On this page of StockholderLetter.com we present the latest annual shareholder letter from CITIZENS FINANCIAL GROUP INC/RI — ticker symbol CFG. Reading current and past CFG letters to shareholders can bring important insights into the investment thesis.

 •  3/10/2025 Letter Continued (Full PDF)
 •  3/10/2023 CFG Stockholder Letter
 •  More "Banking & Savings" Category Stockholder Letters
 •  CFG Benford's Law Stock Score = 100

CFG Shareholder/Stockholder Letter Transcript:

2024 Annual Review
Building a
distinctive
franchise

in assets
STRONG CAPITAL AND
LIQUIDITY PROFILE
   24
   23
   22
CET1 Ratio
   21
   20
in deposits
   19
Pro forma Liquidity Coverage
Ratio exceeds Category I
bank requirement of 100%
in loans and leases
   18
   17
   16
   15
98%
100%
96%
94%
92%
90%
88%
86%
82%
84%
78%
   14
RETURN ON TANGIBLE
COMMON EQUITY*
Underlying
Results*
TANGIBLE BOOK
VALUE PER SHARE*
Reported
Results
Fee income up 10% YOY,
up 9% on an Underlying basis
DILUTED EPS
Reported Results
Underlying Results*
   24
$467
   23
million
Record Capital
Markets fees
   22
   21
   20
$368
   19
million
Record Card fees**
   18
   17
   16
   15
million
Record Wealth fees
   14
Results are presented on an Underlying basis, as applicable. Please refer to Non-GAAP Financial Measures and Reconciliations on Pages 18-21 for additional information
on these measures. Unless otherwise noted, references to balance sheet items above are on a period-end basis, loans and leases exclude loans held for sale; percentage
increases are on a YOY basis vs. 2023.


Reported Card fees are a record $368 million for 2024, up 24%, or $344 million, up 16%, on an Underlying basis.*
2     Citizens Financial Group

Pictured: Chairman and CEO Bruce Van Saun with members of executive management, the board of directors
and others at the New York Stock Exchange
TABLE OF CONTENTS
Financial highlights
Letter from the CEO
Consumer Banking
Business Highlights
Last year we celebrated a decade of strong and steady growth, commemorating the 10-year
anniversary of our initial public offering on the New York Stock Exchange. Our IPO was a
seminal event, marking the moment we took control of our fate and began our transformation
journey. Through strategic investments in new capabilities, a commitment to attracting and
developing great talent and a strong customer-centric culture, we have built a vibrant,
well-positioned company.
We have continued to focus on delivering well for all of our stakeholders, while positioning
ourselves for success over the longer term. In 2024, we made further progress on a unique
growth strategy featuring a transformed Consumer Bank, the best-positioned Commercial
Bank, and what we intend to be the premier bank-owned Private Bank and Wealth
Management franchise. While we faced economic uncertainty, industry competition, high
discipline have continued to serve us well.
As 2025 begins to unfold, we are positioned well for the future, with a strong deposit base and
capital levels, an attractive business model, and several compelling initiatives that will enable
us to do more for all of those we serve.
Commercial Banking
Business Highlights
Sustainability
& Impact
National Reach/Executive
Committee/Board of
Directors
About Citizens Financial
Group, Inc./Shareholder
information
measures/
Forward-looking
statements
2024 Annual Review     3

HITTING OUR STRIDE
Citizens is committed to helping New York City neighborhoods reach their potential. With about 170 branches and a strong
and growing Private Banking and Commercial Banking presence, we are in the New York Metro market for the long haul for
the world   s premier community running organization with nearly 700,000 members and the TCS New York City Marathon,
boroughs of New York complete the course. We look forward to continuing our success in New York supporting and
celebrating athletes, fans and volunteers at NYRR events throughout 2025 and beyond.
Executing with discipline
We sustained our record of strong execution in 2024, delivering
navigate well through a dynamic external environment. On an
Underlying basis, we reported net income of approximately $1.6
billion, earnings per share of $3.24, and ROTCE of 10.5%.*
Notwithstanding the volatile market environment, we delivered
very good performance on deposits and on fee income growth,
led by Capital Markets, Card and Wealth. The transformation of
our deposit franchise has enabled us to successfully manage
through a rapidly rising rate environment, and our deposit costs
have performed well against the peer average. We   ve maintained
a strong capital and liquidity position, giving us the wherewithal
to support our customers and grow our business. Expenses were
well-controlled, and credit is trending favorably.
We continued to optimize our balance sheet by focusing on
deploying capital to lending portfolios with deep relationships
and attractive risk-adjusted returns. In 2024 we reduced noncore loans by $4.2 billion, and we made further progress in
exiting lower-returning corporate relationships and reducing
our Commercial Real Estate portfolio.
We   ve executed well on our Tapping Our Potential (TOP)
program, which rests on a mindset of continuous improvement
and colleagues. Our TOP 9 program exceeded our initial target,
million as of year-end 2024. Our TOP 10 program is targeting
year-end 2025. This new TOP program is focused on several new
operations through process reengineering, automation and AI.
Progressing our strategic initiatives
We made further progress on several of our key strategic
initiatives, executing well across Citizens Private Bank, our
New York City Metro strategy and serving private capital.
We are making great strides in building the Private Bank, growing
$7 billion in high-quality deposits, $4.7 billion in assets under
management (AUM) and $3.1 billion in loans as of year end.
We also continue to scale and strengthen Private Wealth
Management, adding teams in San Francisco, Boston and South
Please refer to Non-GAAP Financial Measures and Reconciliations on Pages 18-21 for additional information. Reported net income for 2024 is $1.5 billion, or $1.6 billion on
an Underlying basis.

4     Citizens Financial Group

Florida to further expand our capabilities. We   ve also added
Commercial middle market bankers to complement our Private
Bank footprint in Southern California and Florida, maximizing
synergies among our businesses to further deepen relationships
with corporate clients.
In the Consumer Bank, our deposit performance was near the
top of the peer group, and NYC Metro is our fastest growing
region, with an acceleration in household acquisition driving
improvement in our regional Net Promoter Score in New York,
which has risen 37 points since mid 2022. For the second year
New York City Marathon and the New York Road Runners, driving
brand awareness and deep connections with local businesses
and communities.
We also continued to build out the Commercial Bank   s coverage
and solutions. Despite a muted environment in 2024, we were
able to successfully leverage our comprehensive capabilities,
industry expertise and relationship approach to drive strong fee
performance in our capital markets business, which was up 46%
year over year. We are well-positioned for an expected increase
progress in our strategy to become a leading advisor and lender
to the private equity community.
A trusted partner to customers
We remain intensely focused on supporting our customers
with the advice, products, services and insights they need to
be successful.
seamless web and mobile experiences, including enhancing
the onboarding experience with tools and resources to help
customers more easily set up accounts and manage their
#2 in overall satisfaction among regional banks in JD Power   s
annual survey, up from #10 in 2023. We continue to emphasize
relationship-based lending, including introducing tailored
Private Bank lending offerings for general and limited partners
in private equity and professional partnerships.
We   ve also enhanced Cash Flow Essentials, our online and
mobile cash management platform for small businesses, with
a new log-in experience and the integration of additional
resources and support. In 2024, Citizens Cash Flow Essentials
garnered recognition from multiple industry organizations,
including Datos Insights and Fintech Futures.
In Commercial, we continued to expand our capabilities to
provide the solutions our clients need to propel growth at every
stage. In 2024, we became a registered swap dealer, which gives
needs. We also launched two new products, Payee Select and
Citizens Account Validation, to enhance payment processes
for clients. In addition, we expanded single sign-on and
implemented a range of new features in Citizens Digital Butler,
our secure and personalized digital onboarding and servicing
solution. Our rollout of Citizens Digital Butler earned us a 2024
Model Bank Award for Commercial Customer Engagement
from Celent.
ROBUST DIGITAL ENGAGEMENT
digital payments
and transfers
mobile active retail
checking households
personalized assistant built
into the Citizens mobile app
mobile active users
2024 Annual Review     5



 3/10/2025 Letter Continued (Full PDF)