CFG reports $1.30 EPS and $2.28B revenue for Q2, exceeding expectations amid deposit growth and strong capital ratios.
Citizens Financial Group posted second-quarter GAAP earnings per share of $1.30, beating estimates by $0.06, as revenue rose 11.8% year-over-year to $2.28 billion. The results surpassed expectations by $30 million, driven by higher pre-provision net revenue (PPNR) of $889 million, up 13% quarter-over-quarter and 24% year-over-year.
Average deposits increased by $2.3 billion, or 1%, sequentially, while the common equity tier 1 (CET1) ratio remained robust at 10.4%. The bank’s performance reflects ongoing strength in core metrics despite broader economic uncertainties.
The earnings release highlighted continued momentum in key business lines, with revenue growth outpacing industry peers in the quarter.