Citizens Financial Group, Inc. Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Full Year Ended Dec. 31, 2016; Announces Net Charge-Offs
January 20, 2017 at 06:56 am
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Citizens Financial Group, Inc. reported unaudited consolidated financial results for the fourth quarter and full year ended Dec. 31, 2016. For the quarter, total interest income was $1,122 million against $986 million for the same period of last year. Net interest income was $986 million against $870 million for the same period of last year. Total Revenue was $1,363 million against $1,232 million for the same period of last year. Income before income tax expense was $414 million against $331 million for the same period of last year. Net income available to common stockholders was $282 million against $221 million for the same period of last year. Net income available to common stockholders, adjusted was $282 million against $221 million for the same period of last year. Total revenue, adjusted (non-GAAP) was $1,363 million against $1,232 million for the same period of last year. Income before income tax expense, adjusted (non-GAAP) was $414 million against $331 million for the same period of last year. Net income available to common stockholders, adjusted (non-GAAP) was $282 million against $221 million for the same period of last year. Tangible book value per common share was $25.69 24.63 for the same period of last year. Diluted earnings per share were $0.55 against $0.42 for the same period of last year. Adjusted diluted earnings per share were $0.55 against $0.42 for the same period of last year. Return on average common equity was 5.7% against 4.5% for the same period of last year. Return on average tangible common equity 8.4% against 6.7% for the same period of last year. Adjusted return on average tangible common equity was 8.4% against 6.7% for the same period of last year. Return on average total assets was 0.8% against 0.6% for the same period of last year. Return on average total tangible assets was 0.8% against 0.7% for the same period of last year.
For the year, total interest income was $4,266 million against $3,854 million for the same period of last year. Net interest income was $3,758 million against $3,402 million for the same period of last year. Total revenue was $5,255 million against $4,824 million for the same period of last year. Income before income tax expense was $1,534 million against $1,263 million for the same period of last year. Net income available to common stockholders was $1,031 million against $833 million for the same period of last year. Net income available to common stockholders, adjusted was $1,012 million against $864 million for the same period of last year. Total revenue, adjusted (non-GAAP) was $5,188 million against $4,824 million for the same period of last year. Income before income tax expense, adjusted (non-GAAP) was $1,503 million against $1,313 million for the same period of last year. Net income available to common stockholders, adjusted (non-GAAP) was $1,012 million against $864 million for the same period of last year. Tangible book value per common share was $25.69 against $24.63 for the same period of last year. Diluted earnings per share were $1.97 against $1.55 for the same period of last year. Adjusted diluted earnings per share were $1.93 against $1.61 for the same period of last year. Return on average common equity was 5.2% against 4.3% for the same period of last year. Return on average tangible common equity was 7.7% against 6.4% for the same period of last year. Adjusted return on average tangible common equity was 7.6% against 6.7% for the same period of last year. Return on average total assets was 0.7% against 0.6% for the same period of last year. Return on average total tangible assets was 0.8% against 0.7% for the same period of last year.
For the quarter, net charge-offs were $104 million increased $21 million from third quarter 2016 levels, driven by a $14 million reduction in recoveries of prior-period charge-offs and the $7 million impact of a one-time methodology change in the auto portfolio. Compared with fourth quarter 2015, net charge-offs increased $27 million, driven by a $19 million increase in commercial, largely tied to commodities-related credits, and the $7 million impact of the methodology change in auto. Fourth quarter 2016 net charge-offs of 39 basis points of average loans and leases compares with 32 basis points in third quarter 2016 and 31 basis points in fourth quarter 2015.
Citizens Financial Group, Inc. is one of the leading retail banks in the United States. Net interest income breaks down by activity as follows:
- retail banking (64.6%);
- business banking (35.4%).
At the end of 2023, the group managed USD 177.3 billion of current deposits and USD 143.9 billion of current loans.
Products and services are marketed through a network of 1,100 branches located in the United States.
Citizens Financial Group, Inc. Reports Unaudited Consolidated Financial Results for the Fourth Quarter and Full Year Ended Dec. 31, 2016; Announces Net Charge-Offs