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Citizens Financial (CFG)
NYSE:CFG
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Earnings Data
Report Date
Jan 17, 2025Before Open Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$0.82Last Year’s EPS
$0.34Same Quarter Last Year
Moderate Buy
Based on 15 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Oct 16, 2024
|% Change Since: 0.94%
|Next Earnings Date:Jan 17, 2025
Earnings Call Sentiment|Neutral
The call reflected a cautiously optimistic outlook with strong performance in private and commercial banking, robust capital and liquidity positions, and expected positive operating leverage in Q4. However, challenges remain with NII and NIM pressures, increased non-performing assets, and limited loan demand.Company Guidance
During the Citizens Financial Group Q3 2024 earnings call, several key metrics and guidance elements were discussed. The Private Bank saw deposits grow to $5.6 billion from $4 billion in Q2, and assets under management increased to $4.1 billion. The bank achieved a CET1 ratio of 10.6%, or 9.2% adjusting for OCI, and repurchased $325 million in stock. The spot loan-to-deposit ratio was 80.8%, and liquidity remained strong with Federal Home Loan Bank advances well under $1 billion. The net interest margin (NIM) decreased by 10 basis points to 2.77%, but a rebound is expected in Q4. The bank's Q4 guidance suggests a 1.5% to 2.5% increase in net interest income (NII) and mid- to high-single-digit growth in noninterest income, leading to positive operating leverage. The full-year outlook remains largely on track, except for balance sheet volume impacting NII and a modestly higher allowance for credit losses (ACL) build. The bank aims to achieve a NIM of 3.25% to 3.4% by 2027, driven by strategic initiatives and a focus on managing deposit costs effectively.Strong Private Bank Performance
The Private Bank delivered a strong quarter with deposits reaching $5.6 billion, up from $4 billion in Q2, and assets under management at $4.1 billion. The bank reached breakeven in August and September and is expected to be profitable in Q4.
Commercial Banking Success
The commercial bank was #2 in sponsor leveraged loan arrangements for the quarter and #1 over the past 12 months. New York City Metro initiative showed 5% year-on-year growth in households and 7% growth in deposits.
Capital and Liquidity Strength
CET1 ratio at 10.6%, adjusted for OCI at 9.2%. $325 million in stock repurchases, with a strong funding and liquidity profile including a pro forma LCR of 122%.
Positive Operating Leverage Expected
Q4 guide shows expected increase in NII and fees, leading to positive operating leverage. The NIM is projected to be in the 3.25% to 3.4% range by 2027.
Progress in Balance Sheet Optimization
Noncore reduced by $1 billion, with liquidity used to pay down higher cost funding like brokered CDs. Focus on reducing CRE exposure and exiting lending-only relationships.
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CFG Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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CFG Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 16, 2024 | $43.05 | $41.99 | -2.46% |
| Jul 17, 2024 | $38.82 | $40.12 | +3.35% |
| Apr 17, 2024 | $31.39 | $31.98 | +1.88% |
| Jan 17, 2024 | $29.85 | $30.36 | +1.71% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Citizens Financial (CFG) report earnings?
Citizens Financial (CFG) is schdueled to report earning on Jan 17, 2025, Before Open Not Confirmed.
What is Citizens Financial (CFG) earnings time?
Citizens Financial (CFG) earnings time is at Jan 17, 2025, Before Open Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is CFG EPS forecast?
CFG EPS forecast for the fiscal quarter 2024 (Q4) is $0.82.
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