Citizens Financial : 1Q26 EARNINGS PRESENTATION

Published: 2026-04-16 06:34:16 ET CFG

Published on 04/16/2026 at 06:34 am EDT

April 16, 2026

1Q26 Earnings highlights

Q/Q

Y/Y

$s in millions

1Q26

4Q25

1Q25

$/bps

Net interest income

$ 1,562

$ 1,537

$ 1,391

$ 25

2 %

$ 171

Noninterest income

606

620

544

(14)

(2)

Total revenue

2,168

2,157

1,935

233

Noninterest expense

1,378

1,343

1,314

Pre-provision profit

790

814

621

(24)

(3)

169

Provision for credit losses

140

137

153

(13)

(8)

Income before income tax expense

650

677

468

(27)

(4)

182

Income tax expense

133

149

(16)

(11)

Net income

$ 517

$ 528

$ 373

$ (11)

(2) %

$ 144

Preferred dividends/other

(6)

(15)

- -

Net income available to common stockholders

$ 484

$ 489

$ 340

$ (5)

(1) %

$ 144 42

$s in billions

Average interest-earning assets

$ 201.9

$ 199.2

$ 195.1

$ 2.8

$ 6.9

Average deposits

$ 181.3

$ 179.9

$ 172.7

$ 1.5

$ 8.6

Performance metrics

Net interest margin

3.14

3.06

2.89

bps

Net interest margin, FTE(1)

3.14

3.07

2.90

Loan-to-deposit ratio (period-end)

78.1

77.8

77.5

ROTCE

12.2

9.6

255

Efficiency ratio

63.6

62.2

67.9

131

(436)

Noninterest income as a % of total revenue

(80) bps

(19) bps

Operating leverage

(2.12) %

7.20

Per common share

Diluted earnings

$ 1.13

$ 0.77

$ -

- %

$ 0.36

Tangible book value

$ 37.94

$ 38.07

$ 33.97

$ (0.13)

- %

$ 3.97

Average diluted shares outstanding (in millions)

429.9

434.1

442.2

(4.2)

(1) %

(12.3)

(3)

Strong 1Q26 results; EPS up 47%, 7.2% positive operating leverage YoY

EPS of $1.13, up 47% YoY, reflecting strong PPNR growth

ROTCE of 12.2%, stable QoQ, and up 255 bps YoY

PPNR of $790 million, down ~3% QoQ; up ~27% YoY

NII up 1.6% QoQ as NIM continues to expand, up 7 bps to 3.14%; NII up 12%, NIM up 24 bps YoY

PPNR performance

1Q26 QoQ YoY

NII $ 1,562 1.6% 12.3%

Fees 606 (2.3) 11.4

Expenses 1,378 2.6 4.9

PPNR $ 790 (2.9)% 27.2%

Fees up 11% YoY driven by Capital Markets and Wealth; down 2% QoQ, reflecting seasonality and market dynamics

Capital Markets up 34% YoY; Wealth up 23% YoY

Strong capital and liquidity position while continuing to repurchase shares

CET1 ratio of 10.5%(1); 9.3% adjusted for AOCI opt-out removal - Share repurchases of $300 million in 1Q26

Strong liquidity profile; spot LDR of 78.1%; average deposits up $1.5 billion, or 1% QoQ driven by growth in Private Bank

Private Bank spot deposits of $16.6 billion

Interest-bearing deposit costs down 16 bps QoQ

Positive trends in loans and credit

Loans up 1% QoQ with growth led by Commercial and Private Bank, as Non-Core runoff and balance sheet optimization impacts lessen

Continuing favorable credit trends with net charge-offs of 39 bps, down 4 bps QoQ

Well positioned to achieve 16-18% ROTCE by end of 2027

Private Bank's strong momentum continuing into 2026; contributed $0.11 to 1Q26 EPS; ROE >25%(2); opening new PBOs

Good visibility and confidence in driving NII higher with NIM increasing to 3.30-3.50% by 4Q27

Continued strong execution of strategic initiatives (Private Bank, NYC Metro, Private Capital, Payments)

Reimagine the Bank (multi-year transformational program) off to a great start; targeting ~$450 million pre-tax run-rate benefit by year-end 2028

Strong ACL coverage of 1.52%

NII and NIM

$s in millions, except earning assets

$195.1B

$196.3B

$197.6B

$199.2B

$201.9B

$1,391

2.90%

$1,437

2.95%

$1,488

3.00%

$1,537

3.07%

$1,562 3.14%

1Q25

2Q25

3Q25

4Q25

1Q26

Average interest-earning assets Net interest income

NIM, FTE

Linked Quarter

NII up 1.6%, reflects higher NIM and a 1% increase in average interest-earning assets, partially offset by the day count impact of $22 million

- NIM of 3.14%, up 7 bps QoQ, reflecting the benefit of lower terminated swap impacts and Non-Core runoff, fixed-rate asset repricing and improved funding costs, partially offset by lower asset yields

Interest-earning assets yield of 4.81%, down 5 bps

Interest-bearing deposit costs down 16 bps to 2.04%; cumulative interest-bearing deposit down-beta of ~50%

Total deposit costs down 12 bps to 1.60%; total cost of funds down 10 bps to 1.80%

NIM 4Q25 to 1Q26

3.07%

0.05%

0.01%

3.14%

4Q25

Terminated swaps &

Non-Core impact

Fixed-rate asset

repricing

Balance sheet mix,

pricing and other

1Q26

Noninterest income details

Service charges and fees

$ 112

$ 109

$ - $

Capital markets fees

134

140

100

(6)

Wealth fees

100

Card fees

(3)

Mortgage banking fees 42 52 59 (10) (17)

FX and derivative products

Letter of credit and loan fees

Securities gains, net

Other income(1)

(8)

Noninterest income

$ 606

$ 620

$ 544

$ (14) $

$s in millions 1Q26 4Q25 1Q25

Noninterest income

-2% QoQ

+11% YoY

$s in millions

$544

$600

$630

$620

$ Q/Q Y/Y

$606

Linked Quarter

Noninterest income of $606 million, down 2%

Capital markets fees decreased $6 million relative to a seasonally strong fourth quarter. Notwithstanding heightened geopolitical tensions and uncertainty in the macro environment, fees posted a record first quarter. Results reflect lower loan syndication fees, partially offset by higher M&A and bond underwriting fees

Wealth fees increased $2 million reflecting higher advisory fees

Card fees decreased $3 million, given seasonal impacts

Mortgage banking fees decreased $10 million, reflecting lower net MSR valuation results, partially offset by slightly higher servicing and production revenue

FX and derivative products increased $10 million, reflecting higher client commodities and interest rate hedging activity

Other income decreased $8 million, given higher small revenue items in the prior quarter

Year-Over-Year

Noninterest income of $606 million, up 11%

Capital markets fees increased $34 million, or 34%, driven by higher M&A, loan syndications and equity underwriting

Wealth fees increased $19 million, or 23%, primarily reflecting growth in AUM, largely from net inflows

Mortgage banking fees decreased $17 million, reflecting

1Q25 2Q25 3Q25 4Q25 1Q26

lower MSR valuation results, net of hedge impact

Other income increased $12 million, given favorable performance across several small revenue items

See pages 28-29 for notes.

Linked Quarter

Noninterest expense details

$s in millions

1Q26 4Q25 1Q25 Q/Q Y/Y

Noninterest expense of $1.4 billion, up 2.6%

- Salaries and benefits increased $42 million,

Salaries & employee benefits

$ 758

$ 716

$ 696

$ 42 $

primarily reflecting a seasonal increase in payroll

Equipment & software

197

199

194

(2)

taxes

Outside services

162

148

155

- Outside services increased $14 million, primarily

Occupancy

114

109

112

Other operating expense

147

171

157

(24)

(10)

Noninterest expense

$ 1,378

$1,343

$1,314

$ 35 $

Full-time equivalents (FTEs)

17,380

17,398

17,315

(18)

driven by higher technology-related costs and costs to implement the Reimagine the Bank program

Other operating expense decreased $24 million, reflecting lower fraud losses and seasonal factors

Year-Over-Year

$s in millions

Noninterest expense

67.9%

64.8%

63.0%

62.2%

63.6%

1Q25

2Q25

3Q25

Noninterest expense

4Q25 1Q26

Efficiency ratio

1Q26 Reimagine the Bank implementation costs of ~$6 million

$1,319

$1,314

$1,343

$1,335

$1,378

Noninterest expense of $1.4 billion, up 5%

Salaries and benefits increased $62 million, reflecting hiring related to the Private Bank and Private Wealth buildout, and strong Capital Markets

fee performance

Outside services increased $7 million, primarily driven by costs to implement the Reimagine the Bank program

Other operating expense decreased $10 million, reflecting the impact of various favorable sundry items

Linked Quarter

$s in billions

Period-end loans and leases

$137.6

$139.3

$140.9

$142.7

$143.7

~1% QoQ

~19% QoQ

1Q25

2Q25

3Q25

4Q25

1Q26

Non-Core Core

$135.7

$3.6

$133.4

$4.2

$141.7

$2.0

$140.2

$2.5

$137.9

$3.0

Period-end loans up 1%

Private Bank growth of $0.6 billion, driven primarily by multi-family and residential mortgage

Commercial* up $0.6 billion, or 1%, given net new money originations in corporate banking and higher commercial line utilization, partially offset by CRE paydowns

Retail* up $0.3 billion, driven by home equity and mortgage

Non-Core loans down $0.5 billion, reflecting continued auto runoff

Average loans up 1%; Core loans up 2%

Loan yield of 5.28%, down 1 bp

Year-Over-Year

Average loans and leases

$s in billions

$139.7

$138.8

$140.0

$141.8

$143.4

5.26%

$133.3

5.31%

$134.9

5.35%

$136.7

5.29%

$139.1

5.28%

$141.2 ~2% QoQ

$6.4

1Q25

$3.9

2Q25

$3.3

3Q25

$2.7

4Q25

$2.2

1Q26

~18% QoQ

Non-Core Core Loan yield

Period-end loans up $6.0 billion, or 4%, including Non-Core runoff of $2.2 billion; Core loans up $8.3 billion, or 6%

Private Bank growth of $4.1 billion, driven primarily by multi-family and residential mortgage

Retail* up $2.6 billion, driven by home equity and mortgage

Commercial* up $1.6 billion, reflecting net new money originations and higher line utilization, partially offset by CRE paydowns

Average loans up $3.7 billion, or 3%; Core loans up 6%

*Excludes Non-Core portfolio and Private Bank. See page 31 for details.

Linked Quarter

Average deposits

$s in billions

$172.7

$174.1

$176.0

$179.9

$181.3

1Q25

2Q25

3Q25

4Q25

1Q26

Consumer

Total deposit costs

Commercial

Treasury/Other

Interest-bearing deposit costs

1.84%

1.85%

1.87%

1.60%

1.72%

2.04%

2.20%

2.35%

2.37%

Average deposits up $1.5 billion, or 1%, primarily driven by growth in Private Bank

Period-end deposits are broadly stable, with growth in Private Bank and retail partially offset by lower commercial deposits given seasonality

Private Bank deposits increased to $16.6 billion

Interest-bearing deposit costs down 16 bps to 2.04%

Cumulative interest-bearing deposit down beta of ~50%

Total deposit costs down 12 bps

Total cost of funds down 10 bps

Year-Over-Year

Period-end deposits

$s in billions

$177.6

$175.1

$180.0

$183.3

$184.0

1Q25 2Q25

Consumer

3Q25

Commercial

4Q25

1Q26

Treasury/Other

Average deposits up $8.6 billion, or 5%, primarily reflecting growth of $8.0 billion in Private Bank and $3.2 billion in Commercial, partially offset by a $2.0 billion reduction in higher-cost Treasury brokered deposits

Period-end deposits up $6.5 billion, or 4%

Interest-bearing deposit costs down 33 bps

Total deposit costs down 27 bps

Total cost of funds down 29 bps

Business mix

Citizens

As of 3/31/26

Product mix

Access Private Bank/

Business Banking 12%

Private Wealth 10%

Time 12%

NIB 23%

Commercial 24%

Money Market 32%

Branch deposits 48%

Checking With Interest 20%

Treasury/ Other 2%

Citizens Access Savings 4%

Savings 9%

65%

64%

42%

43%

21%

20%

21%

22%

23%

4Q25

1Q26

1Q25

4Q25

1Q26

NIB and low-cost deposits

(as % of total deposits at 3/31/26)

NIB

Low-cost deposits(2)

Strong consumer deposit base(1)

(as % of total average deposits)

56%

4Q25

Peer Avg(1)

See pages 28-29 for notes.

Credit provision expense; net charge-offs

$s in millions

0.58%

0.48%

0.46%

0.51%

$200

$153

0.43%

0.39%

$164 $167 $154 $162

$137 $155

$140 $138

1Q25

2Q25

3Q25

4Q25

Provision for credit losses Net charge-offs

1Q26

Net c/o ratio

Net charge-offs associated with Non-Core transaction

Net charge-off ratio - excluding Non-Core transaction

$175

Nonaccrual loans

$s in millions

140%

145%

146%

$1,582

$1,524

$1,518

$1,504

$1,497

$599

$585

$609

$630

$983

$939

$933

$895

$867

1Q25

2Q25

3Q25

4Q25

1Q26

Commercial Retail ACL to nonaccrual loans and leases

Commentary

Net charge-offs of $138 million, or 39 bps of average loans, down from $155 million, or 43 bps, in 4Q25, driven by decreases in retail and commercial real estate

Nonaccrual loans of $1.5 billion are down modestly QoQ, as improvement in Commercial, largely C&I, was partially offset by increases in retail, largely mortgage

$s in millions

Allowance for credit losses

Total

A io

CL rat

1.61%

1.59%

1.56%

1.53%

1.52%

$2,212

1.86%

$2,209

$2,201

$2,183

$2,185

1.77%

1.74%

1.70%

1.75%

1.34%

1.39%

1.37%

1.35%

1.27%

1Q25

2Q25

Retail

3Q25

4Q25

1Q26

Commercial

Retail ACL

(1)

Commercial ACL

(1)

Commentary

The allowance for credit losses is broadly stable reflecting

Improving loan mix, with Non-Core portfolio runoff and reduced CRE, along with lower loss-content originations in C&I, residential real estate secured and the Private Bank

A slight deterioration compared to the prior quarter economic forecast, which contemplates a mild recession

The potential impact of higher oil prices has been considered

We also continue to apply a more severe scenario against areas of concern, such as General Office

The General Office portfolio continues to be well-reserved, with steady progress being made on work-outs

ACL coverage for CRE General Office of 9.1%, combined with charge-offs taken on the portfolio since March 31, 2023, equates to a potential loss rate of ~20%* on the portfolio, stable with 4Q25

Highlights

1Q26 CET1 ratio of 10.5%

$s in billions (period-end)

1Q25

2Q25 3Q25

4Q25 1Q26

Basel III basis(1)

Common equity tier 1 capital

$ 17.8

$ 17.8 $ 18.0

$ 18.2 $ 18.2

Risk-weighted assets

$166.9

$168.0 $168.9

$171.5 $173.3

Common equity tier 1 ratio

10.6 %

10.6 % 10.7 %

10.6 % 10.5 %

Tier 1 capital ratio

11.9 %

11.9 % 11.9 %

11.9 % 11.7 %

Total capital ratio

13.9 %

13.8 % 13.9 %

13.8 % 13.7 %

Tangible common equity ratio

7.0 %

7.2 % 7.4 %

7.5 % 7.3 %

- 9.3% CET1 ratio adjusted for AOCI opt-out removal

TBV/share of $37.94 was broadly stable QoQ

Tangible common equity ratio of 7.3%, down 20 bps QoQ

Total capital returned to shareholders was $498 million in 1Q26

Paid $198 million in common dividends to shareholders

CET1 ratio remains strong(2)

TBV/share

Repurchased $300 million of common stock at a weighted-average price of $62.40

CET1

4Q25

10.64%

$38.07

Net Income

0.30

1.21

3.2%

Common and preferred dividends

(0.13)

(0.55)

(1.4)

RWA increase

(0.11)

Treasury stock

(0.18)

(0.28)

(0.7)

Goodwill and intangibles

(0.02)

(0.07)

(0.2)

AOCI

(0.28)

(0.7)

Other

(0.01)

(0.16)

(0.4)

Total change

(0.15)

(0.13)

(0.3)%

1Q26 10.49% $37.94

Strong momentum early in 2026

Deposits

$s in billions

$14.5

$16.6

$8.7

$13.1

$15.6

$7.6

1Q25

4Q25

Avg

1Q26

Spot

~33% avg. DDA; ~2% total deposit cost, down ~12 bps QoQ

Continued strong client growth in Q1 with ~$2.4 billion increase in average deposits; ~$2.2 billion spot growth

$s in billions

Loans

$7.2

$7.7

$3.7

$6.3

1Q25

4Q25

Avg

1Q26

Spot

Avg. portfolio yield ~6.1%; ~4% spread over deposit cost

1Q26 loan growth driven by multi-family and residential mortgage

$3.3

$7.3

As of 3/31/26

$s in billions

Client Assets(1)

$10.0

$10.1

$5.8

1Q25

4Q25

1Q26

(2)

AUM

Transactional assets

(3)

10 advisor teams added since launch across key markets

Co-locating Private Wealth teams in all Private Bank markets

Total Client Assets of $10.1 billion at 1Q26 includes transactional assets of

$1.4 billion

$5.2

$8.7

$8.6

Upcoming expansion

Opened in 1Q26

Operational

9 Private Bank Offices opened to date; plan to add 2 more by YE2026

San Francisco, CA Mill Valley, CA San Diego, CA

Newport Beach, CA

Boston, MA Menlo Park, CA

Palm Beach, FL Laurel Village, CA New York, NY

West Palm Beach, FL (2Q26) Greenwich, CT (2H26)

Leverage technology innovation to reshape how we serve customers and run the bank

Business model simplification to drive focus and deliver cost improvement

Tracking well towards targets provided in January

Expect minimal EPS impact in 2026 and ~$100 million pre-tax run-rate benefit by year-end 2026

Select examples of the early progress in 2026 with Reimagine the Bank initiatives

Consumer

Incorporating LLM functionality into call center operations; targeting ~25% of calls to be handled without human interaction by YE2026; ~50% over time

Leveraging AI to redesign processes for handling customer complaints and address changes, driving improved customer experience

Commercial

Early progress leveraging GenAI to automate credit research and portfolio monitoring of private companies

Early production release of a next-generation E2E loan processing platform, enhancing user experience and efficiencies

Technology

Pilots scheduled for 2Q based on work to establish AI-enabled software integration and deployment, and orchestrate agentic capabilities

~80 applications identified for rationalization to simplify technology stack; 18 applications completed in 1Q

Vendor / Property

Negotiations with largest suppliers completed in 1Q; focus shifting to 2nd/3rd tier suppliers

Identified opportunities to consolidate real estate properties

Reimagine the Bank is well underway; targeting ~$450 million pre-tax run-rate benefit by year-end 2028

1Q26 2Q26 Outlook

Net interest income

$1,562MM ■ Up 3 to 4%

Noninterest income

$606MM ■ Up 3 to 5%, with growth across most fee categories

Noninterest expense

$1,378MM ■ Stable to up 1%

Net charge-offs

$138MM; 39 bps ■ Stable to down slightly

CET1 ratio(1)

10.5% ■ 10.5-10.6%; ~$225 million in share repurchases

Tax rate 20.5% ■ ~22%

See pages 28-29 for notes.

Chart not to scale

Medium-term NIM target 3.30 to 3.50%

Factors supporting 3.30 to 3.50% NIM

Swaps and Non-Core runoff

Stable to improving balance sheet mix

Fed funds terminal range of 2.75-3.75%

Cumulative IBD beta of high 40's%

3.14%

1Q26

4Q26

4Q27

2.77%

+37 bps

3.50%

3.30%

Fed funds at or above 3.75% favors top end of range or above

Fed funds at or below 2.75% favors bottom of range or below

3Q24

In basis points

Terminated swaps Non-Core

4Q26

+11

4Q27

+15

1Q26 to 4Q27

Cumulative time-based NIM benefit vs. 1Q26

+12

+17

Time-based NIM benefit

+17 bps

Fixed-rate asset repricing benefit

+2 to +3

+7 to +10

Asset sensitivity net of swaps/other impacts

-6 to -1

-7 to +10

Net benefit 0 to +20 bps

Projected NIM range ~3.22 to 3.28% ~3.30 to 3.50%

Cumulative NIM impact from starting point 1Q26

Assumes 10-year treasury rate of ~4.25% gradually rising toward ~4.5% by the end of 2027

Continue to have a series of unique initiatives that will lead to relative medium-term outperformance

Transformed Consumer Bank with leading retail deposit franchise; well positioned in NYC Metro to gain market share; performance tracking well

Best-positioned Commercial Bank ready to serve private capital and high-growth sectors of the U.S. economy

Building the premier Private Bank/Wealth franchise

Continued to make strong progress, contributing $0.11 to EPS in 1Q26

Investing for growth while sustaining attractive 20-25% ROE(1)

Maintaining a robust balance sheet

Strong capital and liquidity position

Credit allowance remains strong; credit metrics continue to trend favorably

Flexibility to support customers and invest while continuing to return capital to shareholders - Repurchased $300 million of common stock in 1Q26

Transformed since IPO given strong leadership, differentiated strategy, and customer-focused culture

Track record of strong execution; excellence in our capabilities, highly competitive with mega-banks and peers

Reimagine the Bank (multi-year transformational program) off to a great start; targeting ~$450 million of pre-tax run-rate benefit by year-end 2028

Well positioned to deliver ~16 to 18% ROTCE by end of 2027 given strategic initiatives and NII tailwinds

Significant NII tailwind given swaps and positive balance sheet dynamics with NIM increasing to 3.30-3.50% by 4Q27

Execution of strategic initiatives, positive operating leverage, lower credit costs and share repurchases also contribute to ROTCE improvement

Appendix

$s in millions 1Q26 4Q25 3Q25 2Q25 1Q25

Net interest income $134.1 $118.3 $100.2 $80.3 $70.5

Noninterest income 23.0 23.7 20.2 15.2 13.6

Total revenue 157.1 141.9 120.4 95.4 84.1

Noninterest expense 91.4 85.7 73.0 60.4 59.9

Pre-provision profit 65.7 56.2 47.4 35.1 24.2

Provision for credit losses - - - - -

Income before income tax expense 65.7 56.2 47.4 35.1 24.2

Income tax expense 16.9 14.2 12.0 8.9 6.1

Contribution to total CFG Diluted EPS

$s in billions

Interest-earning assets (spot)

Total Commercial Total Retail

Total loans (spot) Total deposits (spot)

Risk-weighted assets (spot)

Performance metrics:

Efficiency ratio

Noninterest income as a % of total revenue

Client assets(1)

Assets Under Management (AUM)(2) Transactional assets(3)

Total Private Bank client assets

$0.11

$0.10

$0.08

$0.06

$0.04

$7.7

$5.0

$2.7

$7.7 16.6

$8.2

$7.2

$4.9

$2.3

$7.2 14.5

$7.6

$5.9

$4.2

$1.7

$5.9 12.5

$6.4

$4.9

$3.4

$1.5

$4.9 8.7

$5.4

$3.7

$2.6

$1.1

$3.7 8.7

$4.1

58.2

14.7

60.4

16.7

60.6

16.8

63.2

15.9

71.2

16.1

$8.7

1.4

$10.1

$8.6

1.4

$10.0

$7.6

1.4

$9.0

$6.5

0.7

$7.2

$5.2

0.6

$5.8

Net income 48.8 42.0 35.4 26.2 18.1

Receive-fixed cash flow swaps (average notional in $ billions)

$31.8

$30.0

$8.6

$28.3

$27.5

$29.1

$25.4 $25.6

$28.6

$2.8

$28.7

$24.0

Receive-fixed swaps executed post 6/30/23

$7.3

$23.7

$21.4

$14.3

$17.9

$8.4

Receive-fixed swaps executed pre 6/30/23 (legacy)

4Q25 1Q26 2Q26 3Q26 4Q26 1Q27 2Q27 3Q27 4Q27 2025 2026 2027 2028 2029

W.A. receive-fixed rate

Executed post 6/30/23 Executed pre 6/30/23

NII impact from terminated swaps ($MM):

$15.3

$20.1

$13.3

$22.6

$21.4

$17.7

$19.4

$21.3

$21.2

Commentary

Slightly asset sensitive; approximately +/- 1% impact to NII over the next 12 months with a gradual +/- 100 bps change in rates relative to the forward curve

Receive-fixed cash flow swaps represent the primary tool to manage overall asset sensitivity

- Well hedged against lower rates through mid 2027

Pay-fixed swaps against securities portfolio help protect capital by reducing AOCI volatility

Fixed/floating-rate mix

As of 3/31/26

Loans

$144B

43%

36%

Securities(1)

$44B

13%

21%

78%

Fixed

Fixed with hedges

Floating

Floating with hedges

3.3%

3.4%

3.5%

3.6%

3.7%

3.6%

3.2%

3.5%

3.6%

4.0%

3.9%

3.8%

3.7%

3.6%

4.0%

3.8%

3.7%

3.6%

3.1%

3.2%

3.3%

3.4%

3.3%

3.1%

3.2%

3.4%

2.6%

In-period impact

$(103)

$(88)

$(62)

$(52)

$(28)

$(16)

$(10)

$(9)

$(4)

$(457)

$(230)

$(40)

$(3)

Sequential benefit

$15

$26

$10

$24

$12

$36

$227

$190

$37

Non-Core portfolio has been reduced from ~$2.5 billion at 4Q25 to ~$2.0 billion at 1Q26; expected to decline to ~$1.1 billion by year-end 2026

Non-Core portfolio(1) progression

As of period end; $s in billions

$13.7

2026 quarterly progression

$6.9

$2.0

$2.2 $3.4

$4.7

$1.6

$2.5

$2.0 $1.3

$1.6

$0.9

$1.3

$0.6

$1.1

$0.4 $0.3

2Q23

4Q24

4Q25

1Q26

2Q26

3Q26

4Q26

4Q27

Indirect auto

Non-Core

Education and other retail (purchased)

Dedicated structural funding

Auto collateralized borrowings

$10.4

$3.3

Commercial portfolio risk ratings(4)

$s in billions

B- and lower B+ to B

BB+ to BB-

$70.5

$73.8

14%

16%

$74.6

13%

17%

AAA+ to BBB-

64%

1Q25

4Q25

1Q26

Highlights

60%

16%

17%

Other Manufacturing

3.6

Technology

3.1

Accommodation and Food Services

2.0

Health, Pharma, Social Assistance

2.5

Professional, Scientific, and Technical Services

2.7

Wholesale Trade

2.6

Retail Trade

1.9

Other Services

2.3

Energy & Related

1.9

Rental and Leasing

1.2

Consumer Products Manufacturing

0.7

Administrative and Waste Management Services

1.6

Arts, Entertainment, and Recreation

1.7

Automotive

1.3

Other (2)

3.2

Total C&I

$ 50.3

35 %

CRE

Multi-family

$ 8.9

6 %

Office

4.4

Credit tenant lease and life sciences(3) $ 1.9 Other general office 2.4

Industrial

2.3

Retail

2.6

Co-op

1.7

Data Center

0.7

Hospitality

0.3

Other (2)

3.3

Total CRE

$ 24.3

17 %

Total Commercial loans & leases

$ 74.6

52 %

Total CFG

$ 143.7

Disciplined capital allocation and risk appetite

Highly experienced leadership team

Focused client selection

C&I portfolio has focused growth on larger, mid-corporate customers, thereby improving overall asset quality

~82% of C&I portfolio is investment grade equivalent(5)

Leveraged loans ~1.3% of total CFG loans, granular hold positions with an average outstanding of ~$11 million

CRE portfolio is well diversified across asset type, geography, and borrowers with the emphasis on strong sponsor selection

CRE portfolio down $2.4 billion, or ~9% year-over-year, driven primarily by paydowns

Diverse and granular portfolio

$s in billions $ Balances % of CFG C&I

Finance and Insurance Capital call facilities Private Credit Finance

Other Finance and Insurance*

18.1

13 %

8.8

4.1

5.2

$s in billions; as of 3/31/2026

$14.7 billion Private Capital related lending

$19.6B NDFI*

$14.7B

Private Capital related

Top industry team assembled over 10+ years

Strategic approach to cover and advise best-positioned Private Capital firms

Focus is on borrowers with multi-product relationship potential

Investment grade structures

Emphasis on senior, structurally protected financing

Excellent historical credit performance

Lending limits in place at facility, sponsor and product levels

$4.9B other borrowers

$1.4

$0.7

$0.6

$0.5

$1.7

REITs

Payment Processors Insurance

Asset Managers Other

$1.8

ABS finance

Private Credit finance $4.1

Capital call facilities $8.8

$4.1B Private Credit finance

~3% of total CFG loans

Senior loans to middle-market credit funds secured by pool of leveraged loans

Securitization structure and collateral diversification provides protection

- Highly diversified by industry and single name exposure

Ability to remark loans based on certain triggers, reducing the effective advance rate against collateral

Monthly monitoring of collateral and quarterly analysis of financials of each obligor

$8.8B Capital call facilities

~6% of total CFG loans

Revolving lines to primarily closed-end funds with vast majority under 1-year maturity

Loans backed by uncalled capital commitments from limited partners (LPs); diversified across LPs in each fund

- Advance rates in borrowing base determined by credit of LPs, predominately institutional/well-capitalized investors

~75% Commercial Bank/~25% Private Bank

$1.8B ABS finance

~1% of total CFG loans

Warehouse financing in securitization structure, secured by underlying collateral originated primarily by consumer and commercial finance companies as well as corporate borrowers

Highly selective customer base, generally with established ABS programs

Extensive due diligence of management, servicing and collections, credit performance, etc.

Highly granular nature of repayment and limit framework mitigates risk

*Represents preliminary Non-depository Financial Institutions (NDFI) balance pending filing of the Call Report for March 31, 2026 24

Retail portfolio(1)

High quality, diverse portfolio

As of 3/31/26

$s in billions

Education -refinance

Education -in school

Other retail

Homeowners

~2/3

of unsecured retail borrowers(3)

Secured

~82%

of retail portfolio

Super-prime/prime*

~96%

of retail portfolio > 680

$4.0

$5.1

Auto

Home equity

$3.2

$1.9

$19.4

$35.4

62%

Residential mortgage

$s in billions

Retail portfolio FICOs(2)

Retail portfolio mix continues to improve with focus on high quality relationship lending

<640

640-679

680-739

740-799

800+

$67.1

46%

30%

14%

6% 4%

$68.9

14%

47%

31%

$69.1

14%

47%

31%

Core real estate secured increased to 79% of the portfolio as Non-Core reduced significantly from 19% in 2Q23** to 3% in 1Q26

Mortgage: FICO ~790; weighted-average LTV of ~52%

Home equity: FICO ~765; ~29% secured by 1st lien

~98% CLTV less than 80%; ~85% CLTV less than 70%

Core unsecured relatively stable at 18% of the portfolio; targeting super-prime/high-prime relationship borrowers

Education: FICO ~785

In-school: ~97% co-signed

Refinance: ~40% have advanced degrees

1Q25 4Q25 1Q26

*Super-prime/prime defined as FICO of 680 or above at origination

**2Q23 represents the start of the Non-Core portfolio designation

- Other retail: consists of Card and Citizens Pay; target high-quality borrowers; loss sharing in Citizens Pay

$73.0B

19%

Improving retail portfolio mix

$69.1B

18%

79%

Non-Core

(Auto & other indirect lending)

Core unsecured (Education, Other retail)

2Q23**

1Q26

Core real estate secured

(Mortgage, Home equity)

March 31, 2026

December 31, 2025

$s in millions

Loans and

Leases

Allowance

Coverage

Loans and

Leases

Allowance

Coverage

Commercial and industrial(1)

50,307

$720

1.43 %

49,232

$676

1.37 %

Commercial real estate

24,282

584

2.41

24,580

576

2.35

Total commercial

74,589

1,304

1.75

73,812

1,252

1.70

Residential mortgages

35,404

209

0.59

35,024

225

0.64

Home equity

19,449

159

0.81

19,069

166

0.87

Automobile

1,863

0.42

2,310

0.42

Education

8,340

253

3.03

8,416

267

3.18

Other retail

4,022

252

6.30

4,061

263

6.48

Total retail loans

69,078

881

1.27

68,880

931

1.35

Allowance for credit losses(2)

$143,667

$2,185

1.52 %

$142,692

$2,183

1.53 %

March 31, 2026 (%)

December 31, 2025 (%)

Days Past Due and Accruing

Current

30-59

60-89

90+

Nonaccrual

Current

30-59

60-89

90+

Nonaccrual

Commercial and industrial

99.37 %

0.24 %

0.02 %

- %

0.37 %

99.27 %

0.13 %

0.03 %

0.01 %

0.56 %

Commercial real estate

95.32

1.54

0.23

0.11

2.80

96.42

0.75

0.24

0.08

2.51

Total commercial

98.05

0.66

0.09

0.04

1.16

98.33

0.33

0.10

0.03

1.21

Residential mortgages(1)

98.58

0.20

0.10

0.51

0.61

98.64

0.27

0.13

0.40

0.56

Home equity

97.62

0.54

0.17

1.67

97.67

0.50

0.15

0.01

1.67

Automobile

95.33

2.63

0.81

1.23

95.37

2.55

0.87

1.21

Education

99.11

0.40

0.22

0.02

0.25

99.12

0.43

0.19

0.02

0.24

Other retail

97.61

0.77

0.50

1.12

97.44

0.86

0.57

1.13

Total retail

98.23

0.42

0.18

0.26

0.91

98.26

0.46

0.19

0.21

0.88

Total

98.14 %

0.55 %

0.13 %

0.14 %

1.04 %

98.29 %

0.40 %

0.14 %

0.12 %

1.05 %

Notes on Non-GAAP Financial Measures

See important information on our use of Non-GAAP Financial Measures at the beginning of this presentation and reconciliations to GAAP financial measures at the end of this presentation. Allowance coverage ratios for loans and leases includes the allowance for funded loans and leases in the numerator and funded loans and leases in the denominator. Allowance coverage ratios for credit losses includes the allowance for funded loans and leases and allowance for unfunded lending commitments in the numerator and funded loans and leases in the denominator.

General Notes

References to net interest margin are on a fully taxable equivalent ("FTE") basis.

Throughout this presentation, references to consolidated and/or commercial loans and loan growth include leases. Loans held for sale are also referred to as LHFS.

Select totals may not sum due to rounding.

Based on Basel III standardized approach. Capital Ratios are preliminary.

Throughout this presentation, reference to balance sheet items are on an average basis and loans exclude held for sale unless otherwise noted.

Notes on slide 3 - 1Q26 Earnings highlights

See general note a).

Notes on slide 4 - 1Q26 Overview

See general note d).

Represents Return on Regulatory Capital. See page 34 for details. Notes on slide 6 - Noninterest income

Includes bank-owned life insurance income and other miscellaneous income for all periods presented. Notes on slide 10 - Highly diversified and retail-oriented deposit base

Estimated based on available company disclosures; Citizens stable deposits calculated using average Consumer deposits excluding Private Bank and Private Wealth.

Includes branch-based checking with interest and savings. Notes on slide 12 - Allowance for credit losses

Allowance for credit losses to nonaccrual loans and leases. Notes on slide 13 - Strong capital position

See general note d).

See general note c).

Notes on slide 14 - Private Bank buildout - financial update

Total Client Assets (TCA) include Assets Under Management (AUM) and Transactional Assets. AUM represent assets for which Citizens' investment advisory affiliates provide continuous and regular supervisory or management services. Transaction assets represent assets for which Citizens' Wealth Management affiliates provide execution, custody, record keeping, reporting and other administrative services.

Assets Under Management referenced represents AUM of Citizens Private Wealth & Citizens Wealth Management, our Private Bank advisory affiliates.

Transactional assets referenced represents assets of Citizens Wealth Management, our Private Bank brokerage affiliate. Notes on slide 16 - 2Q26 outlook vs. 1Q26

See general note d).

Notes on slide 18 - Citizens is an attractive investment opportunity

Represents Return on Regulatory Capital.

Notes on slide 20 - 1Q26 Private Bank financial performance

Total Client Assets (TCA) include Assets Under Management (AUM) and Transactional Assets. AUM represents assets for which Citizens' investment advisory affiliates provide continuous and regular supervisory or management services. Transaction assets represent assets for which Citizens' Wealth Management affiliates provide execution, custody, record keeping, reporting and other administrative services.

Assets Under Management referenced represent AUM of Citizens Private Wealth & Citizens Wealth Management, our Private Bank advisory affiliates.

Transactional assets referenced represent assets of Citizens Wealth Management, our Private Bank brokerage affiliate.

Notes on slide 21 - Interest rate risk management

Represents fair value balances.

Notes on slide 22 - Non-Core portfolio update

See general note c).

Notes on slide 23 - $74.6B Commercial credit portfolio

See general note c).

Includes deferred fees and costs.

Credit tenant lease includes loans to nationally recognized tenants with high credit ratings and life sciences includes loans to provide lab and office space for tenants involved in the study and development of scientific discoveries.

Reflects period end balances.

Represents a rating agency bond-equivalent of Investment Grade based on internal risk ratings Notes on slide 25 - $69.1B Retail credit portfolio

See general note c).

Reflects period end balances.

Estimated based on 2025 data. Source: Citizens Customer Intelligence Platform (CIP), Experian, Equifax, and Intercontinental Exchange. Notes on slide 26 - Allocation of allowance for credit losses by product type

Coverage ratio includes total commercial allowance for unfunded lending commitments and total commercial allowance for loan and lease losses in the numerator and total commercial loans and leases in the denominator.

Coverage ratio reflects total allowance for credit losses for the respective portfolio. Notes on slide 27 - Delinquency by product type

90+ days past due and accruing includes $179 million, $141 million,and $137 million of loans fully or partially guaranteed by the FHA, VA, and USDA for March 31, 2026, December 31, 2025, and March 31, 2025, respectively.

$s in millions, except share, per share and ratio data QUARTERLY TRENDS 1Q26 Change

1Q26

4Q25

1Q25

4Q25

1Q25

$/bps

Pre-provision profit:

Total revenue (GAAP)

$2,168

$2,157

$1,935

$11

$233

12%

Noninterest expense (GAAP)

1,378

1,343

1,314

Pre-provision profit (non-GAAP)

$790

$814 $621 ($24)

(3%)

$169

27%

Return on average common equity and return on average tangible

common equity:

Net income available to common stockholders (GAAP)

$484

$489

$340

($5)

(1%)

$144

42%

Average common equity (GAAP)

$23,995

$23,823

$22,188

$172

$1,807

Less: Average goodwill (GAAP)

8,198

8,187

Less: Average other intangibles (GAAP)

114

120

142

(6)

(5)

(28)

(20)

Add: Average deferred tax liabilities related to goodwill (GAAP)

437

440

438

(3)

(1)

Average tangible common equity (non-GAAP)

$16,120

$15,956

$14,297

$164

$1,823

13%

Return on average common equity

C/D

8.19 %

8.16%

6.21 %

bps

198

bps

Return on average tangible common equity (non-GAAP)

C/E

12.19 %

12.18%

9.64 %

bps

255

bps

Return on average total assets and return on average total tangible assets:

Net income (GAAP)

$517

$528

$373

($11)

(2%)

$144

39%

Average total assets (GAAP)

$224,224

$221,242

$216,309

$2,982

$7,915

Less: Average goodwill (GAAP)

$8,198

$8,187

$11

Less: Average other intangibles (GAAP)

$114

$120

$142

($6)

(5%)

($28)

(20%)

Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)

$437

$440

$438

($3)

(1%)

($1)

Average tangible assets (non-GAAP)

$216,349

$213,375

$208,418

$2,974

$7,931

Return on average total assets

F/G

0.94 %

0.95%

0.70 %

(1)

bps

Return on average total tangible assets (non-GAAP)

F/H

0.97 %

0.98%

0.73 %

(1)

bps

Book value per common share and tangible book value per common share:

Common shares - at period-end (GAAP)

426,023,578

429,242,174

437,668,127

(3,218,596)

(1%)

(11,644,549) (3%)

Common stockholders' equity (GAAP)

$24,061

$24,206

$22,753

($145)

(1)

$1,308

Less: Goodwill (GAAP)

8,221

8,187

Less: Other intangible assets (GAAP)

112

115

137

(3)

(25)

(18)

Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)

437

438

(1)

Tangible common equity (non-GAAP)

$16,165

$16,341

$14,867

($176)

(1%)

$1,298

Book value per common share (GAAP)

J/I

$56.48

$56.39

$51.99

$0.09

$4.49

Tangible book value per common share (non-GAAP)

K/I

$37.94

$38.07

$33.97

($0.13)

$3.97

12%

$s in millions, except share, per share and ratio data

QUARTERLY TRENDS

1Q26 Change

1Q26

4Q25

1Q25

4Q25

1Q25

$/bps

Common equity ratio and tangible common equity ratio:

Total assets (GAAP)

$227,918

$226,351

$220,148

$1,567

$7,770

Less: Goodwill (GAAP)

8,221

8,187

Less: Other intangible assets (GAAP)

112

115

137

)

(3)

(25)

(18)

Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)

437

438

(1)

Tangible assets (non-GAAP)

$220,022

$218,486

$212,262

$1,536

$7,760

Common equity ratio (GAAP)

J/L

10.6 %

10.7 %

10.3 %

(13) bps

22 bps

Tangible common equity ratio (non-GAAP)

K/M

7.3

7.5

7.0

(20) bps

30 bps

Net interest income and net interest margin on an FTE basis:

Net interest income (annualized) (GAAP)

$6,337

$6,098

$5,637

$239

$700

12%

Average interest-earning assets (GAAP)

201,929

199,167

195,058

2,762

6,871

Net interest margin (GAAP)

N/O

3.14 %

3.06%

2.89%

bps

Net interest income (GAAP)

$1,562

$1,537

$1,391

$25

$171

12%

FTE adjustment

(1)

(25)

(1)

(25)

Net interest income on an FTE basis (non-GAAP)

1,565

1,541

1,395

170

Net interest income on an FTE basis (annualized) (non-GAAP)

6,350

6,112

5,653

238

697

Net interest margin on an FTE basis (non-GAAP)

P/O

3.14 %

3.07%

2.90%

bps

Total Retail loans excluding Private Bank and non-core - at period-end

Total Retail loans - at period-end

$69,078

$68,880

$67,127

$198

$1,951

Less: Non-core retail loans - at period-end

2,002

2,460

4,235

(458)

(19)

(2,233)

(53)

Less: Private bank retail loans - at period-end

2,685

2,289

1,112

396

1,573

142

Total Retail loans excluding Private Bank and non-core - at period-end

$64,391

$64,131

$61,780

$260

$2,611

Total Commercial loans excluding Private Bank - at period-end

Total Commercial loans - at period-end

$74,589

$73,812

$70,508

$777

$4,081

Less: Private bank commercial loans - at period-end

$5,063

$4,875

$2,563

$188

$2,500

Total Commercial loans excluding Private Bank - at period-end

$69,526

$68,937

$67,945

$589

$1,581

QUARTERLY TRENDS

1Q26 Change

1Q26

4Q25

3Q25

2Q25

1Q25

4Q25

1Q25

Efficiency ratio and Operating leverage:

$/bps

Total revenue (GAAP)

$2,168

$2,157

$2,118

$2,037

$1,935

$11

0.53%

$233

12.11%

Noninterest expense (GAAP)

1,378

1,343

$1,335

$1,319

1,314

2.65

4.91

Efficiency ratio

B/A

63.6%

62.2%

63.0 %

64.8%

67.9%

131

bps

(436) bps

Operating leverage

A-B

(2.12%)

7.20%

QUARTERLY TRENDS

1Q26 4Q25

CET1 Ratio adjusted for AOCI opt-out removal

CET1 capital

18,178

18,240

Less: AFS securities - AOCI

1,027

922

HTM securities - AOCI(1)

657

681

DTA for AFS/HTM securities

Pension

245

249

DTA for Pension

CET 1 capital adjusted for AOCI opt-out removal

$16,211

$16,351

Risk-weighted assets

173,268

171,493

Less: HTM securities - AOCI

113

117

AFS securities - AOCI

167

149

DTA for AFS/HTM securities

(1,471)

(1,276)

Pension

245

249

DTA for Pension

(216)

(215)

Risk-weighted assets adjusted for AOCI opt-out removal

$174,430

$172,469

CET1 Ratio adjusted for AOCI opt-out removal

A/B

9.3 %

9.5 %

(1) "HTM securities - AOCI" refers to unrealized losses recognized on securities before transfer to HTM

Non-GAAP financial measures and reconciliations - Private Bank Return on Regulatory Capital

$s in millions, except share, per share and ratio data

1Q26

Net income available to common stockholders:

Private Bank Net income available to common stockholders, (GAAP) A $49

Regulatory Capital:

Private Bank Average Risk Weighted Assets (1) B $7,554

CFG Capital Allocation Rate (2) C 10.0 %

Private Bank Regulatory Capital D=B*C $755

Private Bank Return on Regulatory Capital A/D 26 %

(1) RWA is based on the Basel III standardized approach.

(2) Capital allocation rate is management-defined for internal performance evaluation. It is not based on GAAP.

fi1Citizens

Financial Group, Inc.'

Disclaimer

Citizens Financial Group Inc. published this content on April 16, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 16, 2026 at 10:33 UTC.