← All companies ← CFFN Manual CFLT → ← CFFN Banks CFR →
CFG, Citizens Financial Group Inc.
We offer a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations, and institutions.
Our products and services are offered through more than 1,000 branches in 14 states and the District of Columbia and 75 retail and commercial non-branch offices, though certain lines of business serve national markets.
We manage our business through two primary business segments: Consumer Banking and Commercial Banking.
The business
What it sells, where the money comes from, the kind of company it is.
Next report Est. 8/3–8/6 · the 10-Q for the quarter ended late June · due within 40 days of period end · has filed ~35 days after · the wire records it on arrival
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- Net interest margin, loan losses, and book value. A lender is read on the quality of its balance sheet, not an earnings multiple, and the worst year of credit losses matters more than the best. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on equity has sat below the cost of equity (median 8%, above 12% in only 0 of 10 years). It runs at a 63% efficiency ratio, about average. The cycle and the loan book decide this one; weigh the recession years in the record, not the average, and read the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2016–2025
realized figures from each filing · older years to the left| 2016’16 | 2017’17 | 2018’18 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||||
| $5.3B | $5.7B | $6.1B | $6.5B | $6.9B | $6.6B | $8.0B | $8.2B | $7.8B | $8.2B | $8.5B | RevenueRevenue |
| $4.3B | $4.9B | $5.8B | $6.2B | $5.4B | $4.9B | $7.1B | $10.2B | $10.2B | $9.7B | — | Interest incomeInt. inc. |
| $508M | $747M | $1.2B | $1.6B | $771M | $339M | $1.0B | $4.0B | $4.6B | $3.8B | — | Interest expenseInt. exp. |
| $3.8B | $4.2B | $4.5B | $4.6B | $4.6B | $4.5B | $6.0B | $6.2B | $5.6B | $5.9B | $6.0B | Net interest incomeNet int. |
| $1.5B | $1.5B | $1.6B | $1.9B | $2.3B | $2.1B | $2.0B | $2.0B | $2.2B | $2.4B | $2.5B | Noninterest incomeFee inc. |
| $369M | $321M | $326M | $393M | $1.6B | ($411M) | $394M | $724M | $709M | $566M | $566M | Credit-loss provisionProvision |
| $1.5B | $1.9B | $2.2B | $2.3B | $1.3B | $3.0B | $2.7B | $2.0B | $1.9B | $2.3B | — | Pretax incomePretax |
| $1.0B | $1.7B | $1.7B | $1.8B | $1.1B | $2.3B | $2.1B | $1.6B | $1.5B | $1.8B | $2.0B | Net incomeNet inc. |
| 32% | 14% | 21% | 20% | 19% | 22% | 22% | 21% | 20% | 21% | 21% | Effective tax rateTax rate |
| Cash flow & returns | |||||||||||
| 0.7% | 1.1% | 1.1% | 1.1% | 0.6% | 1.2% | 0.9% | 0.7% | 0.7% | 0.8% | 0.9% | Return on assetsROA |
| 5% | 8% | 8% | 8% | 5% | 10% | 9% | 7% | 6% | 7% | 8% | Return on equityROE |
| 4% | 7% | 6% | 5% | 2% | 7% | 5% | 3% | 3% | 4% | 5% | Retained to equityRetained/eq |
| 8% | 12% | 12% | 12% | 7% | 14% | 14% | 10% | 9% | 10% | 11% | Return on tangible equityROTCE |
| 64% | 61% | 59% | 59% | 58% | 61% | 61% | 67% | 67% | 64% | 63% | Efficiency ratioEffic. |
| $241M | $322M | $471M | $617M | $672M | $670M | $779M | $808M | $769M | $755M | $767M | Dividends paidDiv. paid |
| $430M | $820M | $1.0B | $1.2B | $270M | $295M | $153M | $906M | $1.1B | $600M | — | BuybacksBuybacks |
| ($11.3B) | ($4.0B) | ($7.1B) | ($3.9B) | ($6.1B) | ($10.5B) | ($12.6B) | $5.2B | $3.0B | ($6.0B) | — | Investing cash flowInv. cash |
| $10.5B | $1.4B | $6.4B | $1.5B | $15.4B | $4.6B | $9.9B | ($7.1B) | ($6.0B) | $5.9B | — | Financing cash flowFin. cash |
| $619M | ($672M) | $1.0B | ($688M) | $9.3B | ($3.6B) | $1.4B | $1.1B | ($1.0B) | $2.1B | — | Change in cashΔ cash |
| Balance sheet | |||||||||||
| — | — | — | $119.1B | $123.1B | $128.2B | $156.7B | $146.0B | $139.2B | $142.7B | — | Loans held for investmentLoans |
| $1.3B | $1.3B | $1.3B | — | $2.4B | $1.8B | $2.0B | $2.1B | $2.1B | $1.9B | — | Credit-loss allowanceAllowance |
| $149.5B | $152.3B | $160.5B | $165.7B | $183.3B | $188.4B | $226.7B | $222.0B | $217.5B | $226.4B | $227.9B | Total assetsAssets |
| $109.8B | $115.1B | $119.6B | $125.3B | $147.2B | $154.4B | $180.7B | $177.3B | $174.8B | $183.3B | $184.0B | DepositsDeposits |
| $6.9B | $6.9B | $6.9B | $7.0B | $7.0B | $7.1B | $8.2B | $8.2B | $8.2B | $8.2B | $8.2B | GoodwillGoodwill |
| $129.8B | $132.1B | $139.7B | $143.5B | $160.7B | $165.0B | $203.0B | $197.6B | $193.3B | $200.0B | — | Total liabilitiesTotal liab. |
| $19.7B | $20.3B | $20.8B | $22.2B | $22.7B | $23.4B | $23.7B | $24.3B | $24.3B | $26.3B | $26.2B | Shareholders’ equityEquity |
| Per share | |||||||||||
| 524M | 504M | 480M | 451M | 428M | 427M | 478M | 477M | 454M | 437M | 430M | Shares out (diluted)Shares |
| $1.99 | $3.28 | $3.58 | $3.97 | $2.47 | $5.43 | $4.34 | $3.37 | $3.33 | $4.19 | $4.59 | EPS (diluted)EPS |
| $0.46 | $0.64 | $0.98 | $1.37 | $1.57 | $1.57 | $1.63 | $1.70 | $1.70 | $1.73 | $1.78 | Dividends / shareDiv/sh |
| $37.69 | $40.24 | $43.33 | $49.20 | $52.95 | $54.79 | $49.58 | $51.06 | $53.48 | $60.24 | $60.88 | Book value / shareBVPS |
| $24.57 | $26.57 | $28.86 | $33.44 | $36.35 | $37.99 | $32.06 | $33.56 | $35.11 | $41.23 | $41.49 | Tangible book / shareTBVPS |
| 9-yr | 5-yr | |
|---|---|---|
| Revenue / share | +7.3%/yr | +3.2%/yr |
| Owner earnings / share | +10.5%/yr (3-yr) | +10.5%/yr (3-yr) |
| EPS | +8.6%/yr | +11.2%/yr |
| Dividends / share | +15.8%/yr | +1.9%/yr |
| Capital spending / share | +2.0%/yr (3-yr) | +2.0%/yr (3-yr) |
| Book value / share | +5.3%/yr | +2.6%/yr |
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
Is it a good business?
- Below the cost of equityNet income $1.8B ÷ equity $26.3BIndustry peers: median 12%
What this means
The bank's north star, what it earns on shareholders' capital. Cost of equity is roughly 10%, so a return durably above that builds value and below it destroys it. One year is noisy; the durability across a full credit cycle is what counts.
- ModestNet income ÷ (equity − goodwill $8.2B − intangibles $115M)Industry peers: median 13%
What this means
The cleaner return, stripping out the goodwill paid for past acquisitions. This is the number a buyer of the whole bank actually earns on the hard capital.
- Efficiency ratio 64%Efficient (<65%)Noninterest expense $5.3B ÷ (net interest income + fees)Industry peers: median 64%
What this means
The share of revenue eaten by running costs; lower is better, and below about 60% marks a genuinely efficient operation. A low ratio held for years is the operational side of a moat.
Is it sound?
- Capital (equity / assets) 11.6%Well capitalizedEquity $26.3B ÷ assets $226.4B
What this means
A plain-English leverage read: how much of the balance sheet is the owners' own money. This is a rough proxy; the regulatory figure is the CET1 ratio, which is risk-weighted and reported in the filing. The point is the same, how much loss the bank can absorb before depositors are at risk.
- Deposit funding 81%Deposit-fundedDeposits $183.3B ÷ assets $226.4B
What this means
Low-cost, sticky deposits are a bank's real moat, the cheap raw material it lends out at a spread. A bank funded mostly by deposits earns more durably than one that rents its money in the wholesale market.
- Credit cost (provision / NII) 10%LowProvision for credit losses $566M ÷ net interest income $5.9B
What this means
What the bank set aside this year against loans going bad, as a share of its lending income. This swings hard with the cycle, low in good years and spiking in recessions, so read it across the record, not in one year. Disciplined underwriting shows up as low, stable provisions through a downturn.
The franchise and the credit cycle
- Solid core depositsNoninterest-bearing deposits $40.4B ÷ deposits $183.3B · pays 2.28% on the interest-bearing rest (avg of year-ends)
What this means
The share of deposits the bank pays nothing for — checking accounts that stay through rate cycles. This is the deposit moat in one number: a high share means cheap, sticky raw material for lending; a low share means the funding reprices with every rate move. Buffett's Wells letter is built on exactly this economics.
- Net charge-offs 0.49%Normal credit costCharge-offs net of recoveries $684M ÷ loans $140.9B (avg of year-ends) · worst year on record 0.56% · allowance held at 1.36% of loans
What this means
Loans actually written off, net of what was later recovered — the realized truth the provisions were guessing at. Graham's rule applies doubly here: the worst year in the record, not the average, is the read, because a loan book's sins are committed in the good years and confessed in the bad ones.
All figures as filed; the source filing is linked above.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.
| Fiscal year | Chief executive | Pay, as filed | “Actually paid” | Net income |
|---|---|---|---|---|
| 2021 | Mr. Van Saun | $12.4M | $19.4M | $2.3B |
| 2022 | Mr. Van Saun | $11.7M | $10.1M | $2.1B |
| 2023 | Mr. Van Saun | $11.1M | $8.6M | $1.6B |
| 2024 | Mr. Van Saun | $10.6M | $14.6M | $1.5B |
| 2025 | Mr. Van Saun | $12.5M | $22.0M | $1.8B |
Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Net income is the whole business's, as filed, for the same fiscal years.
What an owner would ask, FY2025
read the 10-K →- Which reported numbers are a judgment call?Management names Credit & receivables as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Banks
The same industry, side by side on the bank lens. Each column names the period it is read over; the group median at the foot is the line to read each figure against.
| Company | Revenuelatest FY, USD | ROEmedian over the record | ROTCEmedian over the record | Efficiencymedian over the record | NII / assetsmedian over the record | Noninterest-bearing sharelatest FY |
|---|---|---|---|---|---|---|
| BNSBank Nova Scotia Halifax Pfd 3 | $14.5B | 12% | 15% | — | 1.4% | — |
| STTState Street Corporation | $13.9B | 10% | 15% | 74% | 0.9% | 13% |
| MTBM&T Bank Corporation | $9.7B | 9% | 13% | 57% | 3.2% | 28% |
| FCNCAFirst Citizens BancShares Inc. | $9.5B | 12% | 13% | 64% | 3.0% | 25% |
| FITBFifth Third Bancorp | $9.0B | 12% | 16% | 58% | 2.7% | 25% |
| CFGCitizens Financial Group Inc. | $8.2B | 8% | 11% | 61% | 2.6% | 22% |
| WFWoori Financial Group Inc. | $8.2B | 8% | 8% | — | 1.7% | — |
| NTRSNorthern Trust Corporation | $8.1B | 12% | 13% | 70% | 1.2% | 19% |
| Group median | — | 11% | 13% | 63% | 2.1% | 23% |
The price
What a price has to assume.
What the price implies
price / tangible bookA bank is worth a multiple of its tangible book value, and the multiple it deserves is set by the return it earns on that book. Type today’s price; we show what you would be paying against what Citizens Financial Group Inc.’s record justifies.
Tangible book / share, delivered1%/yr’20→’25
The justified multiple is (return on tangible equity − growth) ÷ (cost of equity − growth). A bank earning exactly its cost of equity is worth about one times tangible book; the premium above that prices each point of durable excess return. A higher cost of equity lowers the justified multiple for a bank.
Enter a price above to run it.
Graham applied the same standards to financial enterprises (Intelligent Investor ch.14): the 15× multiple cap on averaged earnings, and P/E times price-to-book at most 22.5. The gate marks the bargain-hunter’s floor, not a verdict.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Tangible book $17.8B on 423M shares, a 11% normalized return on it. The dials set the multiple such a return would justify; your price sets the multiple you are paying. It assumes the bank keeps earning that return; a credit cycle, a rate shock or a bad acquisition changes it, which is what the record and the 10-K are for.
Manual order: ← CFFN its page in the Manual CFLT →
Industry order: ← CFFN the Banks chapter CFR →