What was Citizens Financial Group's profit in the fourth quarter?

Citizens Financial Group reported a 32% surge in fourth-quarter profit, reaching $528 million.

What drove the profit increase for Citizens Financial Group?

The profit increase was driven by higher net interest income and growth in wealth and capital markets fees.

Did Citizens Financial Group's stock reach a new high?

Yes, Citizens Financial Group shares hit an all-time high of $64.27.

Home / Business and Economy / Citizens Financial Sees Profit Soar 32% on Strong Income Growth

Citizens Financial Sees Profit Soar 32% on Strong Income Growth

22 Jan

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Summary

Fourth-quarter profit surged 32% driven by higher net interest income.
Wealth and capital markets businesses saw significant fee growth.
Citizens Financial Group shares reached an all-time high.

Citizens Financial Sees Profit Soar 32% on Strong Income Growth

Citizens Financial Group announced a substantial 32% increase in its fourth-quarter profit, reporting a net income of $528 million. This impressive financial performance, equivalent to $1.13 per share, significantly surpassed the $401 million reported in the same period last year. The earnings beat was largely attributed to a 9% rise in net interest income, which reached $1.54 billion, bolstered by a 20-basis-point expansion in its net interest margin.

Beyond interest income, the bank's non-interest income also saw a healthy 8% increase, totaling $620 million. This growth was driven by strong contributions from its wealth management and capital markets businesses. Wealth fees climbed 31% and capital markets fees rose 16%, benefiting from increased debt and equity underwriting and loan syndication activities.