Citizens Financial Group, Inc. Reports Third Quarter Net Income of $449 million and EPS of $0.97

Citizens Financial Group, Inc. (NYSE: CFG or “Citizens”) today reported third quarter 2019 financial results. The earnings press release, investor presentation, and financial supplement are available at http://investor.citizensbank.com. In addition, these materials will be furnished to the Securities and Exchange Commission (SEC) on a Form 8-K and will be available on the SEC website at www.sec.gov.

“We are pleased to report a strong quarterly result in spite of a challenging rate environment,” said Chairman and Chief Executive Officer Bruce Van Saun. “Our mortgage business provided a good offset to the pressure on net interest margin, and we feel we did a good job on managing down deposit costs. In addition, we are making solid progress on our TOP 6 program and related strategic initiatives, which bodes well for 2020 and beyond.”

Citizens also announced today that its board of directors declared a fourth quarter 2019 cash dividend of $0.36 per common share. The dividend is payable on November 13, 2019 to stockholders of record at the close of business on October 30, 2019. The quarterly common dividend is up 33% year over year.

Additionally, on January 1, 2020, Citizens expects to adopt a new Current Expected Credit Loss ("CECL") accounting standard which establishes a revised framework for recognizing the allowance for credit losses. Details regarding the CECL implementation can be found in the investor presentation available at the aforementioned locations.

As previously announced, Citizens will host a conference call to review its third quarter 2019 financial results. Interested parties may access the call and related materials through the following details:

Conference Call
Time: 9:00 am ET

Dial-in: [phone], conference ID 471046

Webcast/Presentation: The live webcast will be available at http://investor.citizensbank.com under Events & Presentations.

Replay Information: A replay of the conference call will be available beginning at 11:00 am ET on October 18 through November 18, 2019. Please dial [phone] and enter access code 471046. The webcast replay will be available at http://investor.citizensbank.com under Events & Presentations.

About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $164.4 billion in assets as of September 30, 2019. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 2,900 ATMs and approximately 1,100 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services, including lending and deposits, capital markets, treasury services, foreign exchange and interest rate products, and asset finance. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.