Page 1

Citizens Financial Group , Inc. ™ Citizens Financial Group , Inc. Reports First Quarter 2021 Net Income of $ 611 million and EPS of $ 1.37 Underlying Net Income of $ 626 million and EPS of $ 1.41 * Underlying ROTCE of 17.6 % and underlying EPS of $ 1.41 reflects strength across our fee businesses and strong credit results Key Financial Data 1Q21 4Q20 1Q20 First Quarter 2021 Key Highlights ( $ s in millions ) Total revenue $ 1,659 $ 1,707 $ 1,657 Pre - provision profit 641 695 645 Income Underlying pre - provision profit 661 737 678 Statement Provision for credit losses ( 140 ) 124 600 Net income 611 456 34 Underlying net income ( $ s in billions ) 626 480 59 $ 122.2 $ 123.1 $ 127.5 122.8 123.5 121.1 Period end loans and leases Average loans and leases Balance Period - end deposits Sheet & Average deposits 146.6 151.3 147.2 145.3 133.5 126.6 Credit Period - end loans - to - deposit ratio 80.7 % 83.6 % 95.5 % Quality ACL to loans ratio 1.94 2.17 1.73 ACL to loans ratio , ex . PPP 2.03 2.24 1.73 NCO ratio 0.52 % 0.61 % 0.46 % Diluted EPS $ 1.37 $ 0.99 $ 0.03 Underlying EPS ROTCE 1.41 1.04 17.2 % 12.2 % 0.09 0.4 % Underlying ROTCE 17.6 12.9 1.1 Financial Metrics Net interest margin , FTE 2.76 2.75 3.10 Efficiency ratio 61 59 61 Underlying efficiency ratio CET1 TBV / Share 60 10.1 % 10.0 % 59 9.4 % $ 32.79 $ 32.72 $ 31.97 57 Underlying PPNR of $ 661 million down from record levels Reflects lower mortgage revenue given tightening gain - on - sale margins Strength in Capital Markets , record results in Wealth , and well - controlled expenses Net interest margin of 2.76 % up slightly QoQ Interest - bearing deposit costs of 20 bps , down 7 bps QoQ Negative provision for credit losses of $ 140 million reflects strong credit results and improving macroeconomic outlook Returned $ 262 million to shareholders , including share repurchases and common dividends LDR improved to 80.7 % , down 290 bps QoQ Strong capital position with CET1 at 10.1 % TBV / share of $ 32.79 increased 3 % YoY Comments from Chairman and CEO Bruce Van Saun " We are pleased to get off to strong start to 2021 , with strength in our fee businesses , good balance sheet management and excellent performance on credit , " said Chairman and CEO Bruce Van Saun . " We are making good strides in our digital and next generation technology initiatives , and maintain a confident outlook for the balance of the year . While we increasingly see positive signs that the economy is improving rapidly and that life is returning to normal , we remain focused on continuing to assist those companies and individuals most impacted by the pandemic and lockdowns . " Citizens also announced today that its board of directors declared a second quarter 2021 common stock dividend of $ 0.39 per share . The dividend is payable on May 13 , 2021 to shareholders of record at the close of business on April 29 , 2021 . * References in this release to " Underlying " results exclude notable items and are Non - GAAP Financial Measures . Where there is a reference to " Underlying " or " excluding elevated cash " results in a paragraph , all measures that follow these references are on the same basis . Additional information regarding the impact of notable items , elevated cash balances and Acquisitions on our results is described in this release . Please see the end of this release for important information on our use of Non - GAAP Financial Measures , and their reconciliation to GAAP financial measures . References in this release to balance sheet items are on an average basis and loans exclude loans held for sale ( " LHFS " ) unless otherwise noted . References to net interest margin are on a fully taxable equivalent ( " FTE " ) basis and all references to earnings per share represent fully diluted per common share . References to consolidated and / or commercial loans , loan growth , nonaccrual loans and allowance for loan losses include leases . The " Company " refers to Citizens . Current reporting - period regulatory capital ratios are preliminary . Select totals may not sum due to rounding .