cfg-20250717

Citizens Financial Group, Inc. Reports Second Quarter 2025 Net Income of

$436 million and EPS of $0.92

Sequential NII Growth of 3%, Fee Growth of 10%, Positive Operating Leverage of ~5%


	Key Financial Data	2Q25			1Q25			2Q24			Second Quarter 2025 Highlights

Income Statement	($s in millions)										■EPS of $0.92, up $0.15 QoQ –Strong revenue performance, disciplined expense management –Continued strong Private Bank progress, contributing $0.06 to EPS, up $0.02 QoQ ■PPNR of $718 million, up 16% QoQ –NII up 3.3%, reflects NIM up 5 bps to 2.95%, and interest-earning assets up 1% –Strong fee performance led by Card, Wealth and Mortgage; Capital Markets saw a modest increase driven by equity underwriting and loan syndications, partly offset by delayed M&A closings –Expenses broadly flat; positive operating leverage of ~5%; efficiency ratio improved to 64.8% ■Loans up 1% QoQ on a spot basis with growth across the Private Bank, Commercial and Consumer ■Net charge-offs of 48 bps, down slightly QoQ with favorable trends in NPAs, down 4% ■Strong ACL coverage of 1.59%, broadly stable QoQ; reflects improving loan mix ■Average deposits up 1% QoQ with growth in lower-cost categories, partially offset by a reduction in higher-cost Treasury brokered deposits ■Strong liquidity profile; spot LDR of 79.6%; pro forma LCR well exceeds Category I Bank requirement of 100% ■Strong CET1 ratio of 10.6% ■TBV/share of $35.23, up 4% QoQ
	Total revenue	$	2,037		$	1,935		$	1,963
	Pre-provision profit	718			621			662
	Underlying pre-provision profit	718			621			694
	Provision for credit losses	164			153			182

	Net income	436			373			392

	Underlying net income	436			373			408




Balance Sheet & Credit Quality	($s in billions)
	Period-end loans and leases	$	139.3		$	137.6		$	141.8
	Average loans and leases	138.8			139.7			143.1
	Period-end deposits	175.1			177.6			176.4
	Average deposits	174.1			172.7			173.7
	Period-end loan-to-deposit ratio	79.6		%	77.5		%	80.4		%

	NCO ratio	0.48		%	0.58		%	0.52		%

Financial Metrics	Diluted EPS	$	0.92		$	0.77		$	0.78
	Underlying Diluted EPS	0.92			0.77			0.82
	ROTCE	11.0		%	9.6		%	10.6		%
	Underlying ROTCE	11.0			9.6			11.1
	Net interest margin, FTE	2.95			2.90			2.87
	Efficiency ratio	64.8			67.9			66.3
	Underlying efficiency ratio	64.8			67.9			64.6
	CET1	10.6		%	10.6		%	10.7		%
	TBV/Share	$	35.23		$	33.97		$	30.61


Notable Items		2Q25				1Q25				2Q24
	($s in millions except per share data)	Pre-tax $		EPS		Pre-tax $		EPS		Pre-tax $		EPS
	Integration-related	$	—	$	—	$	—	$	—	$	(3)	$	(0.01)


	TOP/FDIC-related/Other	—		—		—		—		(29)		(0.03)



	Total	$	—	$	—	$	—	$	—	$	(32)	$	(0.04)

*Results presented on an Underlying basis are non-GAAP Financial Measures. See page 15 for additional information on our use of Non-GAAP Financial Measures.

Citizens Financial Group, Inc.


Comments from Chairman and CEO Bruce Van Saun

“We are pleased to report strong results today that came in ahead of expectations, paced by strong NII and fee growth, disciplined expense management, and credit results that are trending favorably,” said Chairman and CEO Bruce Van Saun. “We saw some sizable M&A advisory fees push out to July, but offset that with strong performance across other fee categories. Our key strategic initiatives, paced by the Private Bank/Private Wealth build out, continue to make good progress, and we have commenced work on a broad ‘Reimagining the Bank’ initiative that will become a multi-year TOP program and drive meaningful benefits from using new technologies to serve customers in new ways and run the bank better. We are well-positioned to have a strong second half of the year and to sustain that momentum into the medium-term.”

Citizens also announced today that its board of directors declared a quarterly common stock dividend of $0.42 per share. The dividend is payable on August 14, 2025 to shareholders of record at the close of business on July 31, 2025.

Citizens Financial Group, Inc.

Earnings highlights(1):


	Quarterly Trends
										2Q25 change from
($s in millions, except per share data)	2Q25			1Q25			2Q24			1Q25					2Q24
Earnings										$/bps/%			%		$/bps/%			%
Net interest income	$	1,437		$	1,391		$	1,410		$	46		3	%	$	27		2	%
Noninterest income	600			544			553			56			10		47			8
Total revenue	2,037			1,935			1,963			102			5		74			4
Noninterest expense	1,319			1,314			1,301			5			—		18			1
Pre-provision profit	718			621			662			97			16		56			8
Provision for credit losses	164			153			182			11			7		(18)			(10)

Net income	436			373			392			63			17		44			11
Preferred dividends	34			33			35			1			3		(1)			(3)
Net income available to common stockholders	$	402		$	340		$	357		$	62		18	%	$	45		13	%
After-tax notable Items	—			—			16			—			—		(16)			(100)
Underlying net income	$	436		$	373		$	408		$	63		17	%	$	28		7	%
Underlying net income available to common stockholders	402			340			373			62			18		29			8
Average common shares outstanding
Basic (in millions)	433.6			438.3			454.1			(4.7)			(1)		(20.5)			(5)
Diluted (in millions)	436.5			442.2			456.6			(5.7)			(1)		(20.0)			(4)
Diluted earnings per share	$	0.92		$	0.77		$	0.78		$	0.15		19	%	$	0.14		18	%
Underlying diluted earnings per share	0.92			0.77			0.82			0.15			19		0.10			12
Performance metrics
Net interest margin	2.94		%	2.89		%	2.86		%	5		bps			8		bps
Net interest margin, FTE	2.95			2.90			2.87			5					8
Effective income tax rate	21.4			20.3			18.5			111					288

Efficiency ratio	64.8			67.9			66.3			(315)					(151)
Underlying efficiency ratio	64.8			67.9			64.6			(315)					17


Return on average tangible common equity	11.0			9.6			10.6			141					44
Underlying return on average tangible common equity	11.0			9.6			11.1			141					(4)

Return on average total tangible assets	0.83			0.73			0.75			10					8
Underlying return on average total tangible assets	0.83		%	0.73		%	0.78		%	10		bps			5		bps
Capital adequacy(2,3)
Common equity tier 1 capital ratio	10.6		%	10.6		%	10.7		%
Total capital ratio	13.8			13.9			14.0
Tier 1 leverage ratio	9.4			9.4			9.4
Tangible common equity ratio	7.2			7.0			6.5
Allowance for credit losses to loans and leases	1.59		%	1.61		%	1.63		%	(2)		bps			(4)		bps
Asset quality(3)
Nonaccrual loans and leases to loans and leases	1.09		%	1.15		%	1.08		%	(6)		bps			1		bp
Allowance for credit losses to nonaccrual loans and leases	145			140			151			5		%			(6)		%
Net charge-offs as a % of average loans and leases	0.48		%	0.58		%	0.52		%	(10)		bps			(4)		bps

(1) Unless otherwise noted, references to balance sheet items are on an average basis, loans exclude loans held for sale, earnings per share

represent fully diluted per common share and references to NIM are on a FTE basis.

(2) Current reporting-period regulatory capital ratios are preliminary.

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

Citizens Financial Group, Inc.

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

Underlying results:


	Quarterly Trends
										2Q25 change from
($s in millions, except per share data)	2Q25			1Q25			2Q24			1Q25					2Q24
										$/bps			%		$/bps			%
Net interest income	$	1,437		$	1,391		$	1,410		$	46		3	%	$	27		2	%
Noninterest income	600			544			549			56			10		51			9


Total revenue	$	2,037		$	1,935		$	1,959		$	102		5	%	$	78		4	%





Noninterest expense	1,319			1,314			1,265			5			—		54			4






Provision for credit losses	164			153			182			11			7		(18)			(10)

Net income available to common stockholders	$	402		$	340		$	373		$	62		18	%	$	29		8	%
Performance metrics

EPS	$	0.92		$	0.77		$	0.82		$	0.15		19	%	$	0.10		12	%

Efficiency ratio	64.8		%	67.9		%	64.6		%	(315)		bps			17		bps

Return on average tangible common equity	11.0		%	9.6		%	11.1		%	141		bps			(4)		bps

Consolidated balance sheet summary(1):


										2Q25 change from
($s in millions)	2Q25			1Q25			2Q24			1Q25					2Q24
										$/bps			%		$/bps			%
Total assets	$	218,310		$	220,148		$	219,938		$	(1,838)		(1)	%	$	(1,628)		(1)	%
Total loans and leases	139,304			137,635			141,842			1,669			1		(2,538)			(2)
Total loans held for sale	2,093			2,820			683			(727)			(26)		1,410			206
Deposits	175,086			177,576			176,352			(2,490)			(1)		(1,266)			(1)

Stockholders' equity	25,234			24,866			23,869			368			1		1,365			6
Stockholders' common equity	23,121			22,753			21,757			368			2		1,364			6
Tangible common equity	$	15,246		$	14,867		$	13,866		$	379		3	%	$	1,380		10	%
Loan-to-deposit ratio (period-end)(2)	79.6		%	77.5		%	80.4		%	205		bps			(87)		bps
Loan-to-deposit ratio (average)(2)	79.7		%	80.9		%	82.4		%	(117)		bps			(266)		bps


(1) Represents period-end unless otherwise noted.
(2) Excludes loans held for sale.

Citizens Financial Group, Inc.

Notable items:

There are no notable items in second quarter 2025 or first quarter 2025, as our intention going forward is to limit these to those items of greatest significance. Second quarter 2024 results reflect notable items primarily related to integration costs associated with recent acquisitions, as well as TOP revenue and efficiency initiatives and a notable item for an industry-wide FDIC special assessment. These notable items were excluded from reported results to better reflect Underlying operating results.


Notable items - Integration-related	2Q25				1Q25					2Q24
($s in millions, except per share data)	Pre-tax		After-tax			Pre-tax		After-tax			Pre-tax		After-tax





Salaries & benefits	$	—	$	—		$	—	$	—		$	(3)	$	(2)
Equipment and software	—		—			—		—			—		—
Outside services	—		—			—		—			—		—
Occupancy	—		—			—		—			—		—
Other expense	—		—			—		—			—		—
Noninterest expense	$	—	$	—		$	—	$	—		$	(3)	$	(2)

EPS Impact - Noninterest expense			$	—				$	—				$	(0.01)












Total Integration-related	$	—	$	—		$	—	$	—		$	(3)	$	(2)

EPS Impact - Total Integration-related			$	—				$	—				$	(0.01)

Other notable items - TOP & Other	2Q25				1Q25					2Q24
($s in millions, except per share data)	Pre-tax		After-tax			Pre-tax		After-tax			Pre-tax		After-tax

Tax notable items	$	—	$	—		$	—	$	—		$	—	$	7





Noninterest income	—		—			—		—			4		3

Salaries & benefits	—		—			—		—			(5)		(4)
Equipment and software	—		—			—		—			(4)		(3)
Outside services	—		—			—		—			(10)		(7)
Occupancy	—		—			—		—			(6)		(4)
FDIC special assessment(1)	—		—			—		—			(5)		(4)
Other expense	—		—			—		—			(3)		(2)
Noninterest expense	$	—	$	—		$	—	$	—		$	(33)	$	(24)

Total Other Notable Items	$	—	$	—		$	—	$	—		$	(29)	$	(14)

EPS Impact - Other Notable Items			$	—				$	—				$	(0.03)

Total Notable Items	$	—	$	—		$	—	$	—		$	(32)	$	(16)

Total EPS Impact			$	—				$	—				$	(0.04)
(1) The FDIC special assessment earnings per share impact is $(0.01) second quarter 2024.

Citizens Financial Group, Inc.

Discussion of results:


Net interest income										2Q25 change from
($s in millions)	2Q25			1Q25			2Q24			1Q25					2Q24
										$/bps			%		$/bps			%
Interest income:
Interest and fees on loans and leases and loans held for sale	$	1,887		$	1,845		$	2,028		$	42		2	%	$	(141)		(7)	%
Investment securities	428			418			417			10			2		11			3
Interest-bearing deposits in banks	92			89			130			3			3		(38)			(29)
Total interest income	$	2,407		$	2,352		$	2,575		$	55		2	%	$	(168)		(7)	%
Interest expense:
Deposits	$	802		$	795		$	965		$	7		1	%	$	(163)		(17)	%


Short-term borrowed funds	9			8			4			1			13		5			125
Long-term borrowed funds	159			158			196			1			1		(37)			(19)
Total interest expense	$	970		$	961		$	1,165		$	9		1	%	$	(195)		(17)	%
Net interest income	$	1,437		$	1,391		$	1,410		$	46		3	%	$	27		2	%

Net interest margin, FTE	2.95		%	2.90		%	2.87		%	5		bps			8		bps


Second quarter 2025			vs.			first quarter 2025

Net interest income of $1.4 billion increased 3.3%, reflecting a higher net interest margin, as well as a 1% increase in average interest-earning assets.

•Net interest margin of 2.95% increased 5 basis points, given the time-based benefits of Non-Core runoff and lower terminated swap impact, lower deposit costs and favorable fixed-rate asset repricing.

•Interest-bearing deposit costs decreased 2 basis points; total deposit costs decreased 2 basis points, and total cost of funds decreased 2 basis points to 2.07%.


Second quarter 2025			vs.			second quarter 2024

Net interest income of $1.4 billion increased 2%, primarily reflecting a higher net interest margin, partially offset by a 1% decline in average interest-earning assets.

•Net interest margin of 2.95% increased 8 basis points, as the benefit of lower funding costs, Non-Core runoff and fixed-rate asset repricing were partially offset by the impact of variable-rate asset repricing, net of swaps.

Citizens Financial Group, Inc.


Noninterest Income							2Q25 change from
($s in millions)	2Q25		1Q25		2Q24		1Q25				2Q24
							$		%		$		%

Service charges and fees	$	111	$	109	$	106	$	2	2	%	$	5	5	%
Capital markets fees	105		100		134		5		5		(29)		(22)
Card fees	90		83		92		7		8		(2)		(2)
Wealth fees	88		81		75		7		9		13		17
Mortgage banking fees	73		59		54		14		24		19		35
Foreign exchange and derivative products	41		39		39		2		5		2		5
Letter of credit and loan fees	45		44		43		1		2		2		5
Securities gains, net	5		7		—		(2)		(29)		5		100
Other income(1)	42		22		10		20		91		32		NM
Noninterest income	$	600	$	544	$	553	$	56	10	%	$	47	8	%
Underlying, as applicable
Card fees	$	90	$	83	$	88	$	7	8		$	2	2


Underlying noninterest income	$	600	$	544	$	549	$	56	10	%	$	51	9	%


(1) Includes bank-owned life insurance income and other miscellaneous income for all periods presented.


Second quarter 2025			vs.			first quarter 2025

Noninterest income of $600 million increased $56 million, or 10%.

•Capital markets fees increased $5 million, primarily reflecting higher equity underwriting and loan syndication fees. M&A fees were down slightly as several significant deals pushed into July given market uncertainty in the quarter.

•Card fees increased $7 million, reflecting seasonally higher purchase volumes.

•Wealth fees increased $7 million, given higher transactional revenue and an increase in advisory fees, primarily driven by net inflows.

•Mortgage banking fees increased $14 million, reflecting higher MSR valuation, net of hedge impact, as well as higher production fees.

•Foreign exchange and derivative products revenue increased $2 million, reflecting increased client hedging activity tied to heightened FX volatility, partially offset by lower commodities hedging.

•Other income increased $20 million, reflecting the benefit of various modest revenue items.


Second quarter 2025			vs.			second quarter 2024

Underlying noninterest income of $600 million increased $51 million, or 9%.

•Service charges and fees increased $5 million, primarily driven by higher overdraft and cash management fees.

•Capital markets fees decreased $29 million, reflecting lower M&A and bond underwriting fees, partially offset by higher equity underwriting fees.

•Wealth fees increased $13 million, reflecting growth in AUM, primarily from the Private Bank.

•Mortgage banking fees increased $19 million, primarily driven by higher MSR valuation, net of hedging.

•Foreign exchange and derivative products revenue increased $2 million, given increased client activity in foreign exchange hedging.

Citizens Financial Group, Inc.


Noninterest Expense							2Q25 change from
($s in millions)	2Q25		1Q25		2Q24		1Q25				2Q24
							$		%		$		%
Salaries and employee benefits	$	681	$	696	$	645	$	(15)	(2)	%	$	36	6	%
Equipment and software	193		194		190		(1)		(1)		3		2
Outside services	169		155		165		14		9		4		2
Occupancy	108		112		113		(4)		(4)		(5)		(4)
Other operating expense	168		157		188		11		7		(20)		(11)
Noninterest expense	$	1,319	$	1,314	$	1,301	$	5	—	%	$	18	1	%

Notable items	$	—	$	—	$	36	$	—	—	%	$	(36)	(100)%

Underlying, as applicable
Salaries and employee benefits	$	681	$	696	$	637	$	(15)	(2)	%	$	44	7	%
Equipment and software	193		194		186		(1)		(1)		7		4
Outside services	169		155		155		14		9		14		9
Occupancy	108		112		107		(4)		(4)		1		1
Other operating expense	168		157		180		11		7		(12)		(7)
Underlying noninterest expense	$	1,319	$	1,314	$	1,265	$	5	—	%	$	54	4	%


Second quarter 2025			vs.			first quarter 2025

Noninterest expense of $1.3 billion increased 0.4%.

•Salaries and employee benefits decreased $15 million, reflecting lower payroll taxes and compensation-related costs given seasonality.

•Outside services increased $14 million, primarily driven by higher technology and vendor-related costs.

•Occupancy decreased $4 million, driven by lower branch maintenance and utilities given first-quarter seasonality.

•Other operating expense increased $11 million, primarily reflecting higher seasonal marketing-related and travel costs.

The effective tax rate was 21.4% in second quarter 2025, compared with 20.3% in first quarter 2025, primarily reflecting lower benefit from tax-advantaged investments given higher income.


Second quarter 2025			vs.			second quarter 2024

Underlying noninterest expense of $1.3 billion increased 4%.

•Salaries and employee benefits increased $44 million, reflecting hiring related to the Private Bank and Private Wealth build out, as well as a broader increase in salaries and benefits.

•Equipment and software increased $7 million, given technology investments.

•Outside services increased $14 million, largely driven by investments across the enterprise.

•Other operating expense decreased $12 million, reflecting lower fraud losses, FDIC insurance expense and marketing-related costs.

The effective tax rate was 21.4% in second quarter 2025 compared with 20.3% on an Underlying basis in second quarter 2024, primarily reflecting less benefit from tax-advantaged investments given higher income and higher state taxes.

Citizens Financial Group, Inc.


Interest-earning assets							2Q25 change from
($s in millions)	2Q25		1Q25		2Q24		1Q25				2Q24
Period-end interest-earning assets							$		%		$		%
Investments	$	43,899	$	43,544	$	41,677	$	355	1	%	$	2,222	5	%
Interest-bearing deposits in banks	8,121		11,144		11,139		(3,023)		(27)		(3,018)		(27)
Commercial loans and leases	71,642		70,508		71,934		1,134		2		(292)		—
Retail loans	67,662		67,127		69,908		535		1		(2,246)		(3)
Total loans and leases	139,304		137,635		141,842		1,669		1		(2,538)		(2)
Loans held for sale	2,093		2,820		683		(727)		(26)		1,410		206

Total loans and leases and loans held for sale	141,397		140,455		142,525		942		1		(1,128)		(1)
Total period-end interest-earning assets	$	193,417	$	195,143	$	195,341	$	(1,726)	(1)	%	$	(1,924)	(1)	%
Average interest-earning assets(1)
Investments	$	46,538	$	46,069	$	44,692	$	469	1	%	$	1,846	4	%
Interest-bearing deposits in banks	8,217		8,092		9,650		125		2		(1,433)		(15)
Commercial loans and leases	71,423		70,612		72,955		811		1		(1,532)		(2)
Retail loans	67,386		69,098		70,112		(1,712)		(2)		(2,726)		(4)
Total loans and leases	138,809		139,710		143,067		(901)		(1)		(4,258)		(3)
Loans held for sale	2,754		1,187		1,056		1,567		132		1,698		161

Total loans and leases and loans held for sale	141,563		140,897		144,123		666		—		(2,560)		(2)
Total average interest-earning assets	$	196,318	$	195,058	$	198,465	$	1,260	1	%	$	(2,147)	(1)	%
(1) Total average interest-earning assets excludes the mark-to-market on investment securities and unsettled purchases or sales of loans and investments.


Second quarter 2025			vs.			first quarter 2025

Period-end interest-earning assets of $193.4 billion decreased 1%, reflecting a $3.0 billion decrease in cash held in interest-bearing deposits and $355 million increase in investments in securities. Total loans and leases increased $1.7 billion, as growth in the Private Bank, higher line utilization and net new business in Commercial, and growth in mortgage and home equity in Consumer, were partially offset by the runoff of Non-Core loans and commercial real estate paydowns.

Average interest-earning assets of $196.3 billion increased $1.3 billion, reflecting a $469 million increase in investments and $125 million increase in cash held in interest-bearing deposits. Average total loans and leases decreased $901 million, reflecting the reclassification of ~$1.9 billion of Non-Core education loans (“Non-Core transaction”) to loans held for sale near the end of the first quarter. Excluding this transaction, there was growth in the Private Bank and Commercial, as well as in mortgage and home equity, partially offset by continued run-off of Non-Core loans and commercial real estate paydowns.

The average effective duration of the securities portfolio was 3.7 years, compared with 3.6 years at March 31, 2025 and 3.7 years at June 30, 2024.


Second quarter 2025			vs.			second quarter 2024

Period-end interest-earning assets of $193.4 billion decreased 1%, reflecting a $3.0 billion decrease in investments in cash held in interest-bearing deposits and a $1.1 billion decrease in total loans and leases and loans held for sale, partially offset by a $2.2 billion increase in investments in securities. The decrease in loans and leases is driven by a $2.2 billion decrease in retail reflecting continued Non-Core portfolio runoff and the Non-Core transaction, partially offset by growth in home equity and mortgage, including in the Private Bank. Results also include a decrease in Commercial loans of $292 million reflecting paydowns in commercial real estate and C&I balance sheet optimization actions, partially offset by higher line utilization.

Average interest-earning assets of $196.3 billion decreased $2.1 billion, or 1%, reflecting a $2.6 billion decrease in total loans and leases and loans held for sale and a $1.4 billion decrease in cash held in interest-bearing deposits, partially offset by a $1.8 billion increase in investments in securities.

Citizens Financial Group, Inc.


Deposits							2Q25 change from
($s in millions)	2Q25		1Q25		2Q24		1Q25				2Q24
Period-end deposits							$		%		$		%
Non-interest bearing demand	$	38,001	$	37,556	$	36,927	$	445	1	%	$	1,074	3	%
Checking with interest	34,918		34,456		34,421		462		1		497		1
Savings	25,400		25,765		27,240		(365)		(1)		(1,840)		(7)
Money market	55,638		55,996		52,599		(358)		(1)		3,039		6
Time	21,129		23,803		25,165		(2,674)		(11)		(4,036)		(16)
Total period-end deposits	$	175,086	$	177,576	$	176,352	$	(2,490)	(1)	%	$	(1,266)	(1)	%
Average deposits
Non-interest bearing demand	$	37,350	$	36,543	$	36,205	$	807	2	%	$	1,145	3	%
Checking with interest	33,847		32,693		33,659		1,154		4		188		1
Savings	25,536		25,760		27,560		(224)		(1)		(2,024)		(7)
Money market	54,716		54,432		51,570		284		1		3,146		6
Time	22,679		23,277		24,676		(598)		(3)		(1,997)		(8)
Total average deposits	$	174,128	$	172,705	$	173,670	$	1,423	1	%	$	458	—	%


Second quarter 2025			vs.			first quarter 2025

Total period-end deposits of $175.1 billion are down 1%, largely reflecting a $2.7 billion decline in higher-cost Treasury brokered and retail time deposits, partially offset by growth in Commercial non-interest bearing demand and checking with interest.

Average deposits of $174.1 billion increased 1%, driven by growth in retail and Private bank lower-cost categories, partially offset by a reduction in higher-cost Treasury brokered and retail time deposits.


Second quarter 2025			vs.			second quarter 2024

Total period-end deposits of $175.1 billion decreased 1%, as growth in the Private Bank of $4.7 billion and an increase in Consumer deposits was more than offset by a reduction in higher-cost Treasury brokered deposits and slightly lower Commercial balances.

Average deposits of $174.1 billion were up slightly.

Citizens Financial Group, Inc.


Borrowed Funds							2Q25 change from
($s in millions)	2Q25		1Q25		2Q24		1Q25				2Q24
Period-end borrowed funds							$		%		$		%
Short-term borrowed funds	$	249	$	47	$	2	$	202	NM		$	247	NM
Long-term borrowed funds
FHLB advances	1,542		42		553		1,500		NM		989		179
Senior debt	6,821		7,568		6,512		(747)		(10)		309		5
Subordinated debt and other debt	1,752		1,772		1,827		(20)		(1)		(75)		(4)
Auto collateralized borrowings	2,411		2,885		4,190		(474)		(16)		(1,779)		(42)
Total borrowed funds	$	12,775	$	12,314	$	13,084	$	461	4	%	$	(309)	(2)	%
Average borrowed funds
Short-term borrowed funds	$	925	$	675	$	325	$	250	37 %		$	600	185	%
Long-term borrowed funds
FHLB advances	1,063		595		2,375		468		79 %		(1,312)		(55)
Senior debt	7,042		7,133		6,684		(91)		(1)		358		5
Subordinated debt and other debt	1,759		1,809		1,826		(50)		(3)		(67)		(4)
Auto collateralized borrowings	2,635		3,120		4,207		(485)		(16)		(1,572)		(37)
Total average borrowed funds	$	13,424	$	13,332	$	15,417	$	92	1	%	$	(1,993)	(13)	%


Second quarter 2025			vs.			first quarter 2025

Period-end borrowed funds increased $461 million, as a $1.5 billion increase in FHLB advances was largely offset by a decrease in senior debt of $747 million, reflecting a debt maturity and a decrease in collateralized borrowings on auto loans of $474 million given runoff of the associated portfolio.

Average borrowed funds increased $92 million, reflecting a $468 million increase in FHLB advances largely offset by a $485 million decrease in auto collateralized borrowings.


Second quarter 2025			vs.			second quarter 2024

Period-end borrowed funds decreased by $309 million, reflecting a decrease of $1.8 billion in auto collateralized borrowings, partially offset by an increase of $1.0 billion in FHLB advances and $309 million in senior debt given net issuances.

Average borrowed funds decreased by $2.0 billion, reflecting a $1.6 billion decrease in auto collateralized borrowings, given runoff of the associated portfolio, and a decrease of $1.3 billion in FHLB advances, partially offset by a $358 million increase in senior debt issuances.

Citizens Financial Group, Inc.


Capital										2Q25 change from
($s and shares in millions, except per share data)	2Q25			1Q25			2Q24			1Q25				2Q24
Period-end capital										$		%		$		%
Stockholders' equity	$	25,234		$	24,866		$	23,869		$	368	1	%	$	1,365	6	%
Stockholders' common equity	23,121			22,753			21,757			368		2		1,364		6
Tangible common equity	15,246			14,867			13,866			379		3		1,380		10
Tangible book value per common share	$	35.23		$	33.97		$	30.61		$	1.26	4	%	$	4.62	15	%
Common shares - at end of period	432.8			437.7			453.0			(4.9)		(1)		(20.2)		(4)
Common shares - average (diluted)	436.5			442.2			456.6			(5.7)		(1)	%	(20.0)		(4)	%
Common equity tier 1 capital ratio(1)	10.6		%	10.6		%	10.7		%
Total capital ratio(1)	13.8			13.9			14.0
Tangible common equity ratio	7.2			7.0			6.5
Tier 1 leverage ratio(1)	9.4			9.4			9.4
(1) Current reporting-period regulatory capital ratios are preliminary.


Second quarter 2025

•The CET1 capital ratio of 10.6% as of June 30, 2025 compares with 10.6% at March 31, 2025 and 10.7% at June 30, 2024.

•Total capital ratio of 13.8% compares with 13.9% at March 31, 2025 and 14.0% as of June 30, 2024.

•Tangible common equity ratio of 7.2% compares with 7.0% at March 31, 2025 and 6.5% as of June 30, 2024.

•Tangible book value per common share of $35.23 increased 4% compared with first quarter 2025, reflecting higher net income and AOCI impact from lower long-term rates.

•Paid $185 million in common dividends to shareholders during second quarter 2025. This compares with $186 million in common dividends during first quarter 2025 and $193 million during second quarter 2024.

•Repurchased $200 million of common shares during second quarter 2025, compared with $200 million in first quarter 2025 and $200 million in second quarter 2024.

•The Board of Directors increased the capacity of the Company’s common share repurchase program to $1.5 billion on June 12, 2025.

Citizens Financial Group, Inc.


Credit quality review										2Q25 change from
($s in millions)	2Q25			1Q25			2Q24			1Q25					2Q24
										$/bps/%			%		$/bps/%			%
Nonaccrual loans and leases(1)	$	1,524		$	1,582		$	1,527		$	(58)		(4)	%	$	(3)		—	%
90+ days past due and accruing(2)	194			155			228			39			25		(34)			(15)
Net charge-offs	167			200			184			(33)			(17)		(17)			(9)
Provision for credit losses	164			153			182			11			7		(18)			(10)

Allowance for credit losses	$	2,209		$	2,212		$	2,306		$	(3)		—	%	$	(97)		(4)	%
Nonaccrual loans and leases to loans and leases	1.09		%	1.15		%	1.08		%	(6)		bps			1		bps
Net charge-offs as a % of total loans and leases	0.48			0.58			0.52			(10)					(4)

Allowance for credit losses to loans and leases	1.59			1.61			1.63			(2)					(4)

Allowance for credit losses to nonaccrual loans and leases	145		%	140		%	151		%	5		%			(6)		%
(1) Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.
(2) 90+ days past due and accruing includes $128 million, $137 million, and $168 million of loans fully or partially guaranteed by the FHA, VA, and USDA for June 30, 2025, March 31, 2025, and June 30, 2024, respectively.


Second quarter 2025			vs.			first quarter 2025

•Nonaccrual loans of $1.5 billion decreased $58 million, or 4%, primarily driven by a decline in C&I, other retail and continued runoff of the Non-Core auto portfolio. The nonaccrual loans to total loans ratio of 1.09% decreased from 1.15% at March 31, 2025.

•Net charge-offs of $167 million, or 48 basis points of average loans and leases, compares with 58 basis points in the prior quarter which included a $25 million, or 7 basis point impact from the Non-Core transaction (an agreement entered into in the first quarter to sell ~$1.9 billion of Non-Core education loans). Excluding the impact of this transaction, net charge-offs for first quarter 2025 were 51 basis points. Commercial net charge-offs are up modestly, given an increase in C&I. Retail net charge-offs declined by $44 million compared with first quarter 2025 which included the recognition of a $25 million charge-off associated with the Non-Core transaction.

•The second quarter 2025 provision for credit losses of $164 million compares with $153 million for first quarter 2025. The ratio of allowance for credit losses to total loans of 1.59% was down slightly compared with 1.61% as of March 31, 2025. The decrease is primarily driven by improving loan mix, reflecting the Non-Core portfolio reduction, declining commercial real estate, and originations in retail real estate secured and commercial categories that have a lower loss content profile.

•The allowance for credit losses to nonaccrual loans and leases ratio of 145% compares with 140% as of March 31, 2025.


Second quarter 2025			vs.			second quarter 2024

•Nonaccrual loans were broadly stable across commercial and retail. The nonaccrual loans to total loans ratio of 1.09% compares with 1.08% at June 30, 2024.

•Net charge-offs of $167 million, or 48 basis points of average loans and leases compares with 52 basis points for second quarter 2024. This reflects a $4 million decrease in commercial, and a $13 million decrease in retail primarily driven by a reduction in education tied to the Non-Core transaction.

•Provision for credit losses of $164 million decreased compared with a $182 million provision in second quarter 2024 reflecting the runoff of the Non-Core portfolio and improving loan mix.

•Allowance for credit losses of $2.2 billion decreased $97 million compared with June 30, 2024 given the benefit of Non-Core runoff, the Non-Core transaction and other improvements in loan mix. Allowance for credit losses ratio of 1.59% as of June 30, 2025, compares with 1.63% as of June 30, 2024.

•The allowance for credit losses to nonaccrual loans and leases ratio of 145% compares with 151% as of June 30, 2024.

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: Kristin Silberberg - (203) 900-6854

Conference Call

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

Time: 10:00 am ET

Dial-in: (800) 369-1703, conference ID 3488708

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 July 17, 2025 through August 17, 2025. 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 $218.3 billion in assets as of June 30, 2025. 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 full-service customer contact center and the convenience of approximately 3,000 ATMs and approximately 1,000 branches in 14 states and the District of Columbia. 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 X, LinkedIn or Facebook.

Citizens Financial Group, Inc.

Non-GAAP Financial Measures and Reconciliations

Non-GAAP Financial Measures:

This document contains non-GAAP financial measures, with those denoted as Underlying for any given reporting period excluding 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 those measures denoted as Underlying 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. See the following pages for reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures.

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.

Non-GAAP financial measures and reconciliations

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


		QUARTERLY TRENDS
					2Q25 Change
		2Q25	1Q25	2Q24	1Q25			2Q24
					$	%		$	%
Noninterest income, Underlying:
Noninterest income (GAAP)		$600	$544	$553	$56	10	%	$47	8	%
Less: Notable items		—	—	4	—	—		(4)	(100)
Noninterest income, Underlying (non-GAAP)		$600	$544	$549	$56	10	%	$51	9	%
Total revenue, Underlying:
Total revenue (GAAP)	A	$2,037	$1,935	$1,963	$102	5	%	$74	4	%
Less: Notable items		—	—	4	—	—		(4)	(100)
Total revenue, Underlying (non-GAAP)	B	$2,037	$1,935	$1,959	$102	5	%	$78	4	%
Noninterest expense, Underlying:
Noninterest expense (GAAP)	C	$1,319	$1,314	$1,301	$5	—	%	$18	1	%
Less: Notable items		—	—	36	—	—		(36)	(100)
Noninterest expense, Underlying (non-GAAP)	D	$1,319	$1,314	$1,265	$5	—	%	$54	4	%
Pre-provision profit:
Total revenue (GAAP)	A	$2,037	$1,935	$1,963	$102	5	%	$74	4	%
Less: Noninterest expense (GAAP)	C	1,319	1,314	1,301	5	—		18	1
Pre-provision profit (non-GAAP)		$718	$621	$662	$97	16	%	$56	8	%
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)	B	$2,037	$1,935	$1,959	$102	5	%	$78	4	%
Less: Noninterest expense, Underlying (non-GAAP)	D	1,319	1,314	1,265	5	—		54	4
Pre-provision profit, Underlying (non-GAAP)		$718	$621	$694	$97	16	%	$24	3	%








Income before income tax expense, Underlying:
Income before income tax expense (GAAP)	E	$554	$468	$480	$86	18	%	$74	15	%
Less: Income (expense) before income tax expense (benefit) related to notable items		—	—	(32)	—	—		32	100
Income before income tax expense, Underlying (non-GAAP)	F	$554	$468	$512	$86	18	%	$42	8	%
Income tax expense, Underlying:
Income tax expense (GAAP)	G	$118	$95	$88	$23	24	%	$30	34	%
Less: Income tax expense (benefit) related to notable items		—	—	(16)	—	—		16	100
Income tax expense, Underlying (non-GAAP)	H	$118	$95	$104	$23	24	%	$14	13	%
Net income, Underlying:
Net income (GAAP)	I	$436	$373	$392	$63	17	%	$44	11	%
Add: Notable items, net of income tax benefit		—	—	16	—	—		(16)	(100)
Net income, Underlying (non-GAAP)	J	$436	$373	$408	$63	17	%	$28	7	%
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)	K	$402	$340	$357	$62	18	%	$45	13	%
Add: Notable items, net of income tax benefit		—	—	16	—	—		(16)	(100)
Net income available to common stockholders, Underlying (non-GAAP)	L	$402	$340	$373	$62	18	%	$29	8	%

Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations (continued)

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


		QUARTERLY TRENDS
								2Q25 Change
		2Q25		1Q25		2Q24		1Q25				2Q24
								$/bps		%		$/bps		%
Operating leverage:
Total revenue (GAAP)	A	$2,037		$1,935		$1,963		$102		5.35	%	$74		3.78	%
Less: Noninterest expense (GAAP)	C	1,319		1,314		1,301		5		0.47		18		1.42
Operating leverage										4.88	%			2.36	%
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)	B	$2,037		$1,935		$1,959		$102		5.35	%	$78		4.02	%
Less: Noninterest expense, Underlying (non-GAAP)	D	1,319		1,314		1,265		5		0.47		54		4.29
Operating leverage, Underlying (non-GAAP)										4.88	%			(0.27	%)
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio	C/A	64.76	%	67.91	%	66.27	%	(315)	bps			(151)	bps
Efficiency ratio, Underlying (non-GAAP)	D/B	64.76		67.91		64.59		(315)	bps			17	bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rate	G/E	21.37	%	20.26	%	18.49	%	111	bps			288	bps
Effective income tax rate, Underlying (non-GAAP)	H/F	21.37		20.26		20.33		111	bps			104	bps
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP)	M	$22,494		$22,188		$21,427		$306		1	%	$1,067		5	%
Return on average common equity	K/M	7.18	%	6.21	%	6.70	%	97	bps			48	bps
Return on average common equity, Underlying (non-GAAP)	L/M	7.18		6.21		7.00		97	bps			18	bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)	M	$22,494		$22,188		$21,427		$306		1	%	$1,067		5	%
Less: Average goodwill (GAAP)		8,187		8,187		8,188		—		—		(1)		—
Less: Average other intangibles (GAAP)		134		142		144		(8)		(6)		(10)		(7)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		438		438		432		—		—		6		1
Average tangible common equity (non-GAAP)	N	$14,611		$14,297		$13,527		$314		2	%	$1,084		8	%
Return on average tangible common equity (non-GAAP)	K/N	11.05	%	9.64	%	10.61	%	141	bps			44	bps
Return on average tangible common equity, Underlying (non-GAAP)	L/N	11.05		9.64		11.09		141	bps			(4)	bps
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP)	O	$217,661		$216,309		$219,222		$1,352		1	%	($1,561)		(1	%)
Return on average total assets	I/O	0.80	%	0.70	%	0.72	%	10	bps			8	bps
Return on average total assets, Underlying (non-GAAP)	J/O	0.80		0.70		0.75		10	bps			5	bps
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)	O	$217,661		$216,309		$219,222		$1,352		1	%	($1,561)		(1	%)
Less: Average goodwill (GAAP)		8,187		8,187		8,188		—		—		(1)		—
Less: Average other intangibles (GAAP)		134		142		144		(8)		(6)		(10)		(7)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		438		438		432		—		—		6		1
Average tangible assets (non-GAAP)	P	$209,778		$208,418		$211,322		$1,360		1	%	($1,544)		(1	%)
Return on average total tangible assets (non-GAAP)	I/P	0.83	%	0.73	%	0.75	%	10	bps			8	bps
Return on average total tangible assets, Underlying (non-GAAP)	J/P	0.83		0.73		0.78		10	bps			5	bps

Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations (continued)

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


		QUARTERLY TRENDS
								2Q25 Change
		2Q25		1Q25		2Q24		1Q25			2Q24
								$/bps	%		$/bps	%
Book value per common share and tangible book value per common share:
Common shares - at period-end (GAAP)	Q	432,768,811		437,668,127		452,961,853		(4,899,316)	(1	%)	(20,193,042)	(4	%)
Common stockholders' equity (GAAP)	R	$23,121		$22,753		$21,757		$368	2		$1,364	6
Less: Goodwill (GAAP)		8,187		8,187		8,187		—	—		—	—
Less: Other intangible assets (GAAP)		128		137		139		(9)	(7)		(11)	(8)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)		440		438		435		2	—		5	1
Tangible common equity (non-GAAP)	S	$15,246		$14,867		$13,866		$379	3	%	$1,380	10	%
Book value per common share	R/Q	$53.43		$51.99		$48.03		$1.44	3	%	$5.40	11	%
Tangible book value per common share (non-GAAP)	S/Q	$35.23		$33.97		$30.61		$1.26	4	%	$4.62	15	%
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)	T	433,640,210		438,320,757		454,142,489		(4,680,547)	(1	%)	(20,502,279)	(5	%)
Average common shares outstanding - diluted (GAAP)	U	436,539,774		442,200,180		456,561,022		(5,660,406)	(1)		(20,021,248)	(4)
Net income per average common share - basic (GAAP)	K/T	$0.93		$0.78		$0.79		$0.15	19		$0.14	18
Net income per average common share - diluted (GAAP)	K/U	0.92		0.77		0.78		0.15	19		0.14	18
Net income per average common share - basic, Underlying (non-GAAP)	L/T	0.93		0.78		0.82		0.15	19		0.11	13
Net income per average common share - diluted, Underlying (non-GAAP)	L/U	0.92		0.77		0.82		0.15	19		0.10	12
































Common equity ratio and tangible common equity ratio:
Total assets (GAAP)	V	$218,310		$220,148		$219,938		(1,838)	(1)		($1,628)	(1	%)
Less: Goodwill (GAAP)		8,187		8,187		8,187		—	—		—	—
Less: Other intangible assets (GAAP)		128		137		139		(9)	(7)		(11)	(8)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)		440		438		435		2	—		5	1
Tangible assets (non-GAAP)	W	$210,435		$212,262		$212,047		($1,827)	(1	%)	($1,612)	(1	%)
Common equity ratio (GAAP)	R/V	10.6	%	10.3	%	9.9	%	25 bps			70 bps
Tangible common equity ratio (non-GAAP)	S/W	7.2		7.0		6.5		24 bps			70 bps

Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations (continued)

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


		QUARTERLY TRENDS
								2Q25 Change
		2Q25		1Q25		2Q24		1Q25				2Q24
								$/bps		%		$/bps		%




Net interest income and net interest margin on an FTE basis:
Net interest income (annualized) (GAAP)	X	$5,770		$5,637		$5,674		$133		2	%	$96		2	%
Average interest-earning assets (GAAP)	Y	196,318		195,058		198,465		1,260		1		(2,147)		(1)
Net interest margin (GAAP)	X/Y	2.94	%	2.89	%	2.86	%	5	bps			8	bps
Net interest income (GAAP)		$1,437		$1,391		$1,410		$46		3	%	$27		2	%
FTE adjustment		4		4		5		—		—		(1)		(20)
Net interest income on an FTE basis (non-GAAP)		1,441		1,395		1,415		46		3		26		2
Net interest income on an FTE basis (annualized) (non-GAAP)	Z	5,786		5,653		5,692		133		2		94		2
Net interest margin on an FTE basis (non-GAAP)	Z/Y	2.95	%	2.90	%	2.87	%	5	bps			8	bps
Card fees, Underlying:
Card fees (GAAP)		$90		$83		$92		$7		8		($2)		(2%)
Less: Notable items		—		—		4		—		—		(4)		(100)
Card fees, Underlying (non-GAAP)		$90		$83		$88		$7		8		$2		2	%




Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)		$681		$696		$645		($15)		(2	%)	$36		6	%
Less: Notable items		—		—		8		—		—		(8)		(100)
Salaries and employee benefits, Underlying (non-GAAP)		$681		$696		$637		($15)		(2	%)	$44		7	%
Equipment and software, Underlying:
Equipment and software (GAAP)		$193		$194		$190		($1)		(1	%)	$3		2	%
Less: Notable items		—		—		4		—		—		(4)		(100)
Equipment and software, Underlying (non-GAAP)		$193		$194		$186		($1)		(1	%)	$7		4	%
Outside services, Underlying:
Outside services (GAAP)		$169		$155		$165		$14		9	%	$4		2	%
Less: Notable items		—		—		10		—		—		(10)		(100)
Outside services, Underlying (non-GAAP)		$169		$155		$155		$14		9	%	$14		9	%
Occupancy, Underlying:
Occupancy (GAAP)		$108		$112		$113		($4)		(4	%)	($5)		(4	%)
Less: Notable items		—		—		6		—		—		(6)		(100)
Occupancy, Underlying (non-GAAP)		$108		$112		$107		($4)		(4	%)	$1		1	%
Other operating expense, Underlying:
Other operating expense (GAAP)		$168		$157		$188		$11		7	%	($20)		(11	%)
Less: Notable items		—		—		8		—		—		(8)		(100)
Other operating expense, Underlying (non-GAAP)		$168		$157		$180		$11		7	%	($12)		(7	%)

Citizens Financial Group, Inc.

Forward-Looking Statements

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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,” “guidance” or similar expressions or future conditional verbs such as “may,” “will,” “likely”, “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, business and political conditions, including as a result of the interest rate environment, supply chain disruptions, tariffs, inflationary pressures and labor shortages, that adversely affect the general economy, housing prices, the job market, consumer confidence and spending habits;

•The general state of the economy and employment, as well as general business and economic conditions, and changes in the competitive environment;

•Our capital and liquidity requirements under regulatory standards and our ability to generate capital and liquidity on favorable terms;

•The effect of changes in our credit ratings on our cost of funding, access to capital markets, ability to market our securities, and overall liquidity position;

•The effect of changes in the level of commercial and consumer deposits on our funding costs and net interest margin;

•Our ability to execute on our strategic business initiatives and achieve our financial performance goals across our Consumer and Commercial businesses, including our Private Bank;

•The effects of geopolitical instability, including the wars in Ukraine and the Middle East, on economic and market conditions, inflationary pressures and the interest rate environment, commodity price and foreign exchange rate volatility, and heightened cybersecurity risks;

•Our ability to comply with heightened supervisory requirements and expectations as well as new or amended regulations;

•Liabilities and business restrictions resulting from litigation and regulatory investigations;

•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;

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

•Environmental risks, such as physical or transition risks associated with climate change, and social and governance risks, that could adversely affect our reputation, operations, business, and customers;

•A failure in or breach of our compliance with laws, as well as 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 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 from or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends.

More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found in the “Risk Factors” section in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 as filed with the Securities and Exchange Commission.

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

Citizens Financial Group, Inc.

CFG-IR

2Q25 Financial Results July 17, 2025

2 Forward-looking statements and use of non-GAAP financial measures This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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,” “guidance” or similar expressions or future conditional verbs such as “may,” “will,” “likely”, “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, business and political conditions, including as a result of the interest rate environment, supply chain disruptions, tariffs, inflationary pressures and labor shortages, that adversely affect the general economy, housing prices, the job market, consumer confidence and spending habits; • The general state of the economy and employment, as well as general business and economic conditions, and changes in the competitive environment; • Our capital and liquidity requirements under regulatory standards and our ability to generate capital and liquidity on favorable terms; • The effect of changes in our credit ratings on our cost of funding, access to capital markets, ability to market our securities, and overall liquidity position; • The effect of changes in the level of commercial and consumer deposits on our funding costs and net interest margin; • Our ability to execute on our strategic business initiatives and achieve our financial performance goals across our Consumer and Commercial businesses, including our Private Bank; • The effects of geopolitical instability, including the wars in Ukraine and the Middle East, on economic and market conditions, inflationary pressures and the interest rate environment, commodity price and foreign exchange rate volatility, and heightened cybersecurity risks; • Our ability to comply with heightened supervisory requirements and expectations as well as new or amended regulations; • Liabilities and business restrictions resulting from litigation and regulatory investigations; • 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; • Financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses; • Environmental risks, such as physical or transition risks associated with climate change, and social and governance risks, that could adversely affect our reputation, operations, business, and customers; • A failure in or breach of our compliance with laws, as well as 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 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 from or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends. More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found in the “Risk Factors” section in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 as filed with the Securities and Exchange Commission. Non-GAAP Financial Measures: This document contains non-GAAP financial measures, with those denoted as Underlying for any given reporting period excluding 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 those measures denoted as Underlying 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. The Appendix presents reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures. 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.

3 2Q25 GAAP summary 2Q25 1Q25 2Q24 Q/Q Y/Y $s in millions $/bps % $/bps % Net interest income $ 1,437 $ 1,391 $ 1,410 $ 46 3 % $ 27 2 % Noninterest income 600 544 553 56 10 47 8 Total revenue 2,037 1,935 1,963 102 5 74 4 Noninterest Expense 1,319 1,314 1,301 5 — 18 1 Pre-provision profit 718 621 662 97 16 56 8 Provision for credit losses 164 153 182 11 7 (18) (10) Income before income tax expense 554 468 480 86 18 74 15 Income tax expense 118 95 88 23 24 30 34 Net income $ 436 $ 373 $ 392 $ 63 17 % $ 44 11 % Preferred dividends 34 33 35 1 3 (1) (3) Net income available to common stockholders $ 402 $ 340 $ 357 $ 62 18 % $ 45 13 % $s in billions Average interest-earning assets $ 196.3 $ 195.1 $ 198.5 $ 1.3 1 % $ (2.1) (1) % Average deposits $ 174.1 $ 172.7 $ 173.7 $ 1.4 1 % $ 0.5 — % Performance metrics Net interest margin 2.94 % 2.89 % 2.86 % 5 bps 8 bps Net interest margin, FTE(1) 2.95 2.90 2.87 5 8 Loan-to-deposit ratio (period-end) 79.6 77.5 80.4 205 (87) ROTCE 11.0 9.6 10.6 141 44 Efficiency ratio 64.8 67.9 66.3 (315) (151) Noninterest income as a % of total revenue 29 % 28 % 28 % 127 bps 125 bps Full-time equivalent colleagues 17,677 17,315 17,510 362 2 167 1 Operating leverage 4.88 % 2.36 % Per common share Diluted earnings $ 0.92 $ 0.77 $ 0.78 $ 0.15 19 % $ 0.14 18 % Tangible book value $ 35.23 $ 33.97 $ 30.61 $ 1.26 4 % $ 4.62 15 % Average diluted shares outstanding (in millions) 436.5 442.2 456.6 (5.7) (1) % (20.0) (4) % See pages 31-32 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 30.

4 2Q25 Underlying financial summary(1) Q/Q Y/Y $s in millions 2Q25 $/bps % $/bps % Net interest income $ 1,437 $ 46 3 % $ 27 2 % Noninterest income 600 56 10 51 9 Total revenue 2,037 102 5 78 4 Noninterest expense 1,319 5 — 54 4 Pre-provision profit 718 97 16 24 3 Provision for credit losses 164 11 7 (18) (10) Net income available to common stockholders $ 402 $ 62 18 % $ 29 8 % Performance metrics Diluted EPS $ 0.92 $ 0.15 19 % $ 0.10 12 % Efficiency ratio 64.8 (315) bps 17 bps Noninterest income as a % of total revenue 29 % 127 bps 141 bps ROTCE 11.0 % 141 bps (4) bps Tangible book value per share $ 35.23 $ 1.26 4 % $ 4.62 15 % See pages 31-32 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 30. 2Q25 1Q25 2Q24 Notable items impacts Pre-tax EPS Pre-tax EPS Pre-tax EPS ($s in millions except per share data) Integration-related $ — $ — $ — $ — $ (3) $ (0.01) TOP/FDIC-related/Other — — — — (29) (0.03) Total $ — $ — $ — $ — $ (32) $ (0.04)

5 2Q25 financial performance detail (A) (B) (C) = (A) + (B) (D) (E) = (C) + (D) $s in millions Legacy Core(1) Private Bank Core Non-Core(2) Total CFG Net interest income $1,362 $80.3 $1,442 $(5) $1,437 Noninterest income 582 15.2 597 3 600 Total revenue 1,944 95.4 2,039 (2) 2,037 Noninterest Expense 1,244 60.4 1,304 15 1,319 Pre-provision profit 700 35.1 735 (17) 718 Provision for credit losses 162 — 162 2 164 Income before income tax expense 538 35.1 573 (19) 554 Income tax expense 114 8.9 123 (5) 118 Net income 424 26.2 450 (14) 436 Preferred dividends 34 — 34 — 34 Net income available to common stockholders $390 $26.2 $416 $(14) $402 Contribution to total CFG Diluted EPS $0.90 $0.06 $0.96 $(0.04) $0.92 $s in billions Interest-earning assets (spot) $184 $4.9 $189 $4.6 $193 Loans (spot) 131 4.9 136 3.6 139 Deposits (spot) 166 8.7 175 — 175 Risk-weighted assets (spot) 158 5.4 163 4.6 168 Performance metrics: Net interest margin, FTE(3) 2.93% --- 3.04% (0.43)% 2.95% Loan-to-deposit ratio (spot) 78.6 56.3 77.5 --- 79.6 CET1 capital ratio(4) 11.2 --- 10.9 --- 10.6 ROTCE 10.7 --- 11.5 --- 11.0 Efficiency ratio 64.0 63.2 63.9 --- 64.8 Noninterest income as a % of total revenue 29.9 15.9 29.2 --- 29.4 See pages 31-32 for notes.

6 ■ EPS of $0.92 reflects strong revenue performance, positive operating leverage of ~5% QoQ – Continued strong Private Bank progress, contributing $0.06 to EPS, up $0.02 QoQ ■ PPNR of $718 million, up 16% QoQ – NIM continues to steadily expand, up 5 bps to 2.95% ◦ Tracking well to 3.05-3.10% in 4Q25, 3.15-3.30% in 4Q26, and 3.25-3.50% in 2027 – Strong fee performance led by Card, Wealth and Mortgage; Capital Markets saw a modest increase driven by equity underwriting and loan syndications, partly offset by delayed M&A closings – Disciplined expense management with expenses broadly flat Solid 2Q25 results Maintaining strong capital and liquidity position Positive trends in credit and loans 2Q25 Overview(1) ■ Maintained a strong capital position while continuing to repurchase shares – CET1 ratio of 10.6%(2); 9.1% adjusted for AOCI opt-out removal ■ Strong liquidity profile; spot LDR of 79.6%; pro forma LCR well exceeds Category I Bank requirement of 100% ■ Average deposits up 1% QoQ with growth in lower-cost categories, partially offset by a reduction in higher-cost Treasury brokered deposits; continued deposit rate management lowered IB deposit costs by 2 bps 2Q25 QoQ NII $ 1,437 3.3 % Fees 600 10.3 % Expenses 1,319 0.4 % $s in millions ■ Loans up 1% QoQ on a spot basis with growth across the Private Bank, Commercial and Consumer ■ Net charge-offs of 48 bps, down slightly QoQ with favorable trends in NPAs, down 4% ■ Strong ACL coverage of 1.59%, down slightly QoQ; reflects improving loan mix PPNR drivers ■ Private Bank build out tracking well; adding wealth teams and opening new PBOs; confident the business will deliver a ~20 to 24% return on equity for FY2025 and maintain this over the medium term ■ Good visibility into driving NIM, NII higher over the medium-term ■ Strong execution of strategic initiatives (Private bank, NYC Metro, Private Capital, Payments, BSO) continues ■ TOP 10 progressing well towards ~$100 million pre-tax run-rate benefit by year-end 2025; commenced work on a 'Reimagining the Bank' initiative (multi-year transformational TOP program) Well positioned for the medium term See pages 31-32 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 30.

7 2.90% 0.03% 0.02% 0.02% 0.02% (0.02)% (0.02)% 2.95% 1Q25 Non-Core impact Terminated Swaps Funding pricing & mix Fixed-rate asset repricing Asset yields & mix, net of active swaps* Day count/ Other 2Q25 $198.5B $197.2B $196.6B $195.1B $196.3B $1,410 $1,369 $1,412 $1,391 $1,437 2.87% 2.77% 2.87% 2.90% 2.95% 2Q24 3Q24 4Q24 1Q25 2Q25 ■ NII up 3.3%, reflects higher NIM and a 1% increase in average interest-earning assets – NIM of 2.95%, up 5 bps QoQ, given the time-based benefits of Non-Core runoff and lower terminated swap impact, lower deposit costs and favorable fixed-rate asset repricing ■ Interest-earning assets yield of 4.89%, up 5 bps, reflects fixed-rate asset repricing benefit of securities and mortgage, as well as retail mix improvement, and lower terminated swap impact on C&I yields ■ Interest-bearing deposit costs decreased 2 bps to 2.35%; cumulative interest-bearing deposit down-beta of ~54% ■ Total deposit costs down 2 bps to 1.85%; total cost of funds down 2 bps to 2.07% Net interest income NII and NIM Average interest-earning assets Net interest income NIM, FTE Linked Quarter NIM 1Q25 to 2Q25 $s in millions, except earning assets *Includes ~(1) basis point impact related to active receive-fixed swaps Time-based NIM benefit

8 $553 $532 $574 $544 $600 $549 $534 $564 $544 $600 Underlying Notable items 2Q24 3Q24 4Q24 1Q25 2Q25 ■ Noninterest income increased 10%, reflecting the following key business drivers: – Capital markets fees increased $5 million, primarily reflecting higher equity underwriting and loan syndication fees. M&A fees were down as several significant deals pushed into July given market uncertainty in the quarter – Card fees increased $7 million, given seasonally higher purchase volumes – Wealth fees increased $7 million, given higher transactional revenue and an increase in advisory fees, primarily driven by net inflows – Mortgage banking fees increased $14 million, driven by MSR valuation, net of hedging, as well as higher production fees – Other income increased $20 million, reflecting the benefit of various modest revenue items Noninterest income(1) $s in millions See pages 31-32 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 30. Linked Quarter Year-Over-YearNoninterest income $s in millions 2Q25 1Q25 2Q24 $ Q/Q Y/Y Service charges and fees $ 111 $ 109 $ 106 $ 2 $ 5 Capital markets fees 105 100 134 5 (29) Card fees 90 83 88 7 2 Wealth fees 88 81 75 7 13 Mortgage banking fees 73 59 54 14 19 FX and derivative products 41 39 39 2 2 Letter of credit and loan fees 45 44 43 1 2 Securities gains, net 5 7 — (2) 5 Other income(2) 42 22 10 20 32 Noninterest income, underlying $ 600 $ 544 $ 549 $ 56 $ 51 Notable items (3) — — 4 — (4) Noninterest income, reported $ 600 $ 544 $ 553 $ 56 $ 47 * Noninterest income details *3Q24 has notable items of ($2MM) ■ Underlying noninterest income increased 9%, reflecting the following key business drivers: – Service charges and fees increased $5 million, primarily driven by higher overdraft and cash management fees – Capital markets fees decreased $29 million, reflecting lower M&A and bond underwriting fees partially offset by higher equity underwriting fees – Wealth fees increased $13 million, reflecting growth in AUM, primarily from the Private Bank – Mortgage banking fees increased $19 million, primarily driven by higher MSR valuation, net of hedging

9 ■ Noninterest expense of $1.3 billion, up 0.4% – Salaries and benefits decreased $15 million, reflecting lower payroll taxes and compensation-related costs given seasonality – Outside services increased $14 million, primarily driven by higher technology and vendor-related costs – Occupancy decreased $4 million, driven by lower branch maintenance and utilities given first-quarter seasonality – Other operating expense increased $11 million, primarily reflecting higher seasonal marketing-related and travel costs Noninterest expense(1) See pages 31-32 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 30. Efficiency ratio Linked Quarter Year-Over-Year 66.3% 66.2% 66.3% 67.9% 64.8% 64.6% 65.6% 65.4% 67.9% 64.8% Underlying Notable items 2Q24 3Q24 4Q24 1Q25 2Q25 2Q25 1Q25 2Q24 $ $s in millions Q/Q Y/Y Salaries & employee benefits $ 681 $ 696 $ 637 $ (15) $ 44 Equipment & software 193 194 186 (1) 7 Outside services 169 155 155 14 14 Occupancy 108 112 107 (4) 1 Other operating expense 168 157 180 11 (12) Noninterest expense, underlying $ 1,319 $ 1,314 $ 1,265 $ 5 $ 54 Notable items (1) — — 36 — (36) Noninterest expense, reported $ 1,319 $ 1,314 $ 1,301 $ 5 $ 18 Full-time equivalents (FTEs) 17,677 17,315 17,510 362 167 ■ Underlying noninterest expense of $1.3 billion, up 4% – Salaries and benefits increased $44 million, reflecting hiring related to the Private Bank and Private Wealth build out, as well as a broader increase in salaries and benefits – Equipment and software increased $7 million, given technology investments – Outside services increased $14 million, largely driven by investments across the enterprise – Other operating expense decreased $12 million, reflecting lower fraud losses, FDIC insurance expense and marketing-related costs Noninterest expense details

10 $143.1 $142.0 $140.9 $139.7 $138.8 $9.4 $8.4 $7.4 $6.4 $3.9 $133.7 $133.6 $133.5 $133.3 $134.9 Non-Core Core Loan yield 2Q24 3Q24 4Q24 1Q25 2Q25 ~39% QoQ ■ Period-end loans up 1%; Core loans up 2% – Private Bank growth of $1.2 billion, driven primarily by commercial line utilization and mortgage – Commercial* up ~$300 million, given an increase in C&I reflecting line utilization and net new business, partially offset by CRE paydowns and balance sheet optimization actions – Retail* up $813 million, driven by home equity and mortgage – Non-Core loans down $662 million, reflecting continued runoff ■ Average loans down 1%; Core loans up 1% ■ Loan yield of 5.31%, up 5 bps QoQ, including the benefit of lower swap expense Loans and leases $s in billions Average loans and leases $141.8 $141.6 $139.2 $137.6 $139.3 $8.9 $7.9 $6.9 $4.2 $3.6 $132.9 $133.7 $132.3 $133.4 $135.7 Non-Core Core 2Q24 3Q24 4Q24 1Q25 2Q25 $s in billions Period-end loans and leases 5.60% 5.50% 5.35% 5.26% 5.31% Linked Quarter Year-Over-Year ~16% QoQ ~2% QoQ ~1% QoQ *Excludes Non-Core portfolio and Private Bank. See page 39 for details. ■ Period-end loans down $2.5 billion, or 2%, reflecting Non-Core runoff of $5.3 billion; Core loans up $2.8 billion, or 2% – Private Bank growth of $3.5 billion – Retail* up $2.0 billion, driven by home equity and mortgage – Commercial* down $2.8 billion, reflecting paydowns in CRE and C&I balance sheet optimization actions, partially offset by higher line utilization ■ Average loans down $4.3 billion, or 3.0%; Core loans up 1%

11 $173.7 $174.1 $174.3 $172.7 $174.1 2Q24 3Q24 4Q24 1Q25 2Q25 Deposit performance and cost of funds $s in billions Average deposits 2.24% 2.26% 2.02% 1.87% 1.85% 2.82% 2.86% 2.55% 2.37% 2.35% Total deposit costs Interest-bearing deposit costs CommercialConsumer Treasury/Other Year-Over-YearPeriod-end deposits Linked Quarter ■ Average deposits up 1%, driven by ~$1.5 billion growth in retail and Private Bank lower-cost categories, partially offset by the reduction in higher-cost Treasury brokered and retail time deposits ■ Period-end deposits down 1%, driven by the reduction of higher- cost Treasury brokered and retail time deposits, partially offset by growth in Commercial demand and checking with interest deposits ■ Interest-bearing deposit costs down 2 bps – Cumulative interest-bearing deposit down beta of ~54% ■ Total deposit costs down 2 bps ■ Total cost of funds down 2 bps $s in billions ■ Average deposits up slightly ■ Period-end deposits down ~$1.3 billion, or 1%, reflecting a ~$6 billion reduction in higher-cost Treasury brokered deposits and slightly lower Commercial balances, largely offset by ~$5 billion growth in the Private Bank and Consumer ■ Interest-bearing deposit costs down 47 bps ■ Total deposit costs down 39 bps ■ Total cost of funds down 41 bps $176.4 $175.2 $174.8 $177.6 $175.1 Consumer Commercial Treasury/Other 2Q24 3Q24 4Q24 1Q25 2Q25

12 Branch deposits 49% Citizens Access 6% Private Bank/ Private Wealth 6% Business Banking 12% Commercial 25% Treasury/ Other 2% As of 6/30/25 Highly diversified and retail-oriented deposit base $175.1B Period-end deposits Peer Avg(1) Business mix Product mix Stable retail deposits (excludes Private Bank/Private Wealth) 42% 42% 43% 21% 21% 22% 21% 21% 21% NIB Low-cost deposits 2Q24 1Q25 2Q25 % NIB and low-cost deposits (2) 55% 68% 67% 1Q25 1Q25 2Q25 See pages 31-32 for notes. NIB 22% Checking With Interest 20% Savings 9% Citizens Access Savings 5% Money Market 32% Time 12%

13 $182 $172 $162 $153 $164$184 $192 $189 $200 $167 0.52% 0.54% 0.53% 0.58% 0.48% Provision for credit losses Net charge-offs Net c/o ratio 2Q24 3Q24 4Q24 1Q25 2Q25 0.51% 0.52% 0.54% 0.53% 0.58% 0.48% 0.53% ■ Net charge-offs of $167 million, or 48 bps of average loans, down from $175 million, or 51 bps in 1Q25, after adjusting for the 7 bps impact of the Non-Core transaction (an agreement entered into in 1Q25 to sell ~$1.9 billion of Non-Core education loans) – Retail net charge-offs decreased by $44 million compared with 1Q25, which included the recognition of a $25 million charge-off associated with the Non-Core transaction – Commercial net charge-offs increased by $11 million, given an increase in C&I ■ Nonaccrual loans decreased 4% QoQ primarily driven by a decline in C&I, other retail and continued runoff of the Non- Core auto portfolio Credit quality overview $s in millions $s in millions Credit provision expense; net charge-offs (1) $1,527 $1,687 $1,664 $1,582 $1,524 $939 $1,071 $1,017 $983 $939 $588 $616 $647 $599 $585 151% 136% 136% 140% 145% Commercial Retail ACL to nonaccrual loans and leases 2Q24 3Q24 4Q24 1Q25 2Q25 $s in millions Nonaccrual loans $182 $172 $162 $153 $164$184 $192 $189 $200 $167 $154 $190 Provision for credit losses excl. transaction Provision for credit losses Net charge-offs excl. transaction Net charge-offs 2Q24 3Q24 4Q24 1Q25 2Q25 Net c/o ratioNet c/o ratio excl. transaction Net charge-offs associated with Non-Core transaction $175 Net charge-off ratio - excluding Non-Core transaction Commentary

14 Allowance for credit losses Current assumptions Property valuations, peak-to-trough % decline ~70% Avg. loss severity (%) ~44% Default rate (%) ~27% General Office ACL coverage 11.8% Allowance for credit losses $322 million General Office key reserve assumptions ■ CRE General Office portfolio of $2.73 billion, down modestly QoQ reflecting paydowns and charge-offs ■ Strong ACL coverage of General Office informed by a severe recession scenario combined with a loan-by-loan analysis – ACL coverage for CRE General Office of 11.8% compares with 12.3% in 1Q25 – NCOs of~$490 million since March 31, 2023 plus the current ACL balance of $322 million equates to a potential loss rate of ~20%** on this portfolio, stable with 1Q25 2Q25 1Q25 Balance ($B) $ 2.73 $ 2.86 ACL ($MM; % coverage) $ 322 11.8 % $ 351 12.3 % Cumulative NCOs* ($MM) $ 490 $ 464 CRE General Office reserve *Cumulative losses since 3/31/23 $2,306 $2,286 $2,259 $2,212 $2,209 1.25% 1.34% 1.39% 1.34% 1.39% 1.99% 1.88% 1.86% 1.86% 1.77% Retail Commercial Retail ACL Commercial ACL 2Q24 3Q24 4Q24 1Q25 2Q25 $s in millions Allowance for credit losses (1) **Potential loss rate calculated relative to the $4.1B General Office portfolio balance at 3/31/23, the start of loss emergence. ■ The allowance for credit losses decreased slightly given improving loan mix, primarily reflecting the Non-Core portfolio reduction, reduced CRE and lower loss-content originations ■ The economic forecast supporting the allowance reflects a mild recession which contemplates a potential macroeconomic impact from tariffs – Real GDP decline of 0.5% start-to-trough unchanged versus the 1Q25 assumption – Peak unemployment of 5.2% assumed compared with 5.1% for 1Q25 – In addition, we apply a more severe scenario against areas of concern, such as General Office Commentary 1.63% 1.61% 1.62% 1.61% 1.59%Total ACL ratio See pages 31-32 for notes. (1)

15 Strong capital position $s in billions (period-end) 2Q24 3Q24 4Q24 1Q25 2Q25 Basel III basis(1) Common equity tier 1 capital $ 18.1 $ 17.9 $ 17.9 $ 17.8 $ 17.8 Risk-weighted assets $ 168.4 $ 168.6 $ 165.7 $ 166.9 $ 168.0 Common equity tier 1 ratio 10.7 % 10.6 % 10.8 % 10.6 % 10.6 % Tier 1 capital ratio 12.0 % 11.9 % 12.1 % 11.9 % 11.9 % Total capital ratio 14.0 % 13.9 % 14.0 % 13.9 % 13.8 % Tangible common equity ratio 6.5 % 7.0 % 6.8 % 7.0 % 7.2 % TBV/share CET1 $ % 1Q25 10.64% $33.97 Net Income 0.26 1.01 3.0% Common and preferred dividends (0.13) (0.51) (1.5) RWA increase (0.07) Treasury stock (0.12) (0.06) (0.2) Goodwill and intangibles — 0.03 0.1 AOCI — 0.70 2.1 Other 0.02 0.09 0.3 Total change (0.04) 1.26 3.7% 2Q25 10.60% $35.23 CET1 ratio remains strong(2) Highlights ■ 2Q25 CET1 ratio of 10.6% – 9.1% CET1 ratio adjusted for AOCI opt-out removal ■ TBV/share of $35.23, up 4% QoQ, reflects higher net income and AOCI impact from lower long-term rates – Tangible common equity ratio of 7.2%, up 24 bps QoQ ■ Total capital returned to shareholders was $385 million in 2Q25 – Paid $185 million in common dividends to shareholders – Repurchased $200 million of common stock at a weighted-average price of $39.00 ■ The Board of Directors increased the capacity of the Company’s common share repurchase program to $1.5 billion on June 12, 2025 See pages 31-32 for notes.

16 Transformed Consumer Bank Best-positioned Commercial Bank Building a premier Private Bank ...while reimagining how we operate, pursuing cost transformation & launching new digital initiatives ■ Strong deposit franchise grounded in primary relationships ■ Growing high-quality, deep relationship customers to drive strong returns ■ Significant potential to scale NY Metro and capture more affluent households ■ Focused on delivering an exceptional service model ■ High-quality growth in deposits, lending and wealth management ■ Geographically-aligned teams to leverage and deepen relationships ■ Best-positioned Commercial Bank ready to serve private capital and high- growth sectors of the U.S. economy ■ Full suite of Capital Markets & Advisory capabilities and Treasury Solutions ■ Integrated coverage model with focus on attractive high-growth markets and industry verticals ■ Partnering with Private Bank to deliver full suite of capabilities Continuing to invest across our three core businesses... Expanding into new markets Focused on driving attractive growth and enhancing profitability over the medium term Boston FloridaCalifornia NY Metro NY Metro

17 $3.6 $5.2 $6.5 2Q24 1Q25 2Q25 $3.1 $7.6 $8.5 $4.0 $8.7 $8.7 Avg Spot 2Q24 1Q25 2Q25 $1.2 $3.3 $4.0 $1.4 $3.7 $4.9 Avg Spot 2Q24 1Q25 2Q25 Loans AUM Building a premier Private Bank ■ Added 3 advisor teams during 2Q25 in NYC metro, North New Jersey and Los Angeles ■ 8 advisor teams added since launch; all located in key markets aligned with PBO offices: New York, San Francisco, Boston, Boca Raton, Naples, Southern California ■ Loan growth driven by improvement in capital call line utilization, given increasing client activity, as well as growth in retail mortgage ■ Avg. portfolio yield ~7% ■ ~36% noninterest-bearing ■ ~2.2% total deposit cost ■ Continued client growth with a $966 million increase in average deposits; spot stable reflecting timing of inflows/ outflows ■ Tracking well towards targets for ~$12B deposits, ~$7B loans and ~$11B AUM by end of 2025 ■ Expect 5%+ earnings contribution to total CFG in 2025 ■ Confident the business will deliver a ~20 to 24% return on equity for FY2025 and maintain this over the medium term Boston, MA Mill Valley, CA San Francisco, CA Palm Beach, FL New York, NY Menlo Park, CA (2H25) Newport Beach, CA (2H25) San Diego, CA (2H25) Expanding our PBO footprint Financial profitability Deposits As of 6/30/25 $s in billions

18 2Q25 3Q25 outlook Net interest income $1,437MM ■ Up ~3-4% ■ NIM up ~5 bps ■ Earning assets up slightly Noninterest income $600MM ■ Up low single digits; rebound in capital markets will be partially offset by reductions in mortgage and other income Noninterest expense $1,319MM ■ Up ~1-1.5% Net charge-offs $167MM; 48 bps ■ Modestly lower CET1 ratio(1) 10.6% ■ Stable ■ ~$75MM in share repurchases Tax rate 21.4% ■ ~21% 3Q25 outlook vs. 2Q25 TBU ■ 2H25 environment shaping up to be constructive ■ Continue to be comfortable with FY2025 guide provided in January FY2025 Commentary See pages 31-32 for notes.

19 ■ Committed to maintaining our strong capital and liquidity position, while further enhancing funding and performance with balance sheet optimization ■ Credit allowance remains strong and contemplates conservative macroeconomic assumptions – Credit metrics continue to trend favorably ■ Flexibility to support customers and invest while continuing to return capital to shareholders; repurchased $200 million of common stock in 2Q25 ■ Track record of strong execution ■ Commitment to operating and financial discipline; TOP 10 on target to deliver pre-tax run-rate benefit of ~$100 million by YE2025; commenced work on a 'Reimagining the Bank' initiative (multi-year transformational TOP program) ■ Excellence in our capabilities, highly competitive with mega-banks and peers Citizens is an attractive investment opportunity ■ Transformed Consumer Bank with further deposit growth and Wealth revenue potential; well positioned in NYC Metro to gain market share; performance tracking well ■ Best-positioned Commercial Bank ready to serve private capital and high-growth sectors of the U.S. economy ■ Building premier Wealth/Private Bank franchise - continued to make strong progress, contributing $0.06 to EPS in 2Q25 and targeting ~5%+ earnings accretion in 2025; since launch, added leading wealth teams in San Francisco, Boston, New York/New Jersey, Southern California, and Florida, accelerating AUM growth Maintaining a robust balance sheet Citizens has been transformed since the IPO given sound strategy, capable and experienced leadership and a strong customer-focused culture Well positioned to deliver ~16 to 18% ROTCE over the medium term given strategic initiatives and 2025 to 2027 NII tailwinds ■ Significant NII tailwind from Non-Core and swaps over the medium term; target NIM range ~3.25 to 3.50% ■ Private Bank results go from start-up to delivering an attractive ~20 to 24% return on equity in FY2025 and beyond ■ Current drag from Non-Core dissipates with time Continue to have a series of unique initiatives that will lead to relative medium-term outperformance

Appendix ■ Medium-term NIM outlook ■ Interest Rate Risk Management ■ Non-Core assets and funding ■ AOCI accretion ■ Credit

21 2Q25 2025 2026 2027 Meaningful NIM improvement over the medium term Medium-term NIM target 3.25 to 3.50% Terminated swaps Non-Core Asset sensitivity net of swaps/other impacts Projected NIM range Fixed-rate asset repricing benefit Cumulative time-based NIM benefit vs. 2Q25 4Q26 4Q27 In basis points +17 +6 +24 +21 +9 +30 +15 to +20 -15 to +5 ~3.25 to 3.50% Chart not to scale 2.95% Net benefit 0 to +25 bps 3.25% 3.50% Fed funds at or above 4% favor top end of range or above Fed funds at or below 3% favor bottom of range or below Factors supporting 3.25 to 3.50% NIM ■ Swaps and Non-Core runoff ■ Stable to improving balance sheet mix ■ Fed funds terminal range of 3.0 to 4.0% ■ Cumulative IBD beta of low/mid 50's % +30 bps time-based NIM benefit 2Q25 to 4Q27 4Q25 +3 +3 +6 ~3.05 to 3.10% ~3.15 to 3.30% Assumes range for 10-year treasury rate of 4.25 to 4.75% through 2027 +8 to +11+4 0 to +5 -12 to 0 Cumulative NIM impact from starting point 2Q25

22 $26.3 $26.3 $29.8 $31.8 $29.9 $26.5 $25.5 $27.1 $3.7 $7.3 $8.4 $11.5 $13.3 $18.1 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 $28.6 $27.2 $21.4 $13.3 $4.0 $2.8 $12.8 $18.5 $13.1 2025 2026 2027 2028 2029 Interest rate risk management W.A. receive-fixed rate 3.1% 3.1% 3.2% 3.3% 3.4% 3.5% 3.5% 3.6% 3.2% 3.5% 3.7% 3.6% 3.7% Executed post 6/30/23 - - 4.0% 4.0% 3.9% 3.8% 3.8% 3.7% 4.0% 3.8% 3.7% 3.7% 3.7% Executed pre 6/30/23 3.1% 3.1% 3.1% 3.1% 3.2% 3.2% 3.2% 3.3% 3.1% 3.2% 3.4% 2.6% - NII impact from terminated swaps ($MM): In-period impact $(127) $(119) $(108) $(103) $(88) $(62) $(52) $(28) $(457) $(230) $(40) $(3) $0 Sequential benefit $9 $8 $11 $5 $15 $26 $10 $24 $36 $227 $190 $37 $3 Receive-fixed cash flow swaps (average notional in $ billions) ■ Slightly asset sensitive; approximately +/- 1% impact to NII over the next 12 months with a gradual +/- 100 bps change in rates relative to the forward curve ■ Receive-fixed cash flow swaps represent the primary tool to manage overall asset sensitivity – Well hedged against lower rates through mid 2027 ■ Pay-fixed swaps against securities portfolio help protect capital by reducing AOCI volatility Receive-fixed swaps executed post 6/30/23 Receive-fixed swaps executed pre 6/30/23 (legacy) Maintaining strong liquidity while shortening duration Fixed/floating-rate mix 15% 19% 66% Securities $42B 37% 18% 45% Loans $139B Fixed Fixed with hedges Floating Floating with hedges Commentary 15% 15% 70% 37% 16% 47% As of 6/30/25 (1) See pages 31-32 for notes.

23 $5.8 $4.6 $3.5 $2.6 $1.1 $0.3 $2.9 $2.4 $2.0 $1.6 $0.3$4.0 $3.4 $2.8 $2.4 $1.0 $0.2 $0.2 $0.2 $0.2 $0.2 $0.1 $0.1 $1.6 $1.0 $0.5 1Q25 2Q25 3Q25 4Q25 4Q26 4Q27 Non-Core portfolio - accelerating runoff with education loan sale Non-Core Dedicated structural funding Non-Core portfolio(1) Indirect auto Auto collateralized borrowings $s in billions Other Quarterly 2025 Education (HFS) ■ Non-Core loan portfolio has been reduced from $4.2 billion at 1Q25 to $3.6 billion at 2Q25 ■ Non-Core education loans of $1.0 billion remaining in held for sale as of June 30, 2025 – Announced in April 2025 an agreement to sell ~$1.9 billion of Non-Core education loans of which ~$200 million settled during 1Q25 and ~$600 million settled in 2Q25; remainder settles through 2H25 $4.2B ex. HFS $3.6B ex. HFS $3.0B ex. HFS See pages 31-32 for notes. Commentary

24 AOCI accretion Protecting CET1 - AFS marks; duration decreasing with securities portfolio hedging; less sensitivity to rates. Illustrate how sensitivity to a 50 bp move has fallen from 12/31/22 to 9/30/23 to 12/31/23 ...As recent actions limit AOCI volatility to protect capital $(2.0) $(1.8) $(1.5) $(0.3) $(0.3) $(0.3) $(0.3) $(0.1) Swaps Pension Securities 6/30/2025 12/31/2025 12/31/2026 $(2.6) $(2.2) $(1.8) ~33% TCE CET1(2) $(2.3) $(2.0) $(1.8) Commentary ■ Expect benefit to capital via accretion to AOCI as unrealized losses "burn off" – ~$0.5 billion in unrealized losses related to securities and pension expected to "burn off" by YE2026, adding ~28 bps to the CET1 ratio adjusted for AOCI opt-out removal(4) ■ Portfolio management actions focused on reducing duration of securities to protect capital by limiting volatility in AOCI – Immediate 50 bp parallel increase in rates would negatively impact CET1 ratio adjusted for AOCI opt-out removal by ~23 bps; a 50 bp parallel decrease would positively impact by ~23 bps Burn-off by YE2026~21% (1) Select totals may not sum due to rounding (2) CET1 adjusted for AOCI opt-out removal accretion based on forward curve with Fed funds reaching a terminal rate of ~3.50% (3) Unrealized losses in swap portfolio includes both active and terminated swaps (4) CET1 ratio impact for illustrative purposes assumes the RWA balance at 6/30/25 Projected accretion to TCE and CET1 adjusted for AOCI opt-out removal(1) Accretes to CET1(2) (3) $s in billions $(2.0) $(1.8) $(1.5) $(0.3) $(0.3) $(0.3) $(0.3) $(0.1) Swaps Pension Securities 6/30/2025 12/31/2025 12/31/2026

25 $71.6B Commercial credit portfolio Commercial portfolio risk ratings(3) $s in billions 57% 60% 61% 16% 16% 17% 19% 17% 16% 8% 7% 6% 2Q24 1Q25 2Q25 B- and lower B+ to B BB+ to BB- AAA+ to BBB- $71.6 Highlights $70.5 $ Balances % of CFG C&I Finance and Insurance $ 14.1 10 % Capital call facilities $ 7.2 Private Credit Finance 3.1 Other Finance and Insurance 3.8 Other Manufacturing 3.7 3 Technology 3.0 2 Accommodation and Food Services 2.3 2 Health, Pharma, Social Assistance 2.4 2 Professional, Scientific, and Technical Services 2.7 2 Wholesale Trade 2.4 2 Retail Trade 1.9 1 Other Services 2.2 1 Energy & Related 2.0 1 Rental and Leasing 1.2 1 Consumer Products Manufacturing 0.8 1 Administrative and Waste Management Services 1.3 1 Arts, Entertainment, and Recreation 1.6 1 Automotive 1.2 1 Other (1) 2.6 2 Total C&I $ 45.4 33 % CRE Multi-family $ 9.7 7 % Office 4.9 4 Credit tenant lease and life sciences(2) $ 2.2 Other general office 2.7 Industrial 2.8 2 Retail 2.8 2 Co-op 1.8 1 Data Center 0.9 1 Hospitality 0.4 — Other (1) 2.9 2 Total CRE $ 26.2 19 % Total Commercial loans & leases $ 71.6 51 % Total CFG $ 139.3 Diverse and granular portfolio ■ Disciplined capital allocation and risk appetite – Highly experienced leadership team – Focused client selection ■ C&I portfolio has focused growth on larger, mid-corporate customers, thereby improving overall asset quality – ~81% of C&I portfolio is investment grade equivalent ■ Leveraged loans ~1.5% of total CFG loans, granular hold positions with an average outstanding of ~$11 million ■ CRE portfolio is well diversified across asset type, geography, and borrowers with the emphasis on strong sponsor selection – CRE portfolio down $2.1 billion, or 7% year-over-year, driven primarily by paydowns $71.9 See pages 31-32 for notes. $s in billions ■ [Non-depository financial institution (NDFI) balance under regulatory definition of [$15.9] billion; BBB- ratings equivalent]

26 Suburban Class C 3% CBD Class C 6% Suburban Class A 39% CBD Class A 12% Suburban Class B 28% CBD Class B 12% 50% 100% 100% 82% 48% 79% 100% 57% 62% 50% 18% 52% 100% 21% 43% 38% New York, NY Washington, DC Los Angeles, CA Dallas, TX Atlanta, GA Chicago, IL Baltimore, MD Phoenix, AZ Philadelphia, PA Boston, MA Suburban CBD NY 18.0% NJ 11.0% VA 8.8% CA 8.3% TX 7.7% MD 7.0% GA 4.2% OH 4.1% PA 3.9% IL 3.8% AZ 3.2% MA 3.1% MN 2.8% CO 2.4% WA 2.3% Other 9.4% Commercial Real Estate - General Office portfolio well diversified(1) $2.7B General Office by state Other NC CT VT MO FL DC MI UT SC RI NH DE 21% 23% 56% General Office $2.7B Credit Tenant $1.0B Life Sciences $1.1B Office by property type $2.7B General Office class & location Top 10 General Office MSA breakdown Outstanding *Manhattan is ~$156 million $ 756 309 179 130 116 104 95 88 79 78 $s in millions, as of 6/30/25 See pages 31-32 for notes. As of 06/30/25 As of 6/30/25 As of 6/30/25 Commentary ■ General Office portfolio is well diversified geographically ■ 70% suburban, generally performing better than CBD properties ■ 91% Class A/B ■ Continue to work down the portfolio, reducing balance from $4.1 billion in 1Q23 to $2.7 billion in 2Q25, reflecting paydowns and charge-offs – Remaining exposure is well reserved with 11.8% coverage Top 10 General Office MSA breakdown *

27 45% 46% 46% 31% 30% 31% 15% 14% 14% 4% 4% 4% 5% 6% 5% 2Q24 1Q25 2Q25 $33.8 $17.7 $3.4 $3.2 $5.4 $4.2 $67.7B Retail credit portfolio 800+ 740-799 680-739 640-679 <640 $67.7 $s in billions $67.1 Home equity Retail portfolio(1) Residential mortgageAuto Education - in school Education - refinance Other retail ~96% Super-prime/prime* ~81% Secured ■ Retail portfolio mix continues to improve with focus on high quality relationship lending ■ Core real estate secured increased to 76% of the portfolio as Non-Core was reduced significantly from 19% to 5% – Mortgage: FICO ~790; weighted-average LTV of ~51% – Home equity: FICO ~760; ~31% secured by 1st lien ◦ ~98% CLTV less than 80%; ~86% CLTV less than 70% ■ Core unsecured relatively stable at 19%; targeting super- prime/high-prime relationship borrowers – Education: FICO ~785 ◦ In-school: ~97% co-signed ◦ Refinance: ~40% have advanced degrees – Other retail: consists of card and Citizens Pay; target high quality borrowers; loss sharing in Citizens Pay High quality, diverse portfolio *Super-prime/prime defined as FICO of 680 or above at origination Retail portfolio FICOs(2) $69.9 Homeowners Stat on % borrowers with deposit account? ~2/3 See pages 31-32 for notes. As of 6/30/25 44% 46% 46% 31% 31% 30% 16% 14% 14% 4% 4% 4% 5% 5% 6% 1Q24 4Q24 1Q25 62% 76% 19% 19%19% 5% 2Q23** 2Q25 Non-Core (Auto & other indirect lending) Core unsecured (Education, Other retail) Core real estate secured (Mortgage, Home equity) of unsecured retail borrowers(3) ■ Core loans secured by real estate have increased to 74% of the retail portfolio ■ Core unsecured, including education and other retail, has reduced to 17% of the retail portfolio, driven primarily by the decline in education refinance activity given higher rates ■ Non-Core has declined to 9% of the retail portfolio, accelerated by the Non-Core transaction of retail portfolio > 680 Improving retail portfolio mix of retail portfolio **2Q23 represents the start of the Non-Core portfolio designation $67.7B$73.0B $s in billions

28 Allocation of allowance for credit losses by product type June 30, 2025 March 31, 2025 $s in millions Loans and Leases Allowance Coverage Loans and Leases Allowance Coverage Commercial and industrial(1) $ 45,412 $611 1.35 % $ 43,781 $629 1.44 % Commercial real estate 26,230 658 2.51 26,727 683 2.56 Total commercial 71,642 1,269 1.77 70,508 1,312 1.86 Residential mortgages 33,823 201 0.59 33,114 184 0.56 Home equity 17,711 153 0.87 16,853 132 0.78 Automobile 3,407 15 0.42 4,044 17 0.43 Education 8,550 269 3.15 8,779 271 3.09 Other retail 4,171 302 7.24 4,337 296 6.80 Total retail loans 67,662 940 1.39 67,127 900 1.34 Allowance for credit losses(2) $139,304 $2,209 1.59 % $137,635 $2,212 1.61 % See pages 31-32 for notes.

29 Delinquency by product type June 30, 2025 (%) March 31, 2025 (%) Days Past Due and Accruing Days Past Due and Accruing Current 30-59 60-89 90+ Nonaccrual Current 30-59 60-89 90+ Nonaccrual Commercial and industrial 99.32 % 0.13 % 0.03 % 0.01 % 0.51 % 99.17 % 0.13 % 0.03 % 0.02 % 0.65 % Commercial real estate 96.77 0.29 0.02 0.23 2.69 96.86 0.49 0.02 0.01 2.62 Total commercial 98.39 0.19 0.02 0.09 1.31 98.29 0.27 0.03 0.02 1.39 Residential mortgages(1) 98.71 0.22 0.10 0.38 0.59 98.69 0.18 0.11 0.42 0.60 Home equity 97.81 0.45 0.15 — 1.59 97.61 0.56 0.16 — 1.67 Automobile 96.22 2.05 0.73 — 1.00 96.44 1.98 0.62 — 0.96 Education 99.18 0.39 0.19 0.02 0.22 99.09 0.44 0.21 0.03 0.23 Other retail 97.26 0.89 0.58 0.02 1.25 97.01 0.97 0.62 0.02 1.38 Total retail 98.32 0.44 0.19 0.19 0.86 98.23 0.47 0.20 0.21 0.89 Total 98.36 % 0.31 % 0.10 % 0.14 % 1.09 % 98.27 % 0.36 % 0.11 % 0.11 % 1.15 % See pages 31-32 for notes.

30 Notable items(1) There are no notable items in second quarter 2025 or first quarter 2025, as our intention going forward is to limit these to those items of greatest significance. Second quarter 2024 results reflect notable items primarily related to integration costs associated with recent acquisitions, as well as TOP revenue and efficiency initiatives and a notable item for an industry-wide FDIC special assessment. These notable items were excluded from reported results to better reflect Underlying operating results. See pages 31-32 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described above. Notable items - Integration-related 2Q25 1Q25 2Q24 $s in millions, except per share data Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Salaries & benefits $ — $ — $ — $ — $ (3) $ (2) Equipment and software — — — — — — Outside services — — — — — — Occupancy — — — — — — Other expense — — — — — — Noninterest expense $ — $ — $ — $ — $ (3) $ (2) EPS Impact - Noninterest expense $ — $ — $ (0.01) Total Integration Costs $ — $ — $ — $ — $ (3) $ (2) EPS Impact - Total Integration-related $ — $ — $ (0.01) Other notable items - TOP & Other 2Q25 1Q25 2Q24 $s in millions, except per share data Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Tax notable items $ — $ — $ — $ — $ — $ 7 Noninterest income $ — $ — $ — $ — $ 4 $ 3 Salaries & benefits $ — $ — $ — $ — $ (5) $ (4) Equipment and software — — — — (4) (3) Outside services — — — — (10) (7) Occupancy — — — — (6) (4) FDIC Assessment(1) — — — — (5) (4) Other expense — — — — (3) (2) Noninterest expense $ — $ — $ — $ — $ (33) $ (24) Total Other Notable Items $ — $ — $ — $ — $ (29) $ (14) EPS Impact - Other Notable Items $ — $ — $ (0.03) Total Notable Items $ — $ — $ — $ — $ (32) $ (16) Total EPS Impact $ — $ — $ (0.04) (1) The FDIC special assessment earnings per share impact is $(0.01) second quarter 2024.

31 Notes on Non-GAAP Financial Measures See important information on our use of Non-GAAP Financial Measures at the beginning this presentation and reconciliations to GAAP financial measures at the end of this presentation. Non-GAAP measures are herein defined as Underlying results. 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. Allowance coverage ratios for loans and leases includes the allowance for funded loans and leases in the numerator and funded loans and leases in the denominator. Allowance coverage ratios for credit losses includes the allowance for funded loans and leases and allowance for unfunded lending commitments in the numerator and funded loans and leases in the denominator. General Notes a. References to net interest margin are on a fully taxable equivalent ("FTE") basis. b. 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. c. Select totals may not sum due to rounding. d. Based on Basel III standardized approach. Capital Ratios are preliminary. e. Throughout this presentation, reference to balance sheet items are on an average basis and loans exclude held for sale unless otherwise noted. Notes Notes on slide 3 - 2Q25 GAAP Summary 1) See general note a). Notes on slide 4 - 2Q25 Underlying financial summary 1) See note on non-GAAP financial measures. Notes on slide 5 - 2Q25 financial performance detail 1) Legacy Core consists of Commercial, Consumer excluding Private Bank and Non-Core, and Other. 2) At June 30, 2025, the Non-Core segment was fully funded with marginal high-cost funding comprised of FHLB, collateralized auto debt, and brokered certificates of deposit. 3) See general note a). 4) See general note d). Notes on slide 6 - 2Q25 Overview 1) See note on non-GAAP financial measures. 2) See general note d). Notes on slide 8 - Noninterest income 1) See note on non-GAAP financial measures. 2) Includes bank-owned life insurance income and other miscellaneous income for all periods presented. 3) See above note on non-GAAP financial measures. See Notable Items slide 30 for more detail. Notes on slide 9 - Noninterest expense 1) See above note on non-GAAP financial measures. See Notable Items slide 30 for more detail. Notes on slide 12 - Highly diversified and retail-oriented deposit base 1) Estimated based on available company disclosures. 2) Includes branch-based checking with interest and savings. Notes on slide 14 - Allowance for credit losses 1) Allowance for credit losses to nonaccrual loans and leases. Notes on slide 15 - Strong capital position 1) See general note d). 2) See general note c). Notes on slide 18 - 3Q25 outlook vs. 2Q25 1) See general note d). Notes on slide 22 - Interest rate risk management 1) Represents fair value balances. Notes on slide 23 - Non-Core portfolio - accelerating runoff with education loan sale 1) See general note c).

32 Notes continued Notes on slide 25 - $71.6B Commercial credit portfolio 1) Includes deferred fees and costs. 2) Credit tenant lease includes loans to nationally recognized tenants with high credit ratings and life sciences includes loans to provide lab and office space for tenants involved in the study and development of scientific discoveries. 3) Reflects period end balances. Notes on slide 26 - Commercial Real Estate - General Office portfolio well diversified 1) See general note c). Notes on slide 27 - $67.7B Retail credit portfolio 1) See general note c). 2) Reflects period end balances. 3) Estimated based on 2024 data. Source: Citizens customer data, Equifax, Intercontinental Exchange. Notes on slide 28 - Allocation of allowance for credit losses by product type 1) Coverage ratio includes total commercial allowance for unfunded lending commitments and total commercial allowance for loan and lease losses in the numerator and total commercial loans and leases in the denominator. 2) Coverage ratio reflects total allowance for credit losses for the respective portfolio. Notes on slide 29 - Delinquency by product type 1) 90+ days past due and accruing includes $128 million, $137 million,and $168 million of loans fully or partially guaranteed by the FHA, VA, and USDA for June 30, 2025, March 31, 2025, and June 30, 2024, respectively. Notes on slide 30 - Notable items 1) See note on non-GAAP financial measures.

33 Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS 2Q25 Change 2Q25 1Q25 2Q24 1Q25 2Q24 $ % $ % Noninterest income, Underlying: Noninterest income (GAAP) A $600 $544 $553 $56 10% $47 8% Less: Notable items — — 4 — — (4) (100) Noninterest income, Underlying (non-GAAP) B $600 $544 $549 $56 10% $51 9% Total revenue, Underlying: Total revenue (GAAP) C $2,037 $1,935 $1,963 $102 5% $74 4% Less: Notable items — — 4 — — (4) (100) Total revenue, Underlying (non-GAAP) D $2,037 $1,935 $1,959 $102 5% $78 4% Noninterest expense, Underlying: Noninterest expense (GAAP) E $1,319 $1,314 $1,301 $5 —% $18 1% Less: Notable items — — 36 — — (36) (100) Noninterest expense, Underlying (non-GAAP) F $1,319 $1,314 $1,265 $5 —% $54 4% Pre-provision profit: Total revenue (GAAP) C $2,037 $1,935 $1,963 $102 5% $74 4% Less: Noninterest expense (GAAP) E 1,319 1,314 1,301 5 — 18 1 Pre-provision profit (non-GAAP) $718 $621 $662 $97 16% $56 8% Pre-provision profit, Underlying: Total revenue, Underlying (non-GAAP) D $2,037 $1,935 $1,959 $102 5% $78 4% Less: Noninterest expense, Underlying (non-GAAP) F 1,319 1,314 1,265 5 — 54 4 Pre-provision profit, Underlying (non-GAAP) $718 $621 $694 $97 16% $24 3% Income before income tax expense, Underlying: Income before income tax expense (GAAP) G $554 $468 $480 $86 18% $74 15% Less: Income (expense) before income tax expense (benefit) related to notable items — — (32) — — 32 100 Income before income tax expense, Underlying (non-GAAP) H $554 $468 $512 $86 18% $42 8% Income tax expense, Underlying: Income tax expense (GAAP) I $118 $95 $88 $23 24% $30 34% Less: Income tax expense (benefit) related to notable items — — (16) — — 16 100 Income tax expense, Underlying (non-GAAP) J $118 $95 $104 $23 24% $14 13% Net income, Underlying: Net income (GAAP) K $436 $373 $392 $63 17% $44 11% Add: Notable items, net of income tax benefit — — 16 — — (16) (100) Net income, Underlying (non-GAAP) L $436 $373 $408 $63 17% $28 7% Net income available to common stockholders, Underlying: Net income available to common stockholders (GAAP) M $402 $340 $357 $62 18% $45 13% Add: Notable items, net of income tax benefit — — 16 — — (16) (100) Net income available to common stockholders, Underlying (non-GAAP) N $402 $340 $373 $62 18% $29 8%

34 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 2Q25 Change 2Q25 1Q25 2Q24 1Q25 2Q24 $/bps % $/bps % Operating leverage: Total revenue (GAAP) C $2,037 $1,935 $1,963 $102 5.35% $74 3.78% Less: Noninterest expense (GAAP) E 1,319 1,314 1,301 5 0.47 18 1.42 Operating leverage 4.88% 2.36% Operating leverage, Underlying: Total revenue, Underlying (non-GAAP) D $2,037 $1,935 $1,959 $102 5.35% $78 4.02% Less: Noninterest expense, Underlying (non-GAAP) F 1,319 1,314 1,265 5 0.47 54 4.29 Operating leverage, Underlying (non-GAAP) 4.88% (0.27%) Efficiency ratio and efficiency ratio, Underlying: Efficiency ratio E/C 64.76 % 67.91% 66.27 % (315) bps (151) bps Efficiency ratio, Underlying (non-GAAP) F/D 64.76 67.91 64.59 (315) bps 17 bps Effective income tax rate and effective income tax rate, Underlying: Effective income tax rate I/G 21.37% 20.26% 18.49 % 111 bps 288 bps Effective income tax rate, Underlying (non-GAAP) J/H 21.37 20.26 20.33 111 bps 104 bps Return on average common equity and return on average common equity, Underlying: Average common equity (GAAP) O $22,494 $22,188 $21,427 $306 1% $1,067 5% Return on average common equity M/O 7.18 % 6.21% 6.70 % 97 bps 48 bps Return on average common equity, Underlying (non-GAAP) N/O 7.18 6.21 7.00 97 bps 18 bps Return on average tangible common equity and return on average tangible common equity, Underlying: Average common equity (GAAP) O $22,494 $22,188 $21,427 $306 1% $1,067 5% Less: Average goodwill (GAAP) 8,187 8,187 8,188 — — (1) — Less: Average other intangibles (GAAP) 134 142 144 (8) (6) (10) (7) Add: Average deferred tax liabilities related to goodwill (GAAP) 438 438 432 — — 6 1 Average tangible common equity (non-GAAP) P $14,611 $14,297 $13,527 $314 2% $1,084 8% Return on average tangible common equity (non-GAAP) M/P 11.05 % 9.64% 10.61 % 141 bps 44 bps Return on average tangible common equity, Underlying (non-GAAP) N/P 11.05 9.64 11.09 141 bps (4) bps Return on average total assets and return on average total assets, Underlying: Average total assets (GAAP) Q $217,661 $216,309 $219,222 $1,352 1% ($1,561) (1%) Return on average total assets K/Q 0.80 % 0.70% 0.72 % 10 bps 8 bps Return on average total assets, Underlying (non-GAAP) L/Q 0.80 0.70 0.75 10 bps 5 bps $s in millions, except share, per share and ratio data

35 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 2Q25 Change 2Q25 1Q25 2Q24 1Q25 2Q24 $/bps % $/bps % Return on average total tangible assets and return on average total tangible assets, Underlying: Average total assets (GAAP) Q $217,661 $216,309 $219,222 $1,352 1% ($1,561) (1%) Less: Average goodwill (GAAP) 8,187 8,187 8,188 — — (1) — Less: Average other intangibles (GAAP) 134 142 144 (8) (6) (10) (7) Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 438 438 432 — — 6 1 Average tangible assets (non-GAAP) R $209,778 $208,418 $211,322 $1,360 1% ($1,544) (1%) Return on average total tangible assets (non-GAAP) K/R 0.83 % 0.73% 0.75 % 10 bps 8 bps Return on average total tangible assets, Underlying (non-GAAP) L/R 0.83 0.73 0.78 10 bps 5 bps Book value per common share and tangible book value per common share: Common shares - at period-end (GAAP) S 432,768,811 437,668,127 452,961,853 (4,899,316) (1%) (20,193,042) (4%) Common stockholders' equity (GAAP) T $23,121 $22,753 $21,757 $368 2 $1,364 6 Less: Goodwill (GAAP) 8,187 8,187 8,187 — — — — Less: Other intangible assets (GAAP) 128 137 139 (9) (7) (11) (8) Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP) 440 438 435 2 — 5 1 Tangible common equity (non-GAAP) U $15,246 $14,867 $13,866 $379 3% $1,380 10% Book value per common share (GAAP) T/S $53.43 $51.99 $48.03 $1.44 3% $5.40 11% Tangible book value per common share (non-GAAP) U/S $35.23 $33.97 $30.61 $1.26 4% $4.62 15% 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) V 433,640,210 438,320,757 454,142,489 (4,680,547) (1%) (20,502,279) (5%) Average common shares outstanding - diluted (GAAP) W 436,539,774 442,200,180 456,561,022 (5,660,406) (1) (20,021,248) (4) Net income per average common share - basic (GAAP) M/V $0.93 $0.78 $0.79 $0.15 19 $0.14 18 Net income per average common share - diluted (GAAP) M/W 0.92 0.77 0.78 0.15 19 0.14 18 Net income per average common share - basic, Underlying (non-GAAP) N/V 0.93 0.78 0.82 0.15 19 0.11 13 Net income per average common share - diluted, Underlying (non-GAAP) N/W 0.92 0.77 0.82 0.15 19 0.10 12 Dividend payout ratio and dividend payout ratio, Underlying: Cash dividends declared and paid per common share X $0.42 $0.42 $0.42 $— —% $— —% Dividend payout ratio X/(M/V) 45 % 54 % 53 % (869) bps (800) bps Dividend payout ratio, Underlying (non-GAAP) X/(N/V) 45 54 51 (869) bps (584) bps Common equity ratio and tangible common equity ratio: Total assets (GAAP) Y $218,310 $220,148 $219,938 ($1,838) (1) ($1,628) (1%) Less: Goodwill (GAAP) 8,187 8,187 8,187 — — — — Less: Other intangible assets (GAAP) 128 137 139 (9) (7) (11) (8) Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP) 440 438 435 2 — 5 1 Tangible assets (non-GAAP) Z $210,435 $212,262 $212,047 ($1,827) (1%) ($1,612) (1%) Common equity ratio (GAAP) T/Y 10.6 % 10.3 % 9.9 % 25 bps 70 bps Tangible common equity ratio (non-GAAP) U/Z 7.2 7.0 6.5 24 bps 70 bps $s in millions, except share, per share and ratio data

36 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 2Q25 Change 2Q25 1Q25 2Q24 1Q25 2Q24 $/bps % $/bps % Net interest income and net interest margin on an FTE basis: Net interest income (annualized) (GAAP) AA $5,770 $5,637 $5,674 $133 2% $96 2% Average interest-earning assets (GAAP) BB 196,318 195,058 198,465 1,260 1 (2,147) (1) Net interest margin (GAAP) AA/BB 2.94 % 2.89% 2.86% 5 bps 8 bps Net interest income (GAAP) $1,437 $1,391 $1,410 $46 3% $27 2% FTE adjustment 4 4 5 — — (1) (20) Net interest income on an FTE basis (non-GAAP) 1,441 1,395 1,415 46 3 26 2 Net interest income on an FTE basis (annualized) (non-GAAP) CC 5,786 5,653 5,692 133 2 94 2 Net interest margin on an FTE basis (non-GAAP) CC/BB 2.95 % 2.90% 2.87% 5 bps 8 bps Card fees, Underlying: Card fees (GAAP) $90 $83 $92 $7 8% ($2) (2%) Less: Notable items — — 4 — — (4) (100) Card fees, Underlying (non-GAAP) $90 $83 $88 $7 8% $2 2% Salaries and employee benefits, Underlying: Salaries and employee benefits (GAAP) $681 $696 $645 ($15) (2%) $36 6% Less: Notable items — — 8 — — (8) (100) Salaries and employee benefits, Underlying (non-GAAP) $681 $696 $637 ($15) (2%) $44 7% Equipment and software, Underlying: Equipment and software (GAAP) $193 $194 $190 ($1) (1%) $3 2% Less: Notable items — — 4 — — (4) (100) Equipment and software, Underlying (non-GAAP) $193 $194 $186 ($1) (1%) $7 4% Outside services, Underlying: Outside services (GAAP) $169 $155 $165 $14 9% $4 2% Less: Notable items — — 10 — — (10) (100) Outside services, Underlying (non-GAAP) $169 $155 $155 $14 9% $14 9% Occupancy, Underlying: Occupancy (GAAP) $108 $112 $113 ($4) (4%) ($5) (4%) Less: Notable items — — 6 — — (6) (100) Occupancy, Underlying (non-GAAP) $108 $112 $107 ($4) (4%) $1 1% Other operating expense, Underlying: Other operating expense (GAAP) $168 $157 $188 $11 7% ($20) (11%) Less: Notable items — — 8 — — (8) (100) Other operating expense, Underlying (non-GAAP) $168 $157 $180 $11 7% ($12) (7%) $s in millions, except share, per share and ratio data

37 Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS 4Q24 3Q24 Noninterest income, Underlying: Noninterest income (GAAP) A $574 $532 Less: Notable items 10 (2) Noninterest income, Underlying (non-GAAP) B $564 $534 Total revenue, Underlying: Total revenue (GAAP) C $1,986 $1,901 Less: Notable items 10 (2) Total revenue, Underlying (non-GAAP) D $1,976 $1,903 Noninterest expense, Underlying: Noninterest expense (GAAP) E $1,316 $1,259 Less: Notable items 24 11 Noninterest expense, Underlying (non-GAAP) F $1,292 $1,248 Efficiency ratio and efficiency ratio, Underlying: Efficiency ratio E/C 66.3 % 66.2% Efficiency ratio, Underlying (non-GAAP) F/D 65.4 65.6

38 Non-GAAP financial measures and reconciliations - CET1 adjusted for AOCI opt-out removal QUARTERLY TRENDS 2Q25 1Q25 CET1 Ratio adjusted for AOCI opt-out removal CET1 capital $ 17,812 $ 17,751 Less: AFS securities - AOCI 1,282 1,337 HTM securities - AOCI(1) 719 737 DTA for AFS/HTM securities 31 29 Pension 297 298 DTA for Pension 3 3 CET 1 capital adjusted for AOCI opt-out removal A $15,480 $15,347 Risk-weighted assets 168,017 166,908 Less: HTM securities - AOCI 125 128 AFS securities - AOCI 208 224 DTA for AFS/HTM securities (1,628) (1,683) Pension 297 298 DTA for Pension (263) (265) Risk-weighted assets adjusted for AOCI opt-out removal B $169,278 $168,206 CET1 Ratio adjusted for AOCI opt-out removal A/B 9.1 % 9.1 % $s in millions, except share, per share and ratio data (1) "HTM securities - AOCI" refers to unrealized losses recognized on securities before transfer to HTM

39 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 2Q25 Change 2Q25 1Q25 2Q24 1Q25 2Q24 $/bps % $/bps % Total Retail loans - at period-end $67,662 $67,127 $69,908 $535 1% ($2,246) (3%) Less: Non-core retail loans - at period-end 3,573 4,235 8,870 (662) (16) (5,297) (60) Less: Private bank retail loans - at period-end 1,496 1,112 494 384 35 1,002 203 Total Retail loans excluding Private Bank and non-core - at period-end $62,593 $61,780 $60,544 $813 1% $2,049 3% Total Commercial loans - at period-end $71,642 $70,508 $71,934 $1,134 2% ($292) —% Less: Private bank commercial loans - at period-end $3,395 $2,563 $895 $832 32 $2,500 279 Total Commercial loans excluding Private Bank - at period-end $68,247 $67,945 $71,039 $302 —% ($2,792) (4%) $s in millions, except share, per share and ratio data

40 Non-GAAP financial measures and reconciliations excluding Private Bank & Non-Core $s in millions, except share, per share and ratio data 2Q25 Net income available to common stockholders, Underlying: Net income available to common stockholders (GAAP) $402 Add: Notable items, net of income tax benefit — Net income available to common stockholders, Underlying (non-GAAP) A $402 Private Bank Net income available to common stockholders, (GAAP) 26 Less: Private Bank Notable Items — Private Bank Net income available to common stockholders, Underlying (non-GAAP) B $26 Non-Core Net income available to common stockholders, (GAAP) C ($14) Net income available to common stockholders excluding Private Bank & Non-Core, Underlying (non-GAAP) D=(A-B-C) $390 Return on average tangible common equity and return on average tangible common equity, Underlying: Average common equity (GAAP) $22,494 Less: Average goodwill (GAAP) 8,187 Less: Average other intangibles (GAAP) 134 Add: Average deferred tax liabilities related to goodwill (GAAP) 438 Average tangible common equity (non-GAAP) E $14,611 Return on average tangible common equity excluding Private Bank & Non-Core, Underlying (non-GAAP) D/E 10.7 %

Financial Supplement

Second Quarter 2025


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, Annualized Yields and Rates						8

Mortgage Banking Fees						10

Segment Financial Highlights						11

Credit-Related Information:
Nonaccrual loans and leases						15
Loans and Leases 90 Days or More Past Due and Accruing						16
Charge-offs, Recoveries, and Related Ratios						17
Summary of Changes in the Components of the Allowance for Credit Losses						19

Capital and Ratios						20

Non-GAAP Financial Measures and Reconciliations						21
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.

CONSOLIDATED FINANCIAL HIGHLIGHTS

(dollars in millions, except per share data)


	QUARTERLY TRENDS																		FOR THE SIX MONTHS ENDED JUNE 30,
											2Q25 Change												2025 Change
	2Q25		1Q25		4Q24		3Q24		2Q24		1Q25				2Q24				2025		2024		2024
											$/bps		%		$/bps		%						$/bps		%
SELECTED OPERATING DATA
Total revenue	$2,037		$1,935		$1,986		$1,901		$1,963		$102		5	%	$74		4	%	$3,972		$3,922		$50		1	%
Noninterest expense	1,319		1,314		1,316		1,259		1,301		5		—		18		1		2,633		2,659		(26)		(1)
Pre-provision profit1	718		621		670		642		662		97		16		56		8		1,339		1,263		76		6
Provision (benefit) for credit losses	164		153		162		172		182		11		7		(18)		(10)		317		353		(36)		(10)
NET INCOME	436		373		401		382		392		63		17		44		11		809		726		83		11
Net income, Underlying1	436		373		412		392		408		63		17		28		7		809		803		6		1
Net income available to common stockholders	402		340		367		344		357		62		18		45		13		742		661		81		12
Net income available to common stockholders, Underlying1	402		340		378		354		373		62		18		29		8		742		738		4		1
PER COMMON SHARE DATA
Basic earnings	$0.93		$0.78		$0.83		$0.77		$0.79		$0.15		19	%	$0.14		18	%	$1.70		$1.44		$0.26		18	%
Diluted earnings	0.92		0.77		0.83		0.77		0.78		0.15		19		0.14		18		1.69		1.44		0.25		17
Basic earnings, Underlying1	0.93		0.78		0.86		0.79		0.82		0.15		19		0.11		13		1.70		1.61		0.09		6
Diluted earnings, Underlying1	0.92		0.77		0.85		0.79		0.82		0.15		19		0.10		12		1.69		1.60		0.09		6
Cash dividends declared and paid per common share	0.42		0.42		0.42		0.42		0.42		—		—		—		—		0.84		0.84		—		—
Book value per common share	53.43		51.99		50.26		51.25		48.03		1.44		3		5.40		11		53.43		48.03		5.40		11
Tangible book value per common share1	35.23		33.97		32.34		33.54		30.61		1.26		4		4.62		15		35.23		30.61		4.62		15
Dividend payout ratio	45	%	54	%	51	%	55	%	53	%	(869)	bps			(800)	bps			49	%	58	%	(892)	bps
Dividend payout ratio, Underlying1	45		54		49		53		51		(869)	bps			(584)	bps			49		52		(300)	bps
COMMON SHARES OUTSTANDING
Average: Basic	433,640,210		438,320,757		440,802,738		446,561,996		454,142,489		(4,680,547)		(1	%)	(20,502,279)		(5	%)	435,967,554		457,750,585		(21,783,031)		(5	%)
Diluted	436,539,774		442,200,180		444,836,786		449,913,467		456,561,022		(5,660,406)		(1)		(20,021,248)		(4)		439,342,703		460,009,546		(20,666,843)		(4)
Common shares at period-end	432,768,811		437,668,127		440,543,381		445,216,549		452,961,853		(4,899,316)		(1)		(20,193,042)		(4)		432,768,811		452,961,853		(20,193,042)		(4)

1 These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."

CONSOLIDATED FINANCIAL HIGHLIGHTS, CONTINUED

(dollars in millions, except per share data)


	QUARTERLY TRENDS																FOR THE SIX MONTHS ENDED JUNE 30,
											2Q25 Change										2025 Change
	2Q25		1Q25		4Q24		3Q24		2Q24		1Q25			2Q24			2025		2024		2024
											$/bps		%	$/bps		%					$/bps		%
FINANCIAL RATIOS
Net interest margin	2.94	%	2.89	%	2.86	%	2.76	%	2.86	%	5 bps			8 bps			2.91	%	2.88	%	3	bps
Net interest margin, FTE1,2	2.95		2.90		2.87		2.77		2.87		5			8			2.92		2.89		3
Return on average common equity	7.18		6.21		6.64		6.12		6.70		97			48			6.70		6.16		54
Return on average common equity, Underlying2	7.18		6.21		6.84		6.29		7.00		97			18			6.70		6.88		(18)
Return on average tangible common equity2	11.05		9.64		10.36		9.45		10.61		141			44			10.35		9.73		62
Return on average tangible common equity, Underlying2	11.05		9.64		10.66		9.71		11.09		141			(4)			10.35		10.87		(52)
Return on average total assets	0.80		0.70		0.73		0.70		0.72		10			8			0.75		0.66		9
Return on average total assets, Underlying2	0.80		0.70		0.75		0.71		0.75		10			5			0.75		0.73		2
Return on average total tangible assets2	0.83		0.73		0.76		0.72		0.75		10			8			0.78		0.69		9
Return on average total tangible assets, Underlying2	0.83		0.73		0.78		0.74		0.78		10			5			0.78		0.76		2
Effective income tax rate	21.37		20.26		21.04		18.56		18.49		111			288			20.86		20.28		58
Effective income tax rate, Underlying2	21.37		20.26		21.17		18.75		20.33		111			104			20.86		21.59		(73)
Efficiency ratio	64.76		67.91		66.27		66.23		66.27		(315)			(151)			66.29		67.79		(150)
Efficiency ratio, Underlying2	64.76		67.91		65.36		65.61		64.59		(315)			17			66.29		64.82		147
Noninterest income as a % of total revenue	29.41		28.14		28.90		27.95		28.16		127			125			28.79		27.29		150
Noninterest income as a % of total revenue, Underlying2	29.41		28.14		28.54		28.05		28.00		127			141			28.79		27.16		163
CAPITAL RATIOS - PERIOD-END (PRELIMINARY)
CET1 capital ratio	10.6	%	10.6	%	10.8	%	10.6	%	10.7	%
Tier 1 capital ratio	11.9		11.9		12.1		11.9		12.0
Total capital ratio	13.8		13.9		14.0		13.9		14.0
Tier 1 leverage ratio	9.4		9.4		9.4		9.4		9.4
Common equity ratio	10.6		10.3		10.2		10.4		9.9
Tangible common equity ratio2	7.2		7.0		6.8		7.0		6.5
SELECTED BALANCE SHEET DATA
Loan-to-deposit ratio (period-end balances)	79.56	%	77.51	%	79.65	%	80.85	%	80.43	%	205	bps		(87)	bps		79.56	%	80.43	%	(87)	bps
Loan-to-deposit ratio (average balances)	79.72		80.89		80.88		81.59		82.38		(117)	bps		(266)	bps		80.30		82.31		(201)	bps
Full-time equivalent colleagues (period-end)	17,677		17,315		17,287		17,329		17,510		362		2	167		1	17,677		17,510		167		1

1Net interest margin is presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21% to adjust for the tax-exempt status of income from certain assets held by the Company.

2These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)

(dollars in millions)


	QUARTERLY TRENDS											FOR THE SIX MONTHS ENDED JUNE 30,
						2Q25 Change								2025 Change
	2Q25	1Q25	4Q24	3Q24	2Q24	1Q25			2Q24			2025	2024	2024
						$	%		$	%				$	%
INTEREST INCOME
Interest and fees on loans and leases	$1,851	$1,829	$1,910	$1,976	$2,011	$22	1	%	($160)	(8	%)	$3,680	$4,062	($382)	(9	%)
Interest and fees on loans held for sale	36	16	21	19	17	20	125		19	112		52	37	15	41
Investment securities	428	418	419	423	417	10	2		11	3		846	816	30	4
Interest-bearing deposits in banks	92	89	112	121	130	3	3		(38)	(29)		181	270	(89)	(33)
Total interest income	2,407	2,352	2,462	2,539	2,575	55	2		(168)	(7)		4,759	5,185	(426)	(8)
INTEREST EXPENSE
Deposits	802	795	883	990	965	7	1		(163)	(17)		1,597	1,952	(355)	(18)
Short-term borrowed funds	9	8	1	3	4	1	13		5	125		17	11	6	55
Long-term borrowed funds	159	158	166	177	196	1	1		(37)	(19)		317	370	(53)	(14)
Total interest expense	970	961	1,050	1,170	1,165	9	1		(195)	(17)		1,931	2,333	(402)	(17)
Net interest income	1,437	1,391	1,412	1,369	1,410	46	3		27	2		2,828	2,852	(24)	(1)
NONINTEREST INCOME
Service charges and fees	111	109	109	109	106	2	2		5	5		220	202	18	9
Capital markets fees	105	100	121	94	134	5	5		(29)	(22)		205	252	(47)	(19)
Card fees	90	83	97	93	92	7	8		(2)	(2)		173	178	(5)	(3)
Wealth fees	88	81	75	76	75	7	9		13	17		169	143	26	18
Mortgage banking fees	73	59	60	46	54	14	24		19	35		132	103	29	28
Foreign exchange and derivative products	41	39	35	36	39	2	5		2	5		80	75	5	7
Letter of credit and loan fees	45	44	45	45	43	1	2		2	5		89	85	4	5
Securities gains, net	5	7	4	9	—	(2)	(29)		5	100		12	5	7	140
Other income	42	22	28	24	10	20	91		32	NM		64	27	37	137
Total noninterest income	600	544	574	532	553	56	10		47	8		1,144	1,070	74	7
TOTAL REVENUE	2,037	1,935	1,986	1,901	1,963	102	5		74	4		3,972	3,922	50	1
Provision (benefit) for credit losses	164	153	162	172	182	11	7		(18)	(10)		317	353	(36)	(10)
NONINTEREST EXPENSE
Salaries and employee benefits	681	696	674	647	645	(15)	(2)		36	6		1,377	1,336	41	3
Equipment and software	193	194	193	194	190	(1)	(1)		3	2		387	382	5	1
Outside services	169	155	170	146	165	14	9		4	2		324	323	1	—
Occupancy	108	112	112	108	113	(4)	(4)		(5)	(4)		220	227	(7)	(3)
Other operating expense	168	157	167	164	188	11	7		(20)	(11)		325	391	(66)	(17)
Total noninterest expense	1,319	1,314	1,316	1,259	1,301	5	—		18	1		2,633	2,659	(26)	(1)
Income before income tax expense	554	468	508	470	480	86	18		74	15		1,022	910	112	12
Income tax expense	118	95	107	88	88	23	24		30	34		213	184	29	16
Net income	$436	$373	$401	$382	$392	$63	17	%	$44	11	%	$809	$726	$83	11	%
Net income, Underlying1	$436	$373	$412	$392	$408	$63	17	%	$28	7	%	$809	$803	$6	1	%
Net income available to common stockholders	$402	$340	$367	$344	$357	$62	18	%	$45	13	%	$742	$661	$81	12	%
Net income available to common stockholders, Underlying1	$402	$340	$378	$354	$373	$62	18	%	$29	8	%	$742	$738	$4	1	%

1 These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."

CONSOLIDATED BALANCE SHEETS (unaudited)

(dollars in millions, except par value)


PERIOD-END BALANCES	AS OF					JUNE 30, 2025 CHANGE
	June 30, 2025	Mar 31, 2025	Dec 31, 2024	Sept 30, 2024	June 30, 2024	March 31, 2025			June 30, 2024
						$	%		$	%
ASSETS
Cash and due from banks	$1,107	$1,082	$1,409	$979	$1,191	$25	2	%	($84)	(7	%)
Interest-bearing cash and due from banks	7,441	10,459	9,192	9,936	10,580	(3,018)	(29)		(3,139)	(30)
Interest-bearing deposits in banks	680	685	635	648	559	(5)	(1)		121	22
Debt securities available for sale, at fair value	34,658	34,208	32,765	32,835	31,938	450	1		2,720	9
Debt securities held to maturity	8,293	8,469	8,599	8,738	8,895	(176)	(2)		(602)	(7)
Loans held for sale	2,093	2,820	858	663	683	(727)	(26)		1,410	206
Loans and leases	139,304	137,635	139,203	141,632	141,842	1,669	1		(2,538)	(2)
Less: Allowance for loan and lease losses	(2,008)	(2,014)	(2,061)	(2,079)	(2,125)	6	—		117	(6)
Net loans and leases	137,296	135,621	137,142	139,553	139,717	1,675	1		(2,421)	(2)
Derivative assets	832	760	408	586	367	72	9		465	127
Premises and equipment	855	855	875	862	863	—	—		(8)	(1)
Bank-owned life insurance	3,408	3,386	3,364	3,346	3,325	22	1		83	2
Goodwill	8,187	8,187	8,187	8,187	8,187	—	—		—	—
Other intangible assets	129	137	146	137	139	(8)	(6)		(10)	(7)
Other assets	13,331	13,479	13,941	13,236	13,494	(148)	(1)		(163)	(1)
TOTAL ASSETS	$218,310	$220,148	$217,521	$219,706	$219,938	($1,838)	(1	%)	($1,628)	(1	%)
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest-bearing	$38,001	$37,556	$36,920	$35,978	$36,927	$445	1	%	$1,074	3	%
Interest-bearing	137,085	140,020	137,856	139,210	139,425	(2,935)	(2)		(2,340)	(2)
Total deposits	175,086	177,576	174,776	175,188	176,352	(2,490)	(1)		(1,266)	(1)
Short-term borrowed funds	249	47	—	15	2	202	NM		247	NM
Long-term borrowed funds:
FHLB advances	1,542	42	53	553	553	1,500	NM		989	179
Senior debt	6,821	7,568	7,168	7,766	6,512	(747)	(10)		309	5
Subordinated debt and other debt	4,163	4,657	5,180	5,625	6,017	(494)	(11)		(1,854)	(31)
Total long-term borrowed funds	12,526	12,267	12,401	13,944	13,082	259	2		(556)	(4)
Derivative liabilities	766	883	1,220	1,012	1,547	(117)	(13)		(781)	(50)
Other liabilities	4,449	4,509	4,870	4,615	5,086	(60)	(1)		(637)	(13)
TOTAL LIABILITIES	193,076	195,282	193,267	194,774	196,069	(2,206)	(1)		(2,993)	(2)
STOCKHOLDERS' EQUITY
Preferred stock:
$25.00 par value, 100,000,000 shares authorized for each of the periods presented	2,113	2,113	2,113	2,112	2,112	—	—		1	—
Common stock:
$0.01 par value, 1,000,000,000 shares authorized for each of the periods presented	7	7	7	6	6	—	—		1	17
Additional paid-in capital	22,420	22,370	22,364	22,327	22,299	50	—		121	1
Retained earnings	10,783	10,566	10,412	10,233	10,079	217	2		704	7
Treasury stock, at cost	(7,450)	(7,249)	(7,047)	(6,820)	(6,492)	(201)	(3)		(958)	(15)
Accumulated other comprehensive income (loss)	(2,639)	(2,941)	(3,595)	(2,926)	(4,135)	302	10		1,496	36
TOTAL STOCKHOLDERS' EQUITY	25,234	24,866	24,254	24,932	23,869	368	1		1,365	6
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$218,310	$220,148	$217,521	$219,706	$219,938	($1,838)	(1	%)	($1,628)	(1	%)
Memo: Total tangible common equity1	$15,246	$14,867	$14,246	$14,931	$13,866	$379	3	%	$1,380	10	%

1 Represents a non-GAAP financial measure. For further information on this measure, refer to "Non-GAAP Financial Measures and Reconciliations."

LOANS AND DEPOSITS

(dollars in millions)


PERIOD-END BALANCES	AS OF					JUNE 30, 2025 CHANGE
	June 30, 2025	Mar 31, 2025	Dec 31, 2024	Sept 30, 2024	June 30, 2024	Mar 31, 2025			June 30, 2024
						$	%		$	%
LOANS AND LEASES
Commercial and industrial	$45,412	$43,781	$42,551	$43,825	$43,623	$1,631	4	%	$1,789	4	%
Commercial real estate	26,230	26,727	27,225	27,983	28,311	(497)	(2)		(2,081)	(7)
Total commercial	71,642	70,508	69,776	71,808	71,934	1,134	2		(292)	—
Residential mortgages	33,823	33,114	32,726	32,379	31,890	709	2		1,933	6
Home equity	17,711	16,853	16,495	15,992	15,534	858	5		2,177	14
Automobile	3,407	4,044	4,744	5,540	6,383	(637)	(16)		(2,976)	(47)
Education	8,550	8,779	10,812	11,118	11,265	(229)	(3)		(2,715)	(24)
Other retail	4,171	4,337	4,650	4,795	4,836	(166)	(4)		(665)	(14)
Total retail	67,662	67,127	69,427	69,824	69,908	535	1		(2,246)	(3)
Total loans and leases	$139,304	$137,635	$139,203	$141,632	$141,842	$1,669	1	%	($2,538)	(2	%)
Loans held for sale	2,093	2,820	858	663	683	(727)	(26)		1,410	206
Loans and leases and loans held for sale	$141,397	$140,455	$140,061	$142,295	$142,525	$942	1	%	($1,128)	(1	%)

DEPOSITS
Noninterest-bearing demand	$38,001	$37,556	$36,920	$35,978	$36,927	$445	1	%	$1,074	3	%
Checking with interest	34,918	34,456	33,246	33,680	34,421	462	1		497	1
Savings	25,400	25,765	25,976	26,489	27,240	(365)	(1)		(1,840)	(7)
Money market	55,638	55,996	55,321	54,654	52,599	(358)	(1)		3,039	6
Time	21,129	23,803	23,313	24,387	25,165	(2,674)	(11)		(4,036)	(16)
Total deposits	$175,086	$177,576	$174,776	$175,188	$176,352	($2,490)	(1	%)	($1,266)	(1	%)


AVERAGE BALANCE SHEETS, ANNUALIZED YIELDS AND RATES
(dollars in millions)

	QUARTERLY TRENDS												2Q25 Change
	2Q25				1Q25				2Q24				1Q25			2Q24
	Average Balance	Interest	Rate		Average Balance	Interest	Rate		Average Balance	Interest	Rate		Average Balance	Interest	Rate	Average Balance	Interest	Rate
INTEREST-EARNING ASSETS
Interest-bearing cash and due from banks and deposits in banks	$8,217	$92	4.40	%	$8,092	$89	4.42	%	$9,650	$130	5.35	%	$125	$3	(2) bps	($1,433)	($38)	(95) bps
Taxable investment securities	46,537	428	3.69		46,068	418	3.63		44,691	417	3.73		469	10	6	1,846	11	(4)
Non-taxable investment securities	1	—	2.60		1	—	2.60		1	—	2.60		—	—	—	—	—	—
Total investment securities	46,538	428	3.69		46,069	418	3.63		44,692	417	3.73		469	10	6	1,846	11	(4)

Commercial and industrial	44,936	549	4.84		43,599	515	4.72		44,381	604	5.38		1,337	34	12	555	(55)	(54)
Commercial real estate	26,487	384	5.73		27,013	387	5.74		28,574	456	6.32		(526)	(3)	(1)	(2,087)	(72)	(59)
Total commercial	71,423	933	5.17		70,612	902	5.11		72,955	1,060	5.75		811	31	6	(1,532)	(127)	(58)
Residential mortgages	33,420	327	3.92		32,872	318	3.86		31,633	290	3.67		548	9	6	1,787	37	25
Home equity	17,324	308	7.14		16,647	293	7.13		15,343	305	7.99		677	15	1	1,981	3	(85)
Automobile	3,705	41	4.41		4,394	47	4.38		6,807	72	4.28		(689)	(6)	3	(3,102)	(31)	13
Education	8,660	128	5.94		10,690	148	5.61		11,447	154	5.40		(2,030)	(20)	33	(2,787)	(26)	54
Other retail	4,277	114	10.66		4,495	121	10.91		4,882	130	10.71		(218)	(7)	(25)	(605)	(16)	(5)
Total retail	67,386	918	5.46		69,098	927	5.41		70,112	951	5.45		(1,712)	(9)	5	(2,726)	(33)	1
Total loans and leases	138,809	1,851	5.31		139,710	1,829	5.26		143,067	2,011	5.60		(901)	22	5	(4,258)	(160)	(29)
Loans held for sale	2,754	36	5.29		1,187	16	5.34		1,056	17	6.66		1,567	20	(5)	1,698	19	(137)
Total interest-earning assets	196,318	2,407	4.89		195,058	2,352	4.84		198,465	2,575	5.17		1,260	55	5	(2,147)	(168)	(28)


Noninterest-earning assets	21,343				21,251				20,757				92			586
TOTAL ASSETS	$217,661				$216,309				$219,222				$1,352			($1,561)
INTEREST-BEARING LIABILITIES
Checking with interest	$33,847	$123	1.46	%	$32,693	$110	1.36	%	$33,659	$128	1.54	%	$1,154	$13	10	$188	($5)	(8)
Savings	25,536	85	1.34		25,760	89	1.39		27,560	120	1.75		(224)	(4)	(5)	(2,024)	(35)	(41)
Money market	54,716	376	2.75		54,432	357	2.66		51,570	431	3.36		284	19	9	3,146	(55)	(61)
Time	22,679	218	3.85		23,277	239	4.17		24,676	286	4.66		(598)	(21)	(32)	(1,997)	(68)	(81)
Total interest-bearing deposits	136,778	802	2.35		136,162	795	2.37		137,465	965	2.82		616	7	(2)	(687)	(163)	(47)
Short-term borrowed funds	925	9	3.96		675	8	4.53		325	4	5.62		250	1	(57)	600	5	(166)
FHLB advances	1,063	12	4.64		595	7	4.57		2,375	34	5.55		468	5	7	(1,312)	(22)	(91)
Senior debt	7,042	90	5.07		7,133	86	4.85		6,684	80	4.81		(91)	4	22	358	10	26
Subordinated debt and other debt	4,394	57	5.18		4,929	65	5.30		6,033	82	5.43		(535)	(8)	(12)	(1,639)	(25)	(25)
Total long-term borrowed funds	12,499	159	5.07		12,657	158	5.01		15,092	196	5.18		(158)	1	6	(2,593)	(37)	(11)
Total borrowed funds	13,424	168	5.00		13,332	166	4.99		15,417	200	5.18		92	2	1	(1,993)	(32)	(18)
Total interest-bearing liabilities	150,202	970	2.59		149,494	961	2.60		152,882	1,165	3.06		708	9	(1)	(2,680)	(195)	(47)
Noninterest-bearing demand deposits	37,350				36,543				36,205				807			1,145
Other noninterest-bearing liabilities	5,503				5,971				6,652				(468)			(1,149)
TOTAL LIABILITIES	193,055				192,008				195,739				1,047			(2,684)
STOCKHOLDERS' EQUITY	24,606				24,301				23,483				305			1,123
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$217,661				$216,309				$219,222				$1,352			($1,561)
INTEREST RATE SPREAD			2.30	%			2.24	%			2.11	%			6			19
NET INTEREST MARGIN AND NET INTEREST INCOME		$1,437	2.94	%		$1,391	2.89	%		$1,410	2.86	%		$46	5		$27	8
NET INTEREST MARGIN AND NET INTEREST INCOME, FTE1		$1,441	2.95	%		$1,395	2.90	%		$1,415	2.87	%		$46	5		$26	8
Memo: Total deposits (interest-bearing and noninterest-bearing demand)	$174,128	$802	1.85	%	$172,705	$795	1.87	%	$173,670	$965	2.24	%	$1,423	$7	(2) bps	$458	($163)	(39) bps

1Net interest income and net interest margin are presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21% to adjust for the tax-exempt status of income from certain assets held by the Company and are considered non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."


AVERAGE BALANCE SHEETS, ANNUALIZED YIELDS AND RATES
(dollars in millions)

	FOR THE SIX MONTHS ENDED JUNE 30,								2025 Change
	2025				2024				2024
	Average Balance	Interest	Rate		Average Balance	Interest	Rate		Average Balance	Interest	Rate
INTEREST-EARNING ASSETS
Interest-bearing cash and due from banks and deposits in banks	$8,155	$181	4.41	%	$9,959	$270	5.37	%	($1,804)	($89)	(96)	bps
Taxable investment securities	46,304	846	3.66		44,297	816	3.68		2,007	30	(2)
Non-taxable investment securities	1	—	2.60		1	—	2.60		—	—	—
Total investment securities	46,305	846	3.66		44,298	816	3.68		2,007	30	(2)
Commercial and industrial	44,271	1,064	4.78		44,479	1,239	5.51		(208)	(175)	(73)
Commercial real estate	26,749	771	5.73		28,920	924	6.32		(2,171)	(153)	(59)
Total commercial	71,020	1,835	5.14		73,399	2,163	5.83		(2,379)	(328)	(69)
Residential mortgages	33,147	645	3.89		31,508	573	3.64		1,639	72	25
Home equity	16,988	601	7.14		15,212	603	7.97		1,776	(2)	(83)
Automobile	4,047	88	4.40		7,282	154	4.26		(3,235)	(66)	14
Education	9,670	276	5.76		11,632	310	5.35		(1,962)	(34)	41
Other retail	4,385	235	10.79		4,912	259	10.62		(527)	(24)	17
Total retail	68,237	1,845	5.44		70,546	1,899	5.40		(2,309)	(54)	4
Total loans and leases	139,257	3,680	5.29		143,945	4,062	5.62		(4,688)	(382)	(33)
Loans held for sale	1,975	52	5.30		1,064	37	6.97		911	15	(167)
Total interest-earning assets	195,692	4,759	4.86		199,266	5,185	5.18		(3,574)	(426)	(32)
Noninterest-earning assets	21,297				20,730				567
TOTAL ASSETS	$216,989				$219,996				($3,007)
INTEREST-BEARING LIABILITIES
Checking with interest	$33,273	$233	1.41	%	$32,980	$237	1.45	%	$293	($4)	(4)
Savings	25,647	174	1.37		27,653	241	1.75		(2,006)	(67)	(38)
Money market	54,575	733	2.71		52,248	876	3.37		2,327	(143)	(66)
Time	22,977	457	4.01		25,562	598	4.70		(2,585)	(141)	(69)
Total interest-bearing deposits	136,472	1,597	2.36		138,443	1,952	2.84		(1,971)	(355)	(48)
Short-term borrowed funds	800	17	4.20		411	11	5.57		389	6	(137)
FHLB advances	831	19	4.62		2,323	66	5.58		(1,492)	(47)	(96)
Senior debt	7,087	176	4.96		6,399	150	4.69		688	26	27
Subordinated debt and other debt	4,660	122	5.24		5,656	154	5.44		(996)	(32)	(20)
Total long-term borrowed funds	12,578	317	5.04		14,378	370	5.13		(1,800)	(53)	(9)
Total borrowed funds	13,378	334	4.99		14,789	381	5.14		(1,411)	(47)	(15)
Total interest-bearing liabilities	149,850	1,931	2.59		153,232	2,333	3.06		(3,382)	(402)	(47)
Noninterest-bearing demand deposits	36,948				36,444				504
Other noninterest-bearing liabilities	5,736				6,722				(986)
TOTAL LIABILITIES	192,534				196,398				(3,864)
STOCKHOLDERS' EQUITY	24,455				23,598				857
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$216,989				$219,996				($3,007)
INTEREST RATE SPREAD			2.27	%			2.12	%			15
NET INTEREST MARGIN AND NET INTEREST INCOME		$2,828	2.91	%		$2,852	2.88	%		($24)	3
NET INTEREST MARGIN AND NET INTEREST INCOME, FTE1		$2,836	2.92	%		$2,861	2.89	%		($25)	3
Memo: Total deposits (interest-bearing and noninterest-bearing demand)	$173,420	$1,597	1.86	%	$174,887	$1,952	2.24	%	($1,467)	($355)	(38)	bps

1 Net interest income and net interest margin are presented on a fully taxable-equivalent ("FTE") basis using the federal statutory tax rate of 21% to adjust for the tax-exempt status of income from certain assets held by the Company and are considered non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."

MORTGAGE BANKING FEES SUMMARY

(dollars in millions)


	QUARTERLY TRENDS																		FOR THE SIX MONTHS ENDED JUNE 30,
											2Q25 Change												2025 Change
	2Q25		1Q25		4Q24		3Q24		2Q24		1Q25				2Q24				2025		2024		2024
											$/bps		%		$/bps		%						$/bps		%
MORTGAGE BANKING FEES
Production revenue	$19		$15		$14		$15		$14		$4		27	%	$5		36	%	$34		$29		$5		17	%
Mortgage servicing revenue	28		32		33		33		35		(4)		(13)		(7)		(20)		60		68		(8)		(12)
MSR valuation changes, net of hedge impact	26		12		13		(2)		5		14		117		21		NM		38		6		32		NM
Total mortgage banking fees	$73		$59		$60		$46		$54		$14		24	%	$19		35	%	$132		$103		$29		28	%

Pull-through adjusted locks	$2,458		$2,112		$1,543		$1,996		$1,930		$346		16	%	$528		27	%	$4,570		$3,334		$1,236		37	%

Production revenue as a percentage of Pull-through adjusted locks	0.78	%	0.71	%	0.90	%	0.76	%	0.74	%	7	bps			5	bps			0.75	%	0.87	%	(12)	bps



RESIDENTIAL REAL ESTATE ORIGINATIONS
Retail	$2,189		$1,444		$1,680		$1,749		$1,584		$745		52	%	$605		38	%	$3,633		$2,629		$1,004		38	%
Third Party	1,916		1,474		1,341		1,504		1,323		442		30		593		45		3,390		2,215		1,175		53
Total	$4,105		$2,918		$3,021		$3,253		$2,907		$1,187		41	%	$1,198		41	%	$7,023		$4,844		$2,179		45	%

Originated for sale	$2,486		$1,916		$1,948		$2,148		$1,872		$570		30	%	$614		33	%	$4,402		$3,168		$1,234		39	%
Originated for investment	1,619		1,002		1,073		1,105		1,035		617		62		584		56		2,621		1,676		945		56
Total	$4,105		$2,918		$3,021		$3,253		$2,907		$1,187		41	%	$1,198		41	%	$7,023		$4,844		$2,179		45	%

MORTGAGE SERVICING INFORMATION (UPB)
Loans serviced for others	$95,422		$95,203		$95,600		$96,120		$96,439		$219		—	%	($1,017)		(1	%)	$95,422		$96,439		($1,017)		(1	%)
Owned loans serviced	34,284		33,737		33,064		32,655		32,118		547		2		2,166		7		34,284		32,118		2,166		7
Total	$129,706		$128,940		$128,664		$128,775		$128,557		$766		1	%	$1,149		1	%	$129,706		$128,557		$1,149		1	%

MSR at fair value	$1,426		$1,397		$1,491		$1,501		$1,568		$29		2	%	($142)		(9	%)	$1,426		$1,568		($142)		(9	%)

SEGMENT FINANCIAL HIGHLIGHTS - CONSUMER BANKING

(dollars in millions)


	QUARTERLY TRENDS																		FOR THE SIX MONTHS ENDED JUNE 30,
CONSUMER BANKING											2Q25 Change												2025 Change
	2Q25		1Q25		4Q24		3Q24		2Q24		1Q25				2Q24				2025		2024		2024
											$/bps		%		$/bps		%						$/bps		%
Net interest income	$1,218		$1,193		$1,196		$1,156		$1,120		$25		2	%	$98		9	%	$2,411		$2,213		$198		9	%
Noninterest income	329		297		311		285		277		32		11		52		19		626		535		91		17
Total revenue	1,547		1,490		1,507		1,441		1,397		57		4		150		11		3,037		2,748		289		11
Noninterest expense	963		954		944		916		915		9		1		48		5		1,917		1,818		99		5
Profit (loss) before credit losses	584		536		563		525		482		48		9		102		21		1,120		930		190		20
Net charge-offs	81		86		82		84		84		(5)		(6)		(3)		(4)		167		165		2		1
Income (loss) before income tax expense (benefit)	503		450		481		441		398		53		12		105		26		953		765		188		25
Income tax expense (benefit)	127		114		123		114		102		13		11		25		25		241		197		44		22
Net income (loss)	$376		$336		$358		$327		$296		$40		12	%	$80		27	%	$712		$568		$144		25	%
AVERAGE BALANCES
Total assets	$78,822		$77,534		$76,608		$75,392		$74,295		$1,288		2	%	$4,527		6	%	$78,182		$74,064		$4,118		6	%
Total loans and leases1	72,402		71,054		70,274		69,021		67,960		1,348		2		4,442		7		71,732		67,704		4,028		6
Deposits	127,271		125,728		124,552		121,899		120,478		1,543		1		6,793		6		126,504		120,248		6,256		5
Interest-earning assets	72,988		71,635		70,857		69,608		68,552		1,353		2		4,436		6		72,315		68,301		4,014		6
KEY METRICS
Net interest margin	6.69	%	6.76	%	6.72	%	6.60	%	6.57	%	(7)	bps			12	bps			6.72	%	6.51	%	21	bps
Efficiency ratio	62.24		64.06		62.60		63.53		65.49		(182)	bps			(325)	bps			63.13		66.17		(304)	bps
Loan-to-deposit ratio (period-end balances)	57.24		54.97		55.85		56.34		55.73		227	bps			151	bps			57.24		55.73		151	bps
Loan-to-deposit ratio (average balances)	56.26		56.04		55.88		56.05		55.97		22	bps			29	bps			56.15		55.88		27	bps

1 Includes loans held for sale.

SEGMENT FINANCIAL HIGHLIGHTS - COMMERCIAL BANKING

(dollars in millions)


	QUARTERLY TRENDS																		FOR THE SIX MONTHS ENDED JUNE 30,
COMMERCIAL BANKING											2Q25 Change												2025 Change
	2Q25		1Q25		4Q24		3Q24		2Q24		1Q25				2Q24				2025		2024		2024
											$/bps		%		$/bps		%						$/bps		%
Net interest income	$439		$441		$464		$478		$494		($2)		—	%	($55)		(11	%)	$880		$1,008		($128)		(13	%)
Noninterest income	232		215		232		207		242		17		8		(10)		(4)		447		469		(22)		(5)
Total revenue	671		656		696		685		736		15		2		(65)		(9)		1,327		1,477		(150)		(10)
Noninterest expense	317		327		313		300		311		(10)		(3)		6		2		644		628		16		3
Profit (loss) before credit losses	354		329		383		385		425		25		8		(71)		(17)		683		849		(166)		(20)
Net charge-offs	84		77		91		91		90		7		9		(6)		(7)		161		171		(10)		(6)
Income (loss) before income tax expense (benefit)	270		252		292		294		335		18		7		(65)		(19)		522		678		(156)		(23)
Income tax expense (benefit)	64		56		68		63		76		8		14		(12)		(16)		120		160		(40)		(25)
Net income (loss)	$206		$196		$224		$231		$259		$10		5	%	($53)		(20	%)	$402		$518		($116)		(22	%)
AVERAGE BALANCES
Total assets	$66,284		$65,366		$66,787		$68,092		$68,958		$918		1	%	($2,674)		(4	%)	$65,827		$69,529		($3,702)		(5	%)
Total loans and leases1	63,057		62,437		63,789		64,974		65,997		620		1		(2,940)		(4)		62,749		66,592		(3,843)		(6)
Deposits	42,481		42,178		43,597		44,190		44,203		303		1		(1,722)		(4)		42,330		45,058		(2,728)		(6)
Interest-earning assets	63,710		63,018		64,419		65,550		66,447		692		1		(2,737)		(4)		63,366		66,991		(3,625)		(5)
KEY METRICS
Net interest margin	2.78	%	2.83	%	2.86	%	2.90	%	2.99	%	(5)	bps			(21)	bps			2.81	%	3.03	%	(22)	bps
Efficiency ratio	47.47		49.77		44.78		43.84		42.28		(230)	bps			519	bps			48.60		42.54		606	bps
Loan-to-deposit ratio (period-end balances)	139.59		142.21		139.43		140.42		141.41		(262)	bps			(182)	bps			139.59		141.41		(182)	bps
Loan-to-deposit ratio (average balances)	146.90		146.86		144.70		145.93		148.15		4	bps			(125)	bps			146.88		146.57		31	bps

1 Includes loans held for sale.

SEGMENT FINANCIAL HIGHLIGHTS - NON-CORE

(dollars in millions)


	QUARTERLY TRENDS																		FOR THE SIX MONTHS ENDED JUNE 30,
NON-CORE											2Q25 Change												2025 Change
	2Q25		1Q25		4Q24		3Q24		2Q24		1Q25				2Q24				2025		2024		2024
											$/bps		%		$/bps		%						$/bps		%
Net interest income	($5)		($15)		($21)		($28)		($31)		$10		67	%	$26		84	%	($20)		($68)		$48		71	%
Noninterest income	3		—		—		—		—		3		100		3		100		3		—		3		100
Total revenue	(2)		(15)		(21)		(28)		(31)		13		87		29		94		(17)		(68)		51		75
Noninterest expense	15		16		24		23		26		(1)		(6)		(11)		(42)		31		51		(20)		(39)
Profit (loss) before credit losses	(17)		(31)		(45)		(51)		(57)		14		45		40		70		(48)		(119)		71		60
Net charge offs	2		37		15		17		10		(35)		(95)		(8)		(80)		39		29		10		34
Income (loss) before income tax expense (benefit)	(19)		(68)		(60)		(68)		(67)		49		72		48		72		(87)		(148)		61		41
Income tax expense (benefit)	(5)		(17)		(15)		(17)		(17)		12		71		12		71		(22)		(38)		16		42
Net income (loss)	($14)		($51)		($45)		($51)		($50)		$37		73	%	$36		72	%	($65)		($110)		$45		41	%
AVERAGE BALANCES
Total assets	$5,216		$6,536		$7,428		$8,389		$9,418		($1,320)		(20	%)	($4,202)		(45	%)	$5,872		$9,986		($4,114)		(41	%)
Total loans and leases1	5,192		6,510		7,394		8,352		9,376		(1,318)		(20)		(4,184)		(45)		5,847		9,942		(4,095)		(41)
Interest-earning assets	5,192		6,510		7,394		8,352		9,376		(1,318)		(20)		(4,184)		(45)		5,847		9,942		(4,095)		(41)
KEY METRICS
Net interest margin	(0.43)	%	(0.90)	%	(1.12)	%	(1.30)	%	(1.36)	%	47	bps			93	bps			(0.69)	%	(1.38)	%	69	bps

1 Includes loans held for sale.

SEGMENT FINANCIAL HIGHLIGHTS - OTHER

(dollars in millions)


	QUARTERLY TRENDS											FOR THE SIX MONTHS ENDED JUNE 30,
OTHER1						2Q25 Change								2025 Change
	2Q25	1Q25	4Q24	3Q24	2Q24	1Q25			2Q24			2025	2024	2024
						$	%		$	%				$	%
Net interest income	($215)	($228)	($227)	($237)	($173)	$13	6	%	($42)	(24	%)	($443)	($301)	($142)	(47	%)
Noninterest income	36	32	31	40	34	4	13		2	6		68	66	2	3
Total revenue	(179)	(196)	(196)	(197)	(139)	17	9		(40)	(29)		(375)	(235)	(140)	(60)
Noninterest expense	24	17	35	20	49	7	41		(25)	(51)		41	162	(121)	(75)
Profit (loss) before provision (benefit) for credit losses	(203)	(213)	(231)	(217)	(188)	10	5		(15)	(8)		(416)	(397)	(19)	(5)
Provision (benefit) for credit losses	(3)	(47)	(26)	(20)	(2)	44	94		(1)	(50)		(50)	(12)	(38)	NM
Income (loss) before income tax expense (benefit)	(200)	(166)	(205)	(197)	(186)	(34)	(20)		(14)	(8)		(366)	(385)	19	5
Income tax expense (benefit)	(68)	(58)	(69)	(72)	(73)	(10)	(17)		5	7		(126)	(135)	9	7
Net income (loss)	($132)	($108)	($136)	($125)	($113)	($24)	(22	%)	($19)	(17	%)	($240)	($250)	$10	4	%
AVERAGE BALANCES
Total assets	$67,339	$66,873	$66,725	$66,705	$66,551	$466	1	%	$788	1	%	$67,108	$66,417	$691	1	%
Total loans and leases2	912	896	874	837	789	16	2		123	16		904	771	133	17
Deposits	4,376	4,799	6,113	7,962	8,989	(423)	(9)		(4,613)	(51)		4,586	9,581	(4,995)	(52)
Interest-earning assets	54,428	53,896	53,944	53,654	54,089	532	1		339	1		54,164	54,033	131	—

1 Includes assets, liabilities, capital, revenues, provision for credit losses, expenses and income tax expense not attributed to our Consumer Banking, Commercial Banking, or Non-Core segments as well as treasury and community development.

2 Includes loans held for sale.

CREDIT-RELATED INFORMATION

(dollars in millions)


	AS OF										JUNE 30, 2025 CHANGE
	June 30, 2025		Mar 31, 2025		Dec 31, 2024		Sept 30, 2024		June 30, 2024		Mar 31, 2025				June 30, 2024
											$/bps/%		%		$/bps/%		%
NONACCRUAL LOANS AND LEASES
Commercial and industrial	$233		$283		$241		$219		$261		($50)		(18	%)	($28)		(11	%)
Commercial real estate	706		700		776		852		678		6		1		28		4
Total commercial	939		983		1,017		1,071		939		(44)		(4)		—		—
Residential mortgages1	198		198		192		169		153		—		—		45		29
Home equity	282		282		283		281		279		—		—		3		1
Automobile	34		39		48		46		44		(5)		(13)		(10)		(23)
Education	19		20		56		59		52		(1)		(5)		(33)		(63)
Other retail	52		60		68		61		60		(8)		(13)		(8)		(13)
Total retail	585		599		647		616		588		(14)		(2)		(3)		(1)
Total nonaccrual loans and leases	1,524		1,582		1,664		1,687		1,527		(58)		(4)		(3)		—
ASSET QUALITY RATIOS
Allowance for loan and lease losses to loans and leases	1.44	%	1.46	%	1.48	%	1.47	%	1.50	%	(2)	bps			(6)	bps
Allowance for credit losses to loans and leases	1.59		1.61		1.62		1.61		1.63		(2)	bps			(4)	bps
Allowance for loan and lease losses to nonaccrual loans and leases	132		127		124		123		139		5	%			(7	%)
Allowance for credit losses to nonaccrual loans and leases	145		140		136		136		151		5	%			(6	%)
Nonaccrual loans and leases to loans and leases	1.09		1.15		1.20		1.19		1.08		(6)	bps			1	bps

1 Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.

CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)


	AS OF					JUNE 30, 2025 CHANGE
	June 30, 2025	Mar 31, 2025	Dec 31, 2024	Sept 30, 2024	June 30, 2024	Mar 31, 2025			June 30, 2024
						$/bps	%		$/bps	%
LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Commercial and industrial	$3	$9	$8	$5	$7	($6)	(67	%)	($4)	(57	%)
Commercial real estate	60	4	6	15	36	56	NM		24	67
Total commercial	63	13	14	20	43	50	NM		20	47
Residential mortgages1	128	138	179	146	182	(10)	(7)		(54)	(30)
Home equity	—	—	—	—	—	—	—		—	—
Automobile	—	—	—	—	—	—	—		—	—
Education	2	3	2	2	2	(1)	(33)		—	—
Other retail	1	1	1	1	1	—	—		—	—
Total retail	131	142	182	149	185	(11)	(8)		(54)	(29)
Total loans and leases	$194	$155	$196	$169	$228	$39	25	%	($34)	(15	%)

1 90+ days past due and accruing includes $128 million, $137 million, $172 million, $145 million, and $168 million of loans fully or partially guaranteed by the FHA, VA, and USDA for June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, respectively.

CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)


	QUARTERLY TRENDS											FOR THE SIX MONTHS ENDED JUNE 30,
						2Q25 Change								2025 Change
	2Q25	1Q25	4Q24	3Q24	2Q24	1Q25			2Q24			2025	2024	2024
						$	%		$	%				$	%
CHARGE-OFFS, RECOVERIES AND RELATED RATIOS
GROSS CHARGE-OFFS
Commercial and industrial	$39	$34	$22	$57	$14	$5	15	%	$25	179	%	$73	$28	$45	161	%
Commercial real estate	54	51	89	49	86	3	6		(32)	(37)		105	174	(69)	(40)
Total commercial	93	85	111	106	100	8	9		(7)	(7)		178	202	(24)	(12)
Residential mortgages	—	1	—	1	1	(1)	(100)		(1)	(100)		1	3	(2)	(67)
Home equity	4	5	6	4	4	(1)	(20)		—	—		9	8	1	13
Automobile	14	20	22	25	19	(6)	(30)		(5)	(26)		34	47	(13)	(28)
Education	26	56	33	30	31	(30)	(54)		(5)	(16)		82	63	19	30
Other retail	64	67	66	65	68	(3)	(4)		(4)	(6)		131	131	—	—
Total retail	108	149	127	125	123	(41)	(28)		(15)	(12)		257	252	5	2
Total gross charge-offs	$201	$234	$238	$231	$223	($33)	(14	%)	($22)	(10	%)	$435	$454	($19)	(4	%)
GROSS RECOVERIES
Commercial and industrial	$—	$4	$7	$3	$4	($4)	(100	%)	($4)	(100	%)	$4	$21	($17)	(81	%)
Commercial real estate	1	—	7	5	—	1	100		1	100		1	—	1	100
Total commercial	1	4	14	8	4	(3)	(75)		(3)	(75)		5	21	(16)	(76)
Residential mortgages	—	1	1	1	1	(1)	(100)		(1)	(100)		1	2	(1)	(50)
Home equity	6	5	7	5	7	1	20		(1)	(14)		11	13	(2)	(15)
Automobile	11	12	12	12	15	(1)	(8)		(4)	(27)		23	29	(6)	(21)
Education	8	5	5	6	5	3	60		3	60		13	10	3	30
Other retail	8	7	10	7	7	1	14		1	14		15	14	1	7
Total retail	33	30	35	31	35	3	10		(2)	(6)		63	68	(5)	(7)
Total gross recoveries	$34	$34	$49	$39	$39	$—	—	%	($5)	(13	%)	$68	$89	($21)	(24	%)
NET CHARGE-OFFS (RECOVERIES)
Commercial and industrial	$39	$30	$15	$54	$10	$9	30	%	$29	NM		$69	$7	$62	NM
Commercial real estate	53	51	82	44	86	2	4		(33)	(38)		104	174	(70)	(40)
Total commercial	92	81	97	98	96	11	14		(4)	(4)		173	181	(8)	(4)
Residential mortgages	—	—	(1)	—	—	—	—		—	—		—	1	(1)	(100)
Home equity	(2)	—	(1)	(1)	(3)	(2)	(100)		1	33		(2)	(5)	3	60
Automobile	3	8	10	13	4	(5)	(63)		(1)	(25)		11	18	(7)	(39)
Education	18	51	28	24	26	(33)	(65)		(8)	(31)		69	53	16	30
Other retail	56	60	56	58	61	(4)	(7)		(5)	(8)		116	117	(1)	(1)
Total retail	75	119	92	94	88	(44)	(37)		(13)	(15)		194	184	10	5
Total net charge-offs	$167	$200	$189	$192	$184	($33)	(17	%)	($17)	(9	%)	$367	$365	$2	1	%

CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)


	QUARTERLY TRENDS																		FOR THE SIX MONTHS ENDED JUNE 30,
											2Q25 Change												2025 Change
	2Q25		1Q25		4Q24		3Q24		2Q24		1Q25				2Q24				2025		2024		2024
											$/bps		%		$/bps		%						$/bps		%
ANNUALIZED NET CHARGE-OFF (RECOVERY) RATES
Commercial and industrial	0.35	%	0.28	%	0.14	%	0.49	%	0.09	%	7	bps			26	bps			0.31	%	0.03	%	28	bps
Commercial real estate	0.80		0.77		1.17		0.62		1.20		3				(40)				0.79		1.21		(42)
Total commercial	0.51		0.47		0.54		0.54		0.53		4				(2)				0.49		0.50		(1)
Residential mortgages	—		0.01		—		—		—		(1)				—				—		—		—
Home equity	(0.05)		(0.01)		(0.01)		(0.03)		(0.07)		(4)				2				(0.03)		(0.06)		3
Automobile	0.36		0.73		0.83		0.81		0.27		(37)				9				0.56		0.52		4
Education	0.86		1.92		1.01		0.85		0.93		(106)				(7)				1.44		0.92		52
Other retail	5.23		5.46		4.54		4.93		4.98		(23)				25				5.35		4.77		58
Total retail	0.45		0.70		0.53		0.54		0.51		(25)				(6)				0.57		0.52		5
Total loans and leases	0.48	%	0.58	%	0.53	%	0.54	%	0.52	%	(10)	bps			(4)	bps			0.53	%	0.51	%	2	bps
Memo: Average loans
Commercial and industrial	$44,936		$43,599		$43,674		$44,071		$44,381		$1,337		3	%	$555		1	%	$44,271		$44,479		($208)		—	%
Commercial real estate	26,487		27,013		27,681		28,209		28,574		(526)		(2)		(2,087)		(7)		26,749		28,920		(2,171)		(8)
Total commercial	71,423		70,612		71,355		72,280		72,955		811		1		(1,532)		(2)		71,020		73,399		(2,379)		(3)
Residential mortgages	33,420		32,872		32,520		32,117		31,633		548		2		1,787		6		33,147		31,508		1,639		5
Home equity	17,324		16,647		16,246		15,733		15,343		677		4		1,981		13		16,988		15,212		1,776		12
Automobile	3,705		4,394		5,129		5,942		6,807		(689)		(16)		(3,102)		(46)		4,047		7,282		(3,235)		(44)
Education	8,660		10,690		10,949		11,155		11,447		(2,030)		(19)		(2,787)		(24)		9,670		11,632		(1,962)		(17)
Other retail	4,277		4,495		4,748		4,776		4,882		(218)		(5)		(605)		(12)		4,385		4,912		(527)		(11)
Total retail	67,386		69,098		69,592		69,723		70,112		(1,712)		(2)		(2,726)		(4)		68,237		70,546		(2,309)		(3)
Total loans and leases	$138,809		$139,710		$140,947		$142,003		$143,067		($901)		(1	%)	($4,258)		(3	%)	$139,257		$143,945		($4,688)		(3	%)

CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)


	QUARTERLY TRENDS											FOR THE SIX MONTHS ENDED JUNE 30,
						2Q25 Change								2025 Change
	2Q25	1Q25	4Q24	3Q24	2Q24	1Q25			2Q24			2025	2024	2024
						$	%		$	%				$	%
SUMMARY OF CHANGES IN THE COMPONENTS OF THE ALLOWANCE FOR CREDIT LOSSES
Allowance for loan and lease losses - beginning	$2,014	$2,061	$2,079	$2,125	$2,086	($47)	(2	%)	($72)	(3	%)	$2,061	$2,098	($37)	(2	%)









Charge-offs:
Commercial	93	85	111	106	100	8	9		(7)	(7)		178	202	(24)	(12)
Retail	108	149	127	125	123	(41)	(28)		(15)	(12)		257	252	5	2
Total charge-offs	201	234	238	231	223	(33)	(14)		(22)	(10)		435	454	(19)	(4)
Recoveries:
Commercial	1	4	14	8	4	(3)	(75)		(3)	(75)		5	21	(16)	(76)
Retail	33	30	35	31	35	3	10		(2)	(6)		63	68	(5)	(7)
Total recoveries	34	34	49	39	39	—	—		(5)	(13)		68	89	(21)	(24)
Net charge-offs	167	200	189	192	184	(33)	(17)		(17)	(9)		367	365	2	1
Provision (benefit) for loan and lease losses:
Commercial	50	89	50	3	144	(39)	(44)		(94)	(65)		139	213	(74)	(35)
Retail	111	64	121	143	79	47	73		32	41		175	179	(4)	(2)
Total provision (benefit) for loan and lease losses	161	153	171	146	223	8	5		(62)	(28)		314	392	(78)	(20)
Allowance for loan and lease losses - ending	$2,008	$2,014	$2,061	$2,079	$2,125	($6)	—	%	($117)	(6	%)	$2,008	$2,125	($117)	(6	%)

Allowance for unfunded lending commitments - beginning	$198	$198	$207	$181	$222	$—	—	%	($24)	(11	%)	$198	$220	($22)	(10	%)


Provision (benefit) for unfunded lending commitments	3	—	(9)	26	(41)	3	100	%	44	NM		3	(39)	42	NM
Allowance for unfunded lending commitments - ending	$201	$198	$198	$207	$181	$3	2	%	$20	11	%	$201	$181	$20	11	%
Total allowance for credit losses - ending	$2,209	$2,212	$2,259	$2,286	$2,306	($3)	—	%	($97)	(4	%)	$2,209	$2,306	($97)	(4	%)

Memo: Total allowance for credit losses by product
Commercial	$1,269	$1,312	$1,295	$1,351	$1,429	($43)	(3	%)	($160)	(11	%)	$1,269	$1,429	($160)	(11	%)
Retail	940	900	964	935	877	40	4		63	7		940	877	63	7
Total allowance for credit losses	$2,209	$2,212	$2,259	$2,286	$2,306	($3)	—	%	($97)	(4	%)	$2,209	$2,306	($97)	(4	%)

CAPITAL AND RATIOS

(dollars in millions)


	AS OF																FOR THE SIX MONTHS ENDED JUNE 30,
											JUNE 30, 2025 CHANGE								2025 Change
	June 30, 2025		Mar 31, 2025		Dec 31, 2024		Sept 30, 2024		June 30, 2024		Mar 31, 2025			June 30, 2024			2025	2024	2024
											$	%		$	%				$	%
CAPITAL RATIOS AND COMPONENTS (PRELIMINARY)
CET1 capital	$17,812		$17,751		$17,900		$17,941		$18,086		$61	—	%	($274)	(2	%)
Tier 1 capital	19,925		19,864		20,013		20,053		20,198		61	—		(273)	(1)
Total capital	23,221		23,156		23,232		23,352		23,551		65	—		(330)	(1)
Risk-weighted assets	168,017		166,908		165,699		168,552		168,393		1,109	1		(376)	—
Adjusted average assets1	212,450		211,119		212,555		213,274		214,574		1,331	1		(2,124)	(1)
CET1 capital ratio	10.6	%	10.6	%	10.8	%	10.6	%	10.7	%
Tier 1 capital ratio	11.9		11.9		12.1		11.9		12.0
Total capital ratio	13.8		13.9		14.0		13.9		14.0
Tier 1 leverage ratio	9.4		9.4		9.4		9.4		9.4
TANGIBLE COMMON EQUITY (PERIOD-END)
Common stockholders' equity	$23,121		$22,753		$22,141		$22,820		$21,757		$368	2	%	$1,364	6	%	$23,121	$21,757	$1,364	6	%
Less: Goodwill	8,187		8,187		8,187		8,187		8,187		—	—		—	—		8,187	8,187	—	—
Less: Other intangible assets	128		137		146		137		139		(9)	(7)		(11)	(8)		128	139	(11)	(8)
Add: Deferred tax liabilities2	440		438		438		435		435		2	—		5	1		440	435	5	1
Total tangible common equity3	$15,246		$14,867		$14,246		$14,931		$13,866		$379	3	%	$1,380	10	%	$15,246	$13,866	$1,380	10	%
TANGIBLE COMMON EQUITY (AVERAGE)
Common stockholders' equity	$22,494		$22,188		$22,009		$22,380		$21,427		$306	1	%	$1,067	5	%	$22,342	$21,563	$779	4	%
Less: Goodwill	8,187		8,187		8,187		8,187		8,188		—	—		(1)	—		8,187	8,188	(1)	—
Less: Other intangible assets	134		142		136		140		144		(8)	(6)		(10)	(7)		138	149	(11)	(7)
Add: Deferred tax liabilities2	438		438		436		435		432		—	—		6	1		438	433	5	1
Total tangible common equity3	$14,611		$14,297		$14,122		$14,488		$13,527		$314	2	%	$1,084	8	%	$14,455	$13,659	$796	6	%
INTANGIBLE ASSETS (PERIOD-END)
Goodwill	$8,187		$8,187		$8,187		$8,187		$8,187		$—	—	%	$—	—	%	$8,187	$8,187	$—	—	%
Other intangible assets	128		137		146		137		139		(9)	(7)		(11)	(8)		128	139	(11)	(8)
Total intangible assets	$8,315		$8,324		$8,333		$8,324		$8,326		($9)	—	%	($11)	—	%	$8,315	$8,326	($11)	—	%

1 Adjusted average assets include quarterly average assets, less deductions for disallowed goodwill and other intangible assets, net of deferred taxes, 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 and other intangible assets.

3 These are non-GAAP financial measures. For further information on these measures, refer to "Non-GAAP Financial Measures and Reconciliations."

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

(dollars in millions, except per share data)

Non-GAAP Financial Measures

This document contains non-GAAP financial measures, with those denoted as Underlying for any given reporting period excluding 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 those measures denoted as Underlying 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. The following tables present reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(dollars in millions, except per share data)


		QUARTERLY TRENDS											FOR THE SIX MONTHS ENDED JUNE 30,
							2Q25 Change								2025 Change
		2Q25	1Q25	4Q24	3Q24	2Q24	1Q25			2Q24			2025	2024	2024
							$	%		$	%				$	%
Noninterest income, Underlying:
Noninterest income (GAAP)	A	$600	$544	$574	$532	$553	$56	10	%	$47	8	%	$1,144	$1,070	$74	7	%
Less: Notable items		—	—	10	(2)	4	—	—		(4)	(100)		—	7	(7)	(100)
Noninterest income, Underlying (non-GAAP)	B	$600	$544	$564	$534	$549	$56	10	%	$51	9	%	$1,144	$1,063	$81	8	%
Total revenue, Underlying:
Total revenue (GAAP)	C	$2,037	$1,935	$1,986	$1,901	$1,963	$102	5	%	$74	4	%	$3,972	$3,922	$50	1	%
Less: Notable items		—	—	10	(2)	4	—	—		(4)	(100)		—	7	(7)	(100)
Total revenue, Underlying (non-GAAP)	D	$2,037	$1,935	$1,976	$1,903	$1,959	$102	5	%	$78	4	%	$3,972	$3,915	$57	1	%
Noninterest expense, Underlying:
Noninterest expense (GAAP)	E	$1,319	$1,314	$1,316	$1,259	$1,301	$5	—	%	$18	1	%	$2,633	$2,659	($26)	(1	%)
Less: Notable items		—	—	24	11	36	—	—		(36)	(100)		—	121	(121)	(100)
Noninterest expense, Underlying (non-GAAP)	F	$1,319	$1,314	$1,292	$1,248	$1,265	$5	—	%	$54	4	%	$2,633	$2,538	$95	4	%
Pre-provision profit:
Total revenue (GAAP)	C	$2,037	$1,935	$1,986	$1,901	$1,963	$102	5	%	$74	4	%	$3,972	$3,922	$50	1	%
Less: Noninterest expense (GAAP)	E	1,319	1,314	1,316	1,259	1,301	5	—		18	1		2,633	2,659	(26)	(1)
Pre-provision profit (non-GAAP)		$718	$621	$670	$642	$662	$97	16	%	$56	8	%	$1,339	$1,263	$76	6	%
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)	D	$2,037	$1,935	$1,976	$1,903	$1,959	$102	5	%	$78	4	%	$3,972	$3,915	$57	1	%
Less: Noninterest expense, Underlying (non-GAAP)	F	1,319	1,314	1,292	1,248	1,265	5	—		54	4		2,633	2,538	95	4
Pre-provision profit, Underlying (non-GAAP)		$718	$621	$684	$655	$694	$97	16	%	$24	3	%	$1,339	$1,377	($38)	(3	%)




Income before income tax expense, Underlying:
Income before income tax expense (GAAP)	G	$554	$468	$508	$470	$480	$86	18	%	$74	15	%	$1,022	$910	$112	12	%
Less: Income (expense) before income tax expense (benefit) related to notable items		—	—	(14)	(13)	(32)	—	—		32	100		—	(114)	114	100
Income before income tax expense, Underlying (non-GAAP)	H	$554	$468	$522	$483	$512	$86	18	%	$42	8	%	$1,022	$1,024	($2)	—	%
Income tax expense, Underlying:
Income tax expense (GAAP)	I	$118	$95	$107	$88	$88	$23	24	%	$30	34	%	$213	$184	$29	16	%
Less: Income tax expense (benefit) related to notable items		—	—	(3)	(3)	(16)	—	—		16	100		—	(37)	37	100
Income tax expense, Underlying (non-GAAP)	J	$118	$95	$110	$91	$104	$23	24	%	$14	13	%	$213	$221	($8)	(4	%)
Net income, Underlying:
Net income (GAAP)	K	$436	$373	$401	$382	$392	$63	17	%	$44	11	%	$809	$726	$83	11	%
Add: Notable items, net of income tax benefit		—	—	11	10	16	—	—		(16)	(100)		—	77	(77)	(100)
Net income, Underlying (non-GAAP)	L	$436	$373	$412	$392	$408	$63	17	%	$28	7	%	$809	$803	$6	1	%
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)	M	$402	$340	$367	$344	$357	$62	18	%	$45	13	%	$742	$661	$81	12	%
Add: Notable items, net of income tax benefit		—	—	11	10	16	—	—		(16)	(100)		—	77	(77)	(100)
Net income available to common stockholders, Underlying (non-GAAP)	N	$402	$340	$378	$354	$373	$62	18	%	$29	8	%	$742	$738	$4	1	%

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(dollars in millions, except per share data)


		QUARTERLY TRENDS																		FOR THE SIX MONTHS ENDED JUNE 30,
												2Q25 Change												2025 Change
		2Q25		1Q25		4Q24		3Q24		2Q24		1Q25				2Q24				2025		2024		2024
												$/bps		%		$/bps		%						$/bps		%
Operating leverage:
Total revenue (GAAP)	C	$2,037		$1,935		$1,986		$1,901		$1,963		$102		5.35	%	$74		3.78	%	$3,972		$3,922		$50		1.28	%
Less: Noninterest expense (GAAP)	E	1,319		1,314		1,316		1,259		1,301		5		0.47		18		1.42		2,633		2,659		(26)		(0.96)
Operating leverage														4.88	%			2.36	%							2.24	%
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)	D	$2,037		$1,935		$1,976		$1,903		$1,959		$102		5.35	%	$78		4.02	%	$3,972		$3,915		$57		1.46	%
Less: Noninterest expense, Underlying (non-GAAP)	F	1,319		1,314		1,292		1,248		1,265		5		0.47		54		4.29		2,633		2,538		95		3.76
Operating leverage, Underlying (non-GAAP)														4.88	%			(0.27	%)							(2.30	%)
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio	E/C	64.76	%	67.91	%	66.27	%	66.23	%	66.27	%	(315)	bps			(151)	bps			66.29	%	67.79	%	(150)	bps
Efficiency ratio, Underlying (non-GAAP)	F/D	64.76		67.91		65.36		65.61		64.59		(315)	bps			17	bps			66.29		64.82		147	bps
Noninterest income as a % of total revenue, Underlying:
Noninterest income as a % of total revenue	A/C	29.41	%	28.14	%	28.90	%	27.95	%	28.16	%	127	bps			125	bps			28.79	%	27.29	%	150	bps
Noninterest income as a % of total revenue, Underlying (non-GAAP)	B/D	29.41		28.14		28.54		28.05		28.00		127	bps			141	bps			28.79		27.16		163	bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rate	I/G	21.37	%	20.26	%	21.04	%	18.56	%	18.49	%	111	bps			288	bps			20.86	%	20.28	%	58	bps
Effective income tax rate, Underlying (non-GAAP)	J/H	21.37		20.26		21.17		18.75		20.33		111	bps			104	bps			20.86		21.59		(73)	bps
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP)	O	$22,494		$22,188		$22,009		$22,380		$21,427		$306		1	%	$1,067		5	%	$22,342		$21,563		$779		4	%
Return on average common equity	M/O	7.18	%	6.21	%	6.64	%	6.12	%	6.70	%	97	bps			48	bps			6.70	%	6.16	%	54	bps
Return on average common equity, Underlying (non-GAAP)	N/O	7.18		6.21		6.84		6.29		7.00		97	bps			18	bps			6.70		6.88		(18)	bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)	O	$22,494		$22,188		$22,009		$22,380		$21,427		$306		1	%	$1,067		5	%	$22,342		$21,563		$779		4	%
Less: Average goodwill (GAAP)		8,187		8,187		8,187		8,187		8,188		—		—		(1)		—		8,187		8,188		(1)		—
Less: Average other intangibles (GAAP)		134		142		136		140		144		(8)		(6)		(10)		(7)		138		149		(11)		(7)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		438		438		436		435		432		—		—		6		1		438		433		5		1
Average tangible common equity (non-GAAP)	P	$14,611		$14,297		$14,122		$14,488		$13,527		$314		2	%	$1,084		8	%	$14,455		$13,659		$796		6	%
Return on average tangible common equity (non-GAAP)	M/P	11.05	%	9.64	%	10.36	%	9.45	%	10.61	%	141	bps			44	bps			10.35	%	9.73	%	62	bps
Return on average tangible common equity, Underlying (non-GAAP)	N/P	11.05		9.64		10.66		9.71		11.09		141	bps			(4)	bps			10.35		10.87		(52)	bps
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP)	Q	$217,661		$216,309		$217,548		$218,578		$219,222		$1,352		1	%	($1,561)		(1	%)	$216,989		$219,996		($3,007)		(1	%)
Return on average total assets	K/Q	0.80	%	0.70	%	0.73	%	0.70	%	0.72	%	10	bps			8	bps			0.75	%	0.66	%	9	bps
Return on average total assets, Underlying (non-GAAP)	L/Q	0.80		0.70		0.75		0.71		0.75		10	bps			5	bps			0.75		0.73		2	bps

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(dollars in millions, except per share data)


		QUARTERLY TRENDS																		FOR THE SIX MONTHS ENDED JUNE 30,
												2Q25 Change												2025 Change
		2Q25		1Q25		4Q24		3Q24		2Q24		1Q25				2Q24				2025		2024		2024
												$/bps		%		$/bps		%						$/bps		%
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)	Q	$217,661		$216,309		$217,548		$218,578		$219,222		$1,352		1	%	($1,561)		(1	%)	$216,989		$219,996		($3,007)		(1	%)
Less: Average goodwill (GAAP)		8,187		8,187		8,187		8,187		8,188		—		—		(1)		—		8,187		8,188		(1)		—
Less: Average other intangibles (GAAP)		134		142		136		140		144		(8)		(6)		(10)		(7)		138		149		(11)		(7)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		438		438		436		435		432		—		—		6		1		438		433		5		1
Average tangible assets (non-GAAP)	R	$209,778		$208,418		$209,661		$210,686		$211,322		$1,360		1	%	($1,544)		(1	%)	$209,102		$212,092		($2,990)		(1	%)
Return on average total tangible assets (non-GAAP)	K/R	0.83	%	0.73	%	0.76	%	0.72	%	0.75	%	10	bps			8	bps			0.78	%	0.69	%	9	bps
Return on average total tangible assets, Underlying (non-GAAP)	L/R	0.83		0.73		0.78		0.74		0.78		10	bps			5	bps			0.78		0.76		2	bps
Book value per common share and tangible book value per common share:
Common shares - at period-end (GAAP)	S	432,768,811		437,668,127		440,543,381		445,216,549		452,961,853		(4,899,316)		(1	%)	(20,193,042)		(4	%)	432,768,811		452,961,853		(20,193,042)		(4	%)
Common stockholders' equity (GAAP)	T	$23,121		$22,753		$22,141		$22,820		$21,757		$368		2		$1,364		6		$23,121		$21,757		$1,364		6
Less: Goodwill (GAAP)		8,187		8,187		8,187		8,187		8,187		—		—		—		—		8,187		8,187		—		—
Less: Other intangible assets (GAAP)		128		137		146		137		139		(9)		(7)		(11)		(8)		128		139		(11)		(8)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)		440		438		438		435		435		2		—		5		1		440		435		5		1
Tangible common equity (non-GAAP)	U	$15,246		$14,867		$14,246		$14,931		$13,866		$379		3	%	$1,380		10	%	$15,246		$13,866		$1,380		10	%
Book value per common share (GAAP)	T/S	$53.43		$51.99		$50.26		$51.25		$48.03		$1.44		3	%	$5.40		11	%	$53.43		$48.03		$5.40		11	%
Tangible book value per common share (non-GAAP)	U/S	35.23		33.97		32.34		33.54		30.61		1.26		4		4.62		15		35.23		30.61		4.62		15
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)	V	433,640,210		438,320,757		440,802,738		446,561,996		454,142,489		(4,680,547)		(1	%)	(20,502,279)		(5	%)	435,967,554		457,750,585		(21,783,031)		(5	%)
Average common shares outstanding - diluted (GAAP)	W	436,539,774		442,200,180		444,836,786		449,913,467		456,561,022		(5,660,406)		(1)		(20,021,248)		(4)		439,342,703		460,009,546		(20,666,843)		(4)
Net income per average common share - basic (GAAP)	M/V	$0.93		$0.78		$0.83		$0.77		$0.79		$0.15		19		$0.14		18		$1.70		$1.44		$0.26		18
Net income per average common share - diluted (GAAP)	M/W	0.92		0.77		0.83		0.77		0.78		0.15		19		0.14		18		1.69		1.44		0.25		17
Net income per average common share - basic, Underlying (non-GAAP)	N/V	0.93		0.78		0.86		0.79		0.82		0.15		19		0.11		13		1.70		1.61		0.09		6
Net income per average common share - diluted, Underlying (non-GAAP)	N/W	0.92		0.77		0.85		0.79		0.82		0.15		19		0.10		12		1.69		1.60		0.09		6
Dividend payout ratio and dividend payout ratio, Underlying:
Cash dividends declared and paid per common share	X	$0.42		$0.42		$0.42		$0.42		$0.42		$—		—	%	$—		—	%	$0.84		$0.84		$—		—	%
Dividend payout ratio	X/(M/V)	45	%	54	%	51	%	55	%	53	%	(869) bps				(800) bps				49	%	58	%	(892) bps
Dividend payout ratio, Underlying (non-GAAP)	X/(N/V)	45		54		49		53		51		(869) bps				(584) bps				49		52		(300) bps

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(dollars in millions, except per share data)


		QUARTERLY TRENDS																		FOR THE SIX MONTHS ENDED JUNE 30,
												2Q25 Change												2025 Change
		2Q25		1Q25		4Q24		3Q24		2Q24		1Q25				2Q24				2025		2024		2024
												$/bps		%		$/bps		%						$/bps		%
Common equity ratio and tangible common equity ratio:
Total assets (GAAP)	Y	$218,310		$220,148		$217,521		$219,706		$219,938		($1,838)		(1)	%	($1,628)		(1	%)	$218,310		$219,938		($1,628)		(1)
Less: Goodwill (GAAP)		8,187		8,187		8,187		8,187		8,187		—		—		—		—		8,187		8,187		—		—
Less: Other intangible assets (GAAP)		128		137		146		137		139		(9)		(7)		(11)		(8)		128		139		(11)		(8)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)		440		438		438		435		435		2		—		5		1		440		435		5		1
Tangible assets (non-GAAP)	Z	$210,435		$212,262		$209,626		$211,817		$212,047		($1,827)		(1	%)	($1,612)		(1	%)	$210,435		$212,047		($1,612)		(1	%)
Common equity ratio (GAAP)	T/Y	10.6	%	10.3	%	10.2	%	10.4	%	9.9	%	25 bps				70 bps				10.6	%	9.9	%	70 bps
Tangible common equity ratio (non-GAAP)	U/Z	7.2		7.0		6.8		7.0		6.5		24 bps				70 bps				7.2		6.5		70 bps
Net interest income and net interest margin on an FTE basis:
Net interest income (annualized) (GAAP)	AA	$5,770		$5,637		$5,620		$5,447		$5,674		$133		2	%	$96		2	%	$5,704		$5,735		($31)		(1	%)
Average interest-earning assets (GAAP)	BB	196,318		195,058		196,613		197,164		198,465		1,260		1		(2,147)		(1)		195,692		199,266		(3,574)		(2)
Net interest margin (GAAP)	AA/BB	2.94	%	2.89	%	2.86	%	2.76	%	2.86	%	5	bps			8	bps			2.91	%	2.88	%	3	bps
Net interest income (GAAP)		$1,437		$1,391		$1,412		$1,369		$1,410		$46		3	%	$27		2	%	$2,828		$2,852		($24)		(1	%)
FTE adjustment		4		4		4		4		5		—		—		(1)		(20)		8		9		(1)		(11)
Net interest income on an FTE basis (non-GAAP)		1,441		1,395		1,416		1,373		1,415		46		3		26		2		2,836		2,861		(25)		(1)
Net interest income on an FTE basis (annualized) (non-GAAP)	CC	5,786		5,653		5,637		5,465		5,692		133		2		94		2		5,720		5,753		(33)		(1)
Net interest margin on an FTE basis (non-GAAP)	CC/BB	2.95	%	2.90	%	2.87	%	2.77	%	2.87	%	5	bps			8	bps			2.92	%	2.89	%	3	bps
Card fees, Underlying:
Card fees (GAAP)		$90		$83		$97		$93		$92		$7		8	%	($2)		(2	%)	$173		$178		($5)		(3	%)
Less: Notable items		—		—		11		6		4		—		—		(4)		(100)		—		7		(7)		(100)
Card fees, Underlying (non-GAAP)		$90		$83		$86		$87		$88		$7		8	%	$2		2	%	$173		$171		$2		1	%




Other income, Underlying:
Other income (GAAP)		$42		$22		$28		$24		$10		$20		91	%	$32		NM		$64		$27		$37		137	%
Less: Notable items		—		—		(1)		(8)		—		—		—		—		—		—		—		—		—
Other income, Underlying (non-GAAP)		$42		$22		$29		$32		$10		$20		91	%	$32		NM		$64		$27		$37		137	%
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)		$681		$696		$674		$647		$645		($15)		(2	%)	$36		6	%	$1,377		$1,336		$41		3	%
Less: Notable items		—		—		17		4		8		—		—		(8)		(100)		—		25		(25)		(100)
Salaries and employee benefits, Underlying (non-GAAP)		$681		$696		$657		$643		$637		($15)		(2	%)	$44		7	%	$1,377		$1,311		$66		5	%
Equipment and software, Underlying:
Equipment and software (GAAP)		$193		$194		$193		$194		$190		($1)		(1	%)	$3		2	%	$387		$382		$5		1	%
Less: Notable items		—		—		3		2		4		—		—		(4)		(100)		—		12		(12)		(100)
Equipment and software, Underlying (non-GAAP)		$193		$194		$190		$192		$186		($1)		(1	%)	$7		4	%	$387		$370		$17		5	%
Outside services, Underlying:
Outside services (GAAP)		$169		$155		$170		$146		$165		$14		9	%	$4		2	%	$324		$323		$1		—	%
Less: Notable items		—		—		4		2		10		—		—		(10)		(100)		—		22		(22)		(100)
Outside services, Underlying (non-GAAP)		$169		$155		$166		$144		$155		$14		9	%	$14		9	%	$324		$301		$23		8	%

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(dollars in millions, except per share data)


	QUARTERLY TRENDS											FOR THE SIX MONTHS ENDED JUNE 30,
						2Q25 Change								2025 Change
	2Q25	1Q25	4Q24	3Q24	2Q24	1Q25			2Q24			2025	2024	2024
						$/bps	%		$/bps	%				$/bps	%
Occupancy, Underlying:
Occupancy (GAAP)	$108	$112	$112	$108	$113	($4)	(4	%)	($5)	(4	%)	$220	$227	($7)	(3	%)
Less: Notable items	—	—	5	1	6	—	—		(6)	(100)		—	13	(13)	(100)
Occupancy, Underlying (non-GAAP)	$108	$112	$107	$107	$107	($4)	(4	%)	$1	1	%	$220	$214	$6	3	%
Other operating expense, Underlying:
Other operating expense (GAAP)	$168	$157	$167	$164	$188	$11	7	%	($20)	(11	%)	$325	$391	($66)	(17	%)
Less: Notable items	—	—	(5)	2	8	—	—		(8)	(100)		—	49	(49)	(100)
Other operating expense, Underlying (non-GAAP)	$168	$157	$172	$162	$180	$11	7	%	($12)	(7	%)	$325	$342	($17)	(5	%)


Delaware		001-36636	05-0412693
(State or Other Jurisdiction of Incorporation)		(Commission File Number)	(I.R.S. Employer Identification Number)

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 1/40th interest in a share of 5.000% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series E	CFG PrE	New York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 7.375% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series H	CFG PrH	New York Stock Exchange


	Exhibit Number	Description

(d)	Exhibit 99.1	Citizens Financial Group, Inc. press release dated July 1 7 , 2025

	Exhibit 99.2	Citizens Financial Group, Inc. earnings release presentation issued July 1 7 , 2025

	Exhibit 99.3	Citizens Financial Group, Inc. financial supplement for second quarter 2025

	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 Chair and Chief Financial Officer