Form 8-K

Exhibit 99.1

LOGO

Citizens Financial Group, Inc. Reports First Quarter Net Income of $34 million

and EPS of $0.03 with Underlying Net Income of $59 million and EPS of $0.09*

CECL-related reserve build of $463 million, or $0.85 per share, tied to

COVID-19 impacts

CET1 ratio remains strong at 9.4%

Record noninterest income up 16% year over year, paced by record results in Mortgage and Wealth

Tangible book value per share of $32 up 8% year over year

PROVIDENCE, RI (April 17, 2020) Citizens Financial Group, Inc. (NYSE: CFG or “Citizens”) today reported first quarter net income of $34 million, compared with $439 million in first quarter 2019, with earnings per share of $0.03, compared with $0.92 per share in first quarter 2019. First quarter 2020 results reflect a net $25 million, or $(0.06) per share, after-tax reduction from notable items compared with a net $4 million, or $(0.01) per share, in first quarter 2019 and a net $4 million, or $(0.01) per share, in fourth quarter 2019. First quarter 2020 Return on Average Tangible Common Equity* (“ROTCE”) of 0.4% compares with 13.0% in first quarter 2019.

On an Underlying basis, which excludes notable items, first quarter 2020 net income available to common stockholders of $37 million compares with $428 million in first quarter 2019 and $431 million in fourth quarter 2019. Underlying EPS of $0.09 per share compares with $0.93 in first quarter 2019 and $0.99 in fourth quarter 2019. Underlying first quarter 2020 ROTCE of 1.1% compares with 13.1% in first quarter 2019 and 12.5% in fourth quarter 2019. Tangible book value per common share of $31.97 increased 8% from first quarter 2019 and remained relatively stable with fourth quarter 2019.

In first quarter 2020, Citizens adopted the Current Expected Credit Loss (“CECL”) accounting standard and recorded first quarter 2020 provision for credit losses of $600 million pre-tax, or $1.10 per share after-tax, including a reserve build under CECL of $463 million pre-tax, or $0.85 per share after-tax, tied to COVID-19 impacts. On an Underlying basis and before the $463 million COVID-19 CECL-related reserve build, first quarter 2020 net income available to common stockholders reflecting net charge-offs totaled $402 million, EPS was $0.94 per share, and ROTCE was 12.0%.

Citizens saw spot loan growth of $8.4 billion, or 7% in first quarter 2020 compared with fourth quarter 2019, including $7.2 billion of commercial client line draws under revolving credit facilities. We remain strongly capitalized and maintain ample liquidity to assist companies in navigating these challenging times. At March 31, 2020, CET1 capital was 9.4%, spot LDR was 95.5%, and LCR was fully compliant. Citizens has worked with borrowers on forbearance, and as of April 15, 2020 had seventy thousand consumers in forbearance and was working proactively with commercial customers seeking flexibility on loan terms and conditions. In addition, Citizens has been active in securing financing through the U.S. Small Business Administration Payment Protection Program (“PPP”) for its small business customers.

*References in this release to “Underlying” results exclude notable items and are Non-GAAP Financial Measures. Where there is a reference to “Underlying” results in a paragraph, all measures that follow these references are on the same basis. Additional information regarding the impact of notable items and Acquisitions on our results is described in this release. Please see the end of this release for important information on our use of Key Performance Metrics and Non-GAAP Financial Measures, as applicable, and their reconciliation to GAAP financial measures. References in this release to balance sheet items are on an average basis and loans exclude loans held for sale (“LHFS”) unless otherwise noted. References to net interest margin are on a fully taxable equivalent (“FTE”) basis and all references to earnings per share represent fully diluted per common share. References to consolidated and/or commercial loans, loan growth, nonaccrual loans and allowance for loan losses include leases. The “Company” refers to Citizens. Current reporting-period regulatory capital ratios are preliminary. Select totals may not sum due to rounding.

Citizens Financial Group, Inc.

“We are dealing with unprecedented times, but I am pleased to say that Citizens remains financially strong, and focused on serving the needs of our customers, colleagues and communities,” said Chairman and Chief Executive Officer Bruce Van Saun. “Our first quarter results were quite strong before the impact of the CECL provision build, which was impacted by COVID-19’s effect on the economy. I would like to personally thank our colleagues for their outstanding efforts through this challenging period, and I offer my heartfelt empathy for the struggles that many in our community are facing.”

Citizens also announced today that its board of directors declared a second quarter 2020 common stock dividend of $0.39 per share. The dividend is payable on May 13, 2020 to shareholders of record at the close of business on April 29, 2020. The quarterly dividend is 22% higher than the year-ago quarter. In order to ensure capital remains strong to meet further loan demand, the Company will cease stock repurchases through December 31, 2020.

CECL accounting change and regulatory capital impact

As previously announced, the Company’s Day-1 impact of CECL adoption added $451 million to the Allowance for Credit Losses (“ACL”) resulting in an ACL to Loan and Lease Coverage Ratio (“ACLR”) of 1.47%. Subsequently, in first quarter 2020, the Company added $463 million to the ACL. These additions resulted in a March 31, 2020 total ACL of $2.2 billion and an ACLR of 1.73%. For regulatory capital purposes, in connection with the Federal Reserve Board’s final interim rule as of April 3, 2020, 100% of the $451 million Day-1 impact will be deferred over a two-year period ending January 1, 2022, at which time it will be phased in on a pro-rata basis over a three-year period ending January 1, 2025. Additionally, 25% of the $463 million first quarter 2020 reserve build, or $116 million, will be phased in over the same time frame.

First quarter 2020 vs. first quarter 2019

Key highlights

•

First quarter highlights include revenue growth of $69 million, or 4%, reflecting stable net interest income and a 16% increase in noninterest income driven by record results in mortgage banking, partially offset by COVID-19 impacts that resulted in lower service charges and fees, card fees, capital markets fees and foreign exchange and interest rate products revenue.

•

First quarter 2020 results reflect a net $25 million after-tax reduction, or $(0.06) per share, from notable items compared with a net $4 million after-tax reduction, or $(0.01) per share, in first quarter 2019.

•

Results reflect an efficiency ratio of 61.1% and ROTCE of 0.4%; Underlying efficiency ratio of 59.1% and ROTCE of 1.1% reflect the challenging environment presented by COVID-19, in particular the CECL provision impact.

•

Provision for credit losses of $600 million includes a $463 million reserve build tied to CECL adoption and the impact of COVID-19 on macroeconomic scenario modeling.

Citizens Financial Group, Inc.

•

Period-end loan-to-deposit ratio of 95.5% compares with 94.9%.

•

Tangible book value per share of $31.97 increased 8%. Fully diluted average common shares outstanding decreased 33.1 million shares, or 7%.

Results

•

Total revenue increased $69 million, or 4%, reflecting strength in noninterest income and stable net interest income.

•

Net interest income was flat, reflecting 4% growth in interest-earning assets, offset by the impact of the lower rate and challenging yield-curve environment.

•

Net interest margin of 3.10% decreased 15 basis points, reflecting the impact of lower interest rates, which was partially offset by improved deposit mix as well as the continued mix shift towards better-returning assets. Interest-bearing deposit costs decreased 33 basis points, reflecting strong pricing discipline.

•

Record noninterest income of $497 million increased $69 million, or 16%, driven by record results in mortgage banking given increased origination volumes and higher mortgage servicing rights hedging gains, as well as record trust and investment services fees. Capital markets fees and foreign exchange and interest rate products reflect good underlying business performance, partially offset by COVID-19 impacts. Other income declined from first quarter 2019 levels that included gains related to asset dispositions and efficiency initiatives.

•

Noninterest expense increased 8%. Underlying noninterest expense of $979 million increased 5%, reflecting higher salaries and employee benefits and revenue-driven compensation, as well as an increase in outside services and equipment and software expense, partially offset by lower occupancy.

•

Provision for credit losses of $600 million includes $463 million associated with COVID-19 and compares with $85 million in first quarter 2019. Higher charge-offs reflect several uncorrelated losses in commercial and the impact of seasoning in retail growth portfolios.

Balance Sheet

•

Period-end loan growth of $9.9 billion, or 8%, reflects 14% growth in commercial, which includes the $7.2 billion impact of higher line of credit utilization tied to COVID-19 disruption, and 3% growth in retail.

•

Period-end deposit growth of $9.6 billion, or 8%, kept pace with loan growth as most commercial customers left their funds from line draws on deposit with us.

•

Average interest-earning assets increased $5.4 billion, or 4%, driven by 3% loan growth, which includes the $1.0 billion average impact of higher commercial line of credit utilization tied to COVID-19 disruption.

•

Average deposits increased $6.2 billion, or 5%, reflecting growth in money market accounts, savings, checking with interest and demand deposits, partially offset by a decrease in term deposits.

•

The average loan-to-deposits ratio improved to 95.6% from 97.7%; period-end loan-to-deposit ratio of 95.5% compares with 94.9% in first quarter 2019.

•

Nonaccrual loans to loans ratio of 0.61% compares with 0.63% as of March 31, 2019.

Citizens Financial Group, Inc.

•

Allowance coverage of nonaccrual loans of 283% compares with 179% as of March 31, 2019, reflecting the first quarter 2020 implementation of CECL and the significant provision associated with COVID-19.

•

Capital remains strong, with a common equity tier 1 (“CET1”) risk-based capital ratio of 9.4% which incorporates an approximately 25 basis point impact tied to higher commercial line of credit utilization.

•

Repurchased 7.5 million shares of common stock at a weighted average price of $35.77 in the quarter. Including common dividends, returned $438 million to shareholders.

Year-over-year update on plan execution

Consumer Banking

•

Continued balance sheet momentum, with 3% loan growth, or 5% before the impact of on-balance sheet loan sale activity, including continued growth in more attractive risk-adjusted return categories. Funding kept pace, with 3% deposit growth, including 8% growth in demand deposits.

•

Record fee income results in mortgage banking and wealth.

•

Citizens Access^®, our nationwide digital platform, ended the quarter with deposits of $6.1 billion.

Commercial Banking

•

Strong balance sheet performance with 4% loan growth, driven by geographic, product and client-focused expansion strategies, along with 12% deposit growth.

•

Continue to benefit from investments in broadening and enhancing our capabilities and the diversification of our fee-based businesses, as we continue to gain market share in key product areas.

Efficiency and strategic initiatives

•

The transformational TOP 6 program is on track, with a target of approximately $300-$325 million in pre-tax run-rate benefit by year-end 2021. Some Q2 saves will be deferred until later in the year, to be offset by other expense actions.

•

Citizens is continuing to fund its major strategic initiatives, and is considering new opportunities arising from the current environment in an effort to drive higher customer and revenue growth coming out of the crisis.

First quarter 2020 vs. fourth quarter 2019

Key highlights

•

First quarter highlights include revenue of $1.7 billion, up 1%, reflecting 1% growth in both net interest income and noninterest income.

•

First quarter 2020 results reflect a net $25 million after-tax reduction, or $(0.06) per share, from notable items compared with a net $4 million after-tax reduction, or ($0.01) per share, in fourth quarter 2019.

•

Results reflect an efficiency ratio of 61.1%; Underlying efficiency ratio of 59.1% compares with 58.0% in fourth quarter 2019, reflecting broadly stable revenue and a seasonal increase in expenses.

Citizens Financial Group, Inc.

•

Provision for credit losses of $600 million includes a $463 million reserve build tied to the impact of the COVID-19 macroeconomic scenario given CECL adoption.

•

ROTCE of 0.4% reflects higher provisions under CECL associated with COVID-19 impacts. Underlying ROTCE of 1.1% compares with 12.5% in fourth quarter 2019.

•

Tangible book value per common share of $31.97 remained relatively stable. Fully diluted average common shares outstanding decreased 7.1 million, or 2%.

Results

•

Total revenue of $1.7 billion increased 1%, reflecting growth in net interest income and record noninterest income.

•

Net interest income of $1.2 billion increased 1%, as the benefit of interest-earning asset growth and improved mix was partially offset by the impact of lower interest rates and day count.

•

Net interest margin of 3.10% increased 4 basis points, as improved loan spreads and mix, given elevated LIBOR rates, as well as disciplined deposit pricing and mix more than offset the negative impact of lower interest rates. Interest-bearing deposit costs decreased 15 basis points.

•

Record noninterest income of $497 million increased 1% reflecting record mortgage banking fees and trust and investment services fees. Capital markets fees and foreign exchange and interest rate products reflect solid underlying performance, partially offset by a $21 million mark to market loss on loan/bond trading assets and a $15 million decrease in CVA adjustment.

•

Noninterest expense of $1.0 billion increased $26 million, or 3%, including the impact of notable items. On an Underlying basis, noninterest expense of $979 million increased $30 million, or 3%, largely reflecting the impact of seasonally higher payroll taxes associated with incentive compensation, along with higher revenue-based compensation tied to mortgage originations. Results also reflect increased equipment and software expense, partially offset by lower other operating expense and outside services.

•

Provision for credit losses of $600 million reflects a $463 million reserve build associated with COVID-19.

Balance sheet

•

Average interest-earning assets increased $2.0 billion, or 1%, driven by 1.8% loan growth, and included the $1.0 billion impact of higher commercial line of credit utilization. Average loan growth also reflects a $922 million average impact tied to the sale of $1.6 billion of on-balance sheet residential mortgage loans in connection with balance sheet optimization strategies. Average loans increased 2.6% before the impact of this sales activity.

•

Period-end loan growth of $8.4 billion, or 7%, was driven by a 15% increase in commercial, which included a $7.2 billion impact from higher line of credit utilization.

•

Average deposits were relatively stable, as growth in checking with interest, money market accounts and savings was largely offset by a decrease in term and demand deposits.

•

Period-end deposit growth of $8.2 billion, or 7%, kept pace with loan growth.

•

Average loan-to-deposit ratio of 95.6% compares with 94.6% in fourth quarter 2019; period-end loan-to-deposit ratio of 95.5% compares to 95.0% in fourth quarter 2019.

•

Nonaccrual loans to loan ratio of 0.61% compares to 0.59% as of December 31, 2019.

•

Allowance coverage of nonaccrual loans of 283% reflects the first quarter 2020 implementation of CECL and the first quarter provision impact associated with COVID-19, and compares with 184% as of December 31, 2019.

Citizens Financial Group, Inc.

Earnings highlights:


	Quarterly Trends

										1Q20 change from
($s in millions, except per share data)	1Q20			4Q19			1Q19			4Q19						1Q19

Earnings										$/bps			%			$/bps			%

Net interest income	$	1,160		$	1,143		$	1,160		$	17			1	%	$	—			—	%
Noninterest income		497			494			428			3			1			69			16
Total revenue		1,657			1,637			1,588			20			1			69			4
Noninterest expense		1,012			986			937			26			3			75			8
Pre-provision profit		645			651			651			(6	)		(1	)		(6	)		(1	)
Provision for credit losses		600			110			85			490				NM		515				NM

Net income		34			450			439			(416	)		(92	)		(405	)		(92	)
Preferred dividends		22			23			15			(1	)		(4	)		7			47
Net income available to common stockholders	$	12		$	427		$	424		$	(415	)		(97	) %	$	(412	)		(97	) %

After-tax notable Items		25			4			4			21				NM		21				NM

Underlying net income	$	59		$	454		$	443		$	(395	)		(87	) %	$	(384	)		(87	) %
Underlying net income available to common stockholders	$	37		$	431		$	428		$	(394	)		(91	) %	$	(391	)		(91	) %

Average common shares outstanding
Basic (in millions)		427.7			434.7			460.7			(7.0	)		(2	)		(33.0	)		(7	)
Diluted (in millions)		429.4			436.5			462.5			(7.1	)		(2	)		(33.1	)		(7	)
Diluted earnings per share	$	0.03		$	0.98		$	0.92		$	(0.95	)		(97	) %	$	(0.89	)		(97	) %

Underlying diluted earnings per share	$	0.09		$	0.99		$	0.93		$	(0.90	)		(91	) %	$	(0.84	)		(90	) %

Key performance metrics*
Net interest margin		3.09	%		3.04	%		3.23	%		5	bps					(14	) bps
Net interest margin, FTE		3.10			3.06			3.25			4						(15	)
Effective income tax rate		24.1			16.8			22.4			737						171
Efficiency ratio		61			60			59			82						210
Underlying efficiency ratio		59			58			59			106						41
Return on average common equity		0.2			8.3			8.6			(806	)					(838	)
Return on average tangible common equity		0.4			12.4			13.0			(1,203	)					(1,264	)
Underlying return on average tangible common equity		1.1			12.5			13.1			(1,139	)					(1,202	)
Return on average total assets		0.08			1.08			1.11			(100	)					(103	)
Underlying return on average total tangible assets		0.15	%		1.14	%		1.17	%		(99	) bps					(102	) bps

Capital adequacy^(1,2)
Common equity tier 1 capital ratio		9.4	%		10.0	%		10.5	%
Total capital ratio		12.5			13.0			13.4
Tier 1 leverage ratio		9.6			10.0			10.0
Allowance for credit losses to loans and leases		1.73			1.09			1.13			64	bps					60	bps

Asset quality⁽²⁾
Nonaccrual loans and leases to loans and leases		0.61	%		0.59	%		0.63	%		2	bps					(2	) bps
Allowance for credit losses to nonaccrual loans and leases		283			184			179			NM						NM
Net charge-offs as a % of average loans and leases		0.46	%		0.41	%		0.31	%		5	bps					15	bps

¹⁾Current reporting-period regulatory capital ratios are preliminary.

²⁾ Capital adequacy and asset-quality ratios calculated on a period-end basis, except net charge-offs.

Citizens Financial Group, Inc.

Notable items:

First quarter 2020 and fourth quarter 2019 results reflect notable items primarily related to TOP 6 transformational and revenue and efficiency initiatives. First quarter 2020 and 2019 results also reflect notable items related to integration costs primarily tied to the August 1, 2018 Franklin American Mortgage Company (“FAMC”) acquisition. Fourth quarter 2019 results also include a tax benefit largely tied to legacy tax matters. These notable items have been excluded from reported results to better reflect Underlying operating results.

Total estimated after-tax FAMC integration costs are expected to be in the $40-$45 million range, with the integration substantially complete by second quarter 2020. Cumulative after-tax integration costs related to FAMC totaled $32 million through the end of first quarter 2020.


Notable items-integration costs	1Q20									4Q19									1Q19									Cumulative after-tax integration costs
($s in millions, except per share data)	Pre-tax			After-tax			EPS			Pre-tax			After-tax			EPS			Pre-tax			After-tax			EPS			FAMC			Other			Total

Noninterest income	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	(3	)	$	—		$	(3	)
Salaries & benefits	$	—		$	—		$	—		$	—		$	—		$	—		$	(1	)	$	(1	)	$	—		$	(10	)	$	—		$	(10	)
Equipment & software		(1	)		(1	)		—			(1	)		(1	)		—			—			—			—			(2	)		—			(2	)
Outside services		(3	)		(2	)		(0.01	)		(1	)		(1	)		—			(4	)		(3	)		(0.01	)		(13	)		(4	)		(17	)
Occupancy		—			—			—			—			—			—			—			—			—			(1	)		—			(1	)
Other expense		—			—			—			—			—			—			—			—			—			(3	)		—			(3	)

Noninterest expense	$	(4	)	$	(3	)	$	(0.01	)	$	(2	)	$	(2	)	$	—		$	(5	)	$	(4	)	$	(0.01	)	$	(29	)		(4	)	$	(33	)

Total Integration costs	$	(4	)	$	(3	)	$	(0.01	)	$	(2	)	$	(2	)	$	—		$	(5	)	$	(4	)	$	(0.01	)	$	(32	)	$	(4	)	$	(36	)


Other notable items-primarily tax and TOP	1Q20									4Q19									1Q19
($s in millions, except per share data)	Pre-tax			After-tax			EPS			Pre-tax			After-tax			EPS			Pre-tax			After-tax			EPS

Tax notable items	$	—		$	—		$	—		$	—		$	24		$	0.06		$	—		$	—		$	—
Other notable items—TOP & other actions
Salaries & benefits		(10	)		(7	)		(0.02	)		(6	)		(5	)		(0.01	)		—			—			—
Equipment & software		—			—			—			(2	)		(1	)		—			—			—			—
Outside services		(15	)		(12	)		(0.02	)		(19	)		(14	)		(0.03	)		—			—			—
Occupancy		(4	)		(3	)		(0.01	)		(8	)		(6	)		(0.01	)		—			—			—

Noninterest expense	$	(29	)	$	(22	)	$	(0.05	)	$	(35	)	$	(26	)	$	(0.05	)	$	—		$	—		$	—

Total other notable items	$	(29	)	$	(22	)	$	(0.05	)	$	(35	)	$	(2	)	$	—		$	—		$	—		$	—



Total notable items	$	(33	)	$	(25	)	$	(0.06	)	$	(37	)	$	(4	)	$	(0.01	)	$	(5	)	$	(4	)	$	(0.01	)

Citizens Financial Group, Inc.

The following table provides information on Underlying results before the impact of notable items.

Underlying results:


	Quarterly Trends

										1Q20 change from
($s in millions, except per share data)	1Q20			4Q19			1Q19			4Q19			1Q19

Net interest income	$	1,160		$	1,143		$	1,160			1	%		—	%
Noninterest income		497			494			428			1			16

Total revenue	$	1,657		$	1,637		$	1,588			1	%		4	%
Noninterest expense		1,012			986			937			3			8
Notable items		33			37			5			(11	)		NM

Underlying noninterest expense	$	979		$	949		$	932			3	%		5	%
Underlying pre-provision profit		678			688			656			(1	)		3
Provision for credit losses		600			110			85			NM			NM

Net income available to common stockholders		12			427			424			(97	)		(97	)
Underlying net income available to common stockholders		37			431			428			(91	)		(91	)

Key performance metrics*

Diluted EPS	$	0.03		$	0.98		$	0.92			(97	) %		(97	) %
Underlying EPS	$	0.09		$	0.99		$	0.93			(91	) %		(90	) %
Efficiency ratio		61	%		60	%		59	%		82	bps		210	bps
Underlying efficiency ratio		59			58			59			106			41

Operating leverage											(1.4	)		(3.7	)
Underlying operating leverage											(1.9	) %		(0.7	) %

Citizens Financial Group, Inc.

Discussion of results:


Net interest income										1Q20 change from
($s in millions)	1Q20			4Q19			1Q19			4Q19						1Q19

										$/bps			%			$/bps			%


Interest income:
Interest and fees on loans and leases and loans held for sale	$	1,326		$	1,335		$	1,396		$	(9	)		(1	) %	$	(70	)		(5	) %
Investment securities		147			159			166			(12	)		(8	)		(19	)		(11	)
Interest-bearing deposits in banks		5			7			8			(2	)		(29	)		(3	)		(38	)

Total interest income	$	1,478		$	1,501		$	1,570		$	(23	)		(2	) %	$	(92	)		(6	) %

Interest expense:
Deposits	$	227		$	263		$	287		$	(36	)		(14	) %	$	(60	)		(21	) %
Short-term borrowed funds		1			2			2			(1	)		(100	)		(1	)		(50	)
Long-term borrowed funds		90			93			121			(3	)		(3	)		(31	)		(26	)

Total interest expense	$	318		$	358		$	410		$	(40	)		(11	) %	$	(92	)		(22	) %

Net interest income	$	1,160		$	1,143		$	1,160		$	17			1	%	$	—			—	%



Net interest margin, FTE		3.10	%		3.06	%		3.25	%		4	bps					(15	) bps

Net interest income of $1.2 billion was stable with first quarter 2019 levels, despite the lower rate and challenging yield-curve environment, given 4% growth in interest-earning assets. Net interest margin of 3.10% decreased 15 basis points as the impact of lower interest rates was partially offset by improved deposit mix as well as continued mix shift towards better-returning assets.

Compared with fourth quarter 2019, net interest income of $1.2 billion was 1% higher as the benefit interest-earning asset growth and improved loan mix was partially offset by the negative impact of rates and day count. The net interest margin of 3.10% increased 4 basis points, reflecting the benefit of elevated LIBOR on loan spreads, as well as disciplined deposit pricing and mix, which more than offset the negative impact of lower interest rates. Interest-bearing deposit costs decreased 15 basis points.


Noninterest Income							1Q20 change from
($s in millions)	1Q20		4Q19		1Q19		4Q19						1Q19

							$			%			$			%

Service charges and fees	$	118	$	128	$	123	$	(10	)		(8	) %	$	(5	)		(4	) %
Mortgage banking fees		159		80		43		79			99			116			NM
Card fees		56		64		59		(8	)		(13	)		(3	)		(5	)
Capital markets fees		43		66		54		(23	)		(35	)		(11	)		(20	)
Trust and investment services fees		53		52		47		1			2			6			13
Foreign exchange and interest rate products		24		49		36		(25	)		(51	)		(12	)		(33	)
Letter of credit and loan fees		34		35		33		(1	)		(3	)		1			3
Securities gains, net		—		4		8		(4	)		(100	)		(8	)		(100	)
Other income⁽¹⁾		10		16		25		(6	)		(38	)		(15	)		(60	)

Noninterest income	$	497	$	494	$	428	$	3			1	%	$	69			16	%

1) Other income includes bank-owned life insurance and other income.

Record noninterest income of $497 million increased $69 million, or 16%, from first quarter 2019. Results reflect record results in mortgage banking and trust and investment services fees. These results were partially offset by COVID-19 impacts in service charges and fees, card fees, capital markets and foreign exchange and interest rate products. Mortgage banking fees of $159 million reflect increased origination volumes and improved gain on sale margins, as well as higher mortgage servicing rights hedging gains. Capital markets fees of $43 million decreased $11 million, as market disruption in March resulted in a $21 million mark to market loss on loan/bond trading assets. Foreign exchange and interest rate products revenue of $24 million declined by $12 million, primarily due to a $10 million decrease in net credit valuation adjustment given the fall in rates. Other income declined from first quarter 2019 levels that included higher gains related to asset dispositions and efficiency initiatives.

Citizens Financial Group, Inc.

Compared with fourth quarter 2019, noninterest income was relatively stable, as record results in mortgage banking and trust and investment services fees were partially offset by the impacts of COVID-19 disruption on other categories. Capital markets fees decreased $23 million from record fourth quarter 2019 levels given the mark to market loss. Foreign exchange and interest rate products income decreased $25 million from record fourth quarter 2019 levels, which includes a $15 million decrease in net credit valuation adjustment. Services charges and fees and card fees declined, reflecting impacts from seasonality as well as the COVID-19 disruption. Other income decreased reflecting costs associated with tax-advantaged investments and lower leasing income.


Noninterest Expense							1Q20 change from
($s in millions)	1Q20		4Q19		1Q19		4Q19						1Q19

							$			%			$			%

Salaries and employee benefits	$	549	$	502	$	509	$	47			9	%	$	40			8	%
Equipment and software expense		133		133		125		—			—			8			6
Outside services		135		142		110		(7	)		(5	)		25			23
Occupancy		84		88		83		(4	)		(5	)		1			1
Other operating expense		111		121		110		(10	)		(8	)		1			1

Noninterest expense	$	1,012	$	986	$	937	$	26			3	%	$	75			8	%

Notable items	$	33	$	37	$	5	$	(4	)		(11	)%	$	28			NM

Underlying, as applicable

Salaries and employee benefits	$	539	$	496	$	508	$	43			9	%	$	31			6	%
Equipment and software expense		132		130		125		2			2			7			6
Outside services		117		122		106		(5	)		(4	)		11			10
Occupancy		80		80		83		—			—			(3	)		(4	)
Other operating expense		111		121		110		(10	)		(8	)		1			1

Underlying noninterest expense	$	979	$	949	$	932	$	30			3	%	$	47			5	%

First quarter 2020 noninterest expense of $1.0 billion increased $75 million, or 8%, from first quarter 2019. Underlying noninterest expense of $979 million increased $47 million, or 5%, largely reflecting higher salaries and employee benefits given the impact of annual merit increases and revenue-based compensation tied to mortgage originations. Results also reflect higher equipment and software expense given continued investments in technology as well as higher outside services largely tied to growth initiatives. These results were partially offset by a reduction in occupancy.

Compared with fourth quarter 2019, noninterest expense increased $26 million, or 3%. Underlying noninterest expense of $979 million increased $30 million, or 3%, driven by higher salaries and employee benefits tied to seasonally higher payroll taxes, 401k matching and stock-based compensation costs, as well as higher revenue-based compensation tied to mortgage originations. Results also reflect an increase in equipment and software expense driven by increased technology spend, partially offset by lower other operating expense and outside services.

Citizens Financial Group, Inc.

The first quarter 2020 effective tax rate was 24.1%. On an Underlying basis, the effective tax rate of 24.5% compares with 22.4% for first quarter 2019 and 21.5% for fourth quarter 2019. The increase from fourth quarter 2019 was primarily driven by the impact of stock-based compensation, due to lower pre-tax income.


Consolidated balance sheet review⁽¹⁾										1Q20 change from
($s in millions)	1Q20			4Q19			1Q19			4Q19						1Q19

										$/bps			%			$/bps			%
Total assets	$	176,719		$	165,733		$	161,342		$	10,986			7	%	$	15,377			10	%
Total loans and leases		127,528			119,088			117,615			8,440			7			9,913			8
Total loans held for sale		3,261			3,330			1,252			(69	)		(2	)		2,009			160
Deposits		133,475			125,313			123,916			8,162			7			9,559			8
Stockholders’ equity		21,950			22,201			21,531			(251	)		(1	)		419			2
Stockholders’ common equity		20,380			20,631			20,399			(251	)		(1	)		(19	)		—
Tangible common equity	$	13,639		$	13,893		$	13,649		$	(254	)		(2	) %	$	(10	)		—	%
Loan-to-deposit ratio (period-end)⁽²⁾		95.5	%		95.0	%		94.9	%		51	bps					62	bps
Loans to deposit ratio (average)⁽²⁾		95.6			94.6			97.7			97						(210	)
Common equity tier 1 capital ratio⁽³⁾		9.4			10.0			10.5
Total capital ratio⁽³⁾		12.5	%		13.0	%		13.4	%

1) Represents period end unless otherwise noted.

2) Excludes loans held for sale.

3) Current reporting period regulatory capital ratios are preliminary.

Total assets of $176.7 billion at March 31, 2020, increased $15.4 billion, or 10%, from March 31, 2019, reflecting an $11.9 billion increase in loans and loans held for sale, which was largely driven by an increase in commercial line of credit utilization given the impact of COVID-19 disruption. Results also reflect a $2.2 billion increase in the investment portfolio and a $1.5 billion increase in customer-related derivative assets. Compared with December 31, 2019, total assets increased $11.0 billion, driven by an $8.4 billion increase in loans and loans held for sale given the higher COVID-19-related line of credit utilization as well as a $2.4 billion increase in the investment portfolio and a $1.2 billion increase in customer-related derivative assets.


Interest-earning assets							1Q20 change from
($s in millions)	1Q20		4Q19		1Q19		4Q19						1Q19

Period-end interest-earning assets							$			%			$		%

Investments and interest-bearing deposits	$	29,535	$	27,177	$	27,331	$	2,358			9	%	$	2,204		8	%
Commercial loans and leases		66,032		57,538		57,689		8,494			15			8,343		14
Retail loans		61,496		61,550		59,926		(54	)		—			1,570		3
Total loans and leases		127,528		119,088		117,615		8,440			7			9,913		8
Loans held for sale, at fair value		2,911		1,946		1,186		965			50			1,725		145
Other loans held for sale		350		1,384		66		(1,034	)		(75	)		284		NM
Total loans and leases and loans held for sale		130,789		122,418		118,867		8,371			7			11,922		10

Total period-end interest-earning assets	$	160,324	$	149,595	$	146,198	$	10,729			7	%	$	14,126		10	%

Average interest-earning assets
Investments and interest-bearing deposits	$	27,202	$	27,280	$	26,638	$	(78	)		—	%	$	564		2	%
Commercial loans and leases		59,510		57,661		57,707		1,849			3			1,803		3
Retail loans		61,545		61,244		59,942		301			—			1,603		3
Total loans and leases		121,055		118,905		117,649		2,150			2			3,406		3
Loans held for sale, at fair value		1,890		2,209		1,035		(319	)		(14	)		855		83
Other loans held for sale		799		517		191		282			55			608		NM
Total loans and leases and loans held for sale		123,744		121,631		118,875		2,113			2			4,869		4

Total average interest-earning assets	$	150,946	$	148,911	$	145,513	$	2,035			1	%	$	5,433		4	%

Period-end interest-earning assets of $160.3 billion increased $14.1 billion, or 10%, from March 31, 2019, driven by an $11.9 billion, or 10%, increase in loans and loans held for sale, reflecting an $8.3 billion increase in commercial and a $1.6 billion increase in retail. Results reflect the impact of the sale of $1.6 billion of on-balance sheet residential mortgage loans in connection with balance sheet optimization strategies. Compared with December 31, 2019, period-end interest-earning assets increased $10.7 billion, or 7%, largely due to an $8.5 billion increase in commercial loans, which included the $7.2 billion impact of higher line of credit utilization tied to COVID-19 disruption, as well as a $2.4 billion increase in the investment portfolio. The average effective duration of the securities portfolio decreased to 2.1 years as of March 31, 2020 from 3.8 years at March 31, 2019, and 3.7 years at December 31, 2019, given lower long-term rates that drove an increase in securities prepayment speeds.

Citizens Financial Group, Inc.

Average interest-earning assets of $150.9 billion in first quarter 2020 increased $5.4 billion, or 4%, from first quarter 2019, reflecting a $4.9 billion, or 4%, increase in loans and loans held for sale which included a $1.6 billion increase in retail and a $1.8 billion increase in commercial which included the impact of higher line of credit utilization tied to COVID-19 disruption. Retail loan growth was driven by education and other retail, partially offset by lower home equity. Commercial loan growth was driven by strength in commercial and industrial loans and commercial real estate, and reflected the $1.0 billion impact from COVID-19-related line of credit utilization as well as the benefit of geographic, product and client-focused expansion strategies, partially offset by planned reductions in commercial leases.

Compared with fourth quarter 2019, average interest-earning assets increased $2.0 billion, or 1%, reflecting a $1.8 billion increase in commercial loans and a $301 million increase in retail loans. Growth in commercial reflects higher line utilization, as well as strength in commercial real estate. Retail loan results reflect a $922 million reduction tied to the sale of on-balance sheet residential mortgage loans in connection with balance sheet optimization strategies. Loan growth was 2.6% before the impact of this sales activity.


Deposits							1Q20 change from
($s in millions)	1Q20		4Q19		1Q19		4Q19						1Q19
Period-end deposits							$			%			$			%
Demand deposits	$	32,398	$	29,233	$	28,383	$	3,165			11	%	$	4,015			14	%
Checking with interest		25,358		24,840		23,482		518			2			1,876			8
Savings		14,702		13,779		13,239		923			7			1,463			11
Money market accounts		42,972		38,725		35,972		4,247			11			7,000			19
Term deposits		18,045		18,736		22,840		(691	)		(4	)		(4,795	)		(21	)

Total period-end deposits	$	133,475	$	125,313	$	123,916	$	8,162			7	%	$	9,559			8	%

Average deposits
Demand deposits	$	29,362	$	29,928	$	28,465	$	(566	)		(2	) %	$	897			3	%
Checking with interest		24,612		23,545		22,987		1,067			5			1,625			7
Savings		14,201		13,582		12,626		619			5			1,575			12
Money market accounts		39,839		38,809		35,209		1,030			3			4,630			13
Term deposits		18,616		19,788		21,127		(1,172	)		(6	)		(2,511	)		(12	)

Total average deposits	$	126,630	$	125,652	$	120,414	$	978			1	%	$	6,216			5	%

Total period-end deposits of $133.5 billion at March 31, 2020 increased $9.6 billion, or 8%, from March 31, 2019, reflecting growth in money market accounts, demand deposits, checking with interest and savings, partially offset by a decrease in term deposits.

Compared with December 31, 2019, total period-end deposits increased $8.2 billion, driven by growth in money market accounts and demand deposits, savings and checking with interest, partially offset by a decrease in term deposits. Citizens Access^® deposits totaled $6.1 billion at March 31, 2020, up from $5.8 billion at December 31, 2019.

First quarter 2020 average deposits of $126.6 billion increased $6.2 billion, or 5%, from first quarter 2019, reflecting growth in money market accounts, checking with interest, savings and demand deposits, partially offset by a decrease in term deposits.

Citizens Financial Group, Inc.

Compared with fourth quarter 2019, average deposits were relatively stable, as growth in checking with interest, money market accounts and savings was largely offset by a decrease in term deposits and demand deposits.


Borrowed Funds							1Q20 change from

($s in millions)	1Q20		4Q19		1Q19		4Q19						1Q19


Period-end borrowed funds							$			%			$			%

Short-term borrowed funds⁽¹⁾	$	1,059	$	274	$	679	$	785			NM		$	380			56	%
Long-term borrowed funds⁽¹⁾
FHLB advances		8,007		5,008		2,508		2,999			60			5,499			219
Senior debt		6,775		7,382		7,558		(607	)		(8	)		(783	)		(10	)
Subordinated debt and other debt		1,655		1,657		1,659		(2	)		—			(4	)		—


Total borrowed funds	$	17,496	$	14,321	$	12,404	$	3,175			22	%	$	5,092			41	%


Average borrowed funds
Short-term borrowed funds⁽¹⁾	$	644	$	504	$	698	$	140			28	%	$	(54	)		(8	) %
Long-term borrowed funds⁽¹⁾
FHLB advances		5,138		3,259		5,694		1,879			58			(556	)		(10	)
Senior debt		7,263		7,914		7,391		(651	)		(8	)		(128	)		(2	)
Subordinated debt and other debt		1,656		1,657		1,651		(1	)		—			5			—


Total average borrowed funds	$	14,701	$	13,334	$	15,434	$	1,367			10	%	$	(733	)		(5	) %

1) Beginning in 1Q19, borrowed funds balances are based on original maturity and prior periods have been revised consistent with the current presentation.

Total borrowed funds of $17.5 billion at March 31, 2020 increased $5.1 billion, or 41%, from March 31, 2019, reflecting a $5.5 billion increase in long-term FHLB borrowings and a $380 million increase in short-term borrowings, partially offset by a $783 million decrease in senior debt. Compared with December 31, 2019, total borrowed funds increased $3.2 billion reflecting a $3.0 billion increase in long-term FHLB borrowings, and a $785 million increase in short-term borrowings, partially offset by a $607 million decrease in senior debt.

Average borrowed funds of $14.7 billion decreased $733 million, or 5%, from first quarter 2019, reflecting a $556 million decrease in long-term FHLB borrowings, a $128 million decrease in senior debt and a $54 million decrease in short-term borrowings. Compared with December 31, 2019 average borrowed funds increased $1.4 billion, or 10%, reflecting a $1.9 billion increase in long-term FHLB borrowings and a $140 million increase in short-term borrowings, partially offset by a $651 million decrease in senior debt.


Capital										1Q20 change from
($s and shares in millions except per share data)	1Q20			4Q19			1Q19			4Q19						1Q19


Period-end capital										$			%			$			%
Stockholders’ equity	$	21,950		$	22,201		$	21,531		$	(251	)		(1	) %	$	419			2	%
Stockholders’ common equity		20,380			20,631			20,399			(251	)		(1	)		(19	)		—
Tangible common equity		13,639			13,893			13,649			(254	)		(2	)		(10	)		—
Tangible book value per common share	$	31.97		$	32.08		$	29.6		$	(0.11	)		—		$	2.37			8
Common shares - at end of period		426.6			433.1			461.1			(6.5	)		(2	)		(34.5	)		(7	)
Common shares - average (diluted)		429.4			436.5			462.5			(7.1	)		(2	) %		(33.1	)		(7	)
Common equity tier 1 capital ratio⁽¹⁾		9.4	%		10.0	%		10.5	%
Total capital ratio⁽¹⁾		12.5			13.0			13.4
Tier 1 leverage ratio⁽¹⁾		9.6	%		10.0	%		10.0	%

1)	Current reporting-period regulatory capital ratios are preliminary.

At March 31, 2020, our Basel III capital ratios remained well in excess of applicable regulatory requirements with a CET1 capital ratio of 9.4% compared with 10.0% at December 31, 2019 and 10.5% at March 31, 2019, and a total capital ratio of 12.5% compared with total capital ratios of 13.0% as of December 31, 2019 and 13.4% as of March 31, 2019.

Citizens Financial Group, Inc.

Tangible book value per common share of $31.97 was relatively stable compared with fourth quarter 2019 and increased 8% from first quarter 2019.

During first quarter 2020, the company repurchased 7.5 million shares of common stock at a weighted-average price of $35.77, and including common dividends, returned $438 million to shareholders. These results compare with $558 million returned to common shareholders in fourth quarter 2019 and $349 million in first quarter 2019.


Credit quality review								1Q20 change from
($s in millions)	1Q20		4Q19		1Q19			4Q19				1Q19

								$/bps		%		$/bps		%

Nonaccrual loans and leases	$	780	$	703	$	744		$	77		11 %	$	36	5 %
90+ days past due and accruing		27		25		32			2		8		(5)	(16)
Net charge-offs		137		122		89			15		12		48	54
Provision for credit losses		600		110		85			490		NM		515	NM
Allowance for credit losses	$	2,210	$	1,296	$	1 ,329		$	914		71 %	$	881	66 %
Nonaccrual loans and leases to loans and leases		0.61 %		0.59 %		0.63	%		2 bps				(2) bps
Net charge-offs as a % of total loans and leases		0.46		0.41		0.31			5				15
Allowance for credit losses to loans and leases		1.73		1.09		1.13			64				60
Allowance for credit losses to nonaccrual loans and leases		283.5 %		184.3 %		178.7	%		NM				NM

Nonacccrual loans increased $36 million, or 5%, compared with March 31, 2019, as a $102 million increase in commercial was partially offset by a $66 million decrease in retail reflecting improvement in home equity and education. Compared to December 31, 2019, nonaccrual loans of $780 million increased $77 million, or 11%, reflecting a $69 million increase in commercial and an $8 million increase in retail. The nonaccrual loans to loans ratio of 0.61% at March 31, 2020 increased 2 basis points from 0.59% at December 31, 2019 and improved 2 basis points from 0.63% at March 31, 2019.

Net charge-offs of $137 million increased $48 million from first quarter 2019, reflecting a $20 million increase in commercial, reflecting several uncorrelated commercial losses, and a $28 million increase in retail driven by seasoning in growth portfolios. Compared with fourth quarter 2019, net charge-offs increased $15 million driven by a $17 million increase in commercial, partially offset by a $2 million reduction in retail.

First quarter 2020 net charge-offs were 46 basis points of average loans compared with 31 basis points in first quarter 2019 and 41 basis points in fourth quarter 2019.

Provision for credit losses of $600 million includes a $463 million reserve build associated with COVID-19 and compares with $85 million in first quarter 2019 and $110 million in fourth quarter 2019.

The allowance for credit losses of $2.2 billion includes impacts from the adoption of CECL on January 1, 2020. This compares with $1.3 billion at March 31, 2019 and $1.3 billion at December 31, 2019.

The allowance for credit losses to loans ratio was 1.73% as of March 31, 2020, compared with 1.13% as of March 31, 2019, and 1.09% as of December 31, 2019. The allowance for credit losses to nonaccrual loans ratio of 283% as of March 31, 2020 compares to 179% as of March 31, 2019, and 184% as of December 31, 2019.

Citizens Financial Group, Inc.

Corresponding Financial Tables and Information

Investors are encouraged to review the foregoing summary and discussion of Citizens’ earnings and financial condition in conjunction with the detailed financial tables and other information available on the Investor Relations portion of the company’s website at www.citizensbank.com/about-us.

Media: Peter Lucht—781.655.2289

Investors: Ellen A. Taylor—203.900.6854

Conference Call

CFG management will host a live conference call today with details as follows:


Time:		9:00 am ET

Dial-in:		(844) 767-5679, conference ID 2469575

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 12:00 pm ET on April 17 through May 17, 2020. Please dial (866) 207-1041 and enter access code 3857257. 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 $176.7 billion in assets as of March 31, 2020. 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 2,800 ATMs and approximately 1,000 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 a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.

Citizens Financial Group, Inc.

Key Performance Metrics and Non-GAAP Financial Measures and Reconciliations

(in millions, except share, per-share and ratio data)

Key Performance Metrics:

Our Management uses certain key performance metrics (KPMs) to gauge our progress against strategic and operational goals, as well as to compare our performance against peers. The KPMs are referred to in our Registration Statements on Form S-1 and our external financial reports filed with the Securities and Exchange Commission. The KPMs include:

•

Return on average tangible common equity (ROTCE);

•

Efficiency ratio;

•

Operating leverage; and

•

Common equity tier 1 capital ratio.

Established targets for the KPMs are based on Management-reporting results which are currently referred to by the Company as “Underlying” results. In historical periods, these results may have been referred to as “Adjusted” or “Adjusted/Underlying” results. We believe that Underlying results, which exclude notable items, provide the best representation of our underlying financial progress toward the KPMs as the results exclude items that our Management does not consider indicative of our on-going financial performance. We have consistently shown investors our KPMs on a Management-reporting basis since our initial public offering in September of 2014. KPMs that reflect Underlying results are considered non-GAAP financial measures.

Non-GAAP Financial Measures:

This document contains non-GAAP financial measures denoted as Underlying results. In historical periods, these results may have been referred to as Adjusted or Adjusted/Underlying results. Underlying results for any given reporting period exclude certain items that may occur in that period which Management does not consider indicative of the Company’s on-going financial performance. We believe these non-GAAP financial measures provide useful information to investors because they are used by our Management to evaluate our operating performance and make day-to-day operating decisions. In addition, we believe our Underlying results in any given reporting period reflect our on-going financial performance in that period and, accordingly, are useful to consider in addition to our GAAP financial results. We further believe the presentation of Underlying results increases comparability of period-to-period results. The following tables present reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures.

Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Accordingly, our non-GAAP financial measures may not be comparable to similar measures used by such companies. We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP measures. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our results reported under GAAP.

Citizens Financial Group, Inc.

Key performance metrics, non-GAAP financial measures and reconciliations

(in millions, except share, per-share and ratio data)


		QUARTERLY TRENDS
								1Q20 Change
		1Q20		4Q19		1Q19		4Q19				1Q19
								$		%		$		%
Noninterest income, Underlying:
Noninterest income (GAAP)	A		$497		$494		$428		$3		1 %		$69		16 %
Less: Notable items			—		—		—		—		—		—		—

Noninterest income, Underlying (non-GAAP)	B		$497		$494		$428		$3		1 %		$69		16 %

Total revenue, Underlying:
Total revenue (GAAP)	C		$1,657		$1,637		$1,588		$20		1 %		$69		4 %
Less: Notable items			—		—		—		—		—		—		—

Total revenue, Underlying (non-GAAP)	D		$1,657		$1,637		$1,588		$20		1 %		$69		4 %

Noninterest expense, Underlying:
Noninterest expense (GAAP)	E		$1,012		$986		$937		$26		3 %		$75		8 %
Less: Notable items			33		37		5		(4)		(11)		28		NM

Noninterest expense, Underlying (non-GAAP)	F		$979		$949		$932		$30		3 %		$47		5 %

Pre-provision profit:
Total revenue (GAAP)	C		$1,657		$1,637		$1,588		$20		1 %		$69		4 %
Less: Noninterest expense (GAAP)	E		1,012		986		937		26		3		75		8

Pre-provision profit (GAAP)			$645		$651		$651		($6)		(1%)		($6)		(1%)

Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)	D		$1,657		$1,637		$1,588		$20		1 %		$69		4 %
Less: Noninterest expense, Underlying (non-GAAP)	F		979		949		932		30		3		47		5

Pre-provision profit, Underlying (non-GAAP)			$678		$688		$656		($10)		(1%)		$22		3 %

Income before income tax expense, Underlying:
Income before income tax expense (GAAP)	G		$45		$541		$566		($496)		(92%)		($521)		(92%)
Less: Expense before income tax benefit related to notable items			(33)		(37)		(5)		4		11		(28)		NM

Income before income tax expense, Underlying (non-GAAP)	H		$78		$578		$571		($500)		(87%)		($493)		(86%)

Income tax expense, Underlying:
Income tax expense (GAAP)	I		$11		$91		$127		($80)		(88%)		($116)		(91%)
Less: Income tax benefit related to notable items			(8)		(33)		(1)		25		76		(7)		NM

Income tax expense, Underlying (non-GAAP)	J		$19		$124		$128		($105)		(85%)		($109)		(85%)

Net income, Underlying:
Net income (GAAP)	K		$34		$450		$439		($416)		(92%)		($405)		(92%)
Add: Notable items, net of income tax benefit			25		4		4		21		NM		21		NM

Net income, Underlying (non-GAAP)	L		$59		$454		$443		($395)		(87%)		($384)		(87%)

Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)	M		$12		$427		$424		($415)		(97%)		($412)		(97%)
Add: Notable items, net of income tax benefit			25		4		4		21		NM		21		NM

Net income available to common stockholders, Underlying (non-GAAP)	N		$37		$431		$428		($394)		(91%)		($391)		(91%)

Citizens Financial Group, Inc.

Key performance metrics, non-GAAP financial measures and reconciliations (continued)

(in millions, except share, per-share and ratio data)


		QUARTERLY TRENDS
											1Q20 Change
		1Q20			4Q19			1Q19			4Q19						1Q19
											$/bps			%			$/bps			%
Operating leverage:
Total revenue (GAAP)	C	$	1,657		$	1,637		$	1,588		$	20			1.30	%	$	69			4.35	%
Less: Noninterest expense (GAAP)	E		1,012			986			937			26			2.68			75			8.06

Operating leverage															(1.38	%)					(3.71	%)

Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)	D	$	1,657		$	1,637		$	1,588		$	20			1.30	%	$	69			4.35	%
Less: Noninterest expense, Underlying (non-GAAP)	F		979			949			932			30			3.16			47			5.09

Operating leverage, Underlying (non-GAAP)															(1.86	%)					(0.74	%)

Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio	E/C		61.10	%		60.28	%		59.00	%		82	bps					210	bps
Efficiency ratio, Underlying (non-GAAP)	F/D		59.08			58.02			58.67			106	bps					41	bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rate	I/G		24.13	%		16.76	%		22.42	%		737	bps					171	bps
Effective income tax rate, Underlying (non-GAAP)	J/H		24.52			21.52			22.44			300	bps					208	bps
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP)	0	$	20,223		$	20,400		$	19,942		($	177	)		(1	%)	$	281			1	%
Return on average common equity	M/O		0.24	%		8.30	%		8.62	%		(806	) bps					(838	) bps
Return on average common equity, Underlying (non-GAAP)	N/O		0.74			8.36			8.71			(762	) bps					(797	) bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)	O	$	20,223		$	20,400		$	19,942		($	177	)		(1	%)	$	281			1	%
Less: Average goodwill (GAAP)			7,046			7,044			7,018			2			—			28			—
Less: Average other intangibles (GAAP)			67			69			59			(2	)		(3	)		8			14
Add: Average deferred tax liabilities related to goodwill (GAAP)			374			373			368			1			—			6			2

Average tangible common equity	P	$	13,484		$	13,660		$	13,233		($	176	)		(1	%)	$	251			2	%

Return on average tangible common equity	M/P		0.36	%		12.39	%		13.00	%		(1,203	) bps					(1,264	) bps
Return on average tangible common equity, Underlying (non-GAAP)	N/P		1.10			12.49			13.12			(1,139	) bps					(1,202	) bps
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP)	Q	$	167,177		$	164,646		$	160,415		$	2,531			2	%	$	6,762			4	%
Return on average total assets	K/Q		0.08	%		1.08	%		1.11	%		(100	) bps					(103	) bps
Return on average total assets, Underlying (non-GAAP)	L/Q		0.14			1.09			1.12			(95	) bps					(98	) bps
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)	Q	$	167,177		$	164,646		$	160,415		$	2,531			2	%	$	6,762			4	%
Less: Average goodwill (GAAP)			7,046			7,044			7,018			2			—			28			—
Less: Average other intangibles (GAAP)			67			69			59			(2	)		(3	)		8			14
Add: Average deferred tax liabilities related to goodwill (GAAP)			374			373			368			1			—			6			2

Average tangible assets	R	$	160,438		$	157,906		$	153,706		$	2,532			2	%	$	6,732			4	%

Return on average total tangible assets	K/R		0.09	%		1.13	%		1.16	%		(104	) bps					(107	) bps
Return on average total tangible assets, Underlying (non-GAAP)	L/R		0.15			1.14			1.17			(99	) bps					(102	) bps

Citizens Financial Group, Inc.

Key performance metrics, non-GAAP financial measures and reconciliations (continued)

(in millions, except share, per-share and ratio data)


		QUARTERLY TRENDS
								1Q20 Change
		1Q20		4Q19		1Q19		4Q19						1Q19
								$/bps			%			$/bps			%
Tangible book value per common share:
Common shares—at period-end (GAAP)	S		426,586,533		433,121,083		461,116,723		(6,534,550	)		(2	%)		(34,530,190	)		(7	%)
Common stockholders’ equity (GAAP)			$20,380		$20,631		$20,399		($251	)		(1	)		($19	)		—
Less: Goodwill (GAAP)			7,050		7,044		7,040		6			—			10			—
Less: Other intangible assets (GAAP)			66		68		80		(2	)		(3	)		(14	)		(18	)
Add: Deferred tax liabilities related to goodwill (GAAP)			375		374		370		1			—			5			1

Tangible common equity	T		$13,639		$13,893		$13,649		($254	)		(2	%)		($10	)		—	%

Tangible book value per common share	T/S		$31.97		$32.08		$29.60		($0.11	)		—	%		$2.37			8	%
Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying:
Average common shares outstanding - basic (GAAP)	U		427,718,421		434,684,606		460,713,172		(6,966,185	)		(2	%)		(32,994,751	)		(7	%)
Average common shares outstanding - diluted (GAAP)	V		429,388,855		436,500,829		462,520,680		(7,111,974	)		(2	)		(33,131,825	)		(7	)
Net income per average common share - basic (GAAP)	M/U		$0.03		$0.98		$0.92		($0.95	)		(97	)		($0.89	)		(97	)
Net income per average common share - diluted (GAAP)	M/V		0.03		0.98		0.92		(0.95	)		(97	)		(0.89	)		(97	)
Net income per average common share - basic, Underlying (non-GAAP)	N/U		0.09		0.99		0.93		(0.90	)		(91	)		(0.84	)		(90	)
Net income per average common share - diluted, Underlying (non-GAAP)	N/V		0.09		0.99		0.93		(0.90	)		(91	)		(0.84	)		(90	)

Citizens Financial Group, Inc.

Key performance metrics, non-GAAP financial measures and reconciliations (continued)

(in millions, except share, per-share and ratio data)


	QUARTERLY TRENDS
							1Q20 Change
	1Q20		4Q19		1Q19		4Q19						1Q19
							$/bps			%			$/bps			%
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)		$549		$502		$509		$47			9	%		$40			8	%
Less: Notable items		10		6		1		4			67			9			NM

Salaries and employee benefits, Underlying (non-GAAP)		$539		$496		$508		$43			9	%		$31			6	%

Equipment and software expense, Underlying:
Equipment and software expense(GAAP)		$133		$133		$125		$—			—	%		$8			6	%
Less: Notable items		1		3		—		(2	)		(67	)		1			100

Equipment and software expense, Underlying (non-GAAP)		$132		$130		$125		$2			2	%		$7			6	%

Outside services, Underlying:
Outside services (GAAP)		$135		$142		$110		($7	)		(5	%)		$25			23	%
Less: Notable items		18		20		4		(2	)		(10	)		14			NM

Outside services, Underlying (non-GAAP)		$117		$122		$106		($5	)		(4	%)		$11			10	%

Occupancy, Underlying:
Occupancy (GAAP)		$84		$88		$83		($4	)		(5	%)		$1			1	%
Less: Notable items		4		8		—		(4	)		(50	)		4			100

Occupancy, Underlying (non-GAAP)		$80		$80		$83		$—			—	%		($3	)		(4	%)

Citizens Financial Group, Inc.

Key performance metrics, non-GAAP financial measures and reconciliations - Underlying excluding the impact of COVID-19 on provision for credit losses

(in millions, except share, per-share and ratio data)


		QUARTERLY TRENDS
											1Q20 Change
		1Q20			4Q19			1Q19			4Q19						1Q19
											$/bps			%			$/bps			%
Net income available to common shareholders, Underlying excluding the impact of COVID-19:
Net income available to common shareholders (GAAP)	A		$12			$427			$424			($415	)		(97	%)		($412	)		(97	%)
Add: Notable items			25			4			4			21			NM			21			NM
Add: Impact of COVID-19			365			—			—			365			100			365			100

Net income available to common shareholders, Underlying excluding the impact of COVID-19 (non-GAAP)	B		$402			$431			$428			($29	)		(7	%)		($26	)		(6	%)

Return on average tangible common equity, Underlying excluding the impact of COVID-19:
Average common equity (GAAP)			$20,223			$20,400			$19,942			($177	)		(1	%)		$281			1	%
Less: Average goodwill (GAAP)			7,046			7,044			7,018			2			—			28			—
Less: Average other intangibles (GAAP)			67			69			59			(2	)		(3	)		8			14
Add: Average deferred tax liabilities related to goodwill (GAAP)			374			373			368			1			—			6			2

Average tangible common equity	C		$13,484			$13,660			$13,233			($176	)		(1	%)		$251			2	%

Return on average tangible common equity	A/C		0.36	%		12.39	%		13.00	%		(1,203	) bps					(1,264	) bps
Return on average tangible common equity, Underlying excluding the impact of COVID-19 (non-GAAP)	B/C		12.00			12.49			13.12			(49	) bps					(112	) bps
Net income per average common share - basic and diluted, Underlying excluding the impact of COVID-19:
Average common shares outstanding - basic (GAAP)	D		427,718,421			434,684,606			460,713,172			(6,966,185	)		(2	%)		(32,994,751	)		(7	%)
Average common shares outstanding - diluted (GAAP)	E		429,388,855			436,500,829			462,520,680			(7,111,974	)		(2	)		(33,131,825	)		(7	)
Net income per average common share - basic (GAAP)	A/D		$0.03			$0.98			$0.92			($0.95	)		(97	)		($0.89	)		(97	)
Net income per average common share - diluted (GAAP)	A/E		0.03			0.98			0.92			(0.95	)		(97	)		(0.89	)		(97	)
Net income per average common share - basic, Underlying excluding the impact of COVID-19 (non-GAAP)	B/D		0.94			0.99			0.93			(0.05	)		(5	)		0.01			1
Net income per average common share - diluted, Underlying excluding the impact of COVID-19 (non-GAAP)	B/E		0.94			0.99			0.93			(0.05	)		(5	)		0.01			1

Citizens Financial Group, Inc.

Forward-Looking Statements

This document contains forward-looking statements within the meaning of Private Securities Litigation Reform Act of 1995. Statements regarding potential future share repurchases and future dividends, as well as the potential effects of the COVID-19 pandemic on our business, operations, financial performance and prospects, are forward-looking statements. Also, any statement that does not describe historical or current facts is a forward-looking statement. These statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “goals,” “targets,” “initiatives,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would,” and “could.”

Forward-looking statements are based upon the current beliefs and expectations of management, and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation:

•

Negative economic and political conditions that adversely affect the general economy, housing prices, the job market, consumer confidence and spending habits which may affect, among other things, the level of nonperforming assets, charge-offs and provision expense;

•

The rate of growth in the economy and employment levels, as well as general business and economic conditions, and changes in the competitive environment;

•

Our ability to implement our business strategy, including the cost savings and efficiency components, and achieve our financial performance goals;

•

The COVID-19 pandemic and its effects on the economic and business environments in which we operate;

•

Our ability to meet heightened supervisory requirements and expectations;

•

Liabilities and business restrictions resulting from litigation and regulatory investigations;

•

Our capital and liquidity requirements (including under regulatory capital standards, such as the U.S. Basel III capital rules) and our ability to generate capital internally or raise capital on favorable terms;

•

The effect of changes in interest rates on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgages held for sale;

•

Changes in interest rates and market liquidity, as well as the magnitude of such changes, which may reduce interest margins, impact funding sources and affect the ability to originate and distribute financial products in the primary and secondary markets;

•

The effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin;

•

Financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses;

•

A failure in or breach of our operational or security systems or infrastructure, or those of our third party vendors or other service providers, including as a result of cyber-attacks; and

•

Management’s ability to identify and manage these and other risks.

In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, capital impacts of strategic initiatives, market conditions, and regulatory and accounting considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends. Further, statements about the effects of the COVID-19 pandemic on our business, operations, financial performance and prospects may constitute forward-looking statements and are subject to the risk that the actual impacts may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the scope and duration of the pandemic, actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic on our customers, third parties and us.

More information about factors that could cause actual results to differ materially from those described in the forward-looking

statements can be found under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019.

Note: Per share amounts and ratios presented in this document are calculated using whole dollars.

CFG-IR

1Q20 Financial Results April 17, 2020 Exhibit 99.2

Forward-looking statements and use of key performance metrics and non-GAAP financial measures Forward-Looking Statements. This document contains forward-looking statements within the meaning of Private Securities Litigation Reform Act of 1995. Statements regarding potential future share repurchases and future dividends, as well as the potential effects of the COVID-19 pandemic on our business, operations, financial performance and prospects, are forward-looking statements. Also, any statement that does not describe historical or current facts is a forward-looking statement. These statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “goals,” “targets,” “initiatives,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would,” and “could.” Forward-looking statements are based upon the current beliefs and expectations of management, and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation: Negative economic and political conditions that adversely affect the general economy, housing prices, the job market, consumer confidence and spending habits which may affect, among other things, the level of nonperforming assets, charge-offs and provision expense; The rate of growth in the economy and employment levels, as well as general business and economic conditions, and changes in the competitive environment; Our ability to implement our business strategy, including the cost savings and efficiency components, and achieve our financial performance goals; The COVID-19 pandemic and its effects on the economic and business environments in which we operate; Our ability to meet heightened supervisory requirements and expectations; Liabilities and business restrictions resulting from litigation and regulatory investigations; Our capital and liquidity requirements (including under regulatory capital standards, such as the U.S. Basel III capital rules) and our ability to generate capital internally or raise capital on favorable terms; The effect of changes in interest rates on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgages held for sale; Changes in interest rates and market liquidity, as well as the magnitude of such changes, which may reduce interest margins, impact funding sources and affect the ability to originate and distribute financial products in the primary and secondary markets; The effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin; Financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses; A failure in or breach of our operational or security systems or infrastructure, or those of our third party vendors or other service providers, including as a result of cyber-attacks; and Management’s ability to identify and manage these and other risks. In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, capital impacts of strategic initiatives, market conditions, and regulatory and accounting considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends. Further, statements about the effects of the COVID-19 pandemic on our business, operations, financial performance and prospects may constitute forward-looking statements and are subject to the risk that the actual impacts may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the scope and duration of the pandemic, actions taken by governmental authorities in response to the pandemic, and the direct and indirect impact of the pandemic on our customers, third parties and us. Further, statements about the estimated impact of CECL are forward-looking statements and are subject to the risk that the actual impact of CECL may differ, possibly materially, from what is reflected in those statements due to, among other things, changes in macroeconomic conditions and any of the other variables discussed on page 6, as well as changes based on continuing review of models and assumptions. More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2019. Key Performance Metrics and Non-GAAP Financial Measures and Reconciliations Key Performance Metrics: Our Management uses certain key performance metrics (KPMs) to gauge our progress against strategic and operational goals, as well as to compare our performance against peers. The KPMs are referred to in our Registration Statements on Form S-1 and our external financial reports filed with the Securities and Exchange Commission. The KPMs include: Return on average tangible common equity (ROTCE); Efficiency ratio; Operating leverage; and Common equity tier 1 capital ratio. Established targets for the KPMs are based on Management-reporting results which are currently referred to by the Company as “Underlying” results. In historical periods, these results may have been referred to as “Adjusted” or “Adjusted/Underlying” results. We believe that Underlying results, which exclude notable items, provide the best representation of our underlying financial progress toward the KPMs as the results exclude items that our Management does not consider indicative of our on-going financial performance. We have consistently shown investors our KPMs on a Management-reporting basis since our initial public offering in September of 2014. KPMs that reflect Underlying results are considered non-GAAP financial measures. Non-GAAP Financial Measures: This document contains non-GAAP financial measures denoted as Underlying results and Underlying excluding the impact of COVID-19 on the provision for credit losses. In historical periods, these results may have been referred to as Adjusted or Adjusted/Underlying results. Underlying results for any given reporting period exclude certain items that may occur in that period which Management does not consider indicative of the Company’s on-going financial performance. We believe these non-GAAP financial measures provide useful information to investors because they are used by our Management to evaluate our operating performance and make day-to-day operating decisions. In addition, we believe our Underlying results in any given reporting period reflect our on-going financial performance in that period and, accordingly, are useful to consider in addition to our GAAP financial results. We further believe the presentation of Underlying results increases comparability of period-to-period results. The Appendix presents reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures. Underlying excluding the impact of COVID-19 on the provision for credit losses reflects information valuable to investors given the outsized impact of the pandemic which is not expected to have a similar ongoing impact to our results given the timing of the impact of adoption of CECL and the unprecedented nature of the COVID-19 pandemic Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Accordingly, our non-GAAP financial measures may not be comparable to similar measures used by such companies. We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP measures. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our results reported under GAAP.

1Q20 GAAP financial summary See pages 46-47 for notes and important information on Key Performance Metrics and Non-GAAP Financial Measures, as applicable, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 38.

Driving progress on strategic initiatives to emerge well-positioned TOP 6 Program progressing well - no change to expected pre-tax run-rate benefits of ~$300 - $325 million by YE2021 Strategic revenue initiatives designed to add new capabilities also progressing Assessing new opportunities arising from current environment Managing disruption from a position of strength Strong capital, liquidity and funding Robust capital levels with a CET1 ratio of 9.4%(1)(3) LDR of~96%; fully compliant LCR Ample liquidity cushion with ~$50 billion of available liquidity as of 4/15 Strong deposit franchise with ~65% Consumer Banking $8.2 billion, or 7%, QoQ period-end deposit growth Current situation – Executive summary Proudly supporting customers, communities and colleagues Using our ample resources to provide advice and assistance to customers and communities Funded $7.2 billion of committed commercial line draws in 1Q20 ~70K retail customers assisted through loan forbearance ~2.4K small businesses assisted through loan forbearance ~750 commercial customers seeking flexibility on loan terms and conditions $5 million commitment for community support with particular emphasis on small businesses and non-profit partners Enhancing colleague benefits Expanded time-off policies to help manage pandemic disruptions Additional pay for certain colleagues unable to operate remotely See pages 46-47 for notes and important information on Key Performance Metrics and Non-GAAP Financial Measures, as applicable, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 38. Select pandemic impacts CECL credit provision, which up-fronts revised life of loan loss estimates Provision expense of $600 million or $1.10 per share; reserve build of $463 million, or $0.85 per share CET1 ratio phase-in impact deferred through 2025 Net interest margin Low rate impact on NIM more than offset by improved loan spreads, reflecting wider LIBOR/OIS spreads, and mix, as well as disciplined deposit pricing and mix Noninterest income reflects some COVID-19 disruption impact on capital markets, FX & IRP, service charges and card fees More than offset by strength in mortgage due to refi boom/lower rates

Supporting customers and clients in need while prudently managing risk Commentary Loan forbearance requests Consumer requests driven by Mortgage, Business Banking, Auto and Education $s in billions See pages 46-47 for notes and important information on Key Performance Metrics and Non-GAAP Financial Measures, as applicable, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 38. Commercial Banking spot credit line draws and utilization Loan forbearance SME lending – PPP SBA loans as of April 15th Highlights Consumer Banking: Offering hardship relief with payment terms, late fees, service charge rebates and no-penalty access to CDs XX,XXX loan modifications serviced through April 15] Modifications up to 6 months for current impacted borrowers not treated as TDR [Repossessions and foreclosures paused] [Hold for color on portfolios most impacted] Commercial Banking: Funded [$7.2] billion of committed commercial line draws in 1Q20 [~xx% of line draws converted to deposits] [Pace of line draws slowing through April 15] [Hold for color on industries color utilization note: need to discuss] Placeholder increase in deposits PPP SBA loans Working hard to get PPP funding to small businesses Commercial Banking line draws Funded $7.2 billion of committed commercial line draws in 1Q20 Usage highest in industries most impacted by COVID-19 Pace of line draws slowing through April 15 ~60% of line draws converted to deposits Over 35,000 applications received ~$4.0 billion loans registered with SBA Commercial Banking loan terms Working proactively with ~750 Commercial Bank customers seeking flexibility on loan terms and conditions ~25% of requests represent covenant waivers to allow for PPP application $s in millions $s in millions

CECL impacted by COVID-19 disruption Highlights 1Q20 provision expense of $600 million Includes CECL-related reserve build tied to COVID-19 impacts of $463 million, or $0.85 per share Allowance for credit losses of $2.2 billion breaks down as follows: Estimate assumes V-shaped recovery, with sharp decline in 2Q20 and then recovery in 2H20 CECL methodology and key variables Approximately 70% of the retail allowance aligns with student, unsecured and auto With a V-shaped recovery, provision for the balance of 2020 would broadly be tied to the amount required to fund loan growth If we have a more U-shaped or L-shaped recovery, further meaningful provisions could be required See pages 46-47 for notes and important information on Key Performance Metrics and Non-GAAP Financial Measures, as applicable, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 38.

Financials – Executive summary Prudently managing credit Nonaccrual loans of 0.61% of loans compares with 0.59% in 4Q19 and 0.63% in 1Q19 Nonaccrual loan coverage ratio of 283% reflects CECL Day-1 implementation and provision impact from COVID-19 disruption; compares with 184% in 4Q19 and 179% in 1Q19 Allowance for credit losses of 1.73% compares with 1.13% in 1Q19 and 1.09% in 4Q19 Continued progress on strategic growth and efficiency initiatives Average loan growth of 2.9% YoY and 1.8% QoQ balanced across Commercial and Consumer Average deposits up 5% YoY and stable QoQ; Period-end deposits up 8% YoY and 7% QoQ, kept pace with loan growth Deposit cost discipline continues, down 25 bp YoY; down 11 bps QoQ Consumer Banking – 3% loan growth(2) YoY, up 5% before loan sales. Funding kept pace, with 3% deposit growth YoY with DDA up 8%; record fee income results in mortgage banking Commercial Banking – Loan growth(2) of 4% YoY driven by geographic, product and client-focused expansion strategies, along with deposit growth of 12% YoY; we continue to gain market share in key product areas TOP 6 progressing well with target of ~$300 - $325 million pre-tax run-rate benefit by YE 2021 Continuing to fund major strategic initiatives; looking for new opportunities arising from the current environment Strong capital, liquidity and funding Strong capital levels with a CET1 ratio of 9.4%(3) Period-end LDR ratio of 95.5% remained relatively stable vs. 94.9% a year ago Repurchased $270 million of common shares, and including common dividends returned $438 million to shareholders, up 26% YoY Solid performance notwith-standing COVID-19 disruption Underlying net income available to common of $37 million, with EPS of $0.09(1) compares with $0.93 in 1Q19 and $0.99 4Q19 Results include COVID-19 provision expense impact of $0.85 per share; Underlying EPS of $0.94(1) before CECL COVID-19 reserve build Revenue of $1.7 billion up 4% YoY and up 1% QoQ NII stable YoY with earning asset growth of 4%; spot loan growth of 8% YoY, 7% QoQ NIM of 3.10% down 15 bps YoY; up 4 bps QoQ with interest-bearing deposit costs down 15 bps Record noninterest income up 16% YoY; up 1% QoQ Record mortgage banking and wealth fees; Good underlying performance in capital markets and FX & IRP despite COVID-19 impacts Underlying efficiency ratio of 59.1% compares with 58.7% in 1Q19 and 58.0% in 4Q19(1) Provision expense of $600 million includes $463 million CECL reserve build tied to COVID-19 impacts Underlying ROTCE of 1.1%(1) compares with 13.1% in 1Q19 and 12.5% in 4Q19; TBV/share of $32 up 8% YoY and relatively stable QoQ See pages 46-47 for notes and important information on Key Performance Metrics and Non-GAAP Financial Measures, as applicable, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 38.

Highlights 1Q20 Underlying financial summary(1) Linked quarter: Underlying net income available to common of $37 million, with EPS of $0.09. TBV/share relatively stable at $31.97 and includes $1.16 per share for OCI Provision for credit losses of $600 million reflects $463 million, or $0.85 CECL COVID-19 reserve build NII increased 1%, as the benefit of interest-earning asset growth and improved mix more than offset the impact of lower interest rates and day count Noninterest income of $497 million reflects record mortgage banking and trust and investment services fees; capital markets and FX & IRP fees reflect solid underlying performance Underlying noninterest expense increased $30 million, or 3%, largely reflecting the impact of seasonally higher payroll taxes associated with incentive compensation, along with higher revenue-based compensation tied to mortgage originations Underlying effective tax rate of 24.5% Prior-year quarter: Underlying net income available for common of $37 million, with EPS of $0.09; TBV/share up 8% NII flat, reflecting 4% growth in interest-earning assets, offset by the impact of lower rate and challenging yield curve environment Noninterest income up $69 million, or 16%, driven by record results in mortgage banking and trust and investment services fees; some COVID-19 impacts on other fee categories Underlying noninterest expense up $47 million, or 5%, reflecting investments in growth initiatives and continued expense discipline See pages 46-47 for notes and important information on Key Performance Metrics and Non-GAAP Financial Measures, as applicable, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 38. See page 3 for reported results. $s in millions

Highlights Net interest income Linked quarter: NII increased 1% Positively impacted by loan growth and lower funding costs, partially offset by lower loan yields and day count NIM of 3.10% increased 4 bps Positively impacted by improved loan spreads, reflecting wider LIBOR/OIS spreads, and mix as well as disciplined deposit pricing and mix; partially offset by compression from lower interest rates Interest bearing deposit costs were down 15 bps Prior-year quarter: NII was stable 4% growth in interest-earning assets was more than offset by lower NIM, reflecting the lower rate and challenging yield curve environment NIM of 3.10% decreased 15 bps Impact of lower interest rates Partially offset by lower funding costs and improved deposit mix as well as continued mix shift towards better-returning assets Net interest income $s in millions, except earning assets Average interest-earning assets Net interest income Net interest margin, FTE

Noninterest income Highlights Linked quarter: Noninterest income was up 1%, as record results in mortgage banking and trust and investment services were partially offset by COVID-19 impacts on service charges and fees, card fees, capital markets and FX & IRP fees Record mortgage banking fees of $159 million up $79 million, reflecting increased origination volumes and improved gain on sale margins Record trust and investment services fees of $53 million Services charges and fees and card fees were lower, reflecting impacts from seasonality as well as COVID-19 disruption Capital markets fees decreased $23 million from record 4Q19 levels, as market disruption in March resulted in a $21 million mark to market adjustment on loan/bond trading assets FX & IRP revenue of $24 million decreased $25 million from record 4Q19 levels, which includes a $15 million decrease in net credit valuation adjustment given the fall in rates Other income decreased reflecting higher credits from tax-advantaged investments and lower leasing income Prior-year quarter: Noninterest income was up 16%, as record results in mortgage banking and trust and investment services were partially offset by the impacts of COVID-19 disruption in other categories Record Mortgage banking fees up $116 million, reflecting increased origination volumes and improved gain on sale margins, as well as higher MSR hedging gains Record trust and investment services fees increased $6 million, or 13%, tied to higher managed money balances and investment sales Capital market fees decreased $11 million given market disruption in March ’20 and impact on trading asset valuation FX & IRP revenue declined by $12 million, which includes a $10 million decrease in net credit valuation adjustment Other income declined from 1Q19 levels that included gains related to asset dispositions and efficiency initiatives $s in millions See pages 46-47 for notes and important information on Key Performance Metrics and Non-GAAP Financial Measures, as applicable, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 38. Noninterest income

$s in millions Noninterest expense Highlights Linked quarter: Underlying noninterest expense increased $30 million, or 3%, largely reflecting seasonality and higher revenue-based compensation Underlying salaries and employee benefits increased $43 million, or 9%, reflecting seasonally higher payroll taxes, 401k matching and stock-based compensation costs, as well as higher revenue-based compensation tied to mortgage originations FTEs decreased 1% Underlying equipment and software expense up $2 million, or 2%, driven by increased technology spend Underlying outside services decreased $5 million, or 4%, reflecting the impact of seasonality Other operating expense declined $10 million driven by lower credit collection costs, pension expense and continued expense discipline Prior-year quarter: Underlying noninterest expense up $47 million, or 5%, reflecting the impact of ongoing investments in growth initiatives, partially offset by continued expense discipline Underlying salaries and benefits up $31 million, or 6%, given the impact of annual merit increases and higher revenue-based compensation tied to mortgage originations Underlying equipment and software expense up $7 million, or 6%, driven by increased technology spend Underlying outside services expense up $11 million, or 10%, reflecting investments in growth initiatives Underlying occupancy decreased $3 million, or 4%, reflecting expense discipline and the benefit of TOP efficiency initiatives See pages 46-47 for notes and important information on Key Performance Metrics and Non-GAAP Financial Measures, as applicable, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 38. See page 39 for noninterest expense reported results detail and page 3 for efficiency ratio reported results. Underlying efficiency ratio(1)

Average loans and leases Highlights YoY loan growth á 3% á 3% á 4% Total core Total core retail Total core commercial Total core commercial loans and leases Total core retail loans (2) Linked quarter: Core loans and leases increase of $2.3 billion, or 2%, reflects the impact of higher commercial line draws Up 3% before the impact of loan sales activity tied to our Balance Sheet Optimization initiatives Core commercial loans increased $1.9 billion, or 3%, reflecting impact of higher line draws, as well as strength in CRE Core retail loans up $349 million, or 1%, with growth in education and other retail, offset by lower home equity and the impact of mortgage loan sales Period-end loan growth of $8.4 billion, or 7%, driven by a 15% increase in commercial, reflecting the impact of higher line draws Total core loan yields down 7 bps given lower rates Prior-year quarter: Core loans and leases up $3.9 billion, or 3% reflecting the impact of higher commercial line draws Core commercial up $2.1 billion, or 4%, reflecting the impact of higher line draws, as well as strength in C&I and commercial real estate Core retail loans up $1.8 billion, or 3%, reflecting growth in education and other retail, partially offset by lower home equity and the impact of mortgage loan sales Period-end loan growth of $9.9 billion, or 8%, with 14% growth in commercial, driven by higher line draws, and 3% growth in retail Total core loan yields decreased 44 bps given the impact of lower rates See pages 46-47 for notes and important information on Key Performance Metrics and Non-GAAP Financial Measures, as applicable, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 38. $s in billions

Linked quarter: Total deposits up $978 million, or 1% Growth in checking with interest, money market and savings largely offset by lower term and demand deposits Citizens Access® raised $6.1 billion through quarter end Period-end deposit growth of $8.2 billion, or 7%, kept pace with loan growth Total deposit costs down 11 bps, reflecting proactive pricing discipline; interest-bearing deposits down 15 bps Total cost of funds down 12 bps, reflecting a shift in funding mix towards deposits from borrowings, proactive pricing discipline and the benefit of lower rates Prior-year quarter: Total deposits up $6.2 billion, or 5% Growth in money market accounts, savings, checking with interest and demand deposits, partially offset by lower term deposits Total deposit costs decreased 25 bps, reflecting the impact of lower rates and pricing discipline Period-end deposit growth of $9.6 billion, or 8%, kept pace with loan growth Total cost of funds decreased 32 bps, given improved funding mix from deposit growth Average funding and cost of funds Highlights $s in billions Average interest-bearing liabilities and DDA Long-term borrowed funds ST borrowed funds Term deposits Checking with interest DDA Money market & savings

Citizens continues to assess the impact of the COVID-19 pandemic and has instituted a variety of measures to identify and monitor areas of potential risk, including direct outreach to commercial clients and close monitoring of retail credit metrics Nonaccrual loans to total loans ratio of 0.61% compares with 0.59% in 4Q19 and 0.63% in 1Q19 Nonaccrual loans of $780 million increased $77 million, or 11%, QoQ, reflecting a $69 million increase in commercial and an $8 million increase in retail; Nonaccrual loans increased $36 million, or 5% YoY Net charge-offs increased $15 million QoQ, given a $17 million increase in commercial, partially offset by a $2 million decrease in retail Allowance for credit losses of $2.2 billion includes a $451 million increase recorded upon the January 1, 2020 adoption of CECL and a $463 million reserve build associated with COVID-19 impacts. Compares with $1.3 billion in 4Q19 and $1.3 billion in 1Q19 Allowance for credit losses of 1.73% compares with 1.09% in 4Q19 and 1.13% in 1Q19 Allowance to nonaccrual loans coverage ratio of 283% compares with 184% in 4Q19 and 179% in 1Q19 Provision for credit losses of $600 million includes $463 million reserve build associated with COVID-19 impacts and compares with $110 million in 4Q19 and $85 million 1Q19 Credit quality(1) $s in millions (2) Nonaccrual loans Allowance for credit losses Highlights Provision for credit losses, net charge-offs Provision for credit losses Total net c/os Net c/o ratio See pages 46-47 for notes and important information on Key Performance Metrics and Non-GAAP Financial Measures, as applicable, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 38.

We have been highly disciplined on credit, with prudent risk appetite Weighted-average FICO score of ~760 ~70% collateralized ~80% of real estate portfolio is 1st lien Core mortgage – FICO ~785; CLTV of ~60% Core home equity – FICO ~765 51% 1st lien, CLTV of ~55% Highly granular and diversified portfolio in terms of geography, industry and asset class Continue to gain share in mid-corporate segment with generally higher ratings Underweight CRE ~3 points vs. peers 800+ 740-799 680-739 640-679 <640 $60.9 $59.1 $56.9 $65.6 B- and lower B+ to B BB+ to BB- AAA+ to BBB- Granular/diverse core commercial portfolio; bond equivalent risk-ratings improved YoY(1,3) Super prime/prime-focused, core retail portfolio; refreshed FICOs improved YoY(1,2) $s in billions See pages 46-47 for notes and important information on Key Performance Metrics and Non-GAAP Financial Measures, as applicable, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 38.

DFAST company-run stress results compare favorably to peers Bank Holding Company-run severely adverse credit loss rate historically in-line or better than peer average; 2019 loss rate of 4.1% improved 50 bps relative to 2018(1) Company-run severely adverse stress loss rates 2014-2019 See pages 46-47 for notes and important information on Key Performance Metrics and Non-GAAP Financial Measures, as applicable, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 38.

Commercial credit – diversified portfolio with prudent credit discipline Overall Highly granular and diversified portfolio in terms of geography, industry and asset class Experienced leadership team focused on portfolios most heavily impacted by COVID-19 and low energy prices Robust client-level cash flow analysis performed on each segment to inform underlying strategies Industries of Market Concern (Boxed) ~11% of Total CFG Potential risk mitigants include: CRE Retail and Hospitality is well diversified geographically with some markets expected to perform better than others over time ~75% of Food Services in fast/fast casual concepts – likely better positioned to manage social distancing via take out and drive-through ~60% of Retail Trade is lower risk gas stations, convenience stores and other essential services expected to recover more quickly ~63% of Energy & Related in less-price sensitive sectors Significant client hedges in place for more price sensitive areas, ~78% of price risk is hedged through YE20, with ~58% through YE21 ~50% of Arts, Entertainment & Recreation Sports to sports teams and stadiums Low historic loss rates given contractual revenues from cable broadcasters Discussed w/S&C they suggest this is the version $s in billions Placeholder for bullets – adding additional color on risk mitigation Highlights All other states(1) MA NY PA CA TX IL FL OH CT NJ MD GA MI VA See pages 46-47 for notes and important information on Key Performance Metrics and Non-GAAP Financial Measures, as applicable, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 38. Please review slides – 28-37 for additional details on these portfolios

Retail credit - diversified portfolio with prudent credit discipline Home Equity Indirect Auto Residential Mortgage Education Refi Credit Cards Other Non-Core Education InSchool $X.X billion 1Q20 retail portfolio(1) Highlights ~70% of the retail portfolio is secured Mortgage average LTV of 62% with less than 3% of portfolio with refreshed FICO score <650 50% of the HELOC portfolio is secured by 1st lien ~75% of HELOC has LTV <70; ~95% LTV < 80 Took proactive action in 2017 to limit national auto footprint to larger multi-dealers by reducing states and eliminating small dealerships Limited exposure to higher-risk, longer- duration loans Education refinance portfolio borrowers at origination have been employed ~6 years on average with: ~30% co-sign ~55% have advanced degrees Education InSchool ~90% co-sign Vast majority of merchant partnership subject to loss sharing arrangements See pages 46-47 for notes and important information on Key Performance Metrics and Non-GAAP Financial Measures, as applicable, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 38. $s in billions IR Note: Need to add footnote to merchant partnership FICO exclusion. Need to do math on HELOC & Mortgage.

Capital levels remain at the higher end of the range for regional peers 1Q20 CET1 ratio of 9.4%(3) decreased 61 bps from 4Q19 Net income: 2 bp increase RWA growth, including higher commercial line of credit utilization : 41 bp decrease Common share repurchase: 19 bp decrease Dividends and other: 3 bp decrease CECL reserves of $914 million Day-1 plus 1Q20 reserve build provide additional loss-absorbing capital LDR of 95.5% compares with 95.0% in 4Q19 1Q20 saw continued strong capital return Repurchased 7.5 million shares of common stock at a weighted-average price of $35.77 Total capital returned to shareholders, including common dividends was $438 million In March, announced cessation of share repurchases through June 2020; today extending that through year-end in order to have ample capital to make further loans Expect to remain well-capitalized and able to maintain dividend even in more severe scenarios Capital and liquidity remain strong Highlights Capital Ratio trend Loan-to-deposit ratio(2) See pages 46-47 for notes and important information on Key Performance Metrics and Non-GAAP Financial Measures, as applicable, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 38.

1Q20 YoY Strategic initiatives update Fee growth Consumer Enhance mortgage platform Record mortgage banking fees; originations up 105% and gain on sale margins improved 108 bps Expand wealth Record trust and investment services fees; Managed money revenue up 37%; Households up 5% Commercial Expand Capital & Global Markets capabilities Increased loan syndication lead-left positions by 15%(1) Capital markets fees and FX & IRP reflect good business performance in Jan/Feb, with March impacted by COVID-19 disruption; M&A fees up 36% Build out Treasury Solutions Continued investment in digital and payments offerings and infrastructure; Treasury Solutions fees up 6% Foundational initiatives TOP 6 and BSO Transformational TOP 6 program on track - targeting ~$300-$325 million in pre-tax run-rate benefit by year-end 2021; some 2Q20 saves will be deferred until later in the year, to be offset by other expense actions Improve portfolio mix and reposition certain portfolios Core education, personal unsecured and merchant financing up 22% $1.6 billion of lower-return mortgages sold 1Q20 Continue to recycle capital toward better-return commercial relationships Leasing down 11% Optimize deposit mix Proactive IBD pricing, down 15 bps QoQ; Strong DDA performance, with average Consumer DDA balances up 8% YoY Strategic revenue initiatives Expand CitizensAccess® Potentially accelerate given increased importance of digital channels as a result COVID crisis Reinvent the payment experience at point of sale Continued momentum with merchant partners, focusing on new, strategic verticals Building prototype of customer-led POS value proposition Integrate digital offerings for small business customers Committed to initiative; temporarily paused to focus on serving small business customers through the COVID crisis, including the SBA PPP Strategic & business highlights Group Announced $5 million commitment to communities impacted by COVID-19, particular emphasis on small businesses and non-profit partners Scored 100% on the Human Rights Campaign’s 2020 Corporate Equality Index Ranked in top third of Forbes 500 list of Best Employers for Diversity for 2020 Consumer Mobile app beta testing successful; full launch in 2Q/3Q 2020 Continuing network transformation – opened 4th Wealth Center, Pittsburgh Commercial Continued top-10 overall middle market lead/joint lead bookrunner(2), by volume and number of transactions Named top treasury and cash management middle market provider for third year in a row by Global Finance Magazine Acquired Trinity Capital, further accelerating buildout of financial advisory capabilities See pages 46-47 for notes and important information on Key Performance Metrics and Non-GAAP Financial Measures, as applicable, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 38.

FY2020 outlook vs. FY2019 See pages 46-47 for notes and important information on Key Performance Metrics and Non-GAAP Financial Measures, as applicable, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 38. Net interest income Up modestly vs. FY19 including the benefit of PPP program Expect strong loan growth to offset meaningful decrease in NIM due to rates Noninterest income Broadly stable with FY19, as strength in mortgage is expected to be offset by COVID-19 weakness in other categories Depends upon pace and magnitude of the recovery expected in 2H20 Noninterest expense Up modestly vs. FY19 given expenses related to incremental mortgage fee revenue and impacts from COVID-19 Provision expense Greatest potential for variability; will depend on depth of recession and pace of recovery Loans/Deposits Expect strong loan growth given current higher line draws in commercial, government programs like PPP and increased demand in education and merchant financing Project strong increase in commercial and retail deposits; in general, heightened liquidity given zero interest rate policy and Fed initiatives Capital Capital ratios projected to strengthen in V-shaped scenario as net income and the suspension of buybacks in 2020 more than offset the increase in RWAs Expect capital ratios to remain strong and above required minimums even in more severe scenarios Liquidity & Funding Projected to remain strong and stable We no longer affirm FY2020 guidance given COVID-19 We offer commentary on factors influencing FY2020 outlook for key categories If pandemic-related impacts are deeper or more sustained, or government relief is not as impactful, results could vary meaningfully

2Q20 outlook vs. 1Q20 See pages 46-47 for notes and important information on Key Performance Metrics and Non-GAAP Financial Measures, as applicable, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 38. We offer commentary on factors influencing key categories

Key messages Citizens is delivering well for all stakeholders through challenging times Underlying financial results were solid before the CECL reserve build Good diversification of business model delivered strong PPNR performance Excellent performance on loans, deposits, hedging, liquidity, funding and capital Seeking to come out of crisis with positive momentum Focused our efforts on helping our Consumer and Commercial customers ~70K retail customers assisted through loan forbearance ~2.4K small business customers assisted through loan forbearance Funded $7.2 billion of committed commercial line draws in 1Q20; working with ~750 Commercial Bank customers seeking flexibility on loan terms and conditions Took actions to protect our colleagues, who performed well in trying circumstances Expanded time-off policies to help manage pandemic disruptions Additional pay for certain colleagues unable to operate remotely Have made resources available to benefit the communities we serve $5 million commitment for community support with emphasis on small businesses and non-profit partners Strong leadership team with proven execution track record is rising to the occasion See pages 46-47 for notes and important information on Key Performance Metrics and Non-GAAP Financial Measures, as applicable, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 38.

Appendix

Underlying results pre and post CECL reserve build(1) See pages 46-47 for notes and important information on Key Performance Metrics and Non-GAAP Financial Measures, as applicable, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 38. See page 3 for reported results. $s in millions 1Q20 Income Statement and EPS

Allocation of Allowance by Product Type

Analysis of selected loan portfolios page CRE: Retail & Hospitality 28 Accommodation & Food Services 29 Retail Trade 30 Energy & Related 31 Arts, Entertainment & Recreation 32 Core mortgage portfolio overview 33 Core home equity portfolio 34 Auto 35 Education 36 Unsecured 37

CRE: Retail & Hospitality Portfolio focused on larger, well-capitalized institutional and upper middle market sponsors and owners well known to us Focus on regions with strong growth with an eye to geographic diversity 78% of the CRE portfolio is project-secured, 60% represented by income-producing projects Most of the CRE portfolio is performing well although Retail & Hospitality are under heightened portfolio management given COVID-19 closures by Property Type Office Multi-family Industrial Land Retail Non-CRE Collateral Highlights Hospitality Other CRE collateral Healthcare Unsecured Indirect retail outstandings are real estate loans where the underlying tenants under the borrower are retailers 48% with an equivalent risk rating of BB or higher ~90% of investor CRE retail loans are income-producing 94% of investor CRE retail portfolio is secured by multi-tenant centers (diverse income streams, variety of tenants and lower impact of a single store closure) 61% are mix of neighborhood retail centers & power centers (“big box” & smaller retailer mix) Highlights Remain underweight CRE vs. peers by [~3] points; [12%] of total loans vs. [16.5%] for peers [80%] of the CRE portfolio is project-secured [~60%] represented by income-producing projects [~15%] REITs, with a particular focus on mid-caps Need to get average hold size; and rework geographic splits this Need to get average hold size; and rework geographic splits this Update for 1Q 1Q20 $X.X billion Commercial Real Estate Line of Business(1) See pages 46-47 for notes and important information on Key Performance Metrics and Non-GAAP Financial Measures, as applicable, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 38. IR Note: Need to turn pies into tables and move to left; highlights on right. What we are monitoring Monitoring project-specific net operating income, as well as market trends in delinquency, vacancy and absorption rates Reviewing individual property status; working closely with borrowers $s in millions Discussed w/MG – think we should keep info on entire portfolio because investors are used to seeing the entire CRE slide in our deck and may suspect or wonder why we didn’t include. Overall CRE portfolio Retail & Hospitality CRE Retail & Hospitality is well diversified geographically with some markets expected to perform better than others $2.5 billion Retail & Hospitality by state All other states(1) CA TX NY FL PA NC TN NH MA MN IL OH VA MO GA AZ NJ Property type 1Q20 % of portfolio Office $5,175.7750875241691 38.495662613406338 % Multi-Family 2,412.1793086168755 17.940972947488298 Retail - Other 1,312 9.7582117643656723 Retail - REIT 787 5.853439526338251 Industrial 1,010.4934333265873 7.5157080098336602 Healthcare 782.97341145848338 5.8234911241461109 Hospitality 423.53802712401546 3.1501324382147833 CRE other 1,541.1271031133458 11.462381576206889 Total $13,445.86371163476 100.00000000000001 % 13445.140784489997 Check point -5.4413326521171257E-2 Geography 1Q20 % of portfolio Out of Footprint $7,846.99097640952 58.363261936639219 % Mid-Atlantic 2,980.9655546619601 22.171412457828644 New England 1,315.50240408895 9.7842614600854549 Midwest 1,301.68184932957 9.6814688533453328 Total $13,445.14078449 100.00040470789865 % Check point 0 Facility type 1Q20 % of portfolio Income Producing $8,016.5779837399996 59.624592675980573 % REIT 2,347.1176581700001 17.457066420964104 Construction 2,338.8840976500001 17.395827985652456 Other 324.12572670999998 2.4107374081669928 Unsecured 292.15289636 2.1729343218396777 Land 126.28242186 0.93924589529484814 Total $13,445.140784489999 96.888224490764131 % Check point $0

In 1Q18 did a deep dive on the restaurant portfolio and repositioned the business model in response to sector concerns ~74% of food services is fast food and fast casual; ~42% McDonald’s franchisee Better positioned to manage social distancing through take out and drive-through capabilities Franchisees benefit from strong franchisor support with concessions and deferrals of base rents, royalties and suspended cap-ex requirements Expect casual dining to be under the most pressure Accommodation clients are experiencing significant disruption due to COVID-19 Accommodation & Food Services Highlights $s in millions IR Note: need to change state pie to NAISC code. Need to add loans outstanding. Need to make pies same size. Need to add footnotes. See pages 46-47 for notes and important information on Key Performance Metrics and Non-GAAP Financial Measures, as applicable, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 38. Total loans outstanding(2) Accommodations & Food Services All other loans What we are monitoring Working with Accommodation and Food Service clients to provide relief in the form of deferrals and forbearance, as necessary Expect many of the borrowers in this portfolio could benefit from government relief programs Have produced client-level cash flow analysis to assess liquidity needs based upon unique sector challenges - will continue to update as the crisis progresses Majority of Accommodation clients entered the crisis with significant liquidity All other states(1) CA TX NY FL PA CO CT NC IL NJ MD RI MA WA $4.5 billion Accommodation & Food Services by state NV

Retail Trade Highlights *All Other includes: Furniture and Home Furnishing, Electronics and Appliance and Miscellaneous ~60% tied to lower risk essential retail services not materially impacted by COVID-19 pandemic ~25% asset-based lending with an average loan balance ~$25 million (2) Need to get average hold size; and rework geographic splits this Update for 1Q Need to simplify graphic to the right too complicated to understand quickly also, not sure about the differentiation in how grocery anchored will perform vs. mall department store vs. all other multi-tenant retail Working with CRE team to refine. 1Q20 $X.X billion direct retail portfolio(1) See pages 46-47 for notes and important information on Key Performance Metrics and Non-GAAP Financial Measures, as applicable, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 38. IR Note: Need to turn pie into table and move to left; highlights on right What we are monitoring Total portfolio of 43 accounts and $2.2B of TCL (may not all be in the Retail NAICS used by IR) Breakdown by sector as follows: Grocery Stores (20%), Specialty (bookstores, musical instruments) (28%), Drug Stores (2%), Apparel (25%), General Merchandise & Dept Stores (25%) Risk today is that the traditional liquidation model will not work during this period, but expectation is that stores will re-open gradually Going into the crisis, ABL retail clients had a fair amount of liquidity. Companies have furloughed employees and not paid rents to preserve liquidity since. Expectation that this will get them through May Grocery Store comps up 30-50% since the lockdown. Other essentials (e.g., hardware stores, drugstores) also doing okay E-commerce is up 50-100% over the same period last year so for retailers that have it, it is helping to soften the blow Closely watching inventory for those in ABL; believe they have significant liquidity through 2Q20 Potential to receive support through government programs $s in millions $3.1 billion retail trade portfolio by state MA PA All other(1) NY TN CA GA MI NJ TX OH IL AR CT

Energy & Related ~$1.1 billion more sensitive to declining oil prices Midstream Integrated Downstream RBL Upstream, Non-RBL Oil Field Services Energy & Related portfolio by Sub-sector(3) (1) $s in millions B- and lower AAA to BBB- BB+ to BB- B+ to B 65% investment grade Energy & Related portfolio by Investment grade-equivalent risk rating(3) Energy other(2) Highlights Well-diversified portfolio with ~145 clients More price sensitive portfolio is 37% of the total and 34% excluding corporate aircraft leases Price sensitive RBL clients hedge their production ~78% of well production hedged through YE2020; 58% hedged through YE2021 ~55% is weighted to natural gas Of the remaining 45% of RBL ~1/2 of portfolio is weighted to the stronger Permian, Bakken, Marcellus and Eagle Rock basins Includes ~$240 million of corporate aircraft leases arising from Asset Finance What we are monitoring Conducted extensive client-level analysis in response to commodity price volatility to identify vulnerabilities Using client-level cash flow analysis to anticipate potential liquidity needs considering sector challenges Monitoring midstream clients for curtailment in volumes and possible counterparty exposures Other Oil & Gas Opt. 1 See pages 46-47 for notes and important information on Key Performance Metrics and Non-GAAP Financial Measures, as applicable, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 38.

What we are monitoring Arts, Entertainment & Recreation ~50% to sports teams and stadiums Low historic loss rates given contractual revenue streams from cable broadcasters and structural protection Other represents a broadly diverse set of industries with no more than 20% concentration in any one segment Highlights $s in millions $1.7 billion arts, entertainment & recreation portfolio by state See pages 46-47 for notes and important information on Key Performance Metrics and Non-GAAP Financial Measures, as applicable, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 38. MA PA All other(1) NY MO CA WA FL NV IR Note: Need to add footnotes Working with Arts, Entertainment & Recreation clients to provide relief in the form of deferrals and forbearance as necessary Using client-level cash flow analysis to assess liquidity needs based upon unique sector challenges - will continue to update as the crisis progresses Majority of Amusement, gambling and recreation clients have significant liquidity TX Arts, Entertainment & Recreation 1Q20 % of portfolio Performing arts, spectator sports, and related industries $871.21910240000022 50.508031788507047 % Other arts, entertainment and recreation 853.69289981000009 49.49196821149296 Total $1,724.9120022100003 100 %

Core mortgage portfolio overview Highlights Jumbo mortgages originated primarily within the Bank’s lending footprint Weighted-average refreshed FICO score of ~785 and CLTV of ~60% Risk mitigants: Greater use of mortgage insurance at higher LTV's Enhanced policies to reduce refi cash-out volume Strong portfolio LTV will keep mortgage high on consumer payment hierarchy 1Q20 $18.6 billion core mortgage portfolio Origination detail(2) $s in billions $s in billions 2016 2017 2018 2019 1Q20 Period-end loans $14.9 $16.9 $18.9 $19.0 $18.6 Average loans $13.8 $15.9 $17.8 $19.2 $18.8 NPL % 0.88% 0.70% 0.69% 0.47% 0.52% NCO % 0.08% 0.04% 0.02% 0.00% 0.01% See pages 46-47 for notes and important information on Key Performance Metrics and Non-GAAP Financial Measures, as applicable, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 38. Strong forbearance volume due to being the highest monthly payment in household Despite low rate environment, macro economic factors have lessened application volume by Refreshed CLTV(1) by Refreshed FICO(1) 90-100% 80-89% <70% < 600 600-649 700-749 > 800 650-699 750-799 2% 1% What we are monitoring 70-79%

Highlights Core home equity portfolio(1) 50% of the HELOC portfolio is secured by 1st lien Weighted-average FICO of ~765 93% of the HELOC portfolio has an LTV of less than 80% $s in billions 2016 2017 2018 2019 1Q20 Period-end loans $15.9 $14.9 $13.7 $12.8 $12.6 Average loans $16.5 $15.2 $14.2 $13.2 $12.7 NPL % 2.13% 2.04% 2.03% 1.72% 1.72% NCO % 0.15% 0.13% 0.04% 0.00% 0.01% See pages 46-47 for notes and important information on Key Performance Metrics and Non-GAAP Financial Measures, as applicable, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 38. What we are monitoring Monitoring draw volume; utilization currently steady in the low 40% range. Will be key watch item as unemployment continues Despite low rate environment, macroeconomic factors have lessened application volume 93% with LTV <80% by Lien position by Lien position 2nd 1st 2nd 1st (2) (2) 1Q20 $11.9 billion HELOC 1Q20 $731 million HELOAN by Refreshed LTV by Refreshed FICO by Refreshed FICO <70% 71-79% <70% 70-79% 80-89% WA FICO ~765 WA FICO ~750 96% with LTV <80% (2) (2,3) (2) (2,3) by Refreshed LTV 80-89% < 600 600-649 700-749 > 800 650-699 750-799 < 600 600-649 700-749 > 800 650-699 750-799 Risk mitigants: Increased FICO floors on originations Increasing frequency and depth of bureau variables for line freeze triggers Tracking HPI forecasts and will lower CLTV caps if needed 90-100%

Auto Highlights(1) by Refreshed FICO score ≤ 48 49-60 76-84 61-66 67-72 73-75 (1,2) 1Q20 $12.2 billion auto portfolio % new-car ~55% by Term (months) Auto finance portfolio – purchase only, no leasing, weighted-average FICO score of ~725 ~74% of the portfolio has a FICO score equal to or greater than 680, ~50% ≤ 72 months and ~55% are new car loans 76- to 84-month term originations have a weighted-average FICO score of ~770 620-679 680-739 > 800 < 620 740-799 $s in billions 2016 2017 2018 2019 1Q20 Period-end loans $13.9 $13.2 $12.1 $12.1 $12.2 Average loans $14.0 $13.5 $12.6 $12.0 $12.2 NPL % 0.36% 0.53% 0.67% 0.55% 0.56% NCO % 0.68% 0.80% 0.73% 0.71% 0.88% (2) See pages 46-47 for notes and important information on Key Performance Metrics and Non-GAAP Financial Measures, as applicable, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 38. What we are monitoring Application volume down due to less traffic in dealerships Repossessions suspended indefinitely due to auction houses significantly reducing operations Risk mitigants: Approval rate has dropped from mid 40% to mid 30% due to credit policy tightening Going forward for originations, raised FICO floor, lowered LTV, and lowered DTI; particularly for 84-month loan applicants

Core Education Core education finance portfolio weighted-average FICO score of ~780 and co-sign rate of ~50% $3.0 billion InSchool portfolio – FICO ~775 Underwriting includes use of custom scoring and risk-based income verification 95% co- sign Education Refinance Education refinance portfolio borrowers at origination have been employed ~6 years on average with: ~55% having advanced degrees Total organic refinance portfolio of $5.1 billion with weighted-average FICO of ~780 SoFi purchased portfolio balance of $2.2 billion with weighted-average FICO of ~780 Education Highlights 1Q20 $10.7 billion core education finance portfolio 1Q20 $7.3 billion education refinance portfolio $s in billions 2016 2017 2018 2019 1Q20 Period-end loans $6.3 $7.9 $8.7 $10.2 $10.7 Average loans $5.3 $7.3 $8.3 $9.2 $10.4 NPL % 0.25% 0.24% 0.26% 0.14% 0.16% NCO % 0.40% 0.41% 0.46% 0.51% 0.51% $s in billions 2016 2017 2018 2019 1Q20 Period-end loans $4.1 $5.4 $5.8 $7.0 $7.3 Average loans $3.1 $4.9 $5.6 $6.2 $7.0 Average FICO 777 780 783 782 780 NPL % 0.04% 0.09% 0.13% 0.12% 0.10% NCO % 0.14% 0.28% 0.34% 0.39% 0.45% Co-sign % 27% 28% 30% 32% 33% See pages 46-47 for notes and important information on Key Performance Metrics and Non-GAAP Financial Measures, as applicable, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 38. 620-679 680-739 > 800 740-799 Education Refinance by Refreshed FICO InSchool by Refreshed FICO (1) 620-679 680-739 > 800 < 620 740-799 What we are monitoring Delinquency trend is holding, likely due to high forbearance volume Due to the low rate environment, increased consumer concern regarding debt, and greater awareness of student lending, ERL application volume has increased by ~30% < 620 1% Risk mitigants: Slight increases to FICO floor and enhanced verification of income and verification of employment policy for originations (1)

Risk mitigants: Prudent tightening of PERL credit policy Significantly restricted non-branch originations Raised FICO, lowered DTI, lowered loan limits and further enhanced employment and income verification Measured approach to growth & loan limits Continue to improve our analytical suite of tools; focus on tightening higher-risk areas and enhancing pricing segmentation Merchant portfolios designed to achieve credit card-like returns on a risk adjusted basis; vast majority subject to loss sharing arrangements Unsecured Highlights 1Q20 $4.3 billion consumer unsecured portfolio $s in billions 1Q20 merchant partnership portfolio by refreshed FICO score 1Q20 consumer unsecured installment by refreshed FICO score WA FICO ~760 (1)(2) WA FICO ~750 620-679 680-739 > 800 < 620 740-799 620-679 680-739 > 800 < 620 740-799 $s in billions 1Q19 2Q19 3Q19 4Q19 1Q20 Period-end loans $3.2 $3.3 $3.7 $4.3 $4.3 Average loans $3.2 $3.3 $3.4 $3.9 $4.3 NPL % 0.19% 0.24% 0.25% 0.24% 0.22% NCO % 2.22% 2.34% 2.10% 2.25% 2.27% Launched merchant-partnership financing in 3Q15 Developing strategic partnerships designed around high-quality merchant partnership offerings Partnerships structured to achieve card-like risk-adjusted returns Announced Microsoft/Amazon partnership Launched unsecured-installment product focused on super-prime and high-prime borrowers in 2016 Average term ~5 years with weighted-average FICO of ~760 NCO trends reflect expected seasoning See pages 46-47 for notes and important information on Key Performance Metrics and Non-GAAP Financial Measures, as applicable, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 38. What we are monitoring Merchant credit quality steady; reflects relatively low payment amount and automated payment via credit card (2)

Notable Items(1) First quarter 2020 and fourth quarter 2019 results reflect notable items primarily related to TOP 6 transformational and revenue and efficiency initiatives. First quarter 2020 and 2019 results also reflect notable items related to integration costs primarily tied to the August 1, 2018 Franklin American Mortgage Company ("FAMC") acquisition. Fourth quarter 2019 results also include a tax benefit largely tied to legacy tax matters. These notable items have been excluded from reported results to better reflect Underlying operating results. Total estimated after-tax FAMC integration costs are expected to be in the $40-$45 million range, with the integration substantially complete by second quarter 2020. Cumulative after-tax integration costs related to FAMC totaled $32 million through the end of first quarter 2020. See pages 46-47 for notes and important information on Key Performance Metrics and Non-GAAP Financial Measures, as applicable, including “Underlying” results. “Underlying” results exclude the impact of notable items described above.

GAAP noninterest income and noninterest expense summary $s in millions

Key performance metrics, Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data

$s in millions, except share, per share and ratio data Key performance metrics, Non-GAAP financial measures and reconciliations

Key performance metrics, Non-GAAP financial measures and reconciliations – Underlying excluding the impact of COVID-19 on provision for credit losses $s in millions, except share, per share and ratio data

Notes on Key Performance Metrics and Non-GAAP Financial Measures See important information on Key Performance Metrics and Non-GAAP Financial Measures, as applicable, at the beginning and end of this presentation for an explanation of our use of these metrics and non-GAAP financial measures and their reconciliations to GAAP financial measures. “Underlying” or “Adjusted” results exclude the impact of notable items. Where there is a reference to Underlying results in a paragraph or table, all measures that follow these references are on the same basis, when applicable. References to “Underlying results before the impact of Acquisitions” exclude the impact acquisitions that occurred after second quarter 2018 and notable items, as applicable. 1Q20 after-tax notable items include the $4 million, respectively, after-tax impact of notable items primarily tied to the integration of FAMC. 4Q19 results also include a $24 million tax benefit largely tied to legacy tax matters. 4Q18 after-tax notable items include the $29 million impact of a further benefit resulting from December 2017 Tax Legislation, partially offset by other notable items primarily associated with our TOP 5 efficiency initiatives, as well as the $12 million after-tax impact of other notable items associated with the FAMC integration. 3Q18 reported results reflect the $7 million after-tax impact of notable items associated with the FAMC integration. General Notes References to net interest margin are on a fully taxable equivalent ("FTE") basis. In 1Q19, Citizens changed its quarterly presentation of net interest income and net interest margin (NIM). Consistent with our understanding of general peer practice, the Company simplified the calculation of its reported NIM to equal net interest income, annualized based on the actual number of days in the period, divided by average total interest earning assets for the period. Under the Company’s prior methodology, NIM was calculated using the difference between the annualized yield on average total interest-earning assets and total interest-bearing liabilities for the period. The Company also began presenting both net interest income and NIM on an FTE basis. Prior periods have been revised consistent with the current presentation. Beginning in the first quarter of 2019, borrowed funds balances and the associated interest expense are based on original maturity. Prior periods have been adjusted to conform with the current period presentation. References to “Underlying results before the impact of Acquisitions” exclude the impact of acquisitions occurring after 2Q18 and notable items, as applicable. Throughout this presentation, references to consolidated and/or commercial loans and loan growth include leases. Loans held for sale are also referred to as LHFS. Select totals may not sum due to rounding. Current period regulatory capital ratios based on Basel III standardized approach are preliminary. Any mention of EPS refers to diluted EPS. Throughout this presentation, references to balance sheet items are on an average basis and loans exclude held for sale unless otherwise noted. Notes on slide 3 – 1Q20 GAAP financial summary See above note on key performance metrics and non-GAAP financial measures. See above general note a). In 3Q18, we revised our method of calculating the loan-to-deposit ratio to exclude loans held for sale, consistent with general industry practice. Prior periods have been adjusted to conform with current period presentation. Full-time equivalent employees. Notes on slide 4 – Current situation – Executive summary See above note on key performance metrics and non-GAAP financial measures. See above general note h). See above general note f). Notes on slide 6 – CECL impacted by COVID-19 disruption Macroeconomic forecast over 2-year reasonable and supportable period. Total of 9 major variables utilized, with hundreds of individual inputs. Proprietary macroeconomic forecast is underpinned by Moody’s COVID-19 consensus forecast supplemented with adjustments based on alternate economic scenarios. Notes on slide 7 – Financial – Executive Summary See above note on key performance metrics and non-GAAP financial measures. See above general note h). See above general note f). Notes on slide 8 – 1Q20 Underlying financial summary See above note on key performance metrics and non-GAAP financial measures. Notes on slide 10 – Noninterest income See above note on key performance metrics and non-GAAP financial measures. Notes on slide 11 – Noninterest expense See above note on key performance metrics and non-GAAP financial measures. Notes on slide 12 – Average loans and leases See above general note e). Non-core loans are primarily liquidating loan and lease portfolios inconsistent with our strategic priorities, generally as a result of geographic location, industry, product type or risk level and are included in Other. Notes on slide 14 – Credit quality Beginning in the fourth quarter of 2019, nonperforming balances exclude both fully and partially guaranteed residential mortgage loans sold to Ginnie Mae for which the Company has the right, but not the obligation, to repurchase. Prior periods have been adjusted to exclude partially guaranteed amounts to conform with the current period presentation. Allowance for credit losses to nonperforming loans and leases. Notes on slide 15 – We have been highly disciplined on credit, with prudent risk appetite Source: Company data. Portfolio balances and credit quality data as of March 31, 2020, as applicable. Refreshed FICO score, LTV ratio, loan term, lien position, risk rating, property type, industry sector and geographic stratifications reflects data as of February 29, 2020. Risk ratings represent bond-equivalent ratings of borrowers based on CFG’s internal probability of default risk ratings. Bond equivalent risk-ratings represent updated probability of loss given default parameters for credit grade Notes

Notes on slide 16 – DFAST company-run stress results compare favorably to peers Represents Bank Holding Company-run severely adverse scenario credit loss rates. 2014-2017 peer average includes BBT, CMA, FITB, KEY, MTB, PNC, RF, STI, and USB; 2018 peer average excludes CMA. 2019 peer average includes PNC and USB only. Notes on slide 17 – Commercial credit – diversified portfolio prudent credit discipline All other includes sectors with a balance less than 1% of total CFG loans. See above general note f). Notes on slide 18 – Retail credit - diversified portfolio with prudent credit discipline Excludes balances 100% contractually covered by program-specific loss-sharing arrangements. Notes on slide 19 – Capital and liquidity remain strong See above note on key performance metrics and non-GAAP financial measures. Current period regulatory capital ratios are preliminary. Notes on slide 20 – 1Q20 YoY Strategic initiatives update Trailing twelve-month trailing balance. Thomson Reuters LPC, Loan syndication league table ranking for the prior twelve months as of 1Q20 based on number of deals for Overall U.S. Middle Market (defined as Borrower Revenues < $500 million and Deal Size < $500 million). Notes on slide 22 – 2Q20 outlook vs. 1Q20 See above note on key performance metrics and non-GAAP financial measures. Notes on slide 25 – Underlying results per and post CECL reserve build See above note on key performance metrics and non-GAAP financial measures. Notes on slide 28 – CRE: Retail & Hospitality All other states includes states with balances under 2 percent of retail & hospitality portfolio. Notes on slide 29 – Accommodation & Food Services All other states includes states with balances under 2 percent of accommodation and food services portfolio. Notes on slide 30 – Retail Trade All other states includes states with balances under 2 percent of the retail trade portfolio. Notes on slide 31 – Energy & Related Includes Downstream, Integrated and Midstream sub-categories. All regulated utilities, fuel dealers, propane dealers that are related to energy but not oil and gas price sensitivity directly. Portfolio balances, risk rating and industry sector stratifications as of March 31, 2020. Notes on slide 32 – Arts, Entertainment & Recreation All other states includes states with balances under 2 percent of arts, entertainment and recreation portfolio. Notes on slide 33 – Core mortgage portfolio overview Portfolio balances as of March 31, 2020. Based on most current available FICO scores, collateral value, loan term, lien position, risk rating, property type, industry sector and geographic stratifications as of February 29, 2020. Notes on slide 34 – Core home equity portfolio As of March 31, 2020. Excludes serviced by other portfolio. Portfolio balances as of March 31, 2020. Based on most current available FICO scores, collateral value, loan term, lien position, risk rating, property type, industry sector and geographic stratifications as of February 29, 2020. LTV based on refreshed collateral values and assumes that any undrawn borrowing capacity is fully funded. Notes on slide 35 – Auto Assumes that for loans where refreshed FICO score information not available, the balance stratification is consistent with the remainder of the portfolio. Portfolio balances as of March 31, 2020. Portfolio balances as of March 31, 2020. Based on most current available FICO scores, collateral value, loan term, lien position, risk rating, property type, industry sector and geographic stratifications as of February 29, 2020. LTV calculated utilizing actual invoice amount or Kelley Blue Book value. Notes on slide 36 – Education Portfolio balances as of March 31, 2020. Portfolio balances as of March 31, 2020. Based on most current available FICO scores, collateral value, loan term, lien position, risk rating, property type, industry sector and geographic stratifications as of February 29, 2020. Notes on slide 37 – Unsecured Excludes balances 100% contractually covered by program-specific loss-sharing arrangements. Excludes credit card and education portfolios. Portfolio balances as of March 31, 2020. Portfolio balances as of March 31, 2020. Based on most current available FICO scores, collateral value, loan term, lien position, risk rating, property type, industry sector and geographic stratifications as of February 29, 2020. Notes on slide 38 – Notable items See above note on key performance metrics and non-GAAP financial measures. Notes continued

Exhibit 99.3

LOGO

Financial Supplement

First Quarter 2020


Table of Contents	Page

Consolidated Financial Highlights		3

Consolidated Statements of Operations (unaudited)		5

Consolidated Balance Sheets (unaudited)		6

Loans and Deposits		7

Average Balance Sheets		8

Average Annualized Yields and Rates		9

Segment Financial Highlights		10
Credit-Related Information:
Nonaccrual loans and leases		14
Loans and Leases 90 Days or More Past Due and Accruing		15
Charge-offs, Recoveries and Related Ratios		16
Summary of Changes in the Components of the Allowance for Credit Losses		18

Capital and Ratios		19

Key Performance Metrics, Non-GAAP Financial Measures and Reconciliations		20

The information in this Financial Supplement is preliminary and based on company data available at the time of the earnings presentation. It speaks only as of the particular date or dates included in the accompanying pages. The Company does not undertake an obligation to, and disclaims any duty to, update any of the information provided. Any forward-looking statements in this Financial Supplement are subject to the forward-looking statements language contained in the Company’s reports filed with the SEC pursuant to the Securities Exchange Act of 1934, which can be found on the SEC’s website (www.sec.gov) or on the Company’s website (www.citizensbank.com). The Company’s future financial performance is subject to the risks and uncertainties described in its SEC filings.

Footnotes that are denoted by a letter apply to multiple pages and can be found in the appendix. Footnotes that are denoted by a number apply to a particular page and can be found at the bottom of the page.

CONSOLIDATED FINANCIAL HIGHLIGHTS

(in millions, except share, per-share and ratio data)


	QUARTERLY TRENDS
																1Q20 Change
	1Q20			4Q19			3Q19			2Q19			1Q19			4Q19						1Q19
																$/bps			%			$/bps			%
SELECTED OPERATING DATA
Total revenue	$	1,657		$	1,637		$	1,638		$	1,628		$	1,588		$	20			1	%	$	69			4	%
Noninterest expense		1,012			986			973			951			937			26			3			75			8

Profit before provision for credit losses		645			651			665			677			651			(6	)		(1	)		(6	)		(1	)
Provision for credit losses		600			110			101			97			85			490			NM			515			NM
NET INCOME		34			450			449			453			439			(416	)		(92	)		(405	)		(92	)
Net income, Underlying^A		59			454			453			458			443			(395	)		(87	)		(384	)		(87	)
Net income available to common stockholders		12			427			432			435			424			(415	)		(97	)		(412	)		(97	)
Net income available to common stockholders, Underlying^A		37			431			436			440			428			(394	)		(91	)		(391	)		(91	)
PER COMMON SHARE DATA
Basic earnings	$	0.03		$	0.98		$	0.97		$	0.95		$	0.92		($	0.95	)		(97	%)	($	0.89	)		(97	%)
Diluted earnings		0.03			0.98			0.97			0.95			0.92			(0.95	)		(97	)		(0.89	)		(97	)
Basic earnings, Underlying^A		0.09			0.99			0.98			0.96			0.93			(0.90	)		(91	)		(0.84	)		(90	)
Diluted earnings, Underlying^A		0.09			0.99			0.98			0.96			0.93			(0.90	)		(91	)		(0.84	)		(90	)
Cash dividends declared and paid per common share		0.39			0.36			0.36			0.32			0.32			0.03			8			0.07			22
Book value per common share		47.78			47.63			46.67			45.61			44.24			0.15			—			3.54			8
Tangible book value per common share		31.97			32.08			31.48			30.88			29.60			(0.11	)		—			2.37			8
Dividend payout ratio		1,398	%		37	%		37	%		34	%		35	%		NM						NM
Dividend payout ratio, Underlying^A		451			36			37			33			34			NM						NM
COMMON SHARES OUTSTANDING
Average: Basic		427,718,421			434,684,606			445,703,987			458,154,335			460,713,172			(6,966,185	)		(2	%)		(32,994,751	)		(7	%)
Diluted		429,388,855			436,500,829			447,134,595			459,304,224			462,520,680			(7,111,974	)		(2	)		(33,131,825	)		(7	)
Common shares at period-end		426,586,533			433,121,083			443,913,525			457,903,826			461,116,723			(6,534,550	)		(2	)		(34,530,190	)		(7	)

CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED

(in millions, except ratio and headcount data)


	QUARTERLY TRENDS
																1Q20 Change
	1Q20			4Q19			3Q19			2Q19			1Q19			4Q19						1Q19
																$/bps			%			$/bps			%
FINANCIAL RATIOS
Net interest margin		3.09	%		3.04	%		3.10	%		3.20	%		3.23	%		5	bps					(14	) bps
Net interest margin, FTE¹		3.10			3.06			3.12			3.21			3.25			4	bps					(15	) bps
Return on average common equity		0.24			8.30			8.35			8.54			8.62			(806	) bps					(838	) bps
Return on average common equity, Underlying^A		0.74			8.36			8.45			8.63			8.71			(762	) bps					(797	) bps
Return on average tangible common equity		0.36			12.39			12.44			12.75			13.00			(1,203	) bps					(1,264	) bps
Return on average tangible common equity, Underlying^A		1.10			12.49			12.58			12.89			13.12			(1,139	) bps					(1,202	) bps
Return on average total assets		0.08			1.08			1.10			1.13			1.11			(100	) bps					(103	) bps
Return on average total assets, Underlying^A		0.14			1.09			1.11			1.14			1.12			(95	) bps					(98	) bps
Return on average total tangible assets		0.09			1.13			1.15			1.17			1.16			(104	) bps					(107	) bps
Return on average total tangible assets, Underlying^A		0.15			1.14			1.16			1.19			1.17			(99	) bps					(102	) bps
Effective income tax rate		24.13			16.76			20.46			21.86			22.42			737	bps					171	bps
Effective income tax rate, Underlying^A		24.52			21.52			22.29			21.89			22.44			300	bps					208	bps
Efficiency ratio		61.10			60.28			59.40			58.41			59.00			82	bps					210	bps
Efficiency ratio, Underlying^A		59.08			58.02			58.22			58.02			58.67			106	bps					41	bps
Noninterest income as a % of total revenue		30	%		30	%		30	%		28	%		27	%		—	bps					300	bps
Noninterest income as a % of total revenue, Underlying^A		30	%		30	%		30	%		28	%		27	%		—	bps					300	bps
CAPITAL RATIOS - PERIOD-END (PRELIMINARY)
CET1 capital ratio		9.4	%		10.0	%		10.3	%		10.5	%		10.5	%
Tier 1 capital ratio		10.5			11.1			11.1			11.3			11.3
Total capital ratio		12.5			13.0			13.0			13.4			13.4
Tier 1 leverage ratio		9.6			10.0			9.9			10.1			10.0
Tangible common equity ratio		8.0			8.7			8.9			9.1			8.8
SELECTED BALANCE SHEET DATA
Loans-to-deposits ratio (period-end balances)^B		95.54	%		95.03	%		94.52	%		94.22	%		94.92	%		51	bps					62	bps
Loans-to-deposits ratio (average balances)^B		95.60			94.63			94.62			95.64			97.70			97	bps					(210	) bps
Full-time equivalent colleagues		17,863			17,997			18,116			18,207			18,078			(134	)		(1	)		(215	)		(1	)

¹	Net interest income and net interest margin is presented on a fully taxable-equivalent (“FTE”) basis using the federal statutory tax rate of 21%. The FTE impact is predominantly attributable to commercial loans for the periods presented.

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(in millions)


	QUARTERLY TRENDS
											1Q20 Change
	1Q20		4Q19		3Q19		2Q19		1Q19		4Q19						1Q19
											$			%			$			%
INTEREST INCOME
Interest and fees on loans and leases	$	1,302	$	1,312	$	1,356	$	1,392	$	1,381	($	10	)		(1	%)	($	79	)		(6	%)
Interest and fees on loans held for sale		15		18		19		15		11		(3	)		(17	)		4			36
Interest and fees on other loans held for sale		9		5		2		2		4		4			80			5			125
Investment securities		147		159		153		164		166		(12	)		(8	)		(19	)		(11	)
Interest-bearing deposits in banks		5		7		8		7		8		(2	)		(29	)		(3	)		(38	)

Total interest income		1,478		1,501		1,538		1,580		1,570		(23	)		(2	)		(92	)		(6	)

INTEREST EXPENSE
Deposits		227		263		297		308		287		(36	)		(14	)		(60	)		(21	)
Short-term borrowed funds^C		1		2		2		4		2		(1	)		(50	)		(1	)		(50	)
Long-term borrowed funds		90		93		94		102		121		(3	)		(3	)		(31	)		(26	)

Total interest expense		318		358		393		414		410		(40	)		(11	)		(92	)		(22	)

Net interest income		1,160		1,143		1,145		1,166		1,160		17			1			—			—

NONINTEREST INCOME
Service charges and fees		118		128		128		126		123		(10	)		(8	)		(5	)		(4	)
Mortgage banking fees		159		80		117		62		43		79			99			116			NM
Card fees		56		64		67		64		59		(8	)		(13	)		(3	)		(5	)
Capital markets fees		43		66		39		57		54		(23	)		(35	)		(11	)		(20	)
Trust and investment services fees		53		52		50		53		47		1			2			6			13
Foreign exchange and interest rate products		24		49		35		35		36		(25	)		(51	)		(12	)		(33	)
Letter of credit and loan fees		34		35		34		33		33		(1	)		(3	)		1			3
Securities gains, net		—		4		3		4		8		(4	)		(100	)		(8	)		(100	)
Other income		10		16		20		28		25		(6	)		(38	)		(15	)		(60	)

Total noninterest income		497		494		493		462		428		3			1			69			16

TOTAL REVENUE		1,657		1,637		1,638		1,628		1,588		20			1			69			4
Provision for credit losses		600		110		101		97		85		490			NM			515			NM
NONINTEREST EXPENSE
Salaries and employee benefits		549		502		508		507		509		47			9			40			8
Equipment and software expense		133		133		130		126		125		—			—			8			6
Outside services		135		142		128		118		110		(7	)		(5	)		25			23
Occupancy		84		88		80		82		83		(4	)		(5	)		1			1
Other operating expense		111		121		127		118		110		(10	)		(8	)		1			1

Total noninterest expense		1,012		986		973		951		937		26			3			75			8

Income before income tax expense		45		541		564		580		566		(496	)		(92	)		(521	)		(92	)
Income tax expense		11		91		115		127		127		(80	)		(88	)		(116	)		(91	)

Net income	$	34	$	450	$	449	$	453	$	439	($	416	)		(92	%)	($	405	)		(92	%)

Net income, Underlying^A	$	59	$	454	$	453	$	458	$	443	($	395	)		(87	%)	($	384	)		(87	%)

Net income available to common stockholders	$	12	$	427	$	432	$	435	$	424	($	415	)		(97	%)	($	412	)		(97	%)

Net income available to common stockholders, Underlying^A	$	37	$	431	$	436	$	440	$	428	($	394	)		(91	%)	($	391	)		(91	%)

CONSOLIDATED BALANCE SHEETS (unaudited)

(in millions)


PERIOD-END BALANCES	AS OF															MARCH 31, 2020 CHANGE
	Mar 31, 2020			Dec 31, 2019			Sept 30, 2019			June 30, 2019			Mar 31, 2019			December 31, 2019						March 31, 2019
																$			%			$			%
ASSETS
Cash and due from banks	$	1,155		$	1,175		$	1,638		$	996		$	923		($	20	)		(2	%)	$	232			25	%
Interest-bearing cash and due from banks		2,903			2,211			2,204			2,039			1,513			692			31			1,390			92
Interest-bearing deposits in banks		280			297			158			186			167			(17	)		(6	)		113			68
Debt securities available for sale, at fair value		22,307			20,613			21,502			21,698			21,504			1,694			8			803			4
Debt securities held to maturity		3,071			3,202			3,319			3,447			3,345			(131	)		(4	)		(274	)		(8	)
Equity securities, at fair value		47			47			47			47			198			—			—			(151	)		(76	)
Equity securities, at cost		927			807			734			706			604			120			15			323			53
Loans held for sale, at fair value		2,911			1,946			1,993			1,750			1,186			965			50			1,725			145
Other loans held for sale		350			1,384			22			455			66			(1,034	)		(75	)		284			NM
Loans and leases^B		127,528			119,088			117,880			116,838			117,615			8,440			7			9,913			8
Less: Allowance for loan and lease losses		(2,171	)		(1,252	)		(1,263	)		(1,227	)		(1,245	)		(919	)		(73	)		(926	)		(74	)

Net loans and leases^B		125,357			117,836			116,617			115,611			116,370			7,521			6			8,987			8
Derivative assets		1,968			807			1,027			833			465			1,161			144			1,503			NM
Premises and equipment		746			761			747			740			746			(15	)		(2	)		—			—
Bank-owned life insurance		1,736			1,725			1,720			1,711			1,705			11			1			31			2
Goodwill		7,050			7,044			7,044			7,040			7,040			6			—			10			—
Due from broker		—			—			257			249			92			—			—			(92	)		(100	)
Other assets^B		5,911			5,878			5,333			5,241			5,418			33			1			493			9

TOTAL ASSETS	$	176,719		$	165,733		$	164,362		$	162,749		$	161,342		$	10,986			7%		$	15,377			10	%

LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES
Deposits:
Noninterest-bearing	$	32,398		$	29,233		$	29,939		$	28,192		$	28,383		$	3,165			11	%	$	4,015			14	%
Interest-bearing		101,077			96,080			94,775			95,812			95,533			4,997			5			5,544			6

Total deposits		133,475			125,313			124,714			124,004			123,916			8,162			7			9,559			8
Short-term borrowed funds^C		1,059			274			1,077			1,441			679			785			NM			380			56
Derivative liabilities		234			120			161			106			173			114			95			61			35
Deferred taxes, net		782			866			752			767			676			(84	)		(10	)		106			16
Long-term borrowed funds:
FHLB advances		8,007			5,008			3,007			2,258			2,508			2,999			60			5,499			219
Senior debt		6,775			7,382			8,143			7,624			7,558			(607	)		(8	)		(783	)		(10	)
Subordinated debt and other debt		1,655			1,657			1,656			1,656			1,659			(2	)		—			(4	)		—

Total long-term borrowed funds		16,437			14,047			12,806			11,538			11,725			2,390			17			4,712			40
Due to broker		—			—			206			257			93			—			—			(93	)		(100	)
Other liabilities		2,782			2,912			2,795			2,619			2,549			(130	)		(4	)		233			9

TOTAL LIABILITIES		154,769			143,532			142,511			140,732			139,811			11,237			8			14,958			11
STOCKHOLDERS’ EQUITY
Preferred stock:
$25.00 par value, 100,000,000 shares authorized for each of the periods presented		1,570			1,570			1,133			1,133			1,132			—			—			438			39
Common stock:
$0.01 par value, 1,000,000,000 shares authorized for each of the periods presented		6			6			6			6			6			—			—			—			—
Additional paid-in capital		18,901			18,891			18,876			18,860			18,847			10			—			54			—
Retained earnings		6,011			6,498			6,229			5,959			5,672			(487	)		(7	)		339			6
Treasury stock, at cost		(4,623	)		(4,353	)		(3,953	)		(3,453	)		(3,333	)		(270	)		(6	)		(1,290	)		(39	)
Accumulated other comprehensive income (loss)		85			(411	)		(440	)		(488	)		(793	)		496			NM			878			NM

TOTAL STOCKHOLDERS’ EQUITY		21,950			22,201			21,851			22,017			21,531			(251	)		(1)			419			2

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	176,719		$	165,733		$	164,362		$	162,749		$	161,342		$	10,986			7%		$	15,377			10	%

Memo: Total tangible common equity	$	13,639		$	13,893		$	13,976		$	14,141		$	13,649		($	254	)		(2	%)	($	10	)		—	%

LOANS AND DEPOSITS

(in millions)


PERIOD-END BALANCES	AS OF										MARCH 31, 2020 CHANGE
	Mar 31, 2020		Dec 31, 2019		Sept 30, 2019		June 30, 2019		Mar 31, 2019		Dec 31, 2019						March 31, 2019
											$			%			$			%
LOANS AND LEASES
Commercial	$	49,092	$	41,479	$	41,356	$	41,156	$	41,497	$	7,613			18	%	$	7,595			18	%
Commercial real estate		14,502		13,522		12,820		13,123		13,372		980			7			1,130			8
Leases		2,438		2,537		2,557		2,684		2,820		(99	)		(4	)		(382	)		(14	)

Total commercial loans and leases		66,032		57,538		56,733		56,963		57,689		8,494			15			8,343			14

Residential mortgages^B		18,721		19,083		19,699		19,192		19,174		(362	)		(2	)		(453	)		(2	)
Home equity^D		12,992		13,154		13,423		13,640		13,870		(162	)		(1	)		(878	)		(6	)
Automobile		12,157		12,120		12,070		12,000		11,992		37			—			165			1
Education		10,887		10,347		9,729		9,305		9,274		540			5			1,613			17
Other retail^E		6,739		6,846		6,226		5,738		5,616		(107	)		(2	)		1,123			20

Total retail loans^B		61,496		61,550		61,147		59,875		59,926		(54	)		—			1,570			3

Total loans and leases^B	$	127,528	$	119,088	$	117,880	$	116,838	$	117,615	$	8,440			7	%	$	9,913			8	%


Loans held for sale, at fair value		2,911		1,946		1,993		1,750		1,186		965			50			1,725			145
Other loans held for sale		350		1,384		22		455		66		(1,034	)		(75	)		284			NM

Loans and leases and loans held for sale^B	$	130,789	$	122,418	$	119,895	$	119,043	$	118,867	$	8,371			7	%	$	11,922			10	%


DEPOSITS
Demand	$	32,398	$	29,233	$	29,939	$	28,192	$	28,383	$	3,165			11	%	$	4,015			14	%
Checking with interest		25,358		24,840		24,403		25,021		23,482		518			2			1,876			8
Regular savings		14,702		13,779		13,479		13,495		13,239		923			7			1,463			11
Money market accounts		42,972		38,725		36,826		35,329		35,972		4,247			11			7,000			19
Term deposits		18,045		18,736		20,067		21,967		22,840		(691	)		(4	)		(4,795	)		(21	)

Total deposits	$	133,475	$	125,313	$	124,714	$	124,004	$	123,916	$	8,162			7	%	$	9,559			8	%

AVERAGE BALANCE SHEETS

(in millions)


	QUARTERLY TRENDS
																1Q20 Change
	1Q20			4Q19			3Q19			2Q19			1Q19			4Q19						1Q19
																$			%			$			%
ASSETS
Interest-bearing cash and due from banks and deposits in banks	$	1,859		$	1,970		$	1,474		$	1,229		$	1,497		($	111	)		(6	%)	$	362			24	%

Taxable investment securities		25,339			25,305			25,635			25,620			25,136			34			—			203			1
Non-taxable investment securities		4			5			5			5			5			(1	)		(20	)		(1	)		(20	)

Total investment securities		25,343			25,310			25,640			25,625			25,141			33			—			202			1

Investment securities and interest-bearing deposits		27,202			27,280			27,114			26,854			26,638			(78	)		—			564			2

Commercial		43,152			42,012			41,476			41,755			41,562			1,140			3			1,590			4
Commercial real estate		13,876			13,103			12,892			13,379			13,272			773			6			604			5
Leases		2,482			2,546			2,615			2,745			2,873			(64	)		(3	)		(391	)		(14	)

Total commercial loans and leases		59,510			57,661			56,983			57,879			57,707			1,849			3			1,803			3

Residential mortgages^B		18,866			19,495			19,405			19,232			19,094			(629	)		(3	)		(228	)		(1	)
Home equity^D		13,042			13,265			13,501			13,754			14,075			(223	)		(2	)		(1,033	)		(7	)
Automobile		12,173			12,099			12,036			11,984			12,070			74			1			103			1
Education		10,610			9,888			9,459			9,235			9,069			722			7			1,541			17
Other retail^E		6,854			6,497			5,873			5,699			5,634			357			5			1,220			22

Total retail loans^B		61,545			61,244			60,274			59,904			59,942			301			—			1,603			3

Total loans and leases^B		121,055			118,905			117,257			117,783			117,649			2,150			2			3,406			3
Loans held for sale, at fair value		1,890			2,209			1,970			1,528			1,035			(319	)		(14	)		855			83
Other loans held for sale		799			517			134			158			191			282			55			608			NM

Total interest-earning assets^B		150,946			148,911			146,475			146,323			145,513			2,035			1			5,433			4
Allowance for loan and lease losses		(1,708	)		(1,260	)		(1,226	)		(1,247	)		(1,243	)		(448	)		(36	)		(465	)		(37	)
Goodwill		7,046			7,044			7,044			7,040			7,018			2			—			28			—
Other noninterest-earning assets^B		10,893			9,951			9,817			9,373			9,127			942			9			1,766			19

TOTAL ASSETS	$	167,177		$	164,646		$	162,110		$	161,489		$	160,415		$	2,531			2	%	$	6,762			4	%

LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES
Checking with interest	$	24,612		$	23,545		$	23,422		$	23,919		$	22,987		$	1,067			5	%	$	1,625			7	%
Money market accounts		39,839			38,809			37,161			35,228			35,209			1,030			3			4,630			13
Regular savings		14,201			13,582			13,442			13,324			12,626			619			5			1,575			12
Term deposits		18,616			19,788			20,951			22,292			21,127			(1,172	)		(6	)		(2,511	)		(12	)

Total interest-bearing deposits		97,268			95,724			94,976			94,763			91,949			1,544			2			5,319			6
Short-term borrowed funds^C		644			504			600			863			698			140			28			(54	)		(8	)
FHLB advances		5,138			3,259			2,478			3,155			5,694			1,879			58			(556	)		(10	)
Senior debt		7,263			7,914			8,000			7,573			7,391			(651	)		(8	)		(128	)		(2	)
Subordinated debt and other debt		1,656			1,657			1,656			1,658			1,651			(1	)		—			5			—

Total long-term borrowed funds		14,057			12,830			12,134			12,386			14,736			1,227			10			(679	)		(5	)

Total borrowed funds		14,701			13,334			12,734			13,249			15,434			1,367			10			(733	)		(5	)

Total interest-bearing liabilities		111,969			109,058			107,710			108,012			107,383			2,911			3			4,586			4
Total demand deposits		29,362			29,928			28,945			28,389			28,465			(566	)		(2	)		897			3
Other liabilities		4,053			3,819			3,789			3,536			3,584			234			6			469			13

TOTAL LIABILITIES		145,384			142,805			140,444			139,937			139,432			2,579			2			5,952			4

STOCKHOLDERS’ EQUITY		21,793			21,841			21,666			21,552			20,983			(48	)		—			810			4

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	167,177		$	164,646		$	162,110		$	161,489		$	160,415		$	2,531			2	%	$	6,762			4	%

Memo: Total loans and leases, including loans held for sale	$	123,744		$	121,631		$	119,361		$	119,469		$	118,875		$	2,113			2	%	$	4,869			4	%
Total deposits (interest-bearing and demand)	$	126,630		$	125,652		$	123,921		$	123,152		$	120,414		$	978			1	%	$	6,216			5	%
Total average tangible common equity	$	13,484		$	13,660		$	13,788		$	13,670		$	13,233		($	176	)		(1	%)	$	251			2	%

AVERAGE ANNUALIZED YIELDS AND RATES

(in millions, except rates)


	QUARTERLY TRENDS
	1Q20					4Q19					3Q19					2Q19					1Q19
	Rate			Income/Expense		Rate			Income/Expense		Rate			Income/Expense		Rate			Income/Expense		Rate			Income/Expense
INTEREST-EARNING ASSETS
Interest-bearing cash and due from banks and deposits in banks		1.12	%	$	5		1.49	%	$	7		2.09	%	$	8		2.16	%	$	7		2.19	%	$	8

Taxable investment securities		2.32			147		2.47			159		2.38			153		2.56			164		2.64			166
Non-taxable investment securities		2.60			—		2.60			—		2.60			—		2.60			—		2.60			—

Total investment securities		2.32			147		2.47			159		2.38			153		2.56			164		2.64			166

Investment securities and interest-bearing deposits					152					166					161					171					174

Commercial		3.82			417		3.95			424		4.17			442		4.45			471		4.43			460
Commercial real estate		3.96			139		4.26			142		4.70			155		4.91			166		4.98			165
Leases		2.83			18		2.77			18		2.85			19		2.89			19		2.85			21

Total commercial loans and leases		3.81			574		3.97			584		4.23			616		4.48			656		4.48			646

Residential mortgages^B		3.47			164		3.40			165		3.53			171		3.65			176		3.67			175
Home equity^D		4.69			152		4.73			159		5.24			178		5.28			180		5.27			183
Automobile		4.34			131		4.32			132		4.25			129		4.19			125		4.04			120
Education		5.64			149		5.76			143		5.89			141		5.97			137		5.99			134
Other retail^E		7.77			132		7.83			129		8.21			121		8.24			118		8.87			123

Total retail loans^B		4.75			728		4.72			728		4.88			740		4.92			736		4.96			735

Total loans and leases^B		4.29			1,302		4.36			1,312		4.56			1,356		4.71			1,392		4.72			1,381
Loans held for sale, at fair value		3.28			15		3.38			18		3.71			19		3.93			15		4.35			11
Other loans held for sale		4.31			9		3.89			5		6.42			2		5.67			2		7.03			4

Total interest-earning assets^B		3.91			1,478		3.98			1,501		4.15			1,538		4.30			1,580		4.34			1,570
INTEREST-BEARING LIABILITIES
Checking with interest		0.60			37		0.71			42		0.88			52		0.96			57		0.91			52
Money market accounts		0.94			93		1.12			110		1.24			116		1.30			114		1.26			110
Regular savings		0.51			18		0.52			17		0.59			20		0.62			21		0.56			17
Term deposits		1.70			79		1.88			94		2.05			109		2.09			116		2.08			108

Total interest-bearing deposits		0.94			227		1.09			263		1.24			297		1.30			308		1.27			287
Short-term borrowed funds^C		0.76			1		1.07			2		1.43			2		1.81			4		1.37			2
FHLB advances		1.87			24		1.98			16		1.92			12		2.63			21		2.70			39
Senior debt		2.69			49		3.02			60		3.21			65		3.41			64		3.53			65
Subordinated debt and other debt		4.13			17		4.20			17		4.13			17		4.08			17		4.06			17

Total long-term borrowed funds		2.56			90		2.91			93		3.07			94		3.30			102		3.27			121

Total borrowed funds		2.48			91		2.84			95		3.00			96		3.20			106		3.18			123

Total interest-bearing liabilities		1.14			318		1.30			358		1.45			393		1.54			414		1.54			410
INTEREST RATE SPREAD		2.77					2.68					2.70					2.77					2.80

NET INTEREST MARGIN AND NET INTEREST INCOME		3.09	%	$	1,160		3.04	%	$	1,143		3.10	%	$	1,145		3.20	%	$	1,166		3.23	%	$	1,160

NET INTEREST MARGIN AND NET INTEREST INCOME, FTE¹		3.10	%	$	1,164		3.06	%	$	1,147		3.12	%	$	1,150		3.21	%	$	1,172		3.25	%	$	1,166
Memo: Total deposit costs		0.72	%	$	227		0.83	%	$	263		0.95	%	$	297		1.00	%	$	308		0.97	%	$	287

¹	Net interest income and net interest margin is presented on a fully taxable-equivalent (“FTE”) basis using the federal statutory tax rate of 21%. The FTE impact is predominantly attributable to commercial loans for the periods presented.

SEGMENT FINANCIAL HIGHLIGHTS - CONSUMER BANKING

(in millions, except ratio data)


	QUARTERLY TRENDS
CONSUMER BANKING																1Q20 Change
	1Q20			4Q19			3Q19			2Q19			1Q19			4Q19						1Q19
																$/bps			%			$/bps			%
Net interest income	$	793		$	796		$	799		$	799		$	788		($	3	)		—	%	$	5			1	%
Noninterest income		357			296			336			277			247			61			21			110			45

Total revenue		1,150			1,092			1,135			1,076			1,035			58			5			115			11
Noninterest expense		738			718			718			715			700			20			3			38			5

Profit before provision for credit losses		412			374			417			361			335			38			10			77			23
Provision for credit losses		97			97			83			78			67			—			—			30			45

Income before income tax expense		315			277			334			283			268			38			14			47			18
Income tax expense		79			68			83			70			66			11			16			13			20

Net income	$	236		$	209		$	251		$	213		$	202		$	27			13	%	$	34			17	%

AVERAGE BALANCES
Total assets	$	68,415		$	68,069		$	66,365		$	65,485		$	65,007		$	346			1	%	$	3,408			5	%
Total loans and leases^1,B		65,343			65,157			63,553			62,678			62,163			186			—			3,180			5
Deposits		85,228			85,477			85,595			85,660			82,569			(249	)		—			2,659			3
Interest-earning assets^B		65,393			65,208			63,605			62,731			62,216			185			—			3,177			5
KEY METRICS
Net interest margin		4.88	%		4.85	%		4.99	%		5.11	%		5.14	%		3	bps					(26	) bps
Efficiency ratio		64.16			65.74			63.28			66.43			67.62			(158	) bps					(346	) bps
Loans-to-deposits ratio (period-end balances)^B		72.94			74.15			73.61			71.13			71.17			(121	) bps					177	bps
Loans-to-deposits ratio (average balances)^B		74.07			73.37			72.11			71.57			74.27			70	bps					(20	) bps
Return on average total tangible assets		1.39			1.22			1.50			1.31			1.26			17	bps					13	bps

¹	Includes loans held for sale.

SEGMENT FINANCIAL HIGHLIGHTS - CONSUMER BANKING, CONTINUED

(in millions, except ratio data)


	QUARTERLY TRENDS
																1Q20 Change
	1Q20			4Q19			3Q19			2Q19			1Q19			4Q19						1Q19
																$/bps			%			$/bps			%
MORTGAGE BANKING FEES
Production revenue	$	136		$	61		$	80		$	49		$	31		$	75			123	%	$	105			NM
Mortgage servicing revenue		17			16			12			9			14			1			6			3			21
MSR valuation changes, net of hedge impact		6			4			25			4			(2	)		2			50			8			NM

Total mortgage banking fees	$	159		$	81		$	117		$	62		$	43		$	78			96	%	$	116			NM

Gain on sale of secondary originations		2.36	%		0.98	%		1.40	%		1.13	%		1.28	%		138	bps					108	bps

RESIDENTIAL REAL ESTATE ORIGINATIONS
Retail	$	2,523		$	3,196		$	2,771		$	2,115		$	1,313		($	673	)		(21	%)	$	1,210			92	%
Third Party		4,813			5,750			5,080			3,921			2,260			(937	)		(16	)		2,553			113

Total	$	7,336		$	8,946		$	7,851		$	6,036		$	3,573		($	1,610	)		(18	%)	$	3,763			105	%

Originated for sale		83	%		80	%		80	%		81	%		81	%		300	bps					200	bps
Originated for investment		17			20			20			19			19			(300	) bps					(200	) bps

Total		100	%		100	%		100	%		100	%		100	%

MORTGAGE SERVICING INFORMATION (UPB)
Loans serviced for others	$	79,157		$	77,526		$	74,610		$	72,518		$	70,847		$	1,631			2	%	$	8,310			12	%
Owned loans serviced		21,057			20,831			19,969			19,258			18,437			226			1			2,620			14

Total	$	100,214		$	98,357		$	94,579		$	91,776		$	89,284		$	1,857			2	%	$	10,930			12	%

MSR CARRYING VALUE¹
MSR at fair value	$	577		$	642		$	510		$	531		$	563		($	65	)		(10	%)	$	14			2	%
MSR at lower of cost or market		—			182			177			189			212			(182	)		(100	)		(212	)		(100	)

Total	$	577		$	824		$	687		$	720		$	775		($	247	)		(30	%)	($	198	)		(26	%)

¹	Beginning in the first quarter of 2020, mortgage servicing rights previously accounted for at lower of cost or market are now accounted for at fair value.

SEGMENT FINANCIAL HIGHLIGHTS - COMMERCIAL BANKING

(in millions, except ratio data)


	QUARTERLY TRENDS
COMMERCIAL BANKING																1Q20 Change
	1Q20			4Q19			3Q19			2Q19			1Q19			4Q19						1Q19
																$/bps			%			$/bps			%
Net interest income	$	365		$	363		$	360		$	371		$	372		$	2			1	%	($	7	)		(2	%)
Noninterest income		125			175			133			149			150			(50	)		(29	)		(25	)		(17	)

Total revenue		490			538			493			520			522			(48	)		(9	)		(32	)		(6	)
Noninterest expense		221			219			213			217			209			2			1			12			6

Profit before provision for credit losses		269			319			280			303			313			(50	)		(16	)		(44	)		(14	)
Provision for credit losses		43			24			27			25			21			19			79			22			105

Income before income tax expense		226			295			253			278			292			(69	)		(23	)		(66	)		(23	)
Income tax expense		47			64			57			62			65			(17	)		(27	)		(18	)		(28	)

Net income	$	179		$	231		$	196		$	216		$	227		($	52	)		(23	%)	($	48	)		(21	%)

AVERAGE BALANCES
Total assets	$	59,005		$	56,407		$	55,614		$	56,135		$	55,630		$	2,598			5	%	$	3,375			6	%
Total loans and leases¹		56,555			54,523			53,814			54,653			54,436			2,032			4			2,119			4
Deposits		33,545			32,715			31,491			30,273			29,823			830			3			3,722			12
Interest-earning assets		57,016			54,905			54,087			54,950			54,724			2,111			4			2,292			4
KEY METRICS
Net interest margin		2.57	%		2.62	%		2.64	%		2.71	%		2.76	%		(5	) bps					(19)	bps
Efficiency ratio		45.06			40.60			43.35			41.58			40.11			446	bps					495	bps
Loans-to-deposits ratio (period-end balances)		164.10			165.24			163.62			173.48			180.53			(114	) bps					(1,643	) bps
Loans-to-deposits ratio (average balances)		167.18			165.80			170.01			179.49			181.23			138	bps					(1,405	) bps
Return on average total tangible assets		1.22			1.63			1.40			1.54			1.66			(41	) bps					(44	) bps

¹	Includes loans held for sale.

SEGMENT FINANCIAL HIGHLIGHTS – OTHER

(in millions)


	QUARTERLY TRENDS
OTHER¹																1Q20 Change
	1Q20			4Q19			3Q19			2Q19			1Q19			4Q19						1Q19
																$			%			$			%
Net interest income	$	2		($	16	)	($	14	)	($	4	)	$	—		$	18			NM		$	2			100	%
Noninterest income		15			23			24			36			31			(8	)		(35	)		(16	)		(52	)

Total revenue		17			7			10			32			31			10			143			(14	)		(45	)
Noninterest expense		53			49			42			19			28			4			8			25			89

(Loss) profit before provision for credit losses		(36	)		(42	)		(32	)		13			3			6			14			(39	)		NM
Provision for credit losses		460			(11	)		(9	)		(6	)		(3	)		471			NM			463			NM

(Loss) income before income tax benefit		(496	)		(31	)		(23	)		19			6			(465	)		NM			(502	)		NM
Income tax benefit		(115	)		(41	)		(25	)		(5	)		(4	)		(74	)		(180	)		(111	)		NM

Net (loss) income	($	381	)	$	10		$	2		$	24		$	10		($	391	)		NM		($	391	)		NM

AVERAGE BALANCES
Total assets	$	39,757		$	40,170		$	40,131		$	39,869		$	39,778		($	413	)		(1	%)	($	21	)		—	%
Total loans and leases²		1,846			1,951			1,994			2,138			2,276			(105	)		(5	)		(430	)		(19	)
Deposits		7,857			7,460			6,835			7,219			8,022			397			5			(165	)		(2	)
Interest-earning assets		28,537			28,798			28,783			28,642			28,573			(261	)		(1	)		(36	)		—

Includes the financial impact of non-core, liquidating loan portfolios and other non-core assets, our treasury activities, wholesale funding activities, securities portfolio, community development assets and other unallocated assets, liabilities, capital, revenues, provision for credit losses, expenses and income tax expense, not attributed to our Consumer Banking or Commercial Banking segments.

²	Includes loans held for sale.

CREDIT-RELATED INFORMATION

(in millions, except ratio data)


	AS OF															MARCH 31, 2020 CHANGE
	Mar 31, 2020			Dec 31, 2019			Sept 30, 2019			June 30, 2019			Mar 31, 2019			Dec 31, 2019						Mar 31, 2019
																$/bps			%			$/bps			%
NONACCRUAL LOANS AND LEASES¹
Commercial	$	305		$	240		$	228		$	198		$	208		$	65			27	%	$	97			47	%
Commercial real estate		8			2			49			4			4			6			NM			4			100
Leases		1			3			4			17			—			(2	)		(67	)		1			100

Total commercial loans and leases		314			245			281			219			212			69			28			102			48
Residential mortgages²		101			93			91			98			102			8			9			(1	)		(1	)
Home equity^D		242			246			247			278			288			(4	)		(2	)		(46	)		(16	)
Automobile		69			67			69			62			70			2			3			(1	)		(1	)
Education		21			18			17			40			43			3			17			(22	)		(51	)
Other retail^E		33			34			32			30			29			(1	)		(3	)		4			14

Total retail loans		466			458			456			508			532			8			2			(66	)		(12	)

Nonaccrual loans and leases		780			703			737			727			744			77			11			36			5

Repossessed assets		44			45			40			32			34			(1	)		(2	)		10			29

Nonaccrual loans and leases and repossessed assets	$	824		$	748		$	777		$	759		$	778		$	76			10	%	$	46			6	%

NONACCRUAL LOANS AND LEASES BY PRODUCT³
Commercial	$	314		$	245		$	281		$	219		$	212		$	69			28	%	$	102			48	%
Retail		510			503			496			540			566			7			1			(56	)		(10	)

Total nonaccrual loans and leases	$	824		$	748		$	777		$	759		$	778		$	76			10	%	$	46			6	%


ASSET QUALITY RATIOS
Allowance for credit losses to loans and leases^B		1.73	%		1.09	%		1.11	%		1.13	%		1.13	%		64 bps						60 bps
Allowance for credit losses to nonaccrual loans and leases		283.48			184.31			177.42			181.54			178.68			NM						NM
Nonaccrual loans and leases to loans and leases^B		0.61			0.59			0.63			0.62			0.63			2						(2	)

Beginning in the first quarter of 2020 and upon the adoption of ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, nonperforming loans and leases are now referred to as nonaccrual loans and leases and other nonperforming assets are referred to as repossessed assets.

Beginning in the fourth quarter of 2019, nonaccrual balances exclude both fully and partially guaranteed residential mortgage loans sold to Ginnie Mae for which the Company has the right, but not the obligation, to repurchase. Prior periods have been adjusted to exclude partially guaranteed amounts to conform with the current period presentation.

3	Nonaccrual loans and leases by product includes repossessed assets.

CREDIT-RELATED INFORMATION, CONTINUED

(in millions, except ratio data)


	AS OF										MARCH 31, 2020 CHANGE
	Mar 31, 2020		Dec 31, 2019		Sept 30, 2019		June 30, 2019		Mar 31, 2019		Dec 31, 2019						Mar 31, 2019
											$/bps			%			$/bps			%
LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Commercial	$	—	$	2	$	1	$	4	$	1	($	2	)		(100	%)	($	1	)		(100	%)
Leases		—		—		1		1		—		—			—			—			—

Total commercial loans and leases		—		2		2		5		1		(2	)		(100	)		(1	)		(100	)
Residential mortgages		14		13		15		14		20		1			8			(6	)		(30	)
Education		2		2		3		3		2		—			—			—			—
Other retail^E		11		8		10		9		9		3			38			2			22

Total retail loans		27		23		28		26		31		4			17			(4	)		(13	)

Total loans and leases		27		25		30		31		32		2			8			(5	)		(16	)

CREDIT-RELATED INFORMATION, CONTINUED

(in millions)


	QUARTERLY TRENDS
														1Q20 Change
	1Q20			4Q19		3Q19			2Q19		1Q19			4Q19						1Q19
														$			%			$			%
CHARGE-OFFS, RECOVERIES AND RELATED RATIOS
GROSS CHARGE-OFFS
Commercial	$	47		$	24	$	20		$	40	$	3		$	23			96	%	$	44			NM
Commercial real estate		—			9		10			—		20			(9	)		(100	)		(20	)		(100	)
Leases		—			1		5			5		3			(1	)		(100	)		(3	)		(100	)

Total commercial loans and leases		47			34		35			45		26			13			38			21			81
Residential mortgages		1			2		2			2		2			(1	)		(50	)		(1	)		(50	)
Home equity^D		8			10		11			11		7			(2	)		(20	)		1			14
Automobile		39			38		37			30		38			1			3			1			3
Education		18			20		18			18		16			(2	)		(10	)		2			13
Other retail^E		61			58		56			50		49			3			5			12			24

Total retail loans		127			128		124			111		112			(1	)		(1	)		15			13

Total gross charge-offs	$	174		$	162	$	159		$	156	$	138		$	12			7	%	$	36			26	%

GROSS RECOVERIES
Commercial	$	3		$	7	$	3		$	12	$	2		($	4	)		(57	%)	$	1			50	%
Commercial real estate		—			—		—			—		—			—			—			—			—
Leases		—			—		—			—		—			—			—			—			—

Total commercial loans and leases		3			7		3			12		2			(4	)		(57	)		1			50
Residential mortgages		1			1		1			2		5			—			—			(4	)		(80	)
Home equity^D		11			10		12			10		17			1			10			(6	)		(35	)
Automobile		12			11		15			16		15			1			9			(3	)		(20	)
Education		4			4		4			4		4			—			—			—			—
Other retail^E		6			7		11			6		6			(1	)		(14	)		—			—

Total retail loans		34			33		43			38		47			1			3			(13	)		(28	)

Total gross recoveries	$	37		$	40	$	46		$	50	$	49		($	3	)		(8	%)	($	12	)		(24	%)

NET CHARGE-OFFS (RECOVERIES)
Commercial	$	44		$	17	$	17		$	28	$	1		$	27			159	%	$	43			NM
Commercial real estate		—			9		10			—		20			(9	)		(100	)		(20	)		(100	)
Leases		—			1		5			5		3			(1	)		(100	)		(3	)		(100	)

Total commercial loans and leases		44			27		32			33		24			17			63			20			83
Residential mortgages		—			1		1			—		(3	)		(1	)		(100	)		3			100
Home equity^D		(3	)		—		(1	)		1		(10	)		(3	)		(100	)		7			70
Automobile		27			27		22			14		23			—			—			4			17
Education		14			16		14			14		12			(2	)		(13	)		2			17
Other retail^E		55			51		45			44		43			4			8			12			28

Total retail loans		93			95		81			73		65			(2	)		(2	)		28			43

Total net charge-offs	$	137		$	122	$	113		$	106	$	89		$	15			12	%	$	48			54	%

CREDIT-RELATED INFORMATION, CONTINUED

(in millions, except rates)


	QUARTERLY TRENDS
																1Q20 Change
	1Q20			4Q19			3Q19			2Q19			1Q19			4Q19						1Q19
																$/bps			%			$/bps			%
ANNUALIZED NET CHARGE-OFF (RECOVERY) RATES
Commercial		0.41	%		0.16	%		0.16	%		0.27	%		0.01	%		25 bps						40 bps
Commercial real estate		—			0.26			0.31			—			0.62			(26) bps						(62) bps
Leases		0.07			0.19			0.80			0.72			0.42			(12) bps						(35) bps
Total commercial loans and leases		0.30			0.19			0.22			0.23			0.17			11 bps						13 bps
Residential mortgages		0.01			0.02			0.01			0.01			(0.07	)		(1) bps						8 bps
Home equity^D		(0.10	)		0.02			(0.04	)		0.01			(0.26	)		(12) bps						16 bps
Automobile		0.88			0.85			0.74			0.49			0.77			3 bps						11 bps
Education		0.55			0.65			0.58			0.62			0.51			(10) bps						4 bps
Other retail^E		3.21			3.09			3.08			3.11			3.06			12 bps						15 bps
Total retail loans		0.61			0.61			0.53			0.49			0.44			— bps						17 bps
Total loans and leases		0.46	%		0.41	%		0.38	%		0.36	%		0.31	%		5 bps						15 bps
Memo: Average loans
Commercial	$	43,152		$	42,012		$	41,476		$	41,755		$	41,562		$	1,140			3	%	$	1,590			4	%
Commercial real estate		13,876			13,103			12,892			13,379			13,272			773			6			604			5
Leases		2,482			2,546			2,615			2,745			2,873			(64	)		(3	)		(391	)		(14	)

Total commercial loans and leases		59,510			57,661			56,983			57,879			57,707			1,849			3			1,803			3
Residential mortgages		18,866			19,495			19,405			19,232			19,094			(629	)		(3	)		(228	)		(1	)
Home equity^D		13,042			13,265			13,501			13,754			14,075			(223	)		(2	)		(1,033	)		(7	)
Automobile		12,173			12,099			12,036			11,984			12,070			74			1			103			1
Education		10,610			9,888			9,459			9,235			9,069			722			7			1,541			17
Other retail^E		6,854			6,497			5,873			5,699			5,634			357			5			1,220			22

Total retail loans		61,545			61,244			60,274			59,904			59,942			301			—			1,603			3

Total loans and leases	$	121,055		$	118,905		$	117,257		$	117,783		$	117,649		$	2,150			2	%	$	3,406			3	%

CREDIT-RELATED INFORMATION, CONTINUED

(in millions)


	QUARTERLY TRENDS
															1Q20 Change
	1Q20			4Q19			3Q19			2Q19		1Q19			4Q19						1Q19
															$			%			$			%
SUMMARY OF CHANGES IN THE COMPONENTS OF THE ALLOWANCE FOR CREDIT LOSSES
Allowance for loan and lease losses - beginning	$	1,252		$	1,263		$	1,227		$	1,245	$	1,242		($	11	)		(1	%)	$	10			1	%
Cumulative effect of change in accounting principle:
Commercial		(176	)		—			—			—		—			(176	)		(100	)		(176	)		(100	)
Retail		629			—			—			—		—			629			100			629			100

Total cumulative effect of change in accounting principle		453			—			—			—		—			453			100			453			100

Allowance for loan and lease losses - beginning, adjusted		1,705			1,263			1,227			1,245		1,242			442			35			463			37
Charge-offs:
Commercial		47			34			35			45		26			13			38			21			81
Retail		127			128			124			111		112			(1	)		(1	)		15			13

Total charge-offs		174			162			159			156		138			12			7			36			26

Recoveries:
Commercial		3			7			3			12		2			(4	)		(57	)		1			50
Retail		34			33			43			38		47			1			3			(13	)		(28	)

Total recoveries		37			40			46			50		49			(3	)		(8	)		(12	)		(24	)

Net charge-offs		137			122			113			106		89			15			12			48			54
Provision for loan and lease losses:
Commercial		298			(11	)		64			22		25			309			NM			273			NM
Retail		305			122			85			66		67			183			150			238			NM

Total provision for loan and lease losses		603			111			149			88		92			492			NM			511			NM

Allowance for loan and lease losses - ending	$	2,171		$	1,252		$	1,263		$	1,227	$	1,245		$	919			73	%	$	926			74	%

Reserve for unfunded lending commitments - beginning	$	44		$	45		$	93		$	84	$	91		($	1	)		(2	%)	($	47	)		(52	%)
Cumulative effect of change in accounting principle		(2	)		—			—			—		—			(2	)		(100	)		(2	)		(100	)
Provision for unfunded lending commitments		(3	)		(1	)		(48	)		9		(7	)		(2	)		(200	)		4			57

Reserve for unfunded lending commitments - ending	$	39		$	44		$	45		$	93	$	84		($	5	)		(11	%)	($	45	)		(54	%)

Total allowance for credit losses - ending	$	2,210		$	1,296		$	1,308		$	1,320	$	1,329		$	914			71	%	$	881			66	%

Memo: Total allowance for credit losses by product
Commercial	$	790		$	718		$	757		$	773	$	775		$	72			10	%	$	15			2	%
Retail		1,420			578			551			547		554			842			146			866			156

Total allowance for credit losses	$	2,210		$	1,296		$	1,308		$	1,320	$	1,329		$	914			71	%	$	881			66	%

CAPITAL AND RATIOS

(in millions, except ratio data)


	AS OF
																MARCH 31, 2020 CHANGE
	Mar 31, 2020			Dec 31, 2019			Sept 30, 2019			June 30, 2019			Mar 31, 2019			Dec 31, 2019						Mar 31, 2019
																$			%			$			%
CAPITAL RATIOS AND COMPONENTS (PRELIMINARY)
CET1 capital	$	14,007		$	14,304		$	14,416		$	14,629		$	14,442		($	297	)		(2	%)	($	435	)		(3	%)
Tier 1 capital		15,577			15,874			15,549			15,762			15,574			(297	)		(2	)		3			—
Total capital		18,592			18,542			18,237			18,582			18,403			50			—			189			1
Risk-weighted assets		148,946			142,915			140,136			138,879			137,246			6,031			4			11,700			9
Adjusted average assets¹		161,715			158,782			156,355			155,956			155,171			2,933			2			6,544			4
CET1 capital ratio		9.4	%		10.0	%		10.3	%		10.5	%		10.5	%
Tier 1 capital ratio		10.5			11.1			11.1			11.3			11.3
Total capital ratio		12.5			13.0			13.0			13.4			13.4
Tier 1 leverage ratio		9.6			10.0			9.9			10.1			10.0
TANGIBLE COMMON EQUITY (PERIOD-END)
Common stockholders’ equity	$	20,380		$	20,631		$	20,718		$	20,884		$	20,399		($	251	)		(1	%)	($	19	)		—	%
Less: Goodwill		7,050			7,044			7,044			7,040			7,040			6			—			10			—
Less: Other intangible assets		66			68			71			74			80			(2	)		(3	)		(14	)		(18	)
Add: Deferred tax liabilities²		375			374			373			371			370			1			—			5			1

Total tangible common equity	$	13,639		$	13,893		$	13,976		$	14,141		$	13,649		($	254	)		(2	%)	($	10	)		—	%

TANGIBLE COMMON EQUITY (AVERAGE)
Common stockholders’ equity	$	20,223		$	20,400		$	20,533		$	20,420		$	19,942		($	177	)		(1	%)	$	281			1	%
Less: Goodwill		7,046			7,044			7,044			7,040			7,018			2			—			28			—
Less: Other intangible assets		67			69			73			80			59			(2	)		(3	)		8			14
Add: Deferred tax liabilities²		374			373			372			370			368			1			—			6			2

Total tangible common equity	$	13,484		$	13,660		$	13,788		$	13,670		$	13,233		($	176	)		(1	%)	$	251			2	%

INTANGIBLE ASSETS (PERIOD-END)
Goodwill	$	7,050		$	7,044		$	7,044		$	7,040		$	7,040		$	6			—	%	$	10			—	%
Other intangible assets		66			68			71			74			80			(2	)		(3	)		(14	)		(18	)

Total intangible assets	$	7,116		$	7,112		$	7,115		$	7,114		$	7,120		$	4			—	%	($	4	)		—	%

Adjusted average assets include quarterly average assets, less deductions for disallowed goodwill and other intangible assets, net of deferred tax liabilities related to tax deductible goodwill, and the accumulated other comprehensive income impact related to the adoption of post-retirement benefit plan guidance under GAAP.

²	Deferred tax liabilities relate to tax-deductible goodwill, which is netted against goodwill when calculating tangible common equity.

KEY PERFORMANCE METRICS, NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

(in millions, except share, per-share and ratio data)

Key Performance Metrics:

Our Management uses certain key performance metrics (KPMs) to gauge our progress against strategic and operational goals, as well as to compare our performance against peers. The KPMs are referred to in our quarterly earnings materials and other financial reports filed with the Securities and Exchange Commission. The KPMs include:

•

Return on average tangible common equity (ROTCE);

•

Efficiency ratio;

•

Operating leverage; and

•

Common equity tier 1 capital ratio.

Established targets for the KPMs are based on Management-reporting results which are currently referred to by the Company as “Underlying” results. We believe that Underlying results, which exclude notable items, provide the best representation of our underlying financial progress toward the KPMs as the results exclude items that our Management does not consider indicative of our on-going financial performance. KPMs that reflect Underlying results are considered non-GAAP financial measures.

Non-GAAP Financial Measures

This document contains non-GAAP financial measures denoted as Underlying results. Underlying results for any given reporting period exclude certain items that may occur in that period which Management does not consider indicative of the Company’s on-going financial performance. We believe these non-GAAP financial measures provide useful information to investors because they are used by our Management to evaluate our operating performance and make day-to-day operating decisions. In addition, we believe our Underlying results in any given reporting period reflect our on-going financial performance in that period and, accordingly, are useful to consider in addition to our GAAP financial results. We further believe the presentation of Underlying results increases comparability of period-to-period results. The following tables present reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures.

KEY PERFORMANCE METRICS, NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(in millions, except share, per-share and ratio data)


		QUARTERLY TRENDS
																	1Q20 Change
		1Q20			4Q19			3Q19			2Q19			1Q19			4Q19						1Q19
																	$			%			$			%
Noninterest income, Underlying:
Noninterest income (GAAP)	A	$	497		$	494		$	493		$	462		$	428		$	3			1	%	$	69			16	%
Less: Notable items			—			—			—			—			—			—			—			—			—

Noninterest income, Underlying (non-GAAP)	B	$	497		$	494		$	493		$	462		$	428		$	3			1	%	$	69			16	%

Total revenue, Underlying:
Total revenue (GAAP)	C	$	1,657		$	1,637		$	1,638		$	1,628		$	1,588		$	20			1	%	$	69			4	%
Less: Notable items			—			—			—			—			—			—			—			—			—

Total revenue, Underlying (non-GAAP)	D	$	1,657		$	1,637		$	1,638		$	1,628		$	1,588		$	20			1	%	$	69			4	%

Noninterest expense, Underlying:
Noninterest expense (GAAP)	E	$	1,012		$	986		$	973		$	951		$	937		$	26			3	%	$	75			8	%
Less: Notable items			33			37			19			7			5			(4	)		(11	)		28			NM

Noninterest expense, Underlying (non-GAAP)	F	$	979		$	949		$	954		$	944		$	932		$	30			3	%	$	47			5	%

Pre-provision profit:
Total revenue (GAAP)	C	$	1,657		$	1,637		$	1,638		$	1,628		$	1,588		$	20			1	%	$	69			4	%
Less: Noninterest expense (GAAP)	E		1,012			986			973			951			937			26			3			75			8

Pre-provision profit (GAAP)		$	645		$	651		$	665		$	677		$	651		($	6	)		(1	%)	($	6	)		(1	%)

Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)	D	$	1,657		$	1,637		$	1,638		$	1,628		$	1,588		$	20			1	%	$	69			4	%
Less: Noninterest expense, Underlying (non-GAAP)	F		979			949			954			944			932			30			3			47			5

Pre-provision profit, Underlying (non-GAAP)		$	678		$	688		$	684		$	684		$	656		($	10	)		(1	%)	$	22			3	%

Income before income tax expense, Underlying:
Income before income tax expense (GAAP)	G	$	45		$	541		$	564		$	580		$	566		($	496	)		(92	%)	($	521	)		(92	%)
Less: Expense before income tax benefit related to notable items			(33	)		(37	)		(19	)		(7	)		(5	)		4			11			(28	)		NM

Income before income tax expense, Underlying (non-GAAP)	H	$	78		$	578		$	583		$	587		$	571		($	500	)		(87	%)	($	493	)		(86	%)

Income tax expense, Underlying:
Income tax expense (GAAP)	I	$	11		$	91		$	115		$	127		$	127		($	80	)		(88	%)	($	116	)		(91	%)
Less: Income tax benefit related to notable items			(8	)		(33	)		(15	)		(2	)		(1	)		25			76			(7	)		NM

Income tax expense, Underlying (non-GAAP)	J	$	19		$	124		$	130		$	129		$	128		($	105	)		(85	%)	($	109	)		(85	%)

Net income, Underlying:
Net income (GAAP)	K	$	34		$	450		$	449		$	453		$	439		($	416	)		(92	%)	($	405	)		(92	%)
Add: Notable items, net of income tax benefit			25			4			4			5			4			21			NM			21			NM

Net income, Underlying (non-GAAP)	L	$	59		$	454		$	453		$	458		$	443		($	395	)		(87	%)	($	384	)		(87	%)

Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)	M	$	12		$	427		$	432		$	435		$	424		($	415	)		(97	%)	($	412	)		(97	%)
Add: Notable items, net of income tax benefit			25			4			4			5			4			21			NM			21			NM

Net income available to common stockholders, Underlying (non-GAAP)	N	$	37		$	431		$	436		$	440		$	428		($	394	)		(91	%)	($	391	)		(91	%)

KEY PERFORMANCE METRICS, NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(in millions, except share, per-share and ratio data)


		QUARTERLY TRENDS
																	1Q20 Change
		1Q20			4Q19			3Q19			2Q19			1Q19			4Q19						1Q19
																	$/bps			%			$/bps		%
Operating leverage:
Total revenue (GAAP)	C	$	1,657		$	1,637		$	1,638		$	1,628		$	1,588		$	20			1.30	%	$	69		4.35	%
Less: Noninterest expense (GAAP)	E		1,012			986			973			951			937			26			2.68			75		8.06

Operating leverage																					(1.38	%)				(3.71	%)

Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)	D	$	1,657		$	1,637		$	1,638		$	1,628		$	1,588		$	20			1.30	%	$	69		4.35	%
Less: Noninterest expense, Underlying (non-GAAP)	F		979			949			954			944			932			30			3.16			47		5.09

Operating leverage, Underlying (non-GAAP)																					(1.86	%)				(0.74	%)

Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio	E/C		61.10	%		60.28	%		59.40	%		58.41	%		59.00	%		82 bps						210 bps
Efficiency ratio, Underlying (non-GAAP)	F/D		59.08			58.02			58.22			58.02			58.67			106 bps						41 bps
Noninterest income as a % of total revenue, Underlying:
Noninterest income as a % of total revenue	A/C		30	%		30	%		30	%		28	%		27	%		— bps						300 bps
Noninterest income as a % of total revenue, Underlying	B/D		30			30			30			28			27			— bps						300 bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rate	I/G		24.13	%		16.76	%		20.46	%		21.86	%		22.42	%		737 bps						171 bps
Effective income tax rate, Underlying (non-GAAP)	J/H		24.52			21.52			22.29			21.89			22.44			300 bps						208 bps
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP)	O	$	20,223		$	20,400		$	20,533		$	20,420		$	19,942		($	177	)		(1	%)	$	281		1	%
Return on average common equity	M/O		0.24	%		8.30	%		8.35	%		8.54	%		8.62	%		(806) bps						(838) bps
Return on average common equity, Underlying (non-GAAP)	N/O		0.74			8.36			8.45			8.63			8.71			(762) bps						(797) bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)	O	$	20,223		$	20,400		$	20,533		$	20,420		$	19,942		($	177	)		(1	%)	$	281		1	%
Less: Average goodwill (GAAP)			7,046			7,044			7,044			7,040			7,018			2			—			28		—
Less: Average other intangibles (GAAP)			67			69			73			80			59			(2	)		(3	)		8		14
Add: Average deferred tax liabilities related to goodwill (GAAP)			374			373			372			370			368			1			—			6		2

Average tangible common equity	P	$	13,484		$	13,660		$	13,788		$	13,670		$	13,233		($	176	)		(1	%)	$	251		2	%

Return on average tangible common equity	M/P		0.36	%		12.39	%		12.44	%		12.75	%		13.00	%		(1,203) bps						(1,264) bps
Return on average tangible common equity, Underlying (non-GAAP)	N/P		1.10			12.49			12.58			12.89			13.12			(1,139) bps						(1,202) bps
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP)	Q	$	167,177		$	164,646		$	162,110		$	161,489		$	160,415		$	2,531			2	%	$	6,762		4	%
Return on average total assets	K/Q		0.08	%		1.08	%		1.10	%		1.13	%		1.11	%		(100) bps						(103) bps
Return on average total assets, Underlying (non-GAAP)	L/Q		0.14			1.09			1.11			1.14			1.12			(95) bps						(98) bps

KEY PERFORMANCE METRICS, NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(in millions, except share, per-share and ratio data)


		QUARTERLY TRENDS
																	1Q20 Change
		1Q20			4Q19			3Q19			2Q19			1Q19			4Q19						1Q19
																	$/bps			%			$/bps			%
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)	Q	$	167,177		$	164,646		$	162,110		$	161,489		$	160,415		$	2,531			2	%	$	6,762			4	%
Less: Average goodwill (GAAP)			7,046			7,044			7,044			7,040			7,018			2			—			28			—
Less: Average other intangibles (GAAP)			67			69			73			80			59			(2	)		(3	)		8			14
Add: Average deferred tax liabilities related to goodwill (GAAP)			374			373			372			370			368			1			—			6			2

Average tangible assets	R	$	160,438		$	157,906		$	155,365		$	154,739		$	153,706		$	2,532			2	%	$	6,732			4	%

Return on average total tangible assets	K/R		0.09	%		1.13	%		1.15	%		1.17	%		1.16	%		(104) bps						(107) bps
Return on average total tangible assets, Underlying (non-GAAP)	L/R		0.15			1.14			1.16			1.19			1.17			(99) bps						(102) bps
Tangible book value per common share:
Common shares - at period-end (GAAP)	S		426,586,533			433,121,083			443,913,525			457,903,826			461,116,723			(6,534,550	)		(2	%)		(34,530,190	)		(7	%)
Common stockholders’ equity (GAAP)		$	20,380		$	20,631		$	20,718		$	20,884		$	20,399		($	251	)		(1	)	($	19	)		—
Less: Goodwill (GAAP)			7,050			7,044			7,044			7,040			7,040			6			—			10			—
Less: Other intangible assets (GAAP)			66			68			71			74			80			(2	)		(3	)		(14	)		(18	)
Add: Deferred tax liabilities related to goodwill (GAAP)			375			374			373			371			370			1			—			5			1

Tangible common equity	T	$	13,639		$	13,893		$	13,976		$	14,141		$	13,649		($	254	)		(2	%)	($	10	)		—	%

Tangible book value per common share	T/S	$	31.97		$	32.08		$	31.48		$	30.88		$	29.60		($	0.11	)		—	%	$	2.37			8	%
Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying:
Average common shares outstanding - basic (GAAP)	U		427,718,421			434,684,606			445,703,987			458,154,335			460,713,172			(6,966,185	)		(2	%)		(32,994,751	)		(7	%)
Average common shares outstanding - diluted (GAAP)	V		429,388,855			436,500,829			447,134,595			459,304,224			462,520,680			(7,111,974	)		(2	)		(33,131,825	)		(7	)
Net income per average common share - basic (GAAP)	M/U	$	0.03		$	0.98		$	0.97		$	0.95		$	0.92		($	0.95	)		(97	)	($	0.89	)		(97	)
Net income per average common share - diluted (GAAP)	M/V		0.03			0.98			0.97			0.95			0.92			(0.95	)		(97	)		(0.89	)		(97	)
Net income per average common share - basic, Underlying (non-GAAP)	N/U		0.09			0.99			0.98			0.96			0.93			(0.90	)		(91	)		(0.84	)		(90	)
Net income per average common share - diluted, Underlying (non-GAAP)	N/V		0.09			0.99			0.98			0.96			0.93			(0.90	)		(91	)		(0.84	)		(90	)
Dividend payout ratio and dividend payout ratio, Underlying:
Cash dividends declared and paid per common share	W	$	0.39		$	0.36		$	0.36		$	0.32		$	0.32		$	0.03			8	%	$	0.07			22	%
Dividend payout ratio	W/(M/U)		1,398	%		37	%		37	%		34	%		35	%		NM						NM
Dividend payout ratio, Underlying (non-GAAP)	W/(N/U)		451			36			37			33			34			NM						NM

KEY PERFORMANCE METRICS, NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(in millions, except share, per-share and ratio data)


	QUARTERLY TRENDS
											1Q20 Change
	1Q20		4Q19		3Q19		2Q19		1Q19		4Q19						1Q19
											$			%			$			%
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)	$	549	$	502	$	508	$	507	$	509	$	47			9	%	$	40			8	%
Less: Notable items		10		6		5		2		1		4			67			9			NM

Salaries and employee benefits, Underlying (non-GAAP)	$	539	$	496	$	503	$	505	$	508	$	43			9	%	$	31			6	%

Equipment and software expense, Underlying:
Equipment and software expense (GAAP)	$	133	$	133	$	130	$	126	$	125	$	—			—	%	$	8			6	%
Less: Notable items		1		3		—		—		—		(2	)		(67	)		1			100

Equipment and software expense, Underlying (non-GAAP)	$	132	$	130	$	130	$	126	$	125	$	2			2	%	$	7			6	%

Outside services, Underlying:
Outside services (GAAP)	$	135	$	142	$	128	$	118	$	110	($	7	)		(5	%)	$	25			23	%
Less: Notable items		18		20		14		5		4		(2	)		(10	)		14			NM

Outside services, Underlying (non-GAAP)	$	117	$	122	$	114	$	113	$	106	($	5	)		(4	%)	$	11			10	%

Occupancy, Underlying:
Occupancy (GAAP)	$	84	$	88	$	80	$	82	$	83	($	4	)		(5	%)	$	1			1	%
Less: Notable items		4		8		—		—		—		(4	)		(50	)		4			100

Occupancy, Underlying (non-GAAP)	$	80	$	80	$	80	$	82	$	83	$	—			—	%	($	3	)		(4	%)

KEY PERFORMANCE METRICS, NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS

(in millions, except ratio data)


		FIRST QUARTER 2020												FOURTH QUARTER 2019												THIRD QUARTER 2019
		Consumer Banking			Commercial Banking			Other			Consolidated			Consumer Banking			Commercial Banking			Other			Consolidated			Consumer Banking			Commercial Banking			Other			Consolidated
Net income (loss) available to common stockholders:
Net income (loss)	A	$	236		$	179		($	381	)	$	34		$	209		$	231		$	10		$	450		$	251		$	196		$	2		$	449
Less: Preferred stock dividends			—			—			22			22			—			—			23			23			—			—			17			17

Net income (loss) available to common stockholders	B	$	236		$	179		($	403	)	$	12		$	209		$	231		($	13	)	$	427		$	251		$	196		($	15	)	$	432

Return on average total tangible assets:
Average total assets (GAAP)		$	68,415		$	59,005		$	39,757		$	167,177		$	68,069		$	56,407		$	40,170		$	164,646		$	66,365		$	55,614		$	40,131		$	162,110
Less: Average goodwill (GAAP)			122			48			6,876			7,046			122			46			6,876			7,044			122			46			6,876			7,044
Average other intangibles (GAAP)			43			6			18			67			63			6			—			69			66			7			—			73
Add: Average deferred tax liabilities related to goodwill (GAAP)			1			1			372			374			1			1			371			373			1			1			370			372

Average tangible assets	C	$	68,251		$	58,952		$	33,235		$	160,438		$	67,885		$	56,356		$	33,665		$	157,906		$	66,178		$	55,562		$	33,625		$	155,365

Return on average total tangible assets	A/C		1.39	%		1.22	%		NM			0.09	%		1.22	%		1.63	%		NM			1.13	%		1.50	%		1.40	%		NM			1.15	%
Efficiency ratio:
Noninterest expense (GAAP)	D	$	738		$	221		$	53		$	1,012		$	718		$	219		$	49		$	986		$	718		$	213		$	42		$	973
Net interest income (GAAP)			793			365			2			1,160			796			363			(16	)		1,143			799			360			(14	)		1,145
Noninterest income (GAAP)			357			125			15			497			296			175			23			494			336			133			24			493

Total revenue (GAAP)	E	$	1,150		$	490		$	17		$	1,657		$	1,092		$	538		$	7		$	1,637		$	1,135		$	493		$	10		$	1,638

Efficiency ratio	D/E		64.16	%		45.06	%		NM			61.10	%		65.74	%		40.60	%		NM			60.28	%		63.28	%		43.35	%		NM			59.40	%


		SECOND QUARTER 2019												FIRST QUARTER 2019
		Consumer Banking			Commercial Banking			Other			Consolidated			Consumer Banking			Commercial Banking			Other			Consolidated
Net income (loss) available to common stockholders:
Net income	A	$	213		$	216		$	24		$	453		$	202		$	227		$	10		$	439
Less: Preferred stock dividends			—			—			18			18			—			—			15			15

Net income (loss) available to common stockholders	B	$	213		$	216		$	6		$	435		$	202		$	227		($	5	)	$	424

Return on average total tangible assets:
Average total assets (GAAP)		$	65,485		$	56,135		$	39,869		$	161,489		$	65,007		$	55,630		$	39,778		$	160,415
Less: Average goodwill (GAAP)			119			45			6,876			7,040			119			23			6,876			7,018
Average other intangibles (GAAP)			73			7			—			80			55			4			—			59
Add: Average deferred tax liabilities related to goodwill (GAAP)			—			—			370			370			—			—			368			368

Average tangible assets	C	$	65,293		$	56,083		$	33,363		$	154,739		$	64,833		$	55,603		$	33,270		$	153,706

Return on average total tangible assets	A/C		1.31	%		1.54	%		NM			1.17	%		1.26	%		1.66	%		NM			1.16	%
Efficiency ratio:
Noninterest expense (GAAP)	D	$	715		$	217		$	19		$	951		$	700		$	209		$	28		$	937
Net interest income (GAAP)			799			371			(4	)		1,166			788			372			—			1,160
Noninterest income (GAAP)			277			149			36			462			247			150			31			428

Total revenue (GAAP)	E	$	1,076		$	520		$	32		$	1,628		$	1,035		$	522		$	31		$	1,588

Efficiency ratio	D/E		66.43	%		41.58	%		NM			58.41	%		67.62	%		40.11	%		NM			59.00	%

Appendix

^A	These are non-GAAP financial measures. For further information on these measures, refer to “Key Performance Metrics, Non-GAAP Financial Measures and Reconciliations.”

^B	Beginning in the first quarter of 2020, both fully and partially guaranteed residential mortgage loans sold to Ginnie Mae for which the Company has the right, but not the obligation, to repurchase have been reclassified from loans and leases to other assets.

^C	In the first quarter of 2020, we reclassified federal funds purchased and securities sold under agreement to repurchase and other short-term borrowed funds to short-term borrowed funds. Prior periods have been adjusted to conform with the current period presentation.

^D	In the first quarter of 2020, home equity loans, home equity lines of credit, home equity loans serviced by others and home equity lines of credit serviced by others are included in home equity. Prior periods have been adjusted to conform with current period presentation.

^E	In the first quarter of 2020, credit card and other retail are included in other retail. Prior periods have been adjusted to conform with current period presentation.


Delaware	001-36636	05-0412693
(State or other jurisdiction of incorporation )	(Commission File No.)	(IRS Employer Identification No.)

One Citizens Plaza Providence, RI		02903
(Address of principal executive offices)		(Zip code)


Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common stock, $0.01 par value per share	CFG	New York Stock Exchange
Depositary Shares, each representing a 1/40^th interest in a share of 6.350% Fixed-to-Floating Rate Non- Cumulative Perpetual Preferred Stock, Series D	CFG PrD	New York Stock Exchange
Depositary Shares, each representing a 1/40^th interest in a share of 5.000% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series E	CFG PrE	New York Stock Exchange


	Exhibit Number	Description

(d)	Exhibit 99.1	Citizens Financial Group, Inc. press release dated April 17, 2020

	Exhibit 99.2	Citizens Financial Group, Inc. earnings release presentation issued April 17, 2020

	Exhibit 99.3	Citizens Financial Group, Inc. financial supplement for first quarter 2020

	Exhibit 104	Cover Page Interactive Data File (embedded within the Inline XBRL document)


CITIZENS FINANCIAL GROUP, Inc.


By:		/s/ John F. Woods
		John F. Woods
		Vice Chairman and Chief Financial Officer