest-bearing deposit costs increased 5 basis points to 2.13%; total deposit costs increased 3 basis points to 1.66%; total cost of funds increased 3 basis points to 1.88%.

Third quarter 2026			vs.			third quarter 2025

Net interest income of $1.7 billion increased 13%, primarily reflecting a higher net interest margin, as well as a 6% increase in interest-earning assets.

•Net interest margin of 3.19% increased 19 basis points, largely driven by the benefit of lower terminated swap impacts and Non-Core runoff, fixed-rate asset repricing and improved funding costs.

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Citizens Financial Group, Inc.

Noninterest Income																								3Q26 change from
($s in millions)						3Q26						2Q26						3Q25						2Q26												3Q25
																								$						%						$						%
Service charges and fees						$	120					$	117					$	112					$	3					3		%				$	8					7		%
Capital markets fees						149						153						166						(4)						(3)						(17)						(10)
Wealth fees						109						102						93						7						7						16						17
Card fees						90						89						87						1						1						3						3
Mortgage banking fees						35						42						49						(7)						(17)						(14)						(29)
Foreign exchange and derivative products						49						47						42						2						4						7						17
Letter of credit and loan fees						54						52						48						2						4						6						13
Securities gains, net						11						6						2						5						83						9						NM
Other income(1)						30						44						31						(14)						(32)						(1)						(3)
Noninterest income						$	647					$	652					$	630					$	(5)					(1)		%				$	17					3		%
(1) Includes bank-owned life insurance income and other miscellaneous income for all periods presented.

Third quarter 2026			vs.			second quarter 2026

Noninterest income of $647 million decreased $5 million, or 1%.

•Service charges and fees increased $3 million, primarily from higher overdraft fees.

•Capital markets fees decreased $4 million to $149 million, reflecting lower loan syndication and debt and equity underwriting fees, largely offset by higher M&A fees.

•Wealth fees increased $7 million to $109 million, a new record, primarily reflecting higher advisory fees.

•FX and derivative products increased $2 million, given higher FX and commodities client hedging activity.

•Mortgage banking fees decreased $7 million, primarily due to a decline in net MSR valuation of $13 million, partially offset by higher servicing revenue.

•Other income decreased $14 million, reflecting several modest revenue items in the prior quarter.

Third quarter 2026			vs.			third quarter 2025

Noninterest income of $647 million increased $17 million, or 3%.

•Service charges and fees increased $8 million, primarily reflecting higher overdraft and cash management fees.

•Capital markets fees decreased $17 million, primarily driven by lower M&A relative to particularly strong results in third quarter 2025.

•Wealth fees increased $16 million, primarily from growth in AUM, reflecting net inflows and market appreciation.

•Mortgage banking fees decreased $14 million, reflecting lower net MSR valuation results and lower production fees, partially offset by higher servicing revenue.

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Citizens Financial Group, Inc.

Noninterest Expense																								3Q26 change from
($s in millions)						3Q26						2Q26						3Q25						2Q26									3Q25
																								$			%						$			%
Salaries and employee benefits						$	750					$	745					$	705					$	5		1		%				$	45		6		%
Equipment and software						202						195						197						7			4						5			3
Outside services						174						174						161						-			-						13			8
Occupancy						107						108						106						(1)			(1)						1			1
Other operating expense						160						172						166						(12)			(7)						(6)			(4)
Noninterest expense						$	1,393					$	1,394					$	1,335					$	(1)		-		%				$	58		4		%

Third quarter 2026			vs.			second quarter 2026

Noninterest expense of $1.4 billion was stable.

•Salaries and employee benefits increased $5 million, primarily reflecting the continued Private Bank & Wealth buildout, an increase in Commercial, as well as higher medical benefit costs.

•Equipment and software increased $7 million, largely due to higher technology-related costs.

•Other operating expense decreased $12 million, reflecting the impact of various sundry items.

The effective tax rate of 20.9% in third quarter 2026 compares with 22.3% in second quarter 2026. The lower third quarter tax rate reflected the recognition of discrete tax benefits.

Third quarter 2026			vs.			third quarter 2025

Noninterest expense of $1.4 billion increased 4%.

•Salaries and employee benefits increased $45 million, reflecting the continued Private Bank & Wealth buildout.

•Outside services increased $13 million, primarily reflecting costs to implement the Reimagine the Bank program.

•Other operating expense decreased $6 million, reflecting the impact of various sundry items.

The effective tax rate was 20.9% in third quarter 2026 compared with 21.4% in third quarter 2025.

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Citizens Financial Group, Inc.

Interest-earning assets															3Q26 change from
($s in millions)			3Q26			2Q26			3Q25						2Q26												3Q25
Period-end interest-earning assets															$						%						$						%
Investments			$	45,690		$	46,345		$	44,456					$	(655)					(1)		%				$	1,234					3		%
Interest-bearing deposits in banks			12,517			12,648			11,090						(131)						(1)						1,427						13
Commercial loans and leases			77,223			77,284			72,493						(61)						-						4,730						7
Retail loans			71,004			70,207			68,377						797						1						2,627						4
Total loans and leases			148,227			147,491			140,870						736						-						7,357						5
Loans held for sale			884			1,458			1,334						(574)						(39)						(450)						(34)
Total loans and leases and loans held for sale			149,111			148,949			142,204						162						-						6,907						5
Total period-end interest-earning assets			$	207,318		$	207,942		$	197,750					$	(624)					-		%				$	9,568					5		%
Average interest-earning assets(1)
Investments			$	49,211		$	48,088		$	46,453					$	1,123					2		%				$	2,758					6		%
Interest-bearing deposits in banks			10,941			10,839			9,015						102						1						1,926						21
Commercial loans and leases			76,920			76,548			72,150						372						-						4,770						7
Retail loans			70,434			69,580			67,861						854						1						2,573						4
Total loans and leases			147,354			146,128			140,011						1,226						1						7,343						5
Loans held for sale			1,436			1,715			2,119						(279)						(16)						(683)						(32)
Total loans and leases and loans held for sale			148,790			147,843			142,130						947						1						6,660						5
Total average interest-earning assets			$	208,942		$	206,770		$	197,598					$	2,172					1		%				$	11,344					6		%
(1) Total average interest-earning assets excludes the mark-to-market on investment securities and unsettled purchases or sales of loans and investments.

Third quarter 2026			vs.			second quarter 2026

Period-end interest-earning assets of $207.3 billion decreased $624 million, reflecting a $655 million decrease in investments in securities and $574 million decrease in loans held for sale, partially offset by a $736 million increase in total loans and leases. Total loans and leases increased $736 million, as growth in the Private Bank, and growth in home equity and mortgage, were partially offset by commercial real estate paydowns, lower commercial line utilization, and runoff of Non-Core loans.

Average interest-earning assets of $208.9 billion increased $2.2 billion, or 1%, primarily reflecting a $1.2 billion increase in total loans and leases, and a $1.1 billion increase in investments.

The average effective duration of the securities portfolio was 4.6 years, compared with 4.1 years at June 30, 2026 and 3.6 years at September 30, 2025.

Third quarter 2026			vs.			third quarter 2025

Period-end interest-earning assets of $207.3 billion increased $9.6 billion, or 5%, reflecting a $1.2 billion increase in investments in securities, a $1.4 billion increase in cash held in interest-bearing deposits and a $6.9 billion increase in total loans and leases and loans held for sale. The increase in total loans and leases and loans held for sale was largely driven by growth in the Private Bank and growth in commercial, given net new money originations in corporate banking and higher commercial line utilization, partially offset by commercial real estate paydowns. Retail also grew $2.6 billion, reflecting growth in home equity and mortgage, partially offset by Non-Core portfolio runoff.

Average interest-earning assets of $208.9 billion increased $11.3 billion, primarily reflecting a $6.7 billion increase in total loans and leases and loans held for sale, as well as $1.9 billion increase in cash held in interest-bearing deposits and a $2.8 billion increase in investments in securities.

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Citizens Financial Group, Inc.

Deposits															3Q26 change from
($s in millions)			3Q26			2Q26			3Q25						2Q26												3Q25
Period-end deposits															$						%						$						%
Noninterest-bearing demand			$	40,916		$	40,939		$	39,472					$	(23)					-		%				$	1,444					4		%
Checking with interest			38,526			40,258			35,219						(1,732)						(4)						3,307						9
Savings			22,424			23,570			24,759						(1,146)						(5)						(2,335)						(9)
Money market			63,379			60,029			59,709						3,350						6						3,670						6
Time			19,983			20,824			20,852						(841)						(4)						(869)						(4)
Total period-end deposits			$	185,228		$	185,620		$	180,011					$	(392)					-		%				$	5,217					3		%
Average deposits
Noninterest-bearing demand			$	40,567		$	39,881		$	38,070					$	686					2		%				$	2,497					7		%
Checking with interest			38,684			38,632			34,748						52						-						3,936						11
Savings			22,923			23,780			25,001						(857)						(4)						(2,078)						(8)
Money market			61,115			60,295			57,783						820						1						3,332						6
Time			20,447			21,032			20,355						(585)						(3)						92						-
Total average deposits			$	183,736		$	183,620		$	175,957					$	116					-		%				$	7,779					4		%

Third quarter 2026			vs.			second quarter 2026

Total period-end deposits of $185.2 billion are broadly stable, reflecting growth in the Private Bank and Commercial, largely offset by a decrease in Consumer. Private Bank deposits increased 4% to $18.5 billion at the end of third quarter 2026.

Average deposits of $183.7 billion are broadly stable, primarily reflecting growth in Commercial, largely offset by a decrease in Consumer.

Third quarter 2026			vs.			third quarter 2025

Total period-end deposits of $185.2 billion increased 3%, driven by Private Bank growth of $6.1 billion.

Average deposits of $183.7 billion were up 4%, largely reflecting growth in the Private Bank.

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Citizens Financial Group, Inc.

Borrowed Funds															3Q26 change from
($s in millions)			3Q26			2Q26			3Q25						2Q26												3Q25
Period-end borrowed funds															$						%						$						%
Short-term borrowed funds			$	819		$	1,159		$	214					$	(340)					(29) %						$	605					NM
Long-term borrowed funds
FHLB advances			7,613			5,763			14						1,850						32						7,599						NM
Senior debt			7,318			7,078			6,825						240						3						493						7
Subordinated debt and other debt			1,422			1,421			1,620						1						-						(198)						(12)
Auto collateralized borrowings			660			928			1,982						(268)						(29)						(1,322)						(67)
Total borrowed funds			$	17,832		$	16,349		$	10,655					$	1,483					9		%				$	7,177					67		%
Average borrowed funds
Short-term borrowed funds			$	1,627		$	989		$	589					$	638					65 %						$	1,038					176		%
Long-term borrowed funds
FHLB advances			4,718			3,538			1,009						1,180						33 %						3,709						NM
Senior debt			7,117			7,078			6,823						39						1						294						4
Subordinated debt and other debt			1,422			1,419			1,622						3						-						(200)						(12)
Auto collateralized borrowings			784			1,077			2,189						(293)						(27)						(1,405)						(64)
Total average borrowed funds			$	15,668		$	14,101		$	12,232					$	1,567					11		%				$	3,436					28		%

Third quarter 2026			vs.			second quarter 2026

Period-end borrowed funds increased $1.5 billion, primarily reflecting an increase in FHLB advances, partially offset by a decrease in short-term borrowed funds and a decrease in collateralized borrowings on auto loans as the associated portfolio runs down.

Average borrowed funds increased $1.6 billion, driven primarily by an increase in FHLB advances and an increase in short-term borrowed funds, partially offset by a decrease in auto collateralized borrowings.

Third quarter 2026			vs.			third quarter 2025

Period-end borrowed funds increased $7.2 billion, primarily reflecting increases in FHLB advances, short-term borrowed funds and senior debt, partially offset by the decrease in auto collateralized borrowings as the associated portfolio runs down.

Average borrowed funds increased by $3.4 billion, given increases in FHLB advances, short-term borrowed funds and senior debt, partially offset by the decrease in auto collateralized borrowings.

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Citizens Financial Group, Inc.

Capital															3Q26 change from
($s and shares in millions, except per share data)			3Q26			2Q26			3Q25						2Q26												3Q25
Period-end capital															$						%						$						%
Stockholders' equity			$	25,162		$	26,183		$	25,829					$	(1,021)					(4)		%				$	(667)					(3)		%
Stockholders' common equity			22,952			24,072			23,718						(1,120)						(5)						(766)						(3)
Tangible common equity			15,070			16,185			15,848						(1,115)						(7)						(778)						(5)
Tangible book value per common share			$	35.78		$	38.29		$	36.73					$	(2.51)					(7)		%				$	(0.95)					(3)		%
Common shares - at end of period			421.2			422.7			431.5						(1.5)						-						(10.2)						(2)
Common shares - average (diluted)			425.7			426.7			435.5						(1.0)						-		%				(9.8)						(2)		%
Common equity tier 1 capital ratio(1)			10.5		%	10.4		%	10.7		%
Total capital ratio(1)			13.7			13.6			13.9
Tangible common equity ratio			6.7			7.2			7.4
(1) Current reporting-period regulatory capital ratios are preliminary.

Third quarter 2026

•The CET1 capital ratio of 10.5% as of September 30, 2026 compares with 10.4% at June 30, 2026 and 10.7% at September 30, 2025.

•Total capital ratio of 13.7% compares with 13.6% at June 30, 2026 and 13.9% as of September 30, 2025.

•Tangible common equity ratio of 6.7% compares with 7.2% at June 30, 2026 and 7.4% as of September 30, 2025.

•Tangible book value per common share of $35.78, decreased 6.6% compared with second quarter 2026, and 2.6% versus third quarter 2025, given the negative impact of higher long-term rates on the investment securities and swap portfolios.

•Total capital returned to shareholders was $322 million in third quarter 2026.

◦Paid $197 million in common dividends to shareholders during third quarter 2026. This compares with $197 million in common dividends during second quarter 2026 and $184 million during third quarter 2025.

◦Repurchased $125 million of common shares during third quarter 2026, compared with $225 million in second quarter 2026 and $75 million in third quarter 2025.

•Citizens' board of directors declared an increase in its quarterly common dividend to $0.52 per share, up $0.06 or 13% compared with the prior quarter, payable in 4Q26.

•The board of directors also increased the capacity of Citizens' common share repurchase program to $1.95 billion, an increase of $1.3 billion above the $650 million of capacity currently remaining under the prior June 2025 authorization.

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Citizens Financial Group, Inc.

Credit quality review																								3Q26 change from
($s in millions)						3Q26						2Q26						3Q25						2Q26												3Q25
																								$/bps/%						%						$/bps/%						%
Nonaccrual loans and leases(1)						$	1,461					$	1,435					$	1,518					$	26					2		%				$	(57)					(4)		%
90+ days past due and accruing(2)						165						183						162						(18)						(10)						3						2
Net charge-offs						137						135						162						2						1						(25)						(15)
Provision for credit losses						125						134						154						(9)						(7)						(29)						(19)
Allowance for credit losses						$	2,172					$	2,184					$	2,201					$	(12)					(1)		%				$	(29)					(1)		%
Nonaccrual loans and leases to loans and leases						0.99		%				0.97		%				1.08		%				2		bps										(9)		bps
Net charge-offs as a % of total loans and leases						0.37						0.37						0.46						-												(9)
Allowance for credit losses to loans and leases						1.47						1.48						1.56						(1)												(9)
Allowance for credit losses to nonaccrual loans and leases						149		%				152		%				145		%				(3)		%										4		%
(1) Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.
(2) 90+ days past due and accruing includes $157 million, $172 million, and $114 million of loans fully or partially guaranteed by the FHA, VA, and USDA for September 30, 2026, June 30, 2026, and September 30, 2025, respectively.

Third quarter 2026			vs.			second quarter 2026

•Nonaccrual loans of $1.5 billion increased 2%, driven by modest increases in C&I and residential mortgage. The nonaccrual loans to total loans ratio of 0.99% compares with 0.97% at June 30, 2026.

•Net charge-offs of $137 million, or 37 basis points of average loans and leases, was stable compared with the prior quarter.

•The third quarter 2026 provision for credit losses of $125 million compares with $134 million for second quarter 2026.

•The ratio of allowance for credit losses to total loans of 1.47% was down slightly compared with 1.48% as of June 30, 2026 reflecting improved loan mix given a decrease in general office and multi-family commercial real estate balances, with originations primarily in C&I and retail real estate secured that have a lower loss content profile.

•The allowance for credit losses to nonaccrual loans and leases ratio of 149% declined from 152% at June 30, 2026, reflecting the slight decrease in the allowance for credit losses and the modest increase in nonaccrual loans.

Third quarter 2026			vs.			third quarter 2025

•Nonaccrual loans decreased 4% driven largely by an 11% decrease in commercial, largely reflecting an 18% decline in commercial real estate. The nonaccrual loans to total loans ratio of 0.99% compares with 1.08% at September 30, 2025.

•Net charge-offs of $137 million, or 37 basis points of average loans and leases compares with 46 basis points for third quarter 2025, reflecting a decrease in commercial real estate and retail.

•Provision for credit losses of $125 million decreased compared with a $154 million provision in third quarter 2025 reflecting the runoff of the Non-Core portfolio and improving credit trends and loan mix.

•Allowance for credit losses of $2.2 billion decreased $29 million compared with September 30, 2025 given the continued Non-Core runoff and other improvements in loan mix. Allowance for credit losses ratio of 1.47% as of September 30, 2026 compares with 1.56% as of September 30, 2025.

•The allowance for credit losses to nonaccrual loans and leases ratio of 149% compares with 145% as of September 30, 2025.

11

Citizens Financial Group, Inc.

Corresponding Financial Tables and Information

Investors are encouraged to review the foregoing summary and discussion of Citizens' earnings and financial condition in conjunction with the detailed financial tables and other information available on the Investor Relations portion of the company's website at www.citizensbank.com/about-us.

Media: Peter Lucht - (781) 655-2289

Investors: Chris Emerson - (781) 655-5582

Conference Call

CFG management will host a live conference call today with details as follows:

Time: 9:00 am ET

Dial-in: (800) 369-1703, conference ID 1679767

Webcast/Presentation: The live webcast will be available at http://investor.citizensbank.com under Events & Presentations.

Replay Information: A replay of the conference call will be available beginning at 12:00 pm ET on October 16, 2026 through November 15, 2026. The webcast replay will be available at http://investor.citizensbank.com under Events & Presentations.

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is one of the nation's oldest and largest financial institutions, with $234.5 billion in assets as of September 30, 2026. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail, private banking, wealth management 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 3,000 ATMs and approximately 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. Consumer Banking includes Citizens Private Bank & Wealth, which integrate banking services and wealth management solutions to serve high- and ultra-high-net-worth individuals and families, as well as investors, entrepreneurs and businesses. 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. More information is available at www.citizensbank.com or visit us on X, LinkedIn or Facebook.

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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 that we believe provide useful information to investors to understand our results of operations or financial condition. We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP financial 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. See the following pages for reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures.

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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
																								3Q26 Change
						3Q26						2Q26						3Q25						2Q26												3Q25
																								$/bps						%						$/bps						%
Pre-provision profit:
Total revenue (GAAP)			A			$2,322						$2,283						$2,118						$39						2		%				$204						10		%
Less: Noninterest expense (GAAP)			B			1,393						1,394						1,335						(1)						-						58						4
Pre-provision profit (non-GAAP)						$929						$889						$783						$40						4		%				$146						19		%
Operating leverage:
Total revenue (GAAP)			A			$2,322						$2,283						$2,118						$39						1.72		%				$204						9.64		%
Less: Noninterest expense (GAAP)			B			1,393						1,394						1,335						(1)						(0.11)						58						4.32
Operating leverage																														1.83		%										5.32		%
Efficiency ratio:
Efficiency ratio			B/A			59.98		%				61.08		%				63.03		%				(110)		bps										(305)		bps
Book value per common share and tangible book value per common share:
Common shares - at period-end (GAAP)			C			421,219,810						422,677,660						431,453,142						(1,457,850)						-		%				(10,233,332)						(2		%)
Common stockholders' equity (GAAP)			D			$22,952						$24,072						$23,718						($1,120)						(5)						($766)						(3)
Less: Goodwill (GAAP)						8,220						8,220						8,187						-						-						33						-
Less: Other intangible assets (GAAP)						100						105						123						(5)						(5)						(23)						(19)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)						438						438						440						-						-						(2)						-
Tangible common equity (non-GAAP)			E			$15,070						$16,185						$15,848						($1,115)						(7		%)				($778)						(5		%)
Book value per common share (GAAP)			D/C			$54.49						$56.95						$54.97						($2.46)						(4		%)				($0.48)						(1		%)
Tangible book value per common share (non-GAAP)			E/C			35.78						38.29						36.73						(2.51)						(7)						(0.95)						(3)
Net interest income and net interest margin on an FTE basis:
Net interest income (annualized) (GAAP)			F			$6,645						$6,542						$5,902						$103						2		%				$743						13		%
Average interest-earning assets (GAAP)			G			208,942						206,770						197,598						2,172						1						11,344						6
Net interest margin (GAAP)			F/G			3.18		%				3.16		%				2.99		%				2		bps										19		bps
Net interest income (GAAP)						$1,675						$1,631						$1,488						$44						3		%				$187						13		%
FTE adjustment						3						3						4						-						-						(1)						(25)
Net interest income on an FTE basis (non-GAAP)						1,678						1,634						1,492						44						3						186						12
Net interest income on an FTE basis (annualized) (non-GAAP)			H			6,657						6,555						5,919						102						2						738						12
Net interest margin on an FTE basis (non-GAAP)			H/G			3.19		%				3.17		%				3.00		%				2		bps										19		bps
Return on average common equity and return on average tangible common equity:
Net income available to common stockholders (GAAP)			I			$599						$554						$457						$45						8		%				$142						31		%
Average common equity (GAAP)			J			$23,644						$23,839						$23,288						($195)						(1)						$356						2
Less: Average goodwill (GAAP)						8,220						8,221						8,187						(1)						-						33						-
Less: Average other intangibles (GAAP)						103						109						126						(6)						(6)						(23)						(18)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)						438						438						440						-						-						(2)						-
Average tangible common equity (non-GAAP)			K			$15,759						$15,947						$15,415						($188)						(1		%)				$344						2		%
Return on average common equity (GAAP)			I/J			10.05		%				9.31		%				7.77		%				74		bps										228		bps
Return on average tangible common equity (non-GAAP)			I/K			15.08		%				13.91		%				11.75		%				117		bps										333		bps
Return on average total assets and return on average total tangible assets:
Net income (GAAP)			L			$636						$587						$494						$49						8		%				$142						29		%
Average total assets (GAAP)			M			$231,250						$229,263						$219,117						$1,987						1						$12,133						6
Less: Average goodwill (GAAP)						8,220						8,221						8,187						(1)						-						33						-
Less: Average other intangibles (GAAP)						103						109						126						(6)						(6)						(23)						(18)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)						438						438						440						-						-						(2)						-
Average tangible assets (non-GAAP)			N			$223,365						$221,371						$211,244						$1,994						1		%				$12,121						6		%
Return on average total assets (GAAP)			L/M			1.09		%				1.03		%				0.90		%				6		bps										19		bps
Return on average total tangible assets (non-GAAP)			L/N			1.13		%				1.06		%				0.93		%				7		bps										20		bps

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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
																								3Q26 Change
						3Q26						2Q26						3Q25						2Q26												3Q25
																								$/bps						%						$/bps						%
Common equity ratio and tangible common equity ratio:
Total assets (GAAP)			O			$234,464						$233,836						$222,747						$628						-		%				$11,717						5		%
Less: Goodwill (GAAP)						8,220						8,220						8,187						-						-						33						-
Less: Other intangible assets (GAAP)						100						105						123						(5)						(5)						(23)						(19)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)						438						438						440						-						-						(2)						-
Tangible assets (non-GAAP)			P			$226,582						$225,949						$214,877						$633						-		%				$11,705						5		%
Common equity ratio (GAAP)			D/O			9.8		%				10.3		%				10.6		%				(50) bps												(86) bps
Tangible common equity ratio (non-GAAP)			E/P			6.7						7.2						7.4						(50) bps												(70) bps

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Citizens Financial Group, Inc.