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* Citizens Financial Group , Inc. Citizens Financial Group , Inc. Reports Third Quarter 2021 Net Income of $ 530 million and EPS of $ 1.18 Underlying Net Income of $ 546 million and EPS of $ 1.22 * Key Financial Data ( $ s in millions ) 3Q21 2Q21 3Q20 Third Quarter 2021 Highlights Total revenue $ 1,659 $ 1,609 $ 1,791 Pre - provision profit 648 618 803 Income Statement Underlying pre - provision profit 671 629 834 Provision for credit losses ( 33 ) ( 213 ) 428 Net income 530 648 314 546 656 338 Underlying net income ( $ s in billions ) Period - end loans and leases Average loans and leases Balance Period - end deposits Sheet & Average deposits Credit Quality Period - end loans - to - deposit ratio ACL to loans ratio ACL to loans ratio , ex . PPP NCO ratio Diluted EPS $ 123.3 $ 122.6 $ 124.1 122.6 123.5 124.9 152.2 150.6 142.9 151.9 150.3 141.4 81.0 % 81.4 % 1.63 1.70 86.8 % 1.65 1.75 2.21 2.29 0.14 % 0.25 % 0.70 % Underlying ROTCE of 14.2 % and underlying EPS of $ 1.22 reflect broad - based strength across our businesses , including a rebound in Mortgage , along with excellent credit results Underlying PPNR of $ 671 million reflects : Strong results in Capital Markets , Wealth and Mortgage Net interest income up 2 % QoQ , given interest - earning asset growth with stable margin , higher day count Interest - bearing deposit costs of 14 bps , down 2 bps QoQ Credit provision benefit of $ 33 million reflects strong credit performance and macroeconomic improvement Period - end loans up 1 % ( up 2 % excluding PPP impact ) ; average loans down 1 % QoQ ( up 1 % excluding PPP ) Underlying EPS $ 1.18 $ 1.44 $ 0.68 1.22 1.46 0.73 ROTCE 13.7 % 17.5 % 8.3 % Underlying ROTCE 14.2 17.7 9.0 Financial Metrics Net interest margin , FTE 2.72 2.72 2.83 Efficiency ratio 61 62 55 Underlying efficiency ratio 60 61 53 CET1 TBV / Share 10.3 % 10.3 % 9.8 % ■ $ 34.44 $ 33.95 $ 32.24 ■ Strong capital position with CET1 at 10.3 % TBV / share of $ 34.44 , up 7 % YoY Period - end LDR of 81.0 % Comments from Chairman and CEO Bruce Van Saun " We delivered strong results in the third quarter , paced by solid revenue growth across both net interest income and fees , which combined with excellent expense discipline resulted in positive sequential operating leverage in excess of 2 % , " said Chairman and CEO Bruce Van Saun . " Integration planning for our recent acquisitions is going well , and we are excited about the franchise and synergy benefits as we look forward to 2022. While economic growth and loan demand in the second half have been affected by the pandemic , we maintain a positive outlook for a gradual , strong recovery through next year . ” Citizens also announced today that its board of directors declared a fourth quarter 2021 common stock dividend of $ 0.39 per share . The dividend is payable on November 12 , 2021 to shareholders of record at the close of business on October 29 , 2021 . * References in this release to " Underlying " results exclude notable items and are non - GAAP Financial Measures . For more details on non - GAAP Financial Measures see page 15 in this release . 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 .