cfg-20230719

Citizens Financial Group, Inc. Reports Second Quarter 2023 Net Income of

$478 million and EPS of $0.92

Underlying Net Income of $531 million and EPS of $1.04*

Spot deposit growth of 3% QoQ, LDR improves to 85%

CET1 ratio of 10.3%, up 30 basis points


	Key Financial Data	2Q23			1Q23			2Q22			Second Quarter 2023 Highlights

Income Statement	($s in millions)										■Underlying EPS of $1.04 and ROTCE of 13.9% ■Underlying PPNR of $861 million, with higher fees, lower NII and stable expenses –NII down 3% QoQ given lower NIM and slightly lower interest-earning assets –Fees up 4% QoQ ■Underlying efficiency ratio of 58.9% compares with 57.8% at 1Q23 and 58.2% at 2Q22 ■Provision for credit losses of $176 million compares with $168 million for 1Q23; ACL/loans ratio up 5 bps QoQ to 1.52% ■Period-end and average loans down 2% QoQ given balance sheet optimization, including planned auto run off –Loan yields up 27 bps QoQ ■Period-end deposits up $5.5 billion or 3% QoQ; average deposits down 1% –Total deposit costs up 40 bps QoQ ■Period-end LDR improved to 85%; liquidity position remains strong with available liquidity of ~$79 billion, up 19% ■Strong CET1 ratio above target range at 10.3%; repurchased $256 million in common shares ■TBV/share of $28.72, down 2% QoQ
	Total revenue	$	2,094		$	2,128		$	1,999
	Pre-provision profit	788			832			694
	Underlying pre-provision profit	861			898			850
	Provision for credit losses	176			168			216
	Underlying provision for credit losses	176			168			71
	Net income	478			511			364

	Underlying net income	531			560			595




Balance Sheet & Credit Quality	($s in billions)
	Period-end loans and leases	$	151.3		$	154.7		$	156.2
	Average loans and leases	153.7			156.5			153.9
	Period-end deposits	177.7			172.2			178.9
	Average deposits	173.2			174.4			176.4
	Period-end loans-to-deposit ratio	85.2		%	89.8		%	87.3		%

	NCO ratio	0.40		%	0.34		%	0.13		%

Financial Metrics	Diluted EPS	$	0.92		$	1.00		$	0.67
	Underlying EPS	1.04			1.10			1.14
	ROTCE	12.4		%	14.4		%	9.1		%
	Underlying ROTCE	13.9			15.8			15.5
	Net interest margin, FTE	3.17			3.30			3.04
	Efficiency ratio	62.3			60.9			65.3
	Underlying efficiency ratio	58.9			57.8			58.2
	CET1	10.3		%	10.0		%	9.6		%
	TBV/Share	$	28.72		$	29.44		$	29.14


Notable Items		2Q23
	($s in millions except per share data)	Pre-tax $		EPS
	Integration related	$	(39)	$	(0.06)


	TOP & Other related Actions	(34)		(0.06)
	Total:	$	(73)	$	(0.12)


Comments from Chairman and CEO Bruce Van Saun

“We were pleased to navigate well through a dynamic and challenging environment in the second quarter,“ said Chairman and CEO Bruce Van Saun. “We were very focused on further strengthening our capital, liquidity and funding position and delivered

*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.

impressive results. Our CET1 ratio improved to 10.3% while also buying back over $250 million in stock, we grew deposits by $5.5 billion, and we reduced our FHLB borrowings by almost $7 billion to $5 billion. In addition, we made solid progress on our strategic initiatives, in particular the ramp up of the Citizens Private Bank and continued strong results from our NYC Metro region. As a strong bank we will continue to be well-positioned to benefit from opportunities in the current environment.”

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 16, 2023 to shareholders of record at the close of business on August 2, 2023.

Citizens Financial Group, Inc.

Earnings highlights(1):


	Quarterly Trends
										2Q23 change from
($s in millions, except per share data)	2Q23			1Q23			2Q22			1Q23					2Q22
Earnings										$/bps			%		$/bps			%
Net interest income	$	1,588		$	1,643		$	1,505		$	(55)		(3)	%	$	83		6	%
Noninterest income	506			485			494			21			4		12			2
Total revenue	2,094			2,128			1,999			(34)			(2)		95			5
Noninterest expense	1,306			1,296			1,305			10			1		1			—
Pre-provision profit	788			832			694			(44)			(5)		94			14
Provision for credit losses	176			168			216			8			5		(40)			(19)

Net income	478			511			364			(33)			(6)		114			31
Preferred dividends	34			23			32			11			48		2			6
Net income available to common stockholders	$	444		$	488		$	332		$	(44)		(9)	%	$	112		34	%
After-tax notable Items	53			49			231			4			8		(178)			(77)
Underlying net income	$	531		$	560		$	595		$	(29)		(5)	%	$	(64)		(11)	%
Underlying net income available to common stockholders	497			537			563			(40)			(7)		(66)			(12)
Average common shares outstanding
Basic (in millions)	479.5			485.4			491.5			(6.0)			(1)		(12.0)			(2)
Diluted (in millions)	481.0			487.7			493.3			(6.7)			(1)		(12.3)			(2)
Diluted earnings per share	$	0.92		$	1.00		$	0.67		$	(0.08)		(8)	%	$	0.25		37	%
Underlying diluted earnings per share	1.04			1.10			1.14			(0.06)			(5)		(0.10)			(9)
Performance metrics
Net interest margin	3.16		%	3.29		%	3.04		%	(13)		bps			12		bps
Net interest margin, FTE	3.17			3.30			3.04			(13)					13
Effective income tax rate	22.1			23.0			23.8			(88)					(168)

Efficiency ratio	62.3			60.9			65.3			144					(293)
Underlying efficiency ratio	58.9			57.8			58.2			102					70


Return on average tangible common equity	12.4			14.4			9.1			(196)					329
Underlying return on average tangible common equity	13.9			15.8			15.5			(187)					(152)

Return on average total tangible assets	0.89			0.97			0.69			(8)					20
Underlying return on average total tangible assets	0.99		%	1.06		%	1.12		%	(7)		bps			(13)		bps
Capital adequacy(2,3)
Common equity tier 1 capital ratio	10.3		%	10.0		%	9.6		%
Total capital ratio	13.3			12.9			12.3
Tier 1 leverage ratio	9.4			9.4			9.3
Tangible common equity ratio	6.3			6.6			6.6
Allowance for credit losses to loans and leases	1.52		%	1.47		%	1.37		%	5		bps			15		bps
Asset quality(3)
Nonaccrual loans and leases to loans and leases	0.79		%	0.64		%	0.54		%	15		bps			25		bps
Allowance for credit losses to nonaccrual loans and leases	193			229			256			(36)					(63)
Net charge-offs as a % of average loans and leases	0.40		%	0.34		%	0.13		%	6		bps			27		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
										2Q23 change from
($s in millions, except per share data)	2Q23			1Q23			2Q22			1Q23					2Q22
										$/bps			%		$/bps			%
Net interest income	$	1,588		$	1,643		$	1,505		$	(55)		(3)	%	$	83		6	%
Noninterest income	506			485			525			21			4		(19)			(4)


Total revenue	$	2,094		$	2,128		$	2,030		$	(34)		(2)	%	$	64		3	%





Noninterest expense	$	1,233		$	1,230		$	1,180		$	3		—	%	$	53		4	%






Provision for credit losses	176			168			71			8			5		105			148

Net income available to common stockholders	$	497		$	537		$	563		$	(40)		(7)	%	$	(66)		(12)	%
Performance metrics

EPS	$	1.04		$	1.10		$	1.14		$	(0.06)		(5)	%	$	(0.10)		(9)	%

Efficiency ratio	58.9		%	57.8		%	58.2		%	102		bps			70		bps

Return on average tangible common equity	13.9		%	15.8		%	15.5		%	(187)		bps			(152)		bps


Operating leverage													(1.7)	%				(1.2)	%

Consolidated balance sheet summary(1):


										2Q23 change from
($s in millions)	2Q23			1Q23			2Q22			1Q23					2Q22
										$/bps			%		$/bps			%
Total assets	$	223,066		$	222,256		$	226,712		$	810		—	%	$	(3,646)		(2)	%
Total loans and leases	151,320			154,688			156,172			(3,368)			(2)		(4,852)			(3)
Total loans held for sale	1,421			1,855			3,455			(434)			(23)		(2,034)			(59)
Deposits	177,667			172,194			178,925			5,473			3		(1,258)			(1)

Stockholders' equity	23,585			24,201			24,328			(616)			(3)		(743)			(3)
Stockholders' common equity	21,571			22,187			22,314			(616)			(3)		(743)			(3)
Tangible common equity	$	13,630		$	14,247		$	14,444		$	(617)		(4)	%	$	(814)		(6)	%
Loans-to-deposit ratio (period-end)(2)	85.2		%	89.8		%	87.3		%	(466)		bps			(211)		bps
Loans-to-deposit ratio (average)(2)	88.7		%	89.8		%	87.2		%	(103)		bps			149		bps


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

Citizens Financial Group, Inc.

Notable items:

Quarterly results reflect notable items primarily related to integration costs associated with recent acquisitions, as well as TOP revenue and efficiency initiatives. Second quarter 2022 results include a notable item representing the day-one CECL provision expense ("double count") related to the Investors Bancorp transaction. These notable items have been excluded from reported results to better reflect Underlying operating results.


Notable items - integration related	2Q23				1Q23			2Q22
($s in millions, except per share data)	Pre-tax		After-tax			Pre-tax		After-tax		Pre-tax		After-tax

Noninterest income	$	—	$	—		$	—	$	—	$	(31)	$	(23)

EPS Impact - Noninterest income			$	—				$	—			$	(0.05)

Salaries & benefits	$	(2)	$	(1)		$	(7)	$	(5)	$	(64)	$	(48)
Outside services	(11)		(8)			(25)		(19)		(35)		(26)
Equipment and software	(1)		(1)			(3)		(2)		—		—
Occupancy	(25)		(18)			(16)		(12)		—		—
Other expense	—		—			(1)		(1)		(5)		(4)
Noninterest expense	$	(39)	$	(28)		$	(52)	$	(39)	$	(104)	$	(78)

EPS Impact - Noninterest expense			$	(0.06)				$	(0.08)			$	(0.16)

ISBC Day 1 CECL provision expense (“double count”)	$	—	$	—		$	—	$	—	$	(145)	$	(108)




EPS Impact - Provision for credit losses			$	—				$	—			$	(0.22)

Tax integration cost	$	—	$	—		$	—	$	—	$	—	$	(6)

EPS Impact - Tax integration cost			$	—				$	—			$	(0.01)

Total integration related	$	(39)	$	(28)		$	(52)	$	(39)	$	(280)	$	(215)

EPS Impact - Total integration related			$	(0.06)				$	(0.08)			$	(0.44)

Other notable items - TOP & Other related Actions	2Q23				1Q23			2Q22
($s in millions, except per share data)	Pre-tax		After-tax			Pre-tax		After-tax		Pre-tax		After-tax







Salaries & benefits	(12)		(9)			(9)		(7)		(8)		(6)
Outside services	(10)		(7)			(2)		(1)		(6)		(5)
Equipment and software	(3)		(2)			(1)		(1)		(6)		(4)
Occupancy	(5)		(4)			(2)		(1)		(1)		(1)
Other expense	(4)		(3)			—		—		—		—
Noninterest expense	$	(34)	$	(25)		$	(14)	$	(10)	$	(21)	$	(16)

Total Other Notable Items	$	(34)	$	(25)		$	(14)	$	(10)	$	(21)	$	(16)

EPS Impact - Other Notable Items			$	(0.06)				$	(0.02)			$	(0.03)

Total Notable Items	$	(73)	$	(53)		$	(66)	$	(49)	$	(301)	$	(231)

Total EPS Impact			$	(0.12)				$	(0.10)			$	(0.47)

Citizens Financial Group, Inc.

Discussion of results:


Net interest income										2Q23 change from
($s in millions)	2Q23			1Q23			2Q22			1Q23					2Q22
										$/bps			%		$/bps			%
Interest income:
Interest and fees on loans and leases and loans held for sale	$	2,164		$	2,067		$	1,412		$	97		5	%	$	752		53	%
Investment securities	267			266			201			1			—		66			33
Interest-bearing deposits in banks	100			69			13			31			45		87			NM
Total interest income	$	2,531		$	2,402		$	1,626		$	129		5	%	$	905		56	%
Interest expense:
Deposits	$	723		$	550		$	54		$	173		31	%	$	669		NM


Short-term borrowed funds	22			6			10			16			NM		12			120
Long-term borrowed funds	198			203			57			(5)			(2)		141			247
Total interest expense	$	943		$	759		$	121		$	184		24	%	$	822		NM
Net interest income	$	1,588		$	1,643		$	1,505		$	(55)		(3)	%	$	83		6	%

Net interest margin, FTE	3.17		%	3.30		%	3.04		%	(13)		bps			13		bps


Second quarter 2023			vs.			first quarter 2023

Net interest income of $1.6 billion decreased 3%, reflecting lower net interest margin and slightly lower interest-earning assets, partly offset by higher day count.

•Net interest margin of 3.17% decreased 13 basis points as higher funding costs were partly offset by higher earning-asset yields.


Second quarter 2023			vs.			second quarter 2022

Net interest income of $1.6 billion increased 6%, reflecting higher net interest margin and 1% growth in average interest-earning assets.

•Net interest margin of 3.17% increased 13 basis points, reflecting higher interest-earning-asset yields given higher market interest rates and interest-earning asset growth, partially offset by increased funding costs.

Citizens Financial Group, Inc.


Noninterest Income							2Q23 change from
($s in millions)	2Q23		1Q23		2Q22		1Q23				2Q22
							$		%		$		%

Service charges and fees	$	101	$	100	$	108	$	1	1	%	$	(7)	(6)	%
Capital markets fees	82		83		88		(1)		(1)		(6)		(7)
Card fees	80		72		71		8		11		9		13
Mortgage banking fees	59		57		72		2		4		(13)		(18)
Trust and investment services fees	65		63		66		2		3		(1)		(2)
Foreign exchange and derivative products	44		48		60		(4)		(8)		(16)		(27)
Letter of credit and loan fees	43		40		40		3		8		3		8
Securities gains, net	9		5		1		4		80		8		NM
Other income(1)	23		17		(12)		6		35		35		NM
Noninterest income	$	506	$	485	$	494	$	21	4	%	$	12	2	%
Notable items	$	—	$	—	$	(31)	$	—	—		$	31	100
Underlying noninterest income	$	506	$	485	$	525	$	21	4	%	$	(19)	(4)	%


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


Second quarter 2023			vs.			first quarter 2023

Noninterest income of $506 million increased $21 million, or 4%.

•Service charges and fees were relatively stable, up $1 million.

•Capital markets fees were relatively stable, given lower underwriting fees, partly offset by higher syndications and M&A advisory fees.

•Card fees increased $8 million, given seasonally higher transaction volumes.

•Mortgage banking fees increased $2 million, reflecting higher production volume partly offset by lower margins and lower servicing fees.

•Trust and investment services fees increased $2 million, primarily reflecting higher assets under management.

•Foreign exchange and derivative products revenue decreased $4 million, primarily reflecting decreased client commodities and interest rate hedging activity, partly offset by higher foreign exchange hedging activity.


Second quarter 2023			vs.			second quarter 2022

Noninterest income of $506 million increased $12 million, or 2%.

•Service charges and fees decreased $7 million, reflecting the elimination of non-sufficient funds fees in Consumer.

•Capital markets fees decreased $6 million, reflecting lower syndication fees, partially offset by higher M&A advisory fees.

•Card fees increased $9 million, given higher transaction volumes.

•Mortgage banking fees decreased $13 million, driven by lower production volumes, partly offset by improved gain-on-sale margins, and lower servicing revenue.

•FX and derivative products revenue decreased $16 million, reflecting lower client hedging activity.

•Other income increased $35 million, reflecting a notable item recognized in second quarter 2022.

Citizens Financial Group, Inc.


Noninterest Expense							2Q23 change from
($s in millions)	2Q23		1Q23		2Q22		1Q23				2Q22
							$		%		$		%
Salaries and employee benefits	$	615	$	658	$	683	$	(43)	(7)	%	$	(68)	(10)	%
Outside services	177		176		189		1		1		(12)		(6)
Equipment and software	181		169		169		12		7		12		7
Occupancy	136		124		111		12		10		25		23
Other operating expense	197		169		153		28		17		44		29
Noninterest expense	$	1,306	$	1,296	$	1,305	$	10	1	%	$	1	—	%

Notable items	$	73	$	66	$	125	$	7	11	%	$	(52)	(42)%

Underlying, as applicable
Salaries and employee benefits	$	601	$	642	$	611	$	(41)	(6)	%	$	(10)	(2)	%
Outside services	156		149		148		7		5		8		5
Equipment and software	177		165		163		12		7		14		9
Occupancy	106		106		110		—		—		(4)		(4)
Other operating expense	193		168		148		25		15		45		30
Underlying noninterest expense	$	1,233	$	1,230	$	1,180	$	3	—	%	$	53	4	%


Second quarter 2023			vs.			first quarter 2023

Underlying noninterest expense of $1.2 billion was broadly stable reflecting higher other operating expense, equipment and software and outside services, partially offset by seasonally lower salaries and employee benefits. Other operating expense increased primarily reflecting higher advertising and FDIC insurance cost. Equipment and software increased given equipment purchases and increased software maintenance. Salaries and benefits seasonally lower due to lower payroll taxes, 401k, and state unemployment taxes.

The effective tax rate of 22.1% decreased modestly from 23.0% due to lower pre-tax income.


Second quarter 2023			vs.			second quarter 2022

Underlying noninterest expense of $1.2 billion, increased 4%, largely reflecting higher other operating expense, given higher advertising and FDIC insurance cost as a result of the industry-wide 2 basis point surcharge effective January 1, 2023. Equipment and software increased reflecting higher software maintenance and amortization costs. Salaries and employee benefits decreased given lower variable compensation.

The effective tax rate of 22.1% decreased modestly from 23.8% in second quarter 2022.

Citizens Financial Group, Inc.


Interest-earning assets							2Q23 change from
($s in millions)	2Q23		1Q23		2Q22		1Q23				2Q22
Period-end interest-earning assets							$		%		$		%
Investments	$	35,339	$	34,893	$	35,828	$	446	1	%	$	(489)	(1)	%
Interest-bearing deposits in banks	10,162		7,011		5,527		3,151		45		4,635		84
Commercial loans and leases	78,279		80,866		81,445		(2,587)		(3)		(3,166)		(4)
Retail loans	73,041		73,822		74,727		(781)		(1)		(1,686)		(2)
Total loans and leases	151,320		154,688		156,172		(3,368)		(2)		(4,852)		(3)
Loans held for sale, at fair value	1,225		855		1,377		370		43		(152)		(11)
Other loans held for sale	196		1,000		2,078		(804)		(80)		(1,882)		(91)
Total loans and leases and loans held for sale	152,741		156,543		159,627		(3,802)		(2)		(6,886)		(4)
Total period-end interest-earning assets	$	198,242	$	198,447	$	200,982	$	(205)	—	%	$	(2,740)	(1)	%
Average interest-earning assets
Investments	$	38,002	$	38,955	$	35,903	$	(953)	(2)	%	$	2,099	6	%
Interest-bearing deposits in banks	7,768		5,899		4,630		1,869		32		3,138		68
Commercial loans and leases	80,237		82,321		79,684		(2,084)		(3)		553		1
Retail loans	73,488		74,171		74,170		(683)		(1)		(682)		(1)
Total loans and leases	153,725		156,492		153,854		(2,767)		(2)		(129)		—
Loans held for sale, at fair value	1,381		1,009		1,937		372		37		(556)		(29)
Other loans held for sale	622		197		2,353		425		216		(1,731)		(74)
Total loans and leases and loans held for sale	155,728		157,698		158,144		(1,970)		(1)		(2,416)		(2)
Total average interest-earning assets	$	201,498	$	202,552	$	198,677	$	(1,054)	(1)	%	$	2,821	1	%


Second quarter 2023			vs.			first quarter 2023

Period-end interest-earning assets of $198.2 billion were broadly stable, reflecting a $3.8 billion decrease in total loans and leases and loans held for sale largely offset by a $3.2 billion increase in cash held in interest-bearing deposits and a $446 million increase in investments in securities. The decrease in loans and leases reflects a $2.6 billion decrease in commercial given balance sheet optimization actions. Results also reflect a $781 million decrease in retail, given planned run off in auto and lower education, largely offset by growth in mortgage and home equity.

Average interest-earning assets of $201.5 billion decreased $1.1 billion, reflecting a $2.8 billion decrease in total loans and leases partially offset by a $1.9 billion increase in cash held in interest-bearing deposits. The decrease in loans and leases reflects a $2.1 billion decrease in commercial given balance sheet optimization actions and a $683 million decrease in retail given planned run off in auto and lower education, partially offset by growth in mortgage and home equity.

The average effective duration of the securities portfolio was 5.5 years compared with 5.8 years at March 31, 2023 and 5.7 years at June 30, 2022.


Second quarter 2023			vs.			second quarter 2022

Period-end interest-earning assets of $198.2 billion decreased $2.7 billion, or 1%, as a $6.9 billion decrease in total loans and leases and loans held for sale was partially offset by a $4.6 billion increase in cash held in interest-bearing deposits. The decrease in loans and leases is driven by a $3.2 billion decrease in commercial given balance sheet optimization actions, and a $1.7 billion decrease in retail given planned run off in auto and lower education largely offset by growth in mortgage and home equity.

Average interest-earning assets of $201.5 billion increased $2.8 billion, or 1%, as a result of a $2.1 billion increase in investments in securities and $3.1 billion increase in cash held in interest-bearing deposits, partially offset by a $2.3 billion decrease in loans held for sale.

Citizens Financial Group, Inc.


Deposits							2Q23 change from
($s in millions)	2Q23		1Q23		2Q22		1Q23				2Q22
Period-end deposits							$		%		$		%
Demand(1)	$	40,286	$	44,326	$	54,169	$	(4,040)	(9)	%	$	(13,883)	(26)	%
Money market	52,542		48,905		48,063		3,637		7		4,479		9
Checking with interest	35,028		34,496		39,611		532		2		(4,583)		(12)
Savings	29,824		29,789		27,959		35		—		1,865		7
Term	19,987		14,678		9,123		5,309		36		10,864		119
Total period-end deposits	$	177,667	$	172,194	$	178,925	$	5,473	3	%	$	(1,258)	(1)	%
Average deposits
Demand(1)	$	42,178	$	46,135	$	54,189	$	(3,957)	(9)	%	$	(12,011)	(22)	%
Money market	49,665		49,942		48,795		(277)		(1)		870		2
Checking with interest	34,586		35,974		38,747		(1,388)		(4)		(4,161)		(11)
Savings	29,640		29,460		27,661		180		1		1,979		7
Term	17,180		12,839		6,970		4,341		34		10,210		146
Total average deposits	$	173,249	$	174,350	$	176,362	$	(1,101)	(1)	%	$	(3,113)	(2)	%
1) Upon the Investors conversion in first quarter 2023, approximately ~$1 billion of their customer demand accounts were mapped to checking with interest at nominal cost. This impacted the period-end demand decrease by ~2% and average by ~1%


Second quarter 2023			vs.			first quarter 2023

Total period-end deposits of $177.7 billion were up 3%, while average deposits of $173.2 billion were down 1%. The increase in period-end deposits reflects the resiliency of the franchise as the company replenished balances following seasonal and rate-related outflows experienced in the first two months of first quarter 2023. The decrease in demand of 9% reflects continued migration to higher rate alternatives, with increases in term, up 36%, money market, up 7%, and growth in checking with interest of 2%.


Second quarter 2023			vs.			second quarter 2022

Total period-end deposits of $177.7 billion decreased $1.3 billion, or 1%, and average deposits of $173.2 billion decreased $3.1 billion, or 2%, primarily due to rate-related outflows. The increase in rates also drove the migration of deposits from demand and checking with interest to term and money market accounts.

Citizens Financial Group, Inc.


Borrowed Funds							2Q23 change from
($s in millions)	2Q23		1Q23		2Q22		1Q23				2Q22
Period-end borrowed funds							$		%		$		%
Short-term borrowed funds	$	1,099	$	1,018	$	3,763	$	81	8 %		$	(2,664)	(71)	%
Long-term borrowed funds
FHLB advances	5,029		11,779		8,269		(6,750)		(57)		(3,240)		(39)
Senior debt	5,258		5,263		4,176		(5)		—		1,082		26
Subordinated debt and other debt	1,813		1,813		1,995		—		—		(182)		(9)
Auto collateralized borrowings	2,000		—		—		2,000		100		2,000		100
Total borrowed funds	$	15,199	$	19,873	$	18,203	$	(4,674)	(24)	%	$	(3,004)	(17)	%
Average borrowed funds
Short-term borrowed funds	$	1,446	$	542	$	3,995	$	904	167 %		$	(2,549)	(64)	%
Long-term borrowed funds
FHLB advances	9,674		10,362		4,437		(688)		(7)		5,237		118
Senior debt	5,264		5,606		4,022		(342)		(6)		1,242		31
Subordinated debt and other debt	1,813		1,812		1,763		1		—		50		3
Auto collateralized borrowings	44		—		—		44		100		44		100
Total average borrowed funds	$	18,241	$	18,322	$	14,217	$	(81)	—	%	$	4,024	28	%


Second quarter 2023			vs.			first quarter 2023

Period-end borrowed funds decreased by $4.7 billion, primarily due to a decrease in FHLB advances of $6.8 billion, partially offset by an increase of $2.0 billion in collateralized borrowings on auto loans.

Average borrowed funds was broadly stable, with a decrease in FHLB advances and senior debt largely offset by an increase in short-term borrowed funds.


Second quarter 2023			vs.			second quarter 2022

Period-end borrowed funds decreased by $3.0 billion, reflecting a decrease in FHLB advances partly offset by collateralized borrowings on auto loans and the issuance of senior debt.

Average borrowed funds increased by $4.0 billion, reflecting an increase in FHLB advances and the issuance of senior debt.

Citizens Financial Group, Inc.


Capital										2Q23 change from
($s and shares in millions, except per share data)	2Q23			1Q23			2Q22			1Q23				2Q22
Period-end capital										$		%		$		%
Stockholders' equity	$	23,585		$	24,201		$	24,328		$	(616)	(3)	%	$	(743)	(3)	%
Stockholders' common equity	21,571			22,187			22,314			(616)		(3)		(743)		(3)
Tangible common equity	13,630			14,247			14,444			(617)		(4)		(814)		(6)
Tangible book value per common share	$	28.72		$	29.44		$	29.14		$	(0.72)	(2)	%	$	(0.42)	(1)	%
Common shares - at end of period	474.7			484.0			495.7			(9.3)		(2)		(21.0)		(4)
Common shares - average (diluted)	481.0			487.7			493.3			(6.7)		(1)	%	(12.3)		(2)	%
Common equity tier 1 capital ratio(1)	10.3		%	10.0		%	9.6		%
Total capital ratio(1)	13.3			12.9			12.3
Tangible common equity ratio	6.3		%	6.6		%	6.6		%
Tier 1 leverage ratio(1)	9.4		%	9.4		%	9.3		%
1) Current reporting-period regulatory capital ratios are preliminary.


Second quarter 2023

•The CET1 capital ratio was 10.3% as of June 30, 2023 compared with 10.0% at March 31, 2023 and 9.6% at June 30, 2022. This is above the targeted CET1 range of 9.5%-10%.

•Total capital ratio of 13.3% compares with 12.9% at March 31, 2023 and 12.3% as of June 30, 2022.

•Tangible common equity ratio of 6.3% compares with 6.6% at March 31, 2023 and 6.6% as of June 30, 2022.

•Tangible book value per common share of $28.72 decreased 2% compared with first quarter 2023 given AOCI impacts associated with higher rates.

•Citizens paid $205 million in common dividends to shareholders during second quarter 2023. This compares with $205 million in common dividends during first quarter 2023 and $195 million during second quarter 2022.

•Citizens repurchased $256 million in common shares during second quarter 2023.

Citizens Financial Group, Inc.


Credit quality review										2Q23 change from
($s in millions)	2Q23			1Q23			2Q22			1Q23					2Q22
										$/bps			%		$/bps			%
Nonaccrual loans and leases(1)	$	1,191		$	996		$	839		$	195		20	%	$	352		42	%
90+ days past due and accruing(2)	282			424			712			(142)			(33)		(430)			(60)
Net charge-offs	152			133			49			19			14		103			210
Provision for credit losses	176			168			216			8			5		(40)			(19)

Allowance for credit losses	$	2,299		$	2,275		$	2,147		$	24		1	%	$	152		7	%
Nonaccrual loans and leases to loans and leases	0.79		%	0.64		%	0.54		%	15		bps			25
Net charge-offs as a % of total loans and leases	0.40			0.34			0.13			6					27

Allowance for credit losses to loans and leases	1.52			1.47			1.37			5					15

Allowance for credit losses to nonaccrual loans and leases	193		%	229		%	256		%	(36)		bps			(63)		bps
1) Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.
2) 90+ days past due and accruing includes $256 million, $309 million, and $623 million of loans fully or partially guaranteed by the FHA, VA, and USDA for June 30, 2023, March 31, 2023, and June 30, 2022, respectively.


Second quarter 2023			vs.			first quarter 2023

•The nonaccrual loans to total loans ratio of 0.79% compares with 0.64% at March 31, 2023.

•Nonaccrual loans of $1.2 billion increased $195 million, or 20%, reflecting an $198 million increase in commercial, primarily commercial real estate.

•Net charge-offs of $152 million, or 40 basis points of average loans and leases, were up 6 basis points from the prior quarter. The increase in net charge-offs of $19 million reflects a $24 million increase in commercial, reflecting an increase in commercial real estate partly offset by a decrease in commercial and industrial.

•The second quarter 2023 provision for credit losses of $176 million compares with $168 million for first quarter 2023. The reserve build of $24 million increased the allowance for credit losses ratio to 1.52%, up from 1.47% as of March 31, 2023.

•The allowance for credit losses to nonaccrual loans and leases ratio of 193% compares with 229% as of March 31, 2023.


Second quarter 2023			vs.			second quarter 2022

•The nonaccrual loans to total loans ratio of 0.79% increased from 0.54% at June 30, 2022.

•Nonaccrual loans increased $352 million, or 42%, reflecting the incorporation of ISBC and an increase in commercial.

•Net charge-offs of 40 basis points of average loans and leases compares with 13 basis points in second quarter 2022.

•Net charge-offs of $152 million increased $103 million reflecting a $37 million increase in retail, primarily other retail, education and home equity, and a $66 million increase in commercial as credit losses continue to gradually normalize off pandemic era lows.

•Provision for credit losses of $176 million compares with a $216 million provision in second quarter 2022.

•Allowance for credit losses of $2.3 billion increased $152 million compared with June 30, 2022. Allowance for credit losses ratio of 1.52% as of June 30, 2023, compares with 1.37% as of June 30, 2022.

•The allowance for credit losses to nonaccrual loans and leases ratio of 193% compares with 256% as of June 30, 2022.

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: 9:00 am ET

Dial-in: (877) 226-8189, conference ID 6086305

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 19, 2023 through August 19, 2023. Please dial (866) 207-1041 and enter access code 9775323. 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 $223.1 billion in assets as of June 30, 2023. 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 3,400 ATMs and more than 1,100 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 Twitter, LinkedIn or Facebook.

Citizens Financial Group, Inc.

Non-GAAP Financial Measures and Reconciliations

Non-GAAP Financial Measures:

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

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

Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations

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


		QUARTERLY TRENDS
					2Q23 Change
		2Q23	1Q23	2Q22	1Q23			2Q22
					$	%		$	%
Noninterest income, Underlying:
Noninterest income (GAAP)		$506	$485	$494	$21	4	%	$12	2	%
Less: Notable items		—	—	(31)	—	—		31	100
Noninterest income, Underlying (non-GAAP)		$506	$485	$525	$21	4	%	($19)	(4	%)
Total revenue, Underlying:
Total revenue (GAAP)	A	$2,094	$2,128	$1,999	($34)	(2	%)	$95	5	%
Less: Notable items		—	—	(31)	—	—		31	100
Total revenue, Underlying (non-GAAP)	B	$2,094	$2,128	$2,030	($34)	(2	%)	$64	3	%
Noninterest expense, Underlying:
Noninterest expense (GAAP)	C	$1,306	$1,296	$1,305	$10	1	%	$1	—	%
Less: Notable items		73	66	125	7	11		(52)	(42)
Noninterest expense, Underlying (non-GAAP)	D	$1,233	$1,230	$1,180	$3	—	%	$53	4	%
Pre-provision profit:
Total revenue (GAAP)	A	$2,094	$2,128	$1,999	($34)	(2	%)	$95	5	%
Less: Noninterest expense (GAAP)	C	1,306	1,296	1,305	10	1		1	—
Pre-provision profit (GAAP)		$788	$832	$694	($44)	(5	%)	$94	14	%
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)	B	$2,094	$2,128	$2,030	($34)	(2	%)	$64	3	%
Less: Noninterest expense, Underlying (non-GAAP)	D	1,233	1,230	1,180	3	—		53	4
Pre-provision profit, Underlying (non-GAAP)		$861	$898	$850	($37)	(4	%)	$11	1	%
Provision for credit losses, Underlying:
Provision for credit losses (GAAP)		$176	$168	$216	$8	5%		($40)	(19%)
Less: Notable items		—	—	145	—	—		(145)	(100)
Provision for credit losses, Underlying (non-GAAP)		$176	$168	$71	$8	5%		$105	148	%




Income before income tax expense, Underlying:
Income before income tax expense (GAAP)	E	$612	$664	$478	($52)	(8	%)	$134	28	%
Less: Expense before income tax benefit related to notable items		(73)	(66)	(301)	(7)	(11)		228	76
Income before income tax expense, Underlying (non-GAAP)	F	$685	$730	$779	($45)	(6	%)	($94)	(12	%)
Income tax expense, Underlying:
Income tax expense (GAAP)	G	$134	$153	$114	($19)	(12	%)	$20	18	%
Less: Income tax benefit related to notable items		(20)	(17)	(70)	(3)	(18)		50	71
Income tax expense, Underlying (non-GAAP)	H	$154	$170	$184	($16)	(9	%)	($30)	(16	%)
Net income, Underlying:
Net income (GAAP)	I	$478	$511	$364	($33)	(6	%)	$114	31	%
Add: Notable items, net of income tax benefit		53	49	231	4	8		(178)	(77)
Net income, Underlying (non-GAAP)	J	$531	$560	$595	($29)	(5	%)	($64)	(11	%)
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)	K	$444	$488	$332	($44)	(9	%)	$112	34	%
Add: Notable items, net of income tax benefit		53	49	231	4	8		(178)	(77)
Net income available to common stockholders, Underlying (non-GAAP)	L	$497	$537	$563	($40)	(7	%)	($66)	(12	%)

Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations (continued)

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


		QUARTERLY TRENDS
								2Q23 Change
		2Q23		1Q23		2Q22		1Q23				2Q22
								$/bps		%		$/bps		%
Operating leverage:
Total revenue (GAAP)	A	$2,094		$2,128		$1,999		($34)		(1.55	%)	$95		4.77	%
Less: Noninterest expense (GAAP)	C	1,306		1,296		1,305		10		0.77		1		0.06
Operating leverage										(2.32	%)			4.71	%
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)	B	$2,094		$2,128		$2,030		($34)		(1.55	%)	$64		3.16	%
Less: Noninterest expense, Underlying (non-GAAP)	D	1,233		1,230		1,180		3		0.18		53		4.39
Operating leverage, Underlying (non-GAAP)										(1.73	%)			(1.23	%)
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio	C/A	62.34	%	60.90	%	65.27	%	144	bps			(293)	bps
Efficiency ratio, Underlying (non-GAAP)	D/B	58.86		57.84		58.16		102	bps			70	bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rate	G/E	22.09	%	22.97	%	23.77	%	(88)	bps			(168)	bps
Effective income tax rate, Underlying (non-GAAP)	H/F	22.51		23.25		23.69		(74)	bps			(118)	bps




Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)	M	$22,289		$21,702		$22,383		$587		3	%	($94)		—	%
Less: Average goodwill (GAAP)		8,182		8,177		8,015		5		—		167		2
Less: Average other intangibles (GAAP)		181		192		213		(11)		(6)		(32)		(15)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		422		422		416		—		—		6		1
Average tangible common equity	N	$14,348		$13,755		$14,571		$593		4	%	($223)		(2	%)
Return on average tangible common equity	K/N	12.42	%	14.38	%	9.13	%	(196)	bps			329	bps
Return on average tangible common equity, Underlying (non-GAAP)	L/N	13.93		15.80		15.45		(187)	bps			(152)	bps




Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)	O	$222,373		$222,711		$220,967		($338)		—	%	$1,406		1	%
Less: Average goodwill (GAAP)		8,182		8,177		8,015		5		—		167		2
Less: Average other intangibles (GAAP)		181		192		213		(11)		(6)		(32)		(15)
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		422		422		416		—		—		6		1
Average tangible assets	P	$214,432		$214,764		$213,155		($332)		—	%	$1,277		1	%
Return on average total tangible assets	I/P	0.89	%	0.97	%	0.69	%	(8)	bps			20	bps
Return on average total tangible assets, Underlying (non-GAAP)	J/P	0.99		1.06		1.12		(7)	bps			(13)	bps

Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations (continued)

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


		QUARTERLY TRENDS
					2Q23 Change
		2Q23	1Q23	2Q22	1Q23			2Q22
					$/bps	%		$/bps	%
Tangible book value per common share:
Common shares - at period-end (GAAP)	Q	474,682,759	483,982,264	495,650,259	(9,299,505)	(2	%)	(20,967,500)	(4	%)
Common stockholders' equity (GAAP)		$21,571	$22,187	$22,314	($616)	(3)		($743)	(3)
Less: Goodwill (GAAP)		8,188	8,177	8,081	11	—		107	1
Less: Other intangible assets (GAAP)		175	185	211	(10)	(5)		(36)	(17)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)		422	422	422	—	—		—	—
Tangible common equity	R	$13,630	$14,247	$14,444	($617)	(4	%)	($814)	(6	%)
Tangible book value per common share	R/Q	$28.72	$29.44	$29.14	($0.72)	(2	%)	($0.42)	(1	%)
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)	S	479,470,543	485,444,313	491,497,026	(5,973,770)	(1	%)	(12,026,483)	(2	%)
Average common shares outstanding - diluted (GAAP)	T	480,975,281	487,712,146	493,296,114	(6,736,865)	(1)		(12,320,833)	(2)
Net income per average common share - basic (GAAP)	K/S	$0.93	$1.00	$0.68	($0.07)	(7)		$0.25	37
Net income per average common share - diluted (GAAP)	K/T	0.92	1.00	0.67	(0.08)	(8)		0.25	37
Net income per average common share - basic, Underlying (non-GAAP)	L/S	1.04	1.10	1.14	(0.06)	(5)		(0.10)	(9)
Net income per average common share - diluted, Underlying (non-GAAP)	L/T	1.04	1.10	1.14	(0.06)	(5)		(0.10)	(9)

Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations (continued)

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


	QUARTERLY TRENDS
				2Q23 Change
	2Q23	1Q23	2Q22	1Q23			2Q22
				$/bps	%		$/bps	%




Other income, Underlying:
Other income (GAAP)	$23	$17	($12)	$6	35		$35	NM
Less: Notable items	—	—	(31)	—	—		31	100
Other income, Underlying (non-GAAP)	$23	$17	$19	$6	35		$4	21	%
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)	$615	$658	$683	($43)	(7	%)	($68)	(10	%)
Less: Notable items	14	16	72	(2)	(13)		(58)	(81)
Salaries and employee benefits, Underlying (non-GAAP)	$601	$642	$611	($41)	(6	%)	($10)	(2	%)
Outside services, Underlying:
Outside services (GAAP)	$177	$176	$189	$1	1	%	($12)	(6	%)
Less: Notable items	21	27	41	(6)	(22)		(20)	(49)
Outside services, Underlying (non-GAAP)	$156	$149	$148	$7	5	%	$8	5	%
Equipment and software, Underlying:
Equipment and software (GAAP)	$181	$169	$169	$12	7	%	$12	7	%
Less: Notable items	4	4	6	—	—		(2)	(33)
Equipment and software, Underlying (non-GAAP)	$177	$165	$163	$12	7	%	$14	9	%
Occupancy, Underlying:
Occupancy (GAAP)	$136	$124	$111	$12	10	%	$25	23	%
Less: Notable items	30	18	1	12	67		29	NM
Occupancy, Underlying (non-GAAP)	$106	$106	$110	$—	—	%	($4)	(4	%)
Other operating expense, Underlying:
Other operating expense (GAAP)	$197	$169	$153	$28	17	%	$44	29	%
Less: Notable items	4	1	5	3	NM		(1)	(20)
Other operating expense, Underlying (non-GAAP)	$193	$168	$148	$25	15	%	$45	30	%

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,” “hopeful,” “guidance” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would,” and “could.”

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

•Negative economic, business and political conditions, including as a result of the interest rate environment, supply chain disruptions, inflationary pressures and labor shortages, that adversely affect the general economy, housing prices, the job market, consumer confidence and spending habits;

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

•Our ability to implement our business strategy, including the cost savings and efficiency components, and achieve our financial performance goals, including the anticipated benefits of the HSBC and Investors transactions;

•The effects of geopolitical instability, including as a result of Russia’s invasion of Ukraine and the imposition of sanctions on Russia and other actions in response, 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 meet heightened supervisory requirements and expectations;

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

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

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

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

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

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

•Environmental risks, such as physical or transitional 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 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, receipt of required regulatory approvals and other 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, 2022 as filed with the Securities and Exchange Commission.

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

CFG-IR

2Q23 Financial Results July 19, 2023

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,” “hopeful,” “guidance” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would,” and “could.” Forward-looking statements are based upon the current beliefs and expectations of management, and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation: • Negative economic, business and political conditions, including as a result of the interest rate environment, supply chain disruptions, inflationary pressures and labor shortages, that adversely affect the general economy, housing prices, the job market, consumer confidence and spending habits; • The rate of growth in the economy and employment levels, as well as general business and economic conditions, and changes in the competitive environment; • Our ability to implement our business strategy, including the cost savings and efficiency components, and achieve our financial performance goals, including the anticipated benefits of the HSBC and Investors transactions; • The effects of geopolitical instability, including as a result of Russia’s invasion of Ukraine and the imposition of sanctions on Russia and other actions in response, 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 meet heightened supervisory requirements and expectations; • Liabilities and business restrictions resulting from litigation and regulatory investigations; • Our capital and liquidity requirements under regulatory capital standards and our ability to generate capital internally or raise capital on favorable terms; • The effect of changes in interest rates on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgages held for sale; • Changes in interest rates and market liquidity, as well as the magnitude of such changes, which may reduce interest margins, impact funding sources and affect the ability to originate and distribute financial products in the primary and secondary markets; • The effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin; • Financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses; • Environmental risks, such as physical or transitional 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 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, receipt of required regulatory approvals and other 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, 2022 as filed with the Securities and Exchange Commission. Non-GAAP Financial Measures: This document contains non-GAAP financial measures denoted as Underlying. Underlying results for any given reporting period exclude certain items that may occur in that period which Management does not consider indicative of the Company’s on-going financial performance. We believe these non-GAAP financial measures provide useful information to investors because they are used by our Management to evaluate our operating performance and make day-to-day operating decisions. In addition, we believe our Underlying results in any given reporting period reflect our on-going financial performance in that period and, accordingly, are useful to consider in addition to our GAAP financial results. We further believe the presentation of Underlying results increases comparability of period-to-period results. The Appendix presents reconciliations of our non- GAAP measures to the most directly comparable GAAP financial measures. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Accordingly, our non-GAAP financial measures may not be comparable to similar measures used by such companies. We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP measures. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our results reported under GAAP.

3 2Q23 GAAP financial summary 2Q23 1Q23 2Q22 Q/Q Y/Y $s in millions $/bps % $/bps % Net interest income $ 1,588 $ 1,643 $ 1,505 $ (55) (3) % $ 83 6 % Noninterest income 506 485 494 21 4 12 2 Total revenue 2,094 2,128 1,999 (34) (2) 95 5 Noninterest Expense 1,306 1,296 1,305 10 1 1 — Pre-provision profit 788 832 694 (44) (5) 94 14 Provision for credit losses 176 168 216 8 5 (40) (19) Income before income tax expense 612 664 478 (52) (8) 134 28 Income tax expense 134 153 114 (19) (12) 20 18 Net income $ 478 $ 511 $ 364 $ (33) (6) % $ 114 31 % Preferred dividends 34 23 32 11 48 2 6 Net income available to common stockholders $ 444 $ 488 $ 332 $ (44) (9) % $ 112 34 % $s in billions Average interest-earning assets $ 201.5 $ 202.6 $ 198.7 $ (1.1) (1) % $ 2.8 1 % Average deposits $ 173.2 $ 174.4 $ 176.4 $ (1.1) (1) % $ (3.1) (2) % Performance metrics Net interest margin(1) 3.16 % 3.29 % 3.04 % (13) bps 12 bps Net interest margin, FTE(1) 3.17 3.30 3.04 (13) 13 Loans-to-deposit ratio (period-end) 85.2 89.8 87.3 (466) (211) ROTCE 12.4 14.4 9.1 (196) 329 Efficiency ratio 62.3 60.9 65.3 144 (293) Noninterest income as a % of total revenue 24 % 23 % 25 % 133 bps (58) bps Full-time equivalent colleagues 18,468 18,547 19,583 (79) — (1,115) (6) Operating leverage (2.3) % 4.7 % Per common share Diluted earnings $ 0.92 $ 1.00 $ 0.67 $ (0.08) (8) % $ 0.25 37 % Tangible book value $ 28.72 $ 29.44 $ 29.14 $ (0.72) (2) % $ (0.42) (1) % Average diluted shares outstanding (in millions) 481.0 487.7 493.3 (6.7) (1) % (12.3) (2) % See pages 41-42 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 40.

4 2Q23 Underlying financial summary(1) Q/Q Y/Y $s in millions 2Q23 $/bps % $/bps % Net interest income $ 1,588 $ (55) (3)% $ 83 6% Noninterest income 506 21 4 (19) (4) Total revenue 2,094 (34) (2) 64 3 Noninterest expense 1,233 3 — 53 4 Pre-provision profit 861 (37) (4) 11 1 Provision for credit losses 176 8 5 105 148 Net income available to common stockholders $ 497 $ (40) (7)% $ (66) (12)% Performance metrics Diluted EPS $ 1.04 $ (0.06) (5)% $ (0.10) (9)% Efficiency ratio 58.9 102 bps 70 bps Noninterest income as a % of total revenue 24 % 133 bps (174) bps ROTCE 13.9 % (187) bps (152) bps Tangible book value per share $ 28.72 $ (0.72) (2) $ (0.42) (1) Operating leverage (2)% (1)% See pages 41-42 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 40. 2Q23 Notable Items Impacts Pre-tax EPS ($s in millions except per share data) Integration related $ (39) $ (0.06) TOP & Other related Actions (34) (0.06) Total: $ (73) $ (0.12)

5 – Focus on driving scalable new relationships and existing customer primacy/deepening – Well positioned in NYC metro to gain market share; performance tracking well – Citizens Private Bank launched to rapidly build Wealth presence – All other initiatives tracking well: CitizensPayTM, Citizens AccessTM, Private Capital, TOP program Overview(1) See pages 41-42 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 40. 2Q23: Quarter highlights – Underlying EPS of $1.04 and ROTCE of 13.9% – Underlying PPNR of $861 million, with higher fees, lower NII and stable expense ◦ NII down 3% QoQ given lower NIM and slightly lower interest-earning assets ◦ Fees up 4% QoQ, positioned for continued second half growth ◦ Underlying efficiency ratio of 58.9% compares with 57.8% at 1Q23 and 58.2% at 2Q22 – Strong CET1 ratio of 10.3%(2); repurchased $256 million in common shares – Period-end LDR ratio of 85%; FHLB borrowings reduced by ~$7 billion to ~$5 billion; total available liquidity increased by 19% to ~$79 billion Well positioned for medium-term relative outperformance through strategic initiatives Bolstering liquidity in a strategic, accretive fashion Refining and strengthening the balance sheet – Capital ratios before and after AOCI opt-out removal near top of peer group ◦ Provides flexibility to be opportunistic, repurchase shares – Strong capital and liquidity metrics position us well for changing regulatory environment – Continue to be well reserved for credit issues; ACL 1.52% vs. ~1.3% pro forma day one CECL ◦ General Office reserve now at 8.0% – Establishing a Non-Core strategy to run off non-strategic lending and high-cost funding ◦ Provides capacity for strategic lending while strengthening liquidity profile ◦ Expected to be EPS accretive – Citizens Private Bank loan growth will be self-funded with deposits

6 3.30% 0.21% (0.34)% 3.17% 1Q23 Asset Yields Funding Costs 2Q23 $198.7B $203.6B $204.5B $202.6B $201.5B $1,505 $1,665 $1,695 $1,643 $1,588 3.04% 3.25% 3.30% 3.30% 3.17% 2Q22 3Q22 4Q22 1Q23 2Q23 ■ NII down 3%, as expected, given lower NIM and slightly lower interest-earning assets, partly offset by higher day count – NIM of 3.17% decreased 13 bps, as higher funding costs were partly offset by higher earning-asset yields – Interest-earning asset yields increased 24 bps to 5.00% – Interest-bearing deposit costs up 47 bps to 221 bps; well-controlled cumulative beta of 42% Net interest income $s in millions, except earning assets NII and NIM Average interest-earning assets Net interest income NIM, FTE Net interest income decline reflects higher funding costs ■ NII up 6%, reflecting higher NIM and 1% growth in average interest-earning assets – NIM of 3.17%, up 13 bps, reflects higher earning- asset yields given higher market interest rates and interest-earning asset growth, partly offset by increased funding costs – Interest-earning asset yields up 174 bps – Interest-bearing deposit costs up 203 bps NIM 1Q23 to 2Q23 Year-Over-Year Linked Quarter

7 $512 $505 $485 $506$525 $494 $31 Reported Notable items 2Q22 3Q22 4Q22 1Q23 2Q23 Noninterest income(1) $s in millions Fees up 4% QoQ reflecting solid performance in a challenging market environment See pages 41-42 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 40. Linked Quarter Year-Over-YearNoninterest income ■ Underlying noninterest income decreased 4% – Service charges and fees decreased $7 million, reflecting the elimination of non-sufficient funds fees in Consumer – Capital markets fees decreased $6 million, reflecting lower syndication fees, partially offset by higher M&A advisory fees – Card fees increased $9 million, given higher transaction volumes – Mortgage banking fees decreased $13 million, driven by lower production volumes, partly offset by improved margins, and lower servicing revenue – FX and derivative products revenue decreased $16 million, reflecting lower client hedging activity ■ Noninterest income increased 4% – Service charges and fees relatively stable – Capital markets fees also relatively stable given lower underwriting fees, largely offset by increased syndications and M&A advisory fees – Card fees increased $8 million, given seasonally higher transaction volumes – Mortgage banking fees increased $2 million with higher production volume partly offset by lower margins and lower servicing fees – Trust and investment services fees increased $2 million, reflecting higher AUM – FX and derivative products revenue decreased $4 million, reflecting lower client hedging activity $s in millions 2Q23 1Q23 2Q22 $ Q/Q Y/Y Service charges and fees $ 101 $ 100 $ 108 $ 1 $ (7) Capital markets fees 82 83 88 (1) (6) Card fees 80 72 71 8 9 Mortgage banking fees 59 57 72 2 (13) Trust and investment services fees 65 63 66 2 (1) FX and derivative products 44 48 60 (4) (16) Letter of credit and loan fees 43 40 40 3 3 Securities gains, net 9 5 1 4 8 Other income(2) 23 17 19 6 4 Noninterest income, underlying $ 506 $ 485 $ 525 $ 21 $ (19) Notable items(1) — — (31) — 31 Noninterest income, reported $ 506 $ 485 $ 494 $ 21 $ 12

8 Noninterest expense(1) ■ Underlying noninterest expense broadly stable – Reflects lower salaries and employee benefits, given seasonal declines in payroll taxes and 401k costs – Equipment and software increased given equipment purchases and increased software maintenance – Other operating expense increased primarily reflecting higher advertising and FDIC insurance ■ Underlying noninterest expense of $1.2 billion increased 4% – Reflects lower salaries and employee benefits, given lower variable compensation – Higher equipment and software expense driven by increased software maintenance and amortization costs – Higher other operating expense given increased advertising and an industry-wide increased FDIC insurance surcharge See pages 41-42 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 40. Efficiency ratio Disciplined on expenses while prioritizing key strategic investments Linked Quarter Year-Over-Year 65.3% 57.0% 56.4% 60.9% 62.3% 58.2% 54.9% 54.4% 57.8% 58.9% Underlying Notable items 2Q22 3Q22 4Q22 1Q23 2Q23 2Q23 1Q23 2Q22 $ $s in millions Q/Q Y/Y Salaries & employee benefits $ 601 $ 642 $ 611 $ (41) $ (10) Outside services 156 149 148 7 8 Equipment & software 177 165 163 12 14 Occupancy 106 106 110 — (4) Other operating expense 193 168 148 25 45 Noninterest expense, underlying $ 1,233 $ 1,230 $ 1,180 $ 3 $ 53 Notable items (1) 73 66 125 7 (52) Noninterest expense, reported $ 1,306 $ 1,296 $ 1,305 $ 10 $ 1 Full-time equivalents (FTEs) 18,468 18,547 19,583 (79) (1,115)

9 ■ Average loans down $2.8 billion, or 2% – Commercial down $2.1 billion, or 3%, driven by C&I balance sheet optimization actions – Retail down $0.7 billion, or 1%, given planned run off in auto and lower education largely offset by growth in mortgage and home equity ■ Period-end loans down $3.4 billion, or 2% – Commercial down $2.6 billion, or 3%, due to C&I balance sheet optimization actions – Retail down $0.8 billion, or 1% ■ Average loan yield of 5.52%, up 27 bps QoQ $153.8 $156.9 $157.1 $156.5 $153.7 2Q22 3Q22 4Q22 1Q23 2Q23 Loans and leases $s in billions Loans down slightly reflecting balance sheet optimization ■ Average loans broadly stable – Commercial up slightly and retail down slightly ■ Period-end loans down $4.9 billion, or 3% – Commercial down $3.2 billion, or 4%, driven by C&I balance sheet optimization actions – Retail down $1.7 billion, or 2%, driven by planned run off in auto and lower education, largely offset by growth in mortgage and home equity Average loans and leases $156.2 $156.1 $156.7 $154.7 $151.3 2Q22 3Q22 4Q22 1Q23 2Q23 $s in billions Period-end loans and leases 3.55% 4.17% 4.75% 5.25% 5.52% Linked Quarter Year-Over-Year

10 $176.4 $177.6 $179.0 $174.4 $173.2 2Q22 3Q22 4Q22 1Q23 2Q23 Deposit performance and cost of funds Spot deposit increase of $5.5 billion QoQ across Consumer and Commercial $s in billions 2Q23 Average deposits 0.12% 0.39% 0.88% 1.28% 1.68% 0.18% 0.56% 1.23% 1.74% 2.21% Total deposit costs Interest-bearing deposit costs Commercial Consumer Other Year-Over-Year 2Q23 Period-end deposits Term Linked Quarter ■ Period-end deposits up $5.5 billion, or 3%, as the Company replenished balances following seasonal and rate-related outflows in the first two months of first quarter 2023 – Deposit growth led by Consumer, up $3.0 billion – Commercial up $2.0 billion ■ Average deposits down $1.1 billion, or 1% ■ Citizens Access™ 2Q23 average balance of $9.7 billion; period- end balance of $10.6 billion ■ Total deposit costs increased 40 bps ■ Interest bearing deposit costs increased 47 bps; sequential beta 101%; cumulative beta 42% ■ Total cost of funds of 197 bps, up 38 bps, reflects mix shift toward deposits and away from higher cost wholesale funding ■ Period-end FHLB advances of $5.0 billion, down $6.8 billion ■ Period-end deposits down $1.3 billion, or 1%, primarily due to rate-related outflows; Average deposits down $3.1 billion, or 2% ■ Total deposit costs up 156 bps and interest-bearing deposit costs up 203 bps ■ Total cost of funds up 172 bps $178.9 $178.6 $180.7 $172.2 $177.7 Commercial Consumer Other 2Q22 3Q22 4Q22 1Q23 2Q23 $s in billions

11 Demand 23% Money Market 30% Checking with interest 20% Citizens Access™ Savings 6% Savings 10% Term 11% 60% 68% 70% 4Q22 1Q23 2Q23 54% 67% 67% 1Q23 1Q23 2Q23 Branch Deposits 46% Citizens Access™ 6% Wealth 1% Business Banking 13% Commercial 27% Treasury/ Other 7% (As of 6/30/23) Highly diversified and retail-oriented deposit base $178B Period-end deposits Peer Avg(1) 27% 26% 23% 4Q22 1Q23 2Q23 Business mix Product mix See pages 41-42 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 40. Total deposits insured/secured(2) % Consumer Banking deposits DDA as % of total deposits

12 $839 $852 $944 $996 $1,191 0.54% 0.55% 0.60% 0.64% 0.79% Nonaccrual loans Nonaccrual loans to total loans 2Q22 3Q22 4Q22 1Q23 2Q23 $2,147 $2,196 $2,240 $2,275 $2,299 1.37% 1.41% 1.43% 1.47% 1.52% Allowance for credit losses Allowance to loan coverage ratio 2Q22 3Q22 4Q22 1Q23 2Q23 ■ NCOs of $152 million, or 40 bps of average loans and leases, up 6 bps QoQ ■ Nonaccrual loans increased 15 bps QoQ to 79 bps of total loans driven by an increase in commercial, primarily reflecting lumpiness in the General Office segment of commercial real estate ■ Provision for credit losses of $176 million, with a reserve build of $24 million; ACL coverage ratio of 1.52%, up 5 bps QoQ ■ ACL to nonaccrual loans and leases ratio of 193% compares with 229% as of 1Q23 and 256% as of 2Q22 $71 $123 $132 $168 $176 $49 $74 $88 $133 $152 0.13% 0.19% 0.22% 0.34% 0.40% 2Q22 3Q22 4Q22 1Q23 2Q23 Credit quality overview $s in millions $s in millions See pages 41-42 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 40. Nonaccrual loans $s in millions Allowance for credit losses Underlying provision for credit losses Net charge-offs Net charge-off ratio (1) HighlightsCredit provision expense; net charge-offs (2) *2Q22 provision for credit losses excludes the Day-1 CECL (double count) of $145 million related to the ISBC acquisition. *

13 1Q23 2Q23 ACL % Coverage ACL % Coverage Retail $ 949 1.29 % $ 929 1.27 % Commercial 1,326 1.64 1,370 1.75 C&I 724 1.44 702 1.46 CRE 577 1.99 637 2.20 Leasing 24 1.72 31 2.40 Total $ 2,275 1.47 % $ 2,299 1.52 % Memo: General Office ACL $ 272 6.70 % $ 313 8.00 % NCOs $ — $ 56 Allowance for credit losses ■ The increase in the ACL reserve coverage to 1.52% primarily reflects higher reserves against CRE exposures ■ The key macroeconomic assumptions underlying the reserve reflect a moderate recession over the two-year reasonable and supportable period ■ Peak unemployment of ~6% and peak-to-trough GDP decline of ~1%, unchanged from prior quarter. Collateral value peak-to-trough declines increased for CRE from ~9 to ~13%, driven by General Office, and improved for auto compared with prior quarter ■ Additionally, qualitative factors and sensitivities are incorporated in the allowance framework to account for other considerations not fully captured in reserve models $s in millions CommentaryAllowance for credit losses

14 Laser-focused and well-equipped to manage portfolio to mitigate losses Current assumptions Property valuations (peak-to-trough % decline) down ~67% Avg. Loss Severity (%) ~45-50% Default rate (%) ~16-18% Scenario losses implied ~$315 million General Office ACL Coverage 8.0% Strong reserve coverage of CRE General Office CRE General Office key reserve assumptions CommentaryGeneral Office portfolio - ACL coverage $4.0 $4.1 $3.9 4.9% 6.7% 8.0% Portfolio Balance ACL Coverage Ratio 4Q22 1Q23 2Q23 $ in billions ■ Strong ACL coverage of General Office; continually reassessing potential loss content based on detailed loan by loan portfolio review as market conditions evolve – Increased ACL coverage for CRE General Office to 8.0% from 6.7% while absorbing ~$56 million in 2Q NCOs – ~98.5% of CRE General Office is current pay ■ Under more severe stress scenarios, expect CRE General Office credit losses to be manageable with modest impacts to capital – Current stress assumptions already 2x as severe as 1990-1993 or 2008/2009 downturns – Believe current reserve adequately covers projected risks – Capital impacts of higher stress scenarios very modest ■ Have limited CRE originations to existing clients; restricted new originations for CRE Office in mid-2020 ■ Proactively engaging borrowers on mutually beneficial work-out solutions well before maturity ■ Portfolio management prioritized based on multiple dimensions including: – Property location (MSA), building quality, operating performance, LTV, rent roll, and loan maturity ■ ACL informed by a specific CRE downside macro scenario combined with a loan-by-loan analysis – Assumed a deep stress, materially worse than historical market experience for factors such as NOI, property values, default rate, and loss severity

15 Suburban Class C 2% CBD Class C 4% Suburban Class A 42% CBD Class A 16% Suburban Class B 25% CBD Class B 11% 51% 95% 73% 88% 100% 61% 20% 45% 78% 85% 49% 5% 27% 12% 39% 80% 55% 22% 15% New York, NY Washington, DC Philadelphia, PA Dallas, TX Los Angeles, CA Atlanta, GA Chicago, IL Boston, MA Baltimore, MD Seattle, WA Suburban CBD NY 14.5% VA 11.6% NJ 10.0% CA 8.9% TX 8.1%MD 6.9% PA 5.4% GA 4.4% IL 4.0% MA 3.2% OH 3.2% NC 2.9% WA 2.4% AZ 2.3% CO 2.1% Other 10.1% Commercial Real Estate - $6.2B Office portfolio: well diversified $3.9B General Office by state Other MN CT DC FL MO VT IN MI UT SC TN RI 25% 12% 63% General Office $3.9B Credit Tenant $1.5B Life Sciences $0.8B Property type $3.9B General Office class & location Top 10 General Office MSA breakdown Outstanding *Manhattan is ~$152 million $ 835 $ 611 $ 211 $ 202 $ 194 $ 170 $ 155 $ 115 $ 109 $ 94 $ in millions (As of 6/30/23) *

16 ■ 2Q23 CET1 ratio of 10.3%(1) compares with 10.0% in 1Q23 ■ TBV/share of $28.72, down 2% QoQ given AOCI impacts associated with higher rates ■ Tangible common equity ratio of 6.3%, down 31 bps QoQ given AOCI impacts associated with higher rates ■ Paid $205 million in common dividends to shareholders in 2Q23 ■ Repurchased $256 million of common stock in 2Q23 ■ Remaining Board-authorized capacity of $1.344 billion at June 30, 2023 ■ Timing and amount of future share repurchases will be impacted by our view of external conditions Capital remains strong $s in billions (period-end) 2Q22 3Q22 4Q22 1Q23 2Q23 Basel III basis(1)(2) Common equity tier 1 capital $ 17.9 $ 18.3 $ 18.6 $ 18.4 $ 18.4 Risk-weighted assets $ 187.7 $ 187.2 $ 185.2 $ 183.2 $ 179.0 Common equity tier 1 ratio 9.6 % 9.8 % 10.0 % 10.0 % 10.3 % Tier 1 capital ratio 10.6 % 10.9 % 11.1 % 11.1 % 11.4 % Total capital ratio 12.3 % 12.6 % 12.8 % 12.9 % 13.3 % Tangible common equity ratio 6.6 % 6.1 % 6.3 % 6.6 % 6.3 % See pages 41-42 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 40. TBV/share CET1 $ % 1Q23 10.0 % $29.44 Net Income 0.26 1.01 3.4 % Common and preferred dividends (0.13) (0.50) (1.7) % RWA decrease 0.24 Treasury stock (0.14) 0.05 0.2 % Goodwill and intangibles — — — % AOCI — (1.31) (4.4) % Other 0.02 0.03 0.1 % Total change 0.25 (0.72) (2.4) % 2Q23 10.3 % $28.72 CET1 ratio remains strong(3) Highlights

17 Maintaining a strong absolute and relative capital position(1) CET1 Ratio(2) 10.3% 10.2% 10.0% 10.1% 9.9% 9.5% 9.3% 9.2% 9.1% 9.1% 8.5% CFG (2Q23) Peer 1 CFG (1Q23) Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 9.8% 8.5% 8.4% 7.7% 7.5% 7.4% 6.8% 6.8% 6.4% 6.2% 6.1% Peer 1 CFG (2Q23) CFG (1Q23) Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 CET1 Ratio adjusted for AOCI opt-out removal(3) See pages 41-42 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 40. Commentary Substantial capacity to exceed potential new capital requirements ■ Citizens has further strengthened its strong capital position – CET1 ratio before and after adjustment for AOCI opt-out removal is near the top of the peer group ■ Positioned well to repurchase shares while building the CET1 ratio higher – Expect to generate ~20 bps of improvement per quarter in 2H23 to CET1 capital ratio after dividend and before considering share repurchases ■ ~43% of total ~$4.6B AOCI marks expected to accrete back to tangible common equity by 4Q24

18 Spotlight on key strategic initiatives Balance Sheet Optimization (BSO) New York City Metro Citizens AccessTM/Citizens PayTM Capturing the Private Capital opportunity TOP 8/9 We continue to invest in a series of unique initiatives that position Citizens for medium-term outperformance vs. peers I II III IV V VI Citizens Private Bank

19 Client I. Building Private Banking capabilities Added ~50 senior private bankers and ~100 related support staff in Boston, South Florida, New York, and California Boosts growth plans in Wealth Management and Business Banking Regional branch network Light branch network National digital retail deposits and lending, and Commercial Banking client coverage Fueled by a world-class integrated operating model Private Banking coverage in key geographies ■ Private Bank relationship managers will leverage the full breadth of Citizens capabilities to serve clients ■ Seeking to build a distinctive premier wealth offering leveraging Clarfeld as centerpiece ■ Enhances existing coverage of the innovation economy through Private Equity and Venture Capital verticals Mortgage and Retail Lending Personal Banking Private Bankers to deliver Private Banking, Business Banking and Private Wealth Management products and services to clients in a "white-glove", client-focused way Capital Markets Business and Commercial Banking Wealth Management

20 ■ Open Private Banking centers in San Francisco, South Florida, New York and Boston ■ Scale premier Wealth offering leveraging the Clarfeld platform; hire Wealth and Financial Advisers in key markets ■ Upgrade key retail processes to deliver best in class Private Bank experience ■ Launch distinct brand positioning I. Building Private Banking capabilities Next steps to deliver a world class Private Bank Core operating principles for the business ■ Deliver high-touch client service model ■ Effective risk management, including solid credit discipline ■ Market competitive loan pricing ■ Loans funded with stable deposits ■ Compensation aligned to achievement of core objectives Medium-term aspirations 2023 is a year of investment, ~($0.08-$0.10) EPS impact on performance, plus ~($0.03) notables Break-even reached mid-2024, FY 2024 expected to be accretive Strong growth projections: ~$9 billion loans, ~$11 billion deposits, ~$10 billion AUM by YE2025; significant EPS accretion of ~5%* ■ Hired ~50 senior bankers and ~100 support staff; adding additional talent to round out the effort – Financials will be disclosed separately over 2H23 and FY 2024 to provide transparency on expense impact ■ Accelerates growth plans in key markets: Metro New York, Boston, South Florida, and California ■ Adds new presence and capabilities on the West Coast which complements JMP and our commercial activities Launch of Citizens Private Bank * Based on Bloomberg consensus estimate for FY2025 as of 7/18/23

21 II. BSO actions to further strengthen capital & liquidity, improve returns We have been increasingly active in balance sheet optimization (BSO) strategies – Ongoing rotation of loan capital to deepen relationships – Sale of student loans (3Q20) – Sold non-strategic loans from ISBC acquisition (2022) – Exited indirect auto origination business; executed auto funding securitizations (2023) Given the increase in rates, plus the advent of quantitative tightening and heightened competition for deposits, we have crafted a BSO plan designed to: Key elements of BSO plan include: – Establishing a ~$14 billion Non-Core run-off portfolio (indirect auto, purchased consumer loans) and associated high-cost funding – Achieving a ~$9 billion run off by YE2025 – Non-Core assets are generating negative spread given funding from higher cost wholesale and deposits – Expenses and credit costs associated with the Non-Core portfolio will also decline over time – Run off will fund strategic loan growth (~25%), cash/securities investment (~50%), and funding reduction (~25%) – Driving deposit-funded loan growth in Citizens Private Bank of ~$9 billion by YE2025 (~$11 billion deposits, ~$10 billion AUM) Overall impacts expected to be meaningfully accretive to NIM, EPS, ROTCE – Lower our LDR towards 80%, bolster already strong LCR – Reduce wholesale funding and increase further our available liquidity – Focus on low cost Consumer deposit growth – Continue to remix loan portfolio to focus on deep relationship lending – Enhance ROTCE

22 $13.7 $11.1 $7.2 $4.5 $13.7 $10.4 $8.3 $5.2 $3.0 $3.3 $2.8 $2.0 $1.5$8.0 $5.7 II. BSO actions to further strengthen capital & liquidity, improve returns ~$9.2B reduction expected by end of 2025; opportunistic sales may accelerate Education and other retail (purchased) Non-Core portfolio High-cost funding ~4.2% Loan yield (w.a.) ~5.5% Funding cost (w.a.) ~$13.7 billion Non-Core portfolio Indirect auto High-beta deposits Collateralized borrowings ■ Placing indirect auto into Non-Core given decision to exit this business ■ Placing all purchase flow agreement consumer loans in Non-Core (these agreements ceased in 2022) ■ Loan run off of ~$9.2 billion expected by end of 2025; ~$2.6 billion in 2H2023, ~$3.9 billion in 2024, ~$2.7 billion in 2025 ~95% fixed-rate; ~2.0 years WAL Summary of planned actions Immediately accretive to NIM, ROTCE and EPS 2Q23 4Q23 4Q24 4Q25 2H2023 focus is on liquidity improvement; 2024/25 will see more strategic loan growth and Private Bank loans exceed Non-Core run-off $s in billions

23 II. BSO actions to further strengthen capital & liquidity, improve returns $9.0 $11.0$9.2 Private Bank financial impacts■ Of the ~$9.2 billion in Non-Core rundown: – ~25% supports organic loan growth (Commercial, HELOC, Card/ Citizens Pay) – ~25% pays down funding – ~50% is invested in cash and securities ■ Net result is improved liquidity profile and loan/funding mix; drives higher returns Summary of planned actions Non-Core portfolio Redeployment through YE2025 in Legacy Core Citizens Private Bank YE2025 ■ Self-funded loan growth with ~$11 billion deposits ■ Delivers projected 2025 AUM of ~$10 billion ■ Deep relationships, strategic ROE of 20%+ $s in billions Strategic remixing of the balance sheet Funding pay-down Strategic loan growth Cash and securities Loan reduction through YE2025 Loans Deposits $9.2 ~25% ~25% ~50%

24 30+ points NPS improvement III. Entry into New York Metro progressing well 24 ~200 branches acquired, ~1 million customer accounts migrated, ~1,350 business clients Strong start with potential to scale over time in HSBC branches YoY June 2023(3) Customer acquisition rate vs. pre-conversion rate(1) March to December 2022 across acquired HSBC branches ~60k new retail checking households added over last twelve months Sizeable growth potential 10% Deposit growth Strong start in ISBC 3x ~10% Revenue ~10% Deposits ~70% AUM 3 to 5 years of strong sales to close the gap to legacy Citizens 2023 - 2027 CAGR in NY Metro ...with further upside potential from Citizens Private Bank Strong branch sales Legacy CFG HSBC/ISBC +175% Mortgage and Home Equity sales(2) See pages 41-42 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 40.

25 Using modern technology as one of the only financial institutions on a fully cloud-based core Launch checking by YE2023 for low-cost funding 2025+ converge legacy core with Citizens Access to create single integrated platform $7.8 $10.6 4Q22 2Q23 IV. Consumer Banking - differentiated growth opportunities CitizensPayTMCitizens AccessTM National digital expansion Existing clients performing well Prudently adding new clients Strong source of deposit growth $s billions Period-end balance ■ Strong credit performance ■ Prime quality portfolio ■ High Net Promoter Scores ■ 125+ partners added YTD ■ Adding consumer direct virtual card ■ New partner originations up ~110% YoY Top customer acquisition engine in the bank

26 Citizens serving Private Capital for 10 years Citizens has been cultivating distinctive capabilities to serve the Private Capital ecosystem ■ Consistent, dedicated strategy to serve the sponsor community ■ Significant investments in talent and capabilities, including five advisory acquisitions since 2017 ■ Steady multi-year gains in middle market & overall market ■ Effectively utilizing the balance sheet to maximize sponsor returns with capital call lines and fund leverage ■ New Private Bankers significantly expand sponsor relationships and capabilities V. Capturing the Private Capital opportunity Top 3 U.S. sponsor middle market bookrunner(1) 2017-2022 eclipsed prior six years by 79% $3.6 trillion Private Capital fundraising versus ~15% increase for U.S. corporates - 2018 to 2022 (versus prior 5-year period) ~33% increase in sponsor-driven Investment Banking fees ■ Strong financial sponsor relationships ■ Deep expertise in attractive verticals ■ Full debt and equity underwriting capabilities ■ High-touch M&A execution ■ Full-scope hedging capabilities ■ Capital call lines, cash management ■ Originate for distribution with low hold levels Poised to capitalize on coming wave of Private Capital activity Full life-cycle Private Capital capabilities A substantial and growing market ■ Deal activity muted for last year due to higher financing costs, disparate views on valuation and macro uncertainty ■ Many sponsors have not deployed meaningful amounts of capital for 12 months and counting ■ Increasing pent-up demand for M&A and capital markets activity pending more clarity on economic outlook Over the last six years, Private Capital fundraising has led to record deal formation, M&A activity and fees See pages 41-42 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 40.

27 Revenue Efficiencies and tax 2014 TOP 1 2015 TOP 2 2016 TOP 3 2017 TOP 4 2018 TOP 5 2019- 2021 TOP 6 2022 TOP 7 2023 TOP 8 ~$200 VI. Transforming how we operate the bank and deliver for customers TOP program benefits TOP Update $s in millions ~$140 ~$115 ~$115 ~$105 ~$425 ~$115 ~$115 Raised TOP 8 pre-tax run-rate benefit target to ~$115 million by YE2023 ■ TOP 8 underway and progressing well ■ In light of the environment, augmented the program and raised target benefit to ~$115 million from ~$100 million ■ Incremental efficiencies driven by: – Accelerated branch rationalization – Additional procurement opportunities ■ Planning underway for TOP 9; areas of opportunity include – Re-imagination of operations through process reengineering, automation and AI – Horizontal organizational simplification opportunities and rationalization of like functions – More ambitious procurement efficiencies – Improve customer journeys leveraging generative AI

28 3Q23 outlook vs. 2Q23 See pages 41-42 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 40. ■ Targeting low-to-mid-80s LDR by YE2023 ■ Expect terminal IBD beta of 49-50% – Expect NIM to begin to stabilize in Q4 assuming current market view of Fed rates ■ Citizens Private Bank build out impact to Underlying EPS of ~($0.06) in Q3 and ~($0.02-$0.04) in Q4 2Q23 Underlying(1) 3Q23 Underlying outlook excluding impact of Private Bank Net interest income $1,588MM Down ~4% Noninterest income $506MM Up ~3% Noninterest expense $1,233MM Broadly stable Net charge-offs 40 bps Broadly stable to up slightly CET1 ratio(2) 10.3% Up modestly including share repurchases Tax rate 22.5% ~22%

29 Investment thesis Citizens has a robust capital, liquidity and funding position – Committed to strengthening even further with BSO, including Non-Core strategy – Relative strength allows Citizens to take advantage of opportunities – Focused on deploying capital to best relationship/highest risk adjusted return areas – Flexibility to return capital to shareholders Citizens continues to have a series of unique initiatives that will lead to relative medium-term outperformance Citizens has performed well since the IPO given its sound strategy, capable & experienced leadership and a strong customer-focused culture – Track record of strong execution – Commitment to operating and financial discipline – Excellence in our capabilities, highly competitive with mega-banks and peers Citizens is poised to deliver mid-teens ROTCE through a challenging environment. Represents attractive opportunity for investors at current valuation – Well positioned in NYC metro to gain market share; performance tracking well – Citizens Private Bank launched to rapidly build Wealth presence – All other initiatives tracking well: Citizens PayTM, Citizens AccessTM, Private Capital, TOP 8

Appendix

31 Overall Satisfaction Top 2 Box score of 95%, remains at all time high for Commercial clients Forbes America's Best Banks Newsweek America's Best Loyalty Programs First half 2023 awards and recognition Euromoney’s Awards for Excellence 2023 Best Super-Regional Bank

32 Net income available to common shareholders and EPS $s in millions, except per share data ê4% $898 $861 1Q23 2Q23 Linked-quarter Underlying results(1) Return on average total tangible assets Return on average tangible common equity Average loans $s in billions Average deposits $s in billions ê2% $3.5 2 $3.5 6 ê5% $156.5 $153.7 1Q23 2Q23 $174.4 $173.2 1Q23 2Q23 1.06% 0.99% 1Q23 2Q23 15.8% 13.9% 1Q23 2Q23 $537 $497 $1.10 $1.04 1Q23 2Q23 ê7% Pre-provision profit $s in millions See pages 41-42 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 40. ê187 bps ê7 bps ê1%

33 $850 $861 2Q22 2Q23 Year-over-year Underlying results(1) Return on average total tangible assets é1% Average loans $s in billions 0% Net income available to common shareholders and EPS $s in millions, except per share data Return on average tangible common equity Average deposits $s in billions $3.5 2 ê13 bps $3.5 6 $153.9 $153.7 2Q22 2Q23 $176.4 $173.2 2Q22 2Q23 1.12% 0.99% 2Q22 2Q23 15.5% 13.9% 2Q22 2Q23 ê2% Pre-provision profit $s in millions ê152 bps $563 $497 $1.14 $1.04 2Q22 2Q23 See pages 41-42 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 40. ê9% ê12%

34 Supplemental reporting template for planned disclosure beginning 3Q23 (A) (B) (C) = (A) + (B) (D) (E) = (C) + (D) $s in millions Legacy Core Private Bank Core Non-Core Total CFG Net interest income $ xx $ xx $ xx $ xx $ xx Noninterest income $ xx $ xx $ xx $ xx $ xx Total revenue $ xx $ xx $ xx $ xx $ xx Noninterest Expense $ xx $ xx $ xx $ xx $ xx Pre-provision profit $ xx $ xx $ xx $ xx $ xx Provision (benefit) for credit losses $ xx $ xx $ xx $ xx $ xx Income before income tax expense $ xx $ xx $ xx $ xx $ xx Income tax expense $ xx $ xx $ xx $ xx $ xx Net income $ xx $ xx $ xx $ xx $ xx Preferred dividends $ xx $ xx $ xx $ xx $ xx Net income available to common stockholders $ xx $ xx $ xx $ xx $ xx $s in billions Average interest-earning assets $ xx $ xx $ xx $ xx $ xx Average loans $ xx $ xx $ xx $ xx $ xx Average deposits $ xx $ xx $ xx $ xx $ xx Performance metrics: Net interest margin, FTE(1) x.xx% x.xx% x.xx% x.xx% x.xx% Loans-to-deposit ratio (average) xx% xx% xx% xx% xx% Efficiency ratio xx% xx% xx% xx% xx% Noninterest income as a % of total revenue xx% xx% xx% xx% xx% See pages 41-42 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 40.

35 (1) Expect to reclassify approximately $100 million per quarter from AOCI to NII in relation to terminated swaps through the end of 2025 Stabilizing and protecting NII and NIM $27.3 $14.4 $2.9 2025 2026 2027 Cash flow hedges are the primary tool to manage interest rate exposure Receive fixed cash flow swaps - average notional balances in $ billions at 6/30/23 W.A. receive fixed rate at 6/30/23(1) 3.1% 3.2% $18.4 $20.5 $21.1 $21.9 $29.5 $30.5 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 3.1%3.1%3.1%3.7%4.3%4.5% 3.4% ALM hedging update ■ Continue to manage hedges to maintain significant protection to downside in rates well into 2026 ■ Asset sensitivity for 2Q23 is relatively stable compared to 1Q23 – ~1.3% positive impact to NII over the next 12 months with a gradual 200 basis point increase in rates above forward curve

36 $78.3B Commercial credit portfolio See pages 41-42 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 40. Commercial portfolio risk ratings(2) $s in billions 58% 62% 60% 25% 17% 18% 14% 15% 16% 3% 6% 6% 4Q19 1Q23 2Q23 B- and lower B+ to B BB+ to BB- AAA+ to BBB- $57.5 $78.3 Highlights $80.9($ in billions) Balances % of total CFG C&I Finance and Insurance Capital call facilities $ 6.3 4 % Other Finance and Insurance 6.0 3 Other Manufacturing 4.0 3 Technology 3.9 3 Accommodation and Food Services 3.2 2 Health, Pharma, Social Assistance 2.8 2 Professional, Scientific, and Technical 2.8 2 Wholesale Trade 2.5 2 Other Services 2.5 2 Retail Trade 2.3 1 Energy & Related 2.1 1 Rental and Leasing 1.4 1 Consumer Products Manufacturing 1.2 1 Administrative and Waste Management 1.5 1 Arts, Entertainment, and Recreation 1.6 1 Automotive 1.2 1 Other (1) 2.7 2 Total C&I $ 48.0 32 % CRE Multi-family $ 8.8 6 % Office 6.2 4 Industrial 3.7 3 Retail 3.4 2 Co-op 1.9 1 Data Center 0.9 1 Hospitality 0.6 — Other (1) 3.3 2 Total CRE $ 28.9 19 % Total Commercial loans & leases $ 78.3 52 % Total CFG $ 151.3 100 % 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 ■ Leveraged loans ~1.7% of total CFG loans, granular hold positions with an average outstanding of ~$12 million ■ CRE portfolio is well diversified across asset type, geography, and borrowers with the emphasis on strong sponsor selection

37 38% 42% 43% 33% 32% 32% 18% 16% 16% 5% 5% 4%6% 5% 5% 4Q19 1Q23 2Q23 42% 19% 15% 4% 13% 7% $73.0B Retail credit portfolio See pages 41-42 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 40. 800+ 740-799 680-739 640-679 <640 $61.6 $73.0 $s in billions Retail portfolio FICOs(2) $73.8 Home equity Retail loans(1) Residential mortgages Auto Education - in school Education - refinance Other retail ~94% of retail portfolio > 680 Super-prime/prime* ~76% of retail portfolio Secured ■ Mortgage – FICO ~785 – Weighted-average LTV of ~55% ■ Home equity – FICO ~765 – ~40% secured by 1st lien – ~96% CLTV less than 80% – ~85% CLTV less than 70% ■ Auto – FICO ~740 – Weighted-average LTV of ~78% ■ Education – FICO ~785 ■ Other retail: – Credit card – FICO ~735 – Citizens PayTM – FICO ~725; incorporates loss sharing High quality, diverse portfolio '* Super-prime/prime defined as FICO of 680 or above at origination

38 Delinquency by product type See pages 41-42 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 40. March 31, 2023 (%) June 30, 2023 (%) 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 99.12 % 0.24 % 0.01 % 0.04 % 0.59 % 99.36 % 0.04 % 0.02 % — % 0.58 % Commercial real estate 98.48 % 0.80 % 0.02 % 0.22 % 0.48 % 98.50 % 0.08 % 0.20 % — % 1.22 % Leases 99.93 % 0.07 % — % — % — % 99.77 % — % — % — % 0.23 % Total commercial 98.91 % 0.43 % 0.02 % 0.10 % 0.54 % 99.05 % 0.05 % 0.09 % — % 0.81 % Residential mortgages(1) 97.35 % 0.67 % 0.24 % 1.03 % 0.71 % 98.12 % 0.29 % 0.10 % 0.84 % 0.65 % Home equity 97.66 % 0.48 % 0.16 % — % 1.70 % 97.72 % 0.38 % 0.17 % — % 1.73 % Automobile 98.17 % 1.11 % 0.29 % — % 0.43 % 97.88 % 1.25 % 0.38 % — % 0.49 % Education 99.43 % 0.26 % 0.11 % 0.02 % 0.18 % 99.37 % 0.27 % 0.16 % 0.02 % 0.18 % Other retail 97.64 % 0.81 % 0.52 % 0.45 % 0.58 % 97.67 % 0.80 % 0.53 % 0.39 % 0.61 % Total retail 97.91 % 0.64 % 0.23 % 0.46 % 0.76 % 98.19 % 0.48 % 0.19 % 0.38 % 0.76 % Total 98.44 % 0.53 % 0.12 % 0.27 % 0.64 % 98.62 % 0.26 % 0.14 % 0.19 % 0.79 %

39 Allocation of allowance for credit losses by product type March 31, 2023 June 30, 2023 $s in millions Loans and Leases Allowance Coverage Loans and Leases Allowance Coverage Allowance for Loans and Lease Losses Commercial and industrial(1) $50,450 $601 1.19 % $48,038 $586 1.22 % Commercial real estate 28,999 486 1.67 28,947 541 1.87 Leases 1,417 24 1.72 1,294 30 2.34 Total commercial 80,866 1,111 1.37 78,279 1,157 1.48 Residential mortgages 30,362 207 0.68 30,769 205 0.67 Home equity 14,135 95 0.67 14,487 100 0.69 Automobile 11,535 121 1.05 10,428 89 0.86 Education 12,634 266 2.11 12,246 261 2.13 Other retail 5,156 217 4.22 5,111 232 4.53 Total retail loans 73,822 906 1.23 73,041 887 1.21 Total loans and leases $154,688 $2,017 1.30 $151,320 $2,044 1.35 Allowance for Unfunded Lending Commitments(2)* Commercial(1) $215 1.64 % $213 1.75 % Retail 43 1.29 42 1.27 Total allowance for unfunded lending commitments $258 $255 Allowance for credit losses(2) $154,688 $2,275 1.47 % $151,320 $2,299 1.52 % *Coverage ratios reflect total allowance for credit losses for the respective portfolio. See pages 41-42 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 40.

40 Notable items(1) Quarterly results reflect notable items primarily related to integration costs associated with recent acquisitions, as well as TOP revenue and efficiency initiatives. Second quarter 2022 results include a notable item representing the day-one CECL provision expense ("double count") related to the Investors Bancorp transaction. These notable items have been excluded from reported results to better reflect Underlying operating results. See pages 41-42 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 2Q23 1Q23 2Q22 $s in millions, except per share data Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Noninterest income $ — $ — $ — $ — $ (31) $ (23) EPS Impact -Noninterest income $ — $ — $ (0.05) Salaries & benefits $ (2) $ (1) $ (7) $ (5) $ (64) $ (48) Outside services (11) (8) (25) (19) (35) (26) Equipment and software (1) (1) (3) (2) — — Occupancy (25) (18) (16) (12) — — Other expense — — (1) (1) (5) (4) Noninterest expense $ (39) $ (28) $ (52) $ (39) $ (104) $ (78) EPS Impact - Noninterest expense $ (0.06) $ (0.08) $ (0.16) ISBC Day 1 CECL provision expense (“double count”) $ — $ — $ — $ — $ (145) $ (108) EPS Impact - Provision for credit losses $ — $ — $ (0.22) Tax integration cost — — — — — (6) EPS Impact - Tax integration cost $ — $ — $ (0.01) Total Integration Costs $ (39) $ (28) $ (52) $ (39) $ (280) $ (215) EPS Impact - Total integration related $ (0.06) $ (0.08) $ (0.44) Other notable items - TOP & Other Actions related 2Q23 1Q23 2Q22 $s in millions, except per share data Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Salaries & benefits $ (12) $ (9) $ (9) $ (7) $ (8) $ (6) Outside services (10) (7) (2) (1) (6) (5) Equipment and software (3) (2) (1) (1) (6) (4) Occupancy (5) (4) (2) (1) (1) (1) Other expense (4) (3) — — — — Noninterest expense $ (34) $ (25) $ (14) $ (10) $ (21) $ (16) Total Other Notable Items $ (34) $ (25) $ (14) $ (10) $ (21) $ (16) EPS Impact - Other Notable Items $ (0.06) $ (0.02) $ (0.03) Total Notable Items $ (73) $ (53) $ (66) $ (49) $ (301) $ (231) Total EPS Impact $ (0.12) $ (0.10) $ (0.47)

41 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 - 2Q23 GAAP financial summary 1) See general note a). Notes on slide 4 - 2Q23 Underlying financial summary 1) See note on non-GAAP financial measures. Notes on slide 5 - Overview 1) See note on non-GAAP financial measures. 2) See general note d). Notes on slide 7 - Noninterest income 1) See above note on non-GAAP financial measures. See Notable Items slide 40 for more detail. 2) Includes bank-owned life insurance income and other miscellaneous income for all periods presented. Notes on slide 8 - Noninterest expense 1) See above note on non-GAAP financial measures. See Notable Items slide 40 for more detail. Notes on slide 11 - Highly diversified and retail-oriented deposit base 1) Estimated based on available company disclosures. 2) Includes collateralized state and municipal balances and excludes bank and nonbank subsidiaries. Notes on slide 12 - Credit quality overview 1) See note on non-GAAP financial measures. 2) Allowance for credit losses to nonperforming loans and leases. Notes on slide 16 - Capital remains strong 1) See general note d). 2) For regulatory capital purposes, we have elected to delay the estimated impact of CECL on regulatory capital for a two-year period ended December 31,2021, followed by a three-year transition period ending December 31, 2024. As of December 31, 2021, the modified CECL transition amount was $384 million and is being transitioned out of regulatory capital over a three-year period. 3) See general note c). Notes on slide 17 - Maintaining a strong absolute and relative capital position 1) Peer data sourced from 1Q company disclosures. 2) See general note d). 3) Pension and DTA risk-weighted assets impact has been included. Notes on slide 24 - Entry into New York Metro progressing well 1) Branch originated sales only; Investors pre CD1 checking sales sourced from internal Investors reporting. 2) Represents sales rate to new-to-bank customers within 4 months of initial onboarding. 3) Deposit Balances reflect average monthly balance as of Jun23 vs Jun22 for HSBC portfolio only (acquired and new) vs Legacy.

42 Notes continued Notes on slide 26 - Capturing Private Capital opportunity 1) 2Q23 LTM by volume and deals. Notes on slide 28 - 3Q23 outlook vs. 2Q23 1) See note on non-GAAP financial measures. 2) See general note d). Notes on slide 32 - Linked-quarter Underlying results 1) See note on non-GAAP financial measures. Notes on slide 33 - Year-over-year Underlying results 1) See note on non-GAAP financial measures. Notes on slide 34 - Supplemental reporting template for planned disclosure beginning 3Q23 1) See general note a). Notes on slide 36 - Commercial credit portfolio 1) Includes deferred fees and costs. 2) Reflects period end balances. Notes on slide 37 - Retail credit porftolio 1) See general note c). 2) Reflects period end balances. Notes on slide 38 - Delinquency by product type 1) 90+ days past due and accruing includes $256 million and $309 million of loans fully or partially guaranteed by the FHA, VA, and USDA at June 30, 2023 and March 31, 2023, respectively. Notes on slide 39 - 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 includes total retail allowance for unfunded lending commitments and total retail allowance for loan losses in the numerator and total retail loans in the denominator. Notes on slide 40 - Notable items 1) See note on non-GAAP financial measures.

43 Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS 2Q23 Change 2Q23 1Q23 2Q22 1Q23 2Q22 $ % $ % Noninterest income, Underlying: Noninterest income (GAAP) A $506 $485 $494 $21 4% $12 2% Less: Notable items — — (31) — — 31 100 Noninterest income, Underlying (non-GAAP) B $506 $485 $525 $21 4% ($19) (4%) Total revenue, Underlying: Total revenue (GAAP) C $2,094 $2,128 $1,999 ($34) (2%) $95 5% Less: Notable items — — (31) — — 31 100 Total revenue, Underlying (non-GAAP) D $2,094 $2,128 $2,030 ($34) (2%) $64 3% Noninterest expense, Underlying: Noninterest expense (GAAP) E $1,306 $1,296 $1,305 $10 1% $1 —% Less: Notable items 73 66 125 7 11 (52) (42) Noninterest expense, Underlying (non-GAAP) F $1,233 $1,230 $1,180 $3 —% $53 4% Pre-provision profit: Total revenue (GAAP) C $2,094 $2,128 $1,999 ($34) (2%) $95 5% Less: Noninterest expense (GAAP) E 1,306 1,296 1,305 10 1 1 — Pre-provision profit (GAAP) $788 $832 $694 ($44) (5%) $94 14% Pre-provision profit, Underlying: Total revenue, Underlying (non-GAAP) D $2,094 $2,128 $2,030 ($34) (2%) $64 3% Less: Noninterest expense, Underlying (non-GAAP) F 1,233 1,230 1,180 3 — 53 4 Pre-provision profit, Underlying (non-GAAP) $861 $898 $850 ($37) (4%) $11 1% Provision for credit losses, Underlying: Provision for credit losses (GAAP) $176 $168 $216 $8 5% ($40) (19%) Less: Notable items — — 145 — — (145) (100) Provision for credit losses, Underlying (non-GAAP) $176 $168 $71 $8 5% $105 148% Income before income tax expense, Underlying: Income before income tax expense (GAAP) G $612 $664 $478 ($52) (8%) $134 28% Less: Expense before income tax benefit related to notable items (73) (66) (301) (7) (11) 228 76 Income before income tax expense, Underlying (non-GAAP) H $685 $730 $779 ($45) (6%) ($94) (12%) Income tax expense, Underlying: Income tax expense (GAAP) I $134 $153 $114 ($19) (12%) $20 18% Less: Income tax benefit related to notable items (20) (17) (70) (3) (18) 50 71 Income tax expense, Underlying (non-GAAP) J $154 $170 $184 ($16) (9%) ($30) (16%) Net income, Underlying: Net income (GAAP) K $478 $511 $364 ($33) (6%) $114 31% Add: Notable items, net of income tax benefit 53 49 231 4 8 (178) (77) Net income, Underlying (non-GAAP) L $531 $560 $595 ($29) (5%) ($64) (11%) Net income available to common stockholders, Underlying: Net income available to common stockholders (GAAP) M $444 $488 $332 ($44) (9%) $112 34% Add: Notable items, net of income tax benefit 53 49 231 4 8 (178) (77) Net income available to common stockholders, Underlying (non-GAAP) N $497 $537 $563 ($40) (7%) ($66) (12%)

44 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 2Q23 Change 2Q23 1Q23 2Q22 1Q23 2Q22 $/bps % $/bps % Operating leverage: Total revenue (GAAP) C $2,094 $2,128 $1,999 ($34) (1.55%) $95 4.77% Less: Noninterest expense (GAAP) E 1,306 1,296 1,305 10 0.77 1 0.06 Operating leverage (2.32%) 4.71% Operating leverage, Underlying: Total revenue, Underlying (non-GAAP) D $2,094 $2,128 $2,030 ($34) (1.55%) $64 3.16% Less: Noninterest expense, Underlying (non-GAAP) F 1,233 1,230 1,180 3 0.18 53 4.39 Operating leverage, Underlying (non-GAAP) (1.73%) (1.23%) Efficiency ratio and efficiency ratio, Underlying: Efficiency ratio E/C 62.34 % 60.90% 65.27 % 144 bps (293) bps Efficiency ratio, Underlying (non-GAAP) F/D 58.86 57.84 58.16 102 bps 70 bps Noninterest income as a % of total revenue, Underlying: Noninterest income as a % of total revenue A/C 24 % 23% 25 % 133 bps (58) bps Noninterest income as a % of total revenue, Underlying B/D 24 23 26 133 bps (174) bps Effective income tax rate and effective income tax rate, Underlying: Effective income tax rate I/G 22.09% 22.97% 23.77 % (88) bps (168) bps Effective income tax rate, Underlying (non-GAAP) J/H 22.51 23.25 23.69 (74) bps (118) bps Return on average tangible common equity and return on average tangible common equity, Underlying: Average common equity (GAAP) O $22,289 $21,702 $22,383 $587 3% ($94) —% Less: Average goodwill (GAAP) 8,182 8,177 8,015 5 — 167 2 Less: Average other intangibles (GAAP) 181 192 213 (11) (6) (32) (15) Add: Average deferred tax liabilities related to goodwill (GAAP) 422 422 416 — — 6 1 Average tangible common equity P $14,348 $13,755 $14,571 $593 4% ($223) (2%) Return on average tangible common equity M/P 12.42 % 14.38% 9.13 % (196) bps 329 bps Return on average tangible common equity, Underlying (non-GAAP) N/P 13.93 15.80 15.45 (187) bps (152) bps Return on average total assets and return on average total assets, Underlying: Average total assets (GAAP) Q $222,373 $222,711 $220,967 ($338) —% $1,406 1% Return on average total assets K/Q 0.86 % 0.93% 0.66 % (7) bps 20 bps Return on average total assets, Underlying (non-GAAP) L/Q 0.96 1.02 1.08 (6) bps (12) bps $s in millions, except share, per share and ratio data

45 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 2Q23 Change 2Q23 1Q23 2Q22 1Q23 2Q22 $/bps % $/bps % Return on average total tangible assets and return on average total tangible assets, Underlying: Average total assets (GAAP) Q $222,373 $222,711 $220,967 ($338) —% $1,406 1% Less: Average goodwill (GAAP) 8,182 8,177 8,015 5 — 167 2 Less: Average other intangibles (GAAP) 181 192 213 (11) (6) (32) (15) Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 422 422 416 — — 6 1 Average tangible assets R $214,432 $214,764 $213,155 ($332) —% $1,277 1% Return on average total tangible assets K/R 0.89 % 0.97% 0.69 % (8) bps 20 bps Return on average total tangible assets, Underlying (non-GAAP) L/R 0.99 1.06 1.12 (7) bps (13) bps Tangible book value per common share: Common shares - at period-end (GAAP) S 474,682,759 483,982,264 495,650,259 (9,299,505) (2%) (20,967,500) (4%) Common stockholders' equity (GAAP) $21,571 $22,187 $22,314 ($616) (3) ($743) (3) Less: Goodwill (GAAP) 8,188 8,177 8,081 11 — 107 1 Less: Other intangible assets (GAAP) 175 185 211 (10) (5) (36) (17) Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP) 422 422 422 — — — — Tangible common equity T $13,630 $14,247 $14,444 ($617) (4%) ($814) (6%) Tangible book value per common share T/S $28.72 $29.44 $29.14 ($0.72) (2%) ($0.42) (1%) Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying: Average common shares outstanding - basic (GAAP) U 479,470,543 485,444,313 491,497,026 (5,973,770) (1%) (12,026,483) (2%) Average common shares outstanding - diluted (GAAP) V 480,975,281 487,712,146 493,296,114 (6,736,865) (1) (12,320,833) (2) Net income per average common share - basic (GAAP) M/U $0.93 $1.00 $0.68 ($0.07) (7) $0.25 37 Net income per average common share - diluted (GAAP) M/V 0.92 1.00 0.67 (0.08) (8) 0.25 37 Net income per average common share - basic, Underlying (non-GAAP) N/U 1.04 1.10 1.14 (0.06) (5) (0.10) (9) Net income per average common share - diluted, Underlying (non- GAAP) N/V 1.04 1.10 1.14 (0.06) (5) (0.10) (9) Dividend payout ratio and dividend payout ratio, Underlying: Cash dividends declared and paid per common share W $0.42 $0.42 $0.39 $— —% $0.03 8% Dividend payout ratio W/(M/U) 45 % 42 % 57 % 300 bps (1,200) bps Dividend payout ratio, Underlying (non-GAAP) W/(N/U) 40 38 34 200 bps 600 bps $s in millions, except share, per share and ratio data

46 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 2Q23 Change 2Q23 1Q23 2Q22 1Q23 2Q22 $/bps % $/bps % Other income, Underlying Other income (GAAP) $23 $17 ($12) $6 35% $35 NM Less: Notable items — — (31) — — 31 100 Other income, Underlying (non-GAAP) $23 $17 $19 $6 35% $4 21% Salaries and employee benefits, Underlying: Salaries and employee benefits (GAAP) $615 $658 $683 ($43) (7%) ($68) (10%) Less: Notable items 14 16 72 (2) (13) (58) (81) Salaries and employee benefits, Underlying (non-GAAP) $601 $642 $611 ($41) (6%) ($10) (2%) Outside services, Underlying: Outside services (GAAP) $177 $176 $189 $1 1% ($12) (6%) Less: Notable items 21 27 41 (6) (22) (20) (49) Outside services, Underlying (non-GAAP) $156 $149 $148 $7 5% $8 5% Equipment and software, Underlying: Equipment and software (GAAP) $181 $169 $169 $12 7% $12 7% Less: Notable items 4 4 6 — — (2) (33) Equipment and software, Underlying (non-GAAP) $177 $165 $163 $12 7% $14 9% Occupancy, Underlying: Occupancy (GAAP) $136 $124 $111 $12 10% $25 23% Less: Notable items 30 18 1 12 67 29 NM Occupancy, Underlying (non-GAAP) $106 $106 $110 $— —% ($4) (4%) Other operating expense, Underlying: Other operating expense (GAAP) $197 $169 $153 $28 17% $44 29% Less: Notable items 4 1 5 3 NM (1) (20) Other operating expense, Underlying (non-GAAP) $193 $168 $148 $25 15% $45 30% $s in millions, except share, per share and ratio data

47 Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS 4Q22 3Q22 Noninterest income, Underlying: Noninterest income (GAAP) A $505 $512 Less: Notable items — — Noninterest income, Underlying (non-GAAP) $505 $512 Total revenue, Underlying: B Total revenue (GAAP) C $2,200 $2,177 Less: Notable items — — Total revenue, Underlying (non-GAAP) D $2,200 $2,177 Noninterest expense, Underlying: Noninterest expense (GAAP) E $1,240 $1,241 Less: Notable items 43 46 Noninterest expense, Underlying (non-GAAP) F $1,197 $1,195 Provision for credit losses, Underlying: Provision for credit losses (GAAP) $132 $123 Less: Notable items — — Provision for credit losses, Underlying (non-GAAP) $132 $123 Efficiency ratio and efficiency ratio, Underlying: Efficiency ratio E/C 56.36 % 57.02% Efficiency ratio, Underlying (non-GAAP) F/D 54.42 54.90

48 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 2Q23 1Q23 CET1 Ratio adjusted for AOCI opt-out removal CET1 capital $ 18,381 $ 18,370 Less: AFS securities - AOCI 1,763 1,516 HTM securities - AOCI 880 907 DTA for AFS/HTM securities 24 18 Pension 367 370 DTA for Pension 2 2 CET 1 capital adjusted for AOCI opt-out removal A $15,345 $15,557 Risk-weighted assets 179,034 183,246 Less: HTM securities - AOCI 156 161 AFS securities - AOCI 292 267 DTA for AFS/HTM securities (2,195) (1,969) Pension 367 370 DTA for Pension (320) (325) Risk-weighted assets adjusted for AOCI opt-out removal B $180,734 $184,742 CET1 Ratio adjusted for AOCI opt-out removal A/B 8.5 % 8.4 % $s in millions, except share, per share and ratio data

Financial Supplement

Second Quarter 2023


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						14
Loans and Leases 90 Days or More Past Due and Accruing						15
Charge-offs, Recoveries, and Related Ratios						16
Summary of Changes in the Components of the Allowance for Credit Losses						18

Capital and Ratios						19

Non-GAAP Financial Measures and Reconciliations						20
The information in this Financial Supplement is preliminary and based on company data available at the time of the earnings presentation. It speaks only as of the particular date or dates included in the accompanying pages. The Company does not undertake an obligation to, and disclaims any duty to, update any of the information provided. Any forward-looking statements in this Financial Supplement are subject to the forward-looking statements language contained in the Company’s reports filed with the SEC pursuant to the Securities Exchange Act of 1934, which can be found on the SEC’s website (www.sec.gov) or on the Company’s website (www.citizensbank.com). The Company’s future financial performance is subject to the risks and uncertainties described in its SEC filings.

CONSOLIDATED FINANCIAL HIGHLIGHTS

(dollars in millions, except per share data)


	QUARTERLY TRENDS																		FOR THE SIX MONTHS ENDED JUNE 30,
											2Q23 Change												2023 Change
	2Q23		1Q23		4Q22		3Q22		2Q22		1Q23				2Q22				2023		2022		2022
											$/bps		%		$/bps		%						$/bps		%
SELECTED OPERATING DATA
Total revenue	$2,094		$2,128		$2,200		$2,177		$1,999		($34)		(2	%)	$95		5	%	$4,222		$3,644		$578		16	%
Noninterest expense	1,306		1,296		1,240		1,241		1,305		10		1		1		—		2,602		2,411		191		8
Profit before provision (benefit) for credit losses	788		832		960		936		694		(44)		(5)		94		14		1,620		1,233		387		31
Provision (benefit) for credit losses	176		168		132		123		216		8		5		(40)		(19)		344		219		125		57
NET INCOME	478		511		653		636		364		(33)		(6)		114		31		989		784		205		26
Net income, Underlying1	531		560		685		669		595		(29)		(5)		(64)		(11)		1,091		1,071		20		2
Net income available to common stockholders	444		488		621		611		332		(44)		(9)		112		34		932		728		204		28
Net income available to common stockholders, Underlying1	497		537		653		644		563		(40)		(7)		(66)		(12)		1,034		1,015		19		2
PER COMMON SHARE DATA
Basic earnings	$0.93		$1.00		$1.26		$1.23		$0.68		($0.07)		(7	%)	$0.25		37	%	$1.93		$1.59		$0.34		21	%
Diluted earnings	0.92		1.00		1.25		1.23		0.67		(0.08)		(8)		0.25		37		1.92		1.58		0.34		22
Basic earnings, Underlying1	1.04		1.10		1.32		1.30		1.14		(0.06)		(5)		(0.10)		(9)		2.14		2.22		(0.08)		(4)
Diluted earnings, Underlying1	1.04		1.10		1.32		1.30		1.14		(0.06)		(5)		(0.10)		(9)		2.14		2.21		(0.07)		(3)
Cash dividends declared and paid per common share	0.42		0.42		0.42		0.42		0.39		—		—		0.03		8		0.84		0.78		0.06		8
Book value per common share	45.44		45.84		44.03		42.62		45.02		(0.40)		(1)		0.42		1		45.44		45.02		0.42		1
Tangible book value per common share	28.72		29.44		27.88		26.62		29.14		(0.72)		(2)		(0.42)		(1)		28.72		29.14		(0.42)		(1)
Dividend payout ratio	45	%	42	%	33	%	34	%	57	%	300	bps			(1,200)	bps			44	%	49	%	(500)	bps
Dividend payout ratio, Underlying1	40		38		32		32		34		200	bps			600	bps			39		35		400	bps
COMMON SHARES OUTSTANDING
Average: Basic	479,470,543		485,444,313		493,293,981		495,651,083		491,497,026		(5,973,770)		(1	%)	(12,026,483)		(2	%)	482,440,926		457,140,258		25,300,668		6	%
Diluted	480,975,281		487,712,146		495,478,398		497,477,501		493,296,114		(6,736,865)		(1)		(12,320,833)		(2)		484,252,103		459,167,747		25,084,356		5
Common shares at period-end	474,682,759		483,982,264		492,282,158		495,843,793		495,650,259		(9,299,505)		(2)		(20,967,500)		(4)		474,682,759		495,650,259		(20,967,500)		(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,
											2Q23 Change										2023 Change
	2Q23		1Q23		4Q22		3Q22		2Q22		1Q23			2Q22			2023		2022		2022
											$/bps		%	$/bps		%					$/bps		%
FINANCIAL RATIOS
Net interest margin	3.16	%	3.29	%	3.29	%	3.24	%	3.04	%	(13)	bps		12	bps		3.23	%	2.91	%	32	bps
Net interest margin, FTE1	3.17		3.30		3.30		3.25		3.04		(13)			13			3.23		2.91		32
Return on average common equity	8.00		9.11		11.56		10.91		5.95		(111)			205			8.54		6.77		177
Return on average common equity, Underlying2	8.97		10.01		12.15		11.52		10.06		(104)			(109)			9.48		9.43		5
Return on average tangible common equity	12.42		14.38		18.46		16.96		9.13		(196)			329			13.37		10.22		315
Return on average tangible common equity, Underlying2	13.93		15.80		19.40		17.91		15.45		(187)			(152)			14.84		14.25		59
Return on average total assets	0.86		0.93		1.15		1.12		0.66		(7)			20			0.90		0.77		13
Return on average total assets, Underlying2	0.96		1.02		1.21		1.18		1.08		(6)			(12)			0.99		1.05		(6)
Return on average total tangible assets	0.89		0.97		1.19		1.16		0.69		(8)			20			0.93		0.80		13
Return on average total tangible assets, Underlying2	0.99		1.06		1.25		1.22		1.12		(7)			(13)			1.03		1.09		(6)
Effective income tax rate	22.09		22.97		21.16		21.80		23.77		(88)			(168)			22.55		22.68		(13)
Effective income tax rate, Underlying2	22.51		23.25		21.37		22.00		23.69		(74)			(118)			22.89		22.82		7
Efficiency ratio	62.34		60.90		56.36		57.02		65.27		144			(293)			61.62		66.16		(454)
Efficiency ratio, Underlying2	58.86		57.84		54.42		54.90		58.16		102			70			58.34		60.90		(256)
Noninterest income as a % of total revenue	24.14		22.81		22.92		23.54		24.72		133			(58)			23.47		27.22		(375)
Noninterest income as a % of total revenue, Underlying2	24.14		22.81		22.92		23.54		25.88		133			(174)			23.47		27.84		(437)
CAPITAL RATIOS - PERIOD-END (PRELIMINARY)
CET1 capital ratio	10.3	%	10.0	%	10.0	%	9.8	%	9.6	%
Tier 1 capital ratio	11.4		11.1		11.1		10.9		10.6
Total capital ratio	13.3		12.9		12.8		12.6		12.3
Tier 1 leverage ratio	9.4		9.4		9.3		9.2		9.3
Tangible common equity ratio	6.3		6.6		6.3		6.1		6.6
SELECTED BALANCE SHEET DATA
Loan-to-deposit ratio (period-end balances)	85.17	%	89.83	%	86.69	%	87.44	%	87.28	%	(466)	bps		(211)	bps		85.17	%	87.28	%	(211)	bps
Loan-to-deposit ratio (average balances)	88.73		89.76		87.74		88.32		87.24		(103)	bps		149	bps		89.24		85.40		384	bps
Full-time equivalent colleagues (period-end)	18,468		18,547		18,889		19,235		19,583		(79)		—	(1,115)		(6)	18,468		19,583		(1,115)		(6)

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

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,
						2Q23 Change								2023 Change
	2Q23	1Q23	4Q22	3Q22	2Q22	1Q23			2Q22			2023	2022	2022
						$	%		$	%				$	%
INTEREST INCOME
Interest and fees on loans and leases	$2,132	$2,047	$1,893	$1,657	$1,370	$85	4	%	$762	56	%	$4,179	$2,418	$1,761	73	%
Interest and fees on loans held for sale	20	15	16	18	17	5	33		3	18		35	33	2	6
Interest and fees on other loans held for sale	12	5	10	15	25	7	140		(13)	(52)		17	32	(15)	(47)
Investment securities	267	266	258	243	201	1	—		66	33		533	339	194	57
Interest-bearing deposits in banks	100	69	75	36	13	31	45		87	NM		169	17	152	NM
Total interest income	2,531	2,402	2,252	1,969	1,626	129	5		905	56		4,933	2,839	2,094	74
INTEREST EXPENSE
Deposits	723	550	396	176	54	173	31		669	NM		1,273	79	1,194	NM
Short-term borrowed funds	22	6	2	11	10	16	NM		12	120		28	10	18	180
Long-term borrowed funds	198	203	159	117	57	(5)	(2)		141	247		401	98	303	NM
Total interest expense	943	759	557	304	121	184	24		822	NM		1,702	187	1,515	NM
Net interest income	1,588	1,643	1,695	1,665	1,505	(55)	(3)		83	6		3,231	2,652	579	22
NONINTEREST INCOME
Service charges and fees	101	100	105	109	108	1	1		(7)	(6)		201	206	(5)	(2)
Capital markets fees	82	83	98	89	88	(1)	(1)		(6)	(7)		165	181	(16)	(9)
Card fees	80	72	71	71	71	8	11		9	13		152	131	21	16
Mortgage banking fees	59	57	54	66	72	2	4		(13)	(18)		116	141	(25)	(18)
Trust and investment services fees	65	63	61	61	66	2	3		(1)	(2)		128	127	1	1
Foreign exchange and derivative products	44	48	35	42	60	(4)	(8)		(16)	(27)		92	111	(19)	(17)
Letter of credit and loan fees	43	40	41	40	40	3	8		3	8		83	78	5	6
Securities gains, net	9	5	4	—	1	4	80		8	NM		14	5	9	180
Other income	23	17	36	34	(12)	6	35		35	NM		40	12	28	233
Total noninterest income	506	485	505	512	494	21	4		12	2		991	992	(1)	—
TOTAL REVENUE	2,094	2,128	2,200	2,177	1,999	(34)	(2)		95	5		4,222	3,644	578	16
Provision (benefit) for credit losses	176	168	132	123	216	8	5		(40)	(19)		344	219	125	57
NONINTEREST EXPENSE
Salaries and employee benefits	615	658	633	639	683	(43)	(7)		(68)	(10)		1,273	1,277	(4)	—
Outside services	177	176	170	172	189	1	1		(12)	(6)		353	358	(5)	(1)
Equipment and software	181	169	170	159	169	12	7		12	7		350	319	31	10
Occupancy	136	124	110	106	111	12	10		25	23		260	194	66	34
Other operating expense	197	169	157	165	153	28	17		44	29		366	263	103	39
Total noninterest expense	1,306	1,296	1,240	1,241	1,305	10	1		1	—		2,602	2,411	191	8
Income before income tax expense	612	664	828	813	478	(52)	(8)		134	28		1,276	1,014	262	26
Income tax expense	134	153	175	177	114	(19)	(12)		20	18		287	230	57	25
Net income	$478	$511	$653	$636	$364	($33)	(6	%)	$114	31	%	$989	$784	$205	26	%
Net income, Underlying1	$531	$560	$685	$669	$595	($29)	(5	%)	($64)	(11	%)	$1,091	$1,071	$20	2	%
Net income available to common stockholders	$444	$488	$621	$611	$332	($44)	(9	%)	$112	34	%	$932	$728	$204	28	%
Net income available to common stockholders, Underlying1	$497	$537	$653	$644	$563	($40)	(7	%)	($66)	(12	%)	$1,034	$1,015	$19	2	%

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, 2023 CHANGE
	June 30, 2023	Mar 31, 2023	Dec 31, 2022	Sept 30, 2022	June 30, 2022	March 31, 2023			June 30, 2022
						$	%		$	%
ASSETS
Cash and due from banks	$1,689	$1,283	$1,489	$1,235	$1,456	$406	32	%	$233	16	%
Interest-bearing cash and due from banks	9,878	6,691	9,058	6,925	5,058	3,187	48		4,820	95
Interest-bearing deposits in banks	284	320	303	261	469	(36)	(11)		(185)	(39)
Debt securities available for sale, at fair value	24,755	23,845	24,007	23,478	24,961	910	4		(206)	(1)
Debt securities held to maturity	9,520	9,677	9,834	10,071	9,567	(157)	(2)		(47)	—
Loans held for sale, at fair value	1,225	855	774	1,048	1,377	370	43		(152)	(11)
Other loans held for sale	196	1,000	208	914	2,078	(804)	(80)		(1,882)	(91)
Loans and leases	151,320	154,688	156,662	156,140	156,172	(3,368)	(2)		(4,852)	(3)
Less: Allowance for loan and lease losses	(2,044)	(2,017)	(1,983)	(1,980)	(1,964)	(27)	1		(80)	4
Net loans and leases	149,276	152,671	154,679	154,160	154,208	(3,395)	(2)		(4,932)	(3)
Derivative assets	719	569	842	1,352	1,669	150	26		(950)	(57)
Premises and equipment	876	866	844	827	885	10	1		(9)	(1)
Bank-owned life insurance	3,263	3,244	3,236	3,222	3,207	19	1		56	2
Goodwill	8,188	8,177	8,173	8,160	8,081	11	—		107	1
Other intangible assets	175	185	197	199	211	(10)	(5)		(36)	(17)
Other assets	13,022	12,873	13,089	12,832	13,485	149	1		(463)	(3)
TOTAL ASSETS	$223,066	$222,256	$226,733	$224,684	$226,712	$810	—	%	($3,646)	(2	%)
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits:
Noninterest-bearing	$40,286	$44,326	$49,283	$51,888	$54,169	($4,040)	(9	%)	($13,883)	(26	%)
Interest-bearing	137,381	127,868	131,441	126,678	124,756	9,513	7		12,625	10
Total deposits	177,667	172,194	180,724	178,566	178,925	5,473	3		(1,258)	(1)
Short-term borrowed funds	1,099	1,018	3	263	3,763	81	8		(2,664)	(71)
Derivative liabilities	2,270	1,704	1,909	2,227	1,004	566	33		1,266	126
Long-term borrowed funds:
FHLB advances	5,029	11,779	8,519	9,519	8,269	(6,750)	(57)		(3,240)	(39)
Senior debt	5,258	5,263	5,555	4,954	4,176	(5)	—		1,082	26
Subordinated debt and other debt	3,813	1,813	1,813	1,813	1,995	2,000	110		1,818	91
Total long-term borrowed funds	14,100	18,855	15,887	16,286	14,440	(4,755)	(25)		(340)	(2)
Other liabilities	4,345	4,284	4,520	4,196	4,252	61	1		93	2
TOTAL LIABILITIES	199,481	198,055	203,043	201,538	202,384	1,426	1		(2,903)	(1)
STOCKHOLDERS' EQUITY
Preferred stock:
$25.00 par value, 100,000,000 shares authorized for each of the periods presented	2,014	2,014	2,014	2,014	2,014	—	—		—	—
Common stock:
$0.01 par value, 1,000,000,000 shares authorized for each of the periods presented	6	6	6	6	6	—	—		—	—
Additional paid-in capital	22,207	22,183	22,142	22,121	22,100	24	—		107	—
Retained earnings	9,655	9,416	9,159	8,748	8,346	239	3		1,309	16
Treasury stock, at cost	(5,734)	(5,475)	(5,071)	(4,920)	(4,920)	(259)	(5)		(814)	(17)
Accumulated other comprehensive income (loss)	(4,563)	(3,943)	(4,560)	(4,823)	(3,218)	(620)	(16)		(1,345)	(42)
TOTAL STOCKHOLDERS' EQUITY	23,585	24,201	23,690	23,146	24,328	(616)	(3)		(743)	(3)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$223,066	$222,256	$226,733	$224,684	$226,712	$810	—	%	($3,646)	(2	%)
Memo: Total tangible common equity	$13,630	$14,247	$13,728	$13,197	$14,444	($617)	(4	%)	($814)	(6	%)

LOANS AND DEPOSITS

(dollars in millions)


PERIOD-END BALANCES	AS OF					JUNE 30, 2023 CHANGE
	June 30, 2023	Mar 31, 2023	Dec 31, 2022	Sept 30, 2022	June 30, 2022	Mar 31, 2023			June 30, 2022
						$	%		$	%
LOANS AND LEASES
Commercial and industrial	$48,038	$50,450	$51,836	$50,989	$51,801	($2,412)	(5	%)	($3,763)	(7	%)
Commercial real estate	28,947	28,999	28,865	28,681	28,070	(52)	—		877	3
Leases	1,294	1,417	1,479	1,444	1,574	(123)	(9)		(280)	(18)
Total commercial	78,279	80,866	82,180	81,114	81,445	(2,587)	(3)		(3,166)	(4)
Residential mortgages	30,769	30,362	29,921	29,548	29,088	407	1		1,681	6
Home equity	14,487	14,135	14,043	13,684	13,122	352	2		1,365	10
Automobile	10,428	11,535	12,292	13,155	13,868	(1,107)	(10)		(3,440)	(25)
Education	12,246	12,634	12,808	13,094	13,141	(388)	(3)		(895)	(7)
Other retail	5,111	5,156	5,418	5,545	5,508	(45)	(1)		(397)	(7)
Total retail	73,041	73,822	74,482	75,026	74,727	(781)	(1)		(1,686)	(2)
Total loans and leases	$151,320	$154,688	$156,662	$156,140	$156,172	($3,368)	(2	%)	($4,852)	(3	%)
Loans held for sale, at fair value	1,225	855	774	1,048	1,377	370	43		(152)	(11)
Other loans held for sale	196	1,000	208	914	2,078	(804)	(80)		(1,882)	(91)
Loans and leases and loans held for sale	$152,741	$156,543	$157,644	$158,102	$159,627	($3,802)	(2	%)	($6,886)	(4	%)

DEPOSITS
Demand	$40,286	$44,326	$49,283	$51,888	$54,169	($4,040)	(9	%)	($13,883)	(26	%)
Money market	52,542	48,905	49,905	49,081	48,063	3,637	7		4,479	9
Checking with interest	35,028	34,496	39,721	38,040	39,611	532	2		(4,583)	(12)
Savings	29,824	29,789	29,805	29,882	27,959	35	—		1,865	7
Term	19,987	14,678	12,010	9,675	9,123	5,309	36		10,864	119
Total deposits	$177,667	$172,194	$180,724	$178,566	$178,925	$5,473	3	%	($1,258)	(1	%)


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

	QUARTERLY TRENDS												2Q23 Change
	2Q23				1Q23				2Q22				1Q23			2Q22
	Average Balances	Interest	Rate		Average Balances	Interest	Rate		Average Balances	Interest	Rate		Average Balances	Interest	Rate	Average Balances	Interest	Rate
INTEREST-EARNING ASSETS
Interest-bearing cash and due from banks and deposits in banks	$7,768	$100	5.10	%	$5,899	$69	4.65	%	$4,630	$13	1.06	%	$1,869	$31	45 bps	$3,138	$87	404 bps
Taxable investment securities	38,000	267	2.81		38,953	266	2.74		35,900	201	2.25		(953)	1	7	2,100	66	56
Non-taxable investment securities	2	—	2.68		2	—	2.68		3	—	2.62		—	—	—	(1)	—	6
Total investment securities	38,002	267	2.81		38,955	266	2.74		35,903	201	2.25		(953)	1	7	2,099	66	56

Commercial and industrial	49,770	765	6.09		51,993	735	5.66		50,517	418	3.28		(2,223)	30	43	(747)	347	281
Commercial real estate	29,115	445	6.05		28,892	416	5.75		27,592	243	3.48		223	29	30	1,523	202	257
Leases	1,352	12	3.69		1,436	12	3.33		1,575	10	2.61		(84)	—	36	(223)	2	108
Total commercial	80,237	1,222	6.03		82,321	1,163	5.65		79,684	671	3.33		(2,084)	59	38	553	551	270
Residential mortgages	30,566	259	3.38		30,075	250	3.33		28,486	221	3.10		491	9	5	2,080	38	28
Home equity	14,340	264	7.38		14,073	240	6.92		12,811	105	3.27		267	24	46	1,529	159	411
Automobile	10,997	113	4.14		11,937	119	4.04		14,172	127	3.60		(940)	(6)	10	(3,175)	(14)	54
Education	12,430	155	5.00		12,796	154	4.88		13,144	137	4.18		(366)	1	12	(714)	18	82
Other retail	5,155	119	9.30		5,290	121	9.25		5,557	109	7.87		(135)	(2)	5	(402)	10	143
Total retail	73,488	910	4.96		74,171	884	4.81		74,170	699	3.77		(683)	26	15	(682)	211	119
Total loans and leases	153,725	2,132	5.52		156,492	2,047	5.25		153,854	1,370	3.55		(2,767)	85	27	(129)	762	197
Loans held for sale, at fair value	1,381	20	5.74		1,009	15	5.87		1,937	17	3.60		372	5	(13)	(556)	3	214
Other loans held for sale	622	12	7.90		197	5	9.98		2,353	25	4.21		425	7	(208)	(1,731)	(13)	369
Total interest-earning assets	201,498	2,531	5.00		202,552	2,402	4.76		198,677	1,626	3.26		(1,054)	129	24	2,821	905	174


Noninterest-earning assets	20,875				20,159				22,290				716			(1,415)
TOTAL ASSETS	$222,373				$222,711				$220,967				($338)			$1,406
INTEREST-BEARING LIABILITIES
Checking with interest	$34,586	110	1.28		$35,974	97	1.09		$38,747	15	0.16		($1,388)	13	19	($4,161)	$95	112
Money market	49,665	348	2.81		49,942	287	2.33		48,795	23	0.19		(277)	61	48	870	325	262
Regular savings	29,640	108	1.46		29,460	79	1.09		27,661	9	0.14		180	29	37	1,979	99	132
Term	17,180	157	3.68		12,839	87	2.72		6,970	7	0.31		4,341	70	96	10,210	150	337
Total interest-bearing deposits	131,071	723	2.21		128,215	550	1.74		122,173	54	0.18		2,856	173	47	8,898	669	203
Short-term borrowed funds	1,446	22	5.82		542	6	4.97		3,995	10	0.98		904	16	85	(2,549)	12	484
FHLB advances	9,674	123	5.01		10,362	121	4.68		4,437	12	1.04		(688)	2	33	5,237	111	397
Senior debt	5,264	57	4.27		5,606	61	4.39		4,022	26	2.66		(342)	(4)	(12)	1,242	31	161
Subordinated debt and other debt	1,857	18	4.37		1,812	21	4.37		1,763	19	4.39		45	(3)	—	94	(1)	(2)
Total long-term borrowed funds	16,795	198	4.70		17,780	203	4.55		10,222	57	2.26		(985)	(5)	15	6,573	141	244
Total borrowed funds	18,241	220	4.80		18,322	209	4.57		14,217	67	1.90		(81)	11	23	4,024	153	290
Total interest-bearing liabilities	149,312	943	2.53		146,537	759	2.09		136,390	121	0.36		2,775	184	44	12,922	822	217
Demand deposits	42,178				46,135				54,189				(3,957)			(12,011)
Other noninterest-bearing liabilities	6,580				6,323				5,991				257			589
TOTAL LIABILITIES	198,070				198,995				196,570				(925)			1,500
STOCKHOLDERS' EQUITY	24,303				23,716				24,397				587			(94)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$222,373				$222,711				$220,967				($338)			$1,406
INTEREST RATE SPREAD			2.47	%			2.67	%			2.90	%			(20)			(43)
NET INTEREST MARGIN AND NET INTEREST INCOME		$1,588	3.16	%		$1,643	3.29	%		$1,505	3.04	%		($55)	(13)		$83	12
NET INTEREST MARGIN AND NET INTEREST INCOME, FTE1		$1,593	3.17	%		$1,647	3.30	%		$1,507	3.04	%		($54)	(13)		$86	13
Memo: Total deposits (interest-bearing and demand)	$173,249	$723	1.68	%	$174,350	$550	1.28	%	$176,362	$54	0.12	%	($1,101)	$173	40 bps	($3,113)	$669	156 bps

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


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

	FOR THE SIX MONTHS ENDED JUNE 30,								2023 Change
	2023				2022				2022
	Average Balances	Interest	Rate		Average Balances	Interest	Rate		Average Balances	Interest	Rate
INTEREST-EARNING ASSETS
Interest-bearing cash and due from banks and deposits in banks	$6,839	$169	4.91	%	$6,333	$17	0.52	%	$506	$152	439	bps
Taxable investment securities	38,474	533	2.77		32,591	339	2.08		5,883	194	69
Non-taxable investment securities	2	—	2.68		2	—	2.61		—	—	7
Total investment securities	38,476	533	2.77		32,593	339	2.08		5,883	194	69
Commercial and industrial	50,876	1,500	5.87		47,747	746	3.11		3,129	754	276
Commercial real estate	29,004	861	5.90		20,867	333	3.17		8,137	528	273
Leases	1,393	24	3.50		1,568	21	2.71		(175)	3	79
Total commercial	81,273	2,385	5.84		70,182	1,100	3.12		11,091	1,285	272
Residential mortgages	30,322	509	3.35		25,987	390	3.00		4,335	119	35
Home equity	14,207	504	7.16		12,469	195	3.15		1,738	309	401
Automobile	11,465	232	4.09		14,352	254	3.58		(2,887)	(22)	51
Education	12,612	309	4.94		13,091	268	4.13		(479)	41	81
Other retail	5,222	240	9.27		5,492	211	7.75		(270)	29	152
Total retail	73,828	1,794	4.89		71,391	1,318	3.71		2,437	476	118
Total loans and leases	155,101	4,179	5.39		141,573	2,418	3.42		13,528	1,761	197
Loans held for sale, at fair value	1,196	35	5.79		2,150	33	3.11		(954)	2	268
Other loans held for sale	410	17	8.40		1,409	32	4.48		(999)	(15)	392
Total interest-earning assets	202,022	4,933	4.88		184,058	2,839	3.09		17,964	2,094	179
Noninterest-earning assets	20,519				20,674				(155)
TOTAL ASSETS	$222,541				$204,732				$17,809
INTEREST-BEARING LIABILITIES
Checking with interest	$35,276	207	1.18		$34,605	20	0.12		$671	187	106
Money market	49,803	635	2.57		48,012	35	0.15		1,791	600	242
Regular savings	29,551	187	1.28		25,758	14	0.11		3,793	173	117
Term	15,021	244	3.27		5,976	10	0.30		9,045	234	297
Total interest-bearing deposits	129,651	1,273	1.98		114,351	79	0.14		15,300	1,194	184
Short-term borrowed funds	997	28	5.59		2,023	10	1.00		(1,026)	18	459
FHLB advances	10,016	244	4.84		2,240	12	1.04		7,776	232	380
Senior debt	5,434	118	4.33		4,240	50	2.37		1,194	68	196
Subordinated debt and other debt	1,834	39	4.37		1,675	36	4.30		159	3	7
Total long-term borrowed funds	17,284	401	4.63		8,155	98	2.40		9,129	303	223
Total borrowed funds	18,281	429	4.68		10,178	108	2.13		8,103	321	255
Total interest-bearing liabilities	147,932	1,702	2.31		124,529	187	0.30		23,403	1,515	201
Demand deposits	44,145				51,430				(7,285)
Other noninterest-bearing liabilities	6,453				5,073				1,380
TOTAL LIABILITIES	198,530				181,032				17,498
STOCKHOLDERS' EQUITY	24,011				23,700				311
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$222,541				$204,732				$17,809
INTEREST RATE SPREAD			2.57	%			2.79	%			(22)
NET INTEREST MARGIN AND NET INTEREST INCOME		$3,231	3.23	%		$2,652	2.91	%		$579	32
NET INTEREST MARGIN AND NET INTEREST INCOME, FTE1		$3,240	3.23	%		$2,656	2.91	%		$584	32
Memo: Total deposits (interest-bearing and demand)	$173,796	$1,273	1.48	%	$165,781	$79	0.10	%	$8,015	$1,194	138	bps

MORTGAGE BANKING FEES SUMMARY

(dollars in millions)


	QUARTERLY TRENDS																		FOR THE SIX MONTHS ENDED JUNE 30,
											2Q23 Change												2023 Change
	2Q23		1Q23		4Q22		3Q22		2Q22		1Q23				2Q22				2023		2022		2022
											$/bps		%		$/bps		%						$/bps		%
MORTGAGE BANKING FEES
Production revenue	$23		$18		$12		$19		$22		$5		28	%	$1		5	%	$41		$53		($12)		(23	%)
Mortgage servicing revenue	34		37		40		40		39		(3)		(8)		(5)		(13)		71		67		4		6
MSR valuation changes, net of hedge impact	2		2		2		7		11		—		—		(9)		(82)		4		21		(17)		(81)
Total mortgage banking fees	$59		$57		$54		$66		$72		$2		4	%	($13)		(18	%)	$116		$141		($25)		(18	%)

Pull-through adjusted locks	$2,870		$2,078		$1,665		$2,979		$3,833		$792		38	%	($963)		(25	%)	$4,948		$8,769		($3,821)		(44	%)

Production revenue as a percentage of Pull-through adjusted locks	0.79	%	0.90	%	0.72	%	0.64	%	0.57	%	(11)	bps			22	bps			0.84	%	0.60	%	24	bps



RESIDENTIAL REAL ESTATE ORIGINATIONS
Retail	$1,260		$1,011		$1,103		$1,799		$2,774		$249		25	%	($1,514)		(55	%)	$2,271		$6,049		($3,778)		(62	%)
Third Party	2,350		1,333		1,652		2,642		3,624		1,017		76		(1,274)		(35)		3,683		7,725		(4,042)		(52)
Total	$3,610		$2,344		$2,755		$4,441		$6,398		$1,266		54	%	(2,788)		(44	%)	$5,954		$13,774		($7,820)		(57	%)

Originated for sale	$2,874		$1,651		$2,044		$3,212		$4,296		$1,223		74	%	($1,422)		(33	%)	$4,525		$9,817		($5,292)		(54	%)
Originated for investment	736		693		711		1,229		2,102		43		6		(1,366)		(65)		1,429		3,957		(2,528)		(64)
Total	$3,610		$2,344		$2,755		$4,441		$6,398		$1,266		54	%	($2,788)		(44	%)	$5,954		$13,774		($7,820)		(57	%)

MORTGAGE SERVICING INFORMATION (UPB)
Loans serviced for others	$96,591		$96,346		$96,698		$96,415		$95,489		$245		—	%	$1,102		1	%	$96,591		$95,489		$1,102		1	%
Owned loans serviced	31,636		30,827		30,135		30,081		29,893		809		3		1,743		6		31,636		29,893		1,743		6
Total	$128,227		$127,173		$126,833		$126,496		$125,382		$1,054		1	%	$2,845		2	%	$128,227		$125,382		$2,845		2	%

MSR at fair value	$1,524		$1,496		$1,530		$1,524		$1,411		$28		2	%	$113		8	%	$1,524		$1,411		$113		8	%

SEGMENT FINANCIAL HIGHLIGHTS - CONSUMER BANKING

(dollars in millions)


	QUARTERLY TRENDS																		FOR THE SIX MONTHS ENDED JUNE 30,
CONSUMER BANKING											2Q23 Change												2023 Change
	2Q23		1Q23		4Q22		3Q22		2Q22		1Q23				2Q22				2023		2022		2022
											$/bps		%		$/bps		%						$/bps		%
Net interest income	$1,104		$1,096		$1,106		$1,085		$995		$8		1	%	$109		11	%	$2,200		$1,852		$348		19	%
Noninterest income	268		256		256		270		280		12		5		(12)		(4)		524		537		(13)		(2)
Total revenue	1,372		1,352		1,362		1,355		1,275		20		1		97		8		2,724		2,389		335		14
Noninterest expense	908		889		863		863		881		19		2		27		3		1,797		1,665		132		8
Profit before provision (benefit) for credit losses	464		463		499		492		394		1		—		70		18		927		724		203		28
Net charge-offs	82		83		76		62		39		(1)		(1)		43		110		165		88		77		88
Income before income tax expense	382		380		423		430		355		2		1		27		8		762		636		126		20
Income tax expense	100		99		108		111		90		1		1		10		11		199		162		37		23
Net income	$282		$281		$315		$319		$265		$1		—	%	$17		6	%	$563		$474		$89		19	%
AVERAGE BALANCES
Total assets	$87,040		$87,558		$88,440		$89,560		$88,881		($518)		(1	%)	($1,841)		(2	%)	$87,298		$83,247		$4,051		5	%
Total loans and leases1	80,684		81,190		82,302		83,373		83,248		(506)		(1)		(2,564)		(3)		80,935		78,268		2,667		3
Deposits	115,846		115,578		117,164		117,448		118,482		268		—		(2,636)		(2)		115,713		111,610		4,103		4
Interest-earning assets	81,328		81,871		83,021		84,122		84,026		(543)		(1)		(2,698)		(3)		81,598		79,067		2,531		3
KEY METRICS
Net interest margin	5.44	%	5.44	%	5.28	%	5.12	%	4.75	%	—	bps			69	bps			5.44	%	4.72	%	72	bps
Efficiency ratio	66.14		65.81		63.38		63.76		69.06		33	bps			(292)	bps			65.97		69.67		(370)	bps
Loan-to-deposit ratio (period-end balances)	66.91		69.40		68.55		67.38		69.04		(249)	bps			(213)	bps			66.91		69.04		(213)	bps
Loan-to-deposit ratio (average balances)	68.87		69.77		69.38		69.63		68.60		(90)	bps			27	bps			69.31		68.34		97	bps
Return on average total tangible assets	1.31		1.31		1.42		1.43		1.20		—	bps			11	bps			1.31		1.15		16	bps

1Includes loans held for sale.

SEGMENT FINANCIAL HIGHLIGHTS - COMMERCIAL BANKING

(dollars in millions)


	QUARTERLY TRENDS																		FOR THE SIX MONTHS ENDED JUNE 30,
COMMERCIAL BANKING											2Q23 Change												2023 Change
	2Q23		1Q23		4Q22		3Q22		2Q22		1Q23				2Q22				2023		2022		2022
											$/bps		%		$/bps		%						$/bps		%
Net interest income	$584		$597		$594		$559		$534		($13)		(2	%)	$50		9	%	$1,181		$950		$231		24	%
Noninterest income	207		201		198		213		221		6		3		(14)		(6)		408		434		(26)		(6)
Total revenue	791		798		792		772		755		(7)		(1)		36		5		1,589		1,384		205		15
Noninterest expense	315		331		318		325		308		(16)		(5)		7		2		646		580		66		11
Profit before provision (benefit) for credit losses	476		467		474		447		447		9		2		29		6		943		804		139		17
Net charge-offs	71		47		12		12		10		24		51		61		NM		118		22		96		NM
Income before income tax expense	405		420		462		435		437		(15)		(4)		(32)		(7)		825		782		43		5
Income tax expense	100		101		104		101		96		(1)		(1)		4		4		201		170		31		18
Net income	$305		$319		$358		$334		$341		($14)		(4	%)	($36)		(11	%)	$624		$612		$12		2	%
AVERAGE BALANCES
Total assets	$77,546		$78,891		$79,591		$80,067		$78,638		($1,345)		(2	%)	($1,092)		(1	%)	$78,215		$69,927		$8,288		12	%
Total loans and leases1	74,295		75,734		75,773		75,767		74,172		(1,439)		(2)		123		—		75,010		66,134		8,876		13
Deposits	45,494		48,966		52,303		51,095		51,575		(3,472)		(7)		(6,081)		(12)		47,220		48,067		(847)		(2)
Interest-earning assets	74,687		76,130		76,097		76,025		74,422		(1,443)		(2)		265		—		75,405		66,412		8,993		14
KEY METRICS
Net interest margin	3.13	%	3.18	%	3.10	%	2.91	%	2.88	%	(5)	bps			25	bps			3.16	%	2.89	%	27	bps
Efficiency ratio	39.76		41.47		40.18		42.04		40.78		(171)	bps			(102)	bps			40.62		41.93		(131)	bps
Loan-to-deposit ratio (period-end balances)	150.41		162.54		141.44		142.25		142.31		(1,213)	bps			810	bps			150.41		142.31		810	bps
Loan-to-deposit ratio (average balances)	160.89		153.33		143.49		145.57		139.31		756	bps			2,158	bps			156.99		134.33		2,266	bps
Return on average total tangible assets	1.59		1.66		1.80		1.68		1.75		(7)	bps			(16)	bps			1.62		1.78		(16)	bps

1Includes loans held for sale.

SEGMENT FINANCIAL HIGHLIGHTS - OTHER

(dollars in millions)


	QUARTERLY TRENDS											FOR THE SIX MONTHS ENDED JUNE 30,
OTHER1						2Q23 Change								2023 Change
	2Q23	1Q23	4Q22	3Q22	2Q22	1Q23			2Q22			2023	2022	2022
						$	%		$	%				$	%
Net interest income	($100)	($50)	($5)	$21	($24)	($50)	(100	%)	($76)	NM		($150)	($150)	$—	—	%
Noninterest income	31	28	51	29	(7)	3	11		38	NM		59	21	38	181
Total revenue	(69)	(22)	46	50	(31)	(47)	(214)		(38)	(123)		(91)	(129)	38	29
Noninterest expense	83	76	59	53	116	7	9		(33)	(28)		159	166	(7)	(4)
Loss before provision (benefit) for credit losses	(152)	(98)	(13)	(3)	(147)	(54)	(55)		(5)	(3)		(250)	(295)	45	15
Provision (benefit) for credit losses	23	38	44	49	167	(15)	(39)		(144)	(86)		61	109	(48)	(44)
Loss before income tax benefit	(175)	(136)	(57)	(52)	(314)	(39)	(29)		139	44		(311)	(404)	93	23
Income tax benefit	(66)	(47)	(37)	(35)	(72)	(19)	(40)		6	8		(113)	(102)	(11)	(11)
Net loss	($109)	($89)	($20)	($17)	($242)	($20)	(22	%)	$133	55		($198)	($302)	$104	34
AVERAGE BALANCES
Total assets	$57,787	$56,262	$56,939	$55,846	$53,448	$1,525	3	%	$4,339	8	%	$57,028	$51,558	$5,470	11	%
Total loans and leases2	748	773	760	724	724	(25)	(3)		24	3		762	729	33	5
Deposits	11,909	9,806	9,577	9,075	6,305	2,103	21		5,604	89		10,863	6,104	4,759	78
Interest-earning assets	45,482	44,550	45,405	43,428	40,228	932	2		5,254	13		45,018	38,579	6,439	17

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

2Includes loans held for sale.

CREDIT-RELATED INFORMATION

(dollars in millions)


	AS OF										JUNE 30, 2023 CHANGE
	June 30, 2023		Mar 31, 2023		Dec 31, 2022		Sept 30, 2022		June 30, 2022		Mar 31, 2023				June 30, 2022
											$/bps/%		%		$/bps/%		%
NONACCRUAL LOANS AND LEASES
Commercial and industrial	$280		$297		$249		$234		$202		($17)		(6	%)	$78		39	%
Commercial real estate	352		140		103		37		37		212		151		315		NM
Leases	3		—		—		—		—		3		100		3		100
Total commercial	635		437		352		271		239		198		45		396		166
Residential mortgages1	201		216		234		236		253		(15)		(7)		(52)		(21)
Home equity	251		240		241		235		240		11		5		11		5
Automobile	51		50		56		52		50		1		2		1		2
Education	22		23		33		33		31		(1)		(4)		(9)		(29)
Other retail	31		30		28		25		26		1		3		5		19
Total retail	556		559		592		581		600		(3)		(1)		(44)		(7)
Nonaccrual loans and leases	1,191		996		944		852		839		195		20		352		42
Repossessed assets	11		14		16		16		15		(3)		(21)		(4)		(27)
Nonaccrual loans and leases and repossessed assets	$1,202		$1,010		$960		$868		$854		$192		19	%	$348		41	%
NONACCRUAL LOANS AND LEASES BY PRODUCT2
Commercial	$635		$437		$352		$271		$239		$198		45	%	$396		166	%
Retail	567		573		608		597		615		(6)		(1)		(48)		(8)
Total nonaccrual loans and leases	$1,202		$1,010		$960		$868		$854		$192		19	%	$348		41	%
ASSET QUALITY RATIOS
Allowance for loan and lease losses to loans and leases	1.35	%	1.30	%	1.27	%	1.27	%	1.26	%	5	bps			9	bps
Allowance for credit losses to loans and leases	1.52		1.47		1.43		1.41		1.37		5				15
Allowance for loan and lease losses to nonaccrual loans and leases	172		203		210		232		234		(31	%)			(62	%)
Allowance for credit losses to nonaccrual loans and leases	193		229		237		258		256		(36	%)			(63	%)
Nonaccrual loans and leases to loans and leases	0.79		0.64		0.60		0.55		0.54		15	bps			25	bps

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

2Nonaccrual loans and leases by product includes repossessed assets.

CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)


	AS OF					JUNE 30, 2023 CHANGE
	June 30, 2023	Mar 31, 2023	Dec 31, 2022	Sept 30, 2022	June 30, 2022	Mar 31, 2023			June 30, 2022
						$/bps	%		$/bps	%
LOANS AND LEASES 90 DAYS OR MORE PAST DUE AND ACCRUING
Commercial and industrial	$2	$21	$21	$13	$39	($19)	(90	%)	($37)	(95	%)
Commercial real estate	—	63	1	2	33	(63)	(100)		(33)	(100)
Leases	—	—	—	—	—	—	—		—	—
Total commercial	2	84	22	15	72	(82)	(98)		(70)	(97)
Residential mortgages1	257	314	319	425	623	(57)	(18)		(366)	(59)
Home equity	—	—	—	—	—	—	—		—	—
Automobile	—	—	—	—	—	—	—		—	—
Education	3	3	4	4	3	—	—		—	—
Other retail	20	23	22	18	14	(3)	(13)		6	43
Total retail	280	340	345	447	640	(60)	(18)		(360)	(56)
Total loans and leases	$282	$424	$367	$462	$712	($142)	(33	%)	($430)	(60	%)

1 90+ days past due and accruing includes $256 million, $309 million, $316 million, $425 million, and $623 million of loans fully or partially guaranteed by the FHA, VA, and USDA for June 30, 2023, March 31, 2023, December 31, 2022, September 30, 2022 and June 30, 2022, respectively.

CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)


	QUARTERLY TRENDS											FOR THE SIX MONTHS ENDED JUNE 30,
						2Q23 Change								2023 Change
	2Q23	1Q23	4Q22	3Q22	2Q22	1Q23			2Q22			2023	2022	2022
						$	%		$	%				$	%
CHARGE-OFFS, RECOVERIES AND RELATED RATIOS
GROSS CHARGE-OFFS
Commercial and industrial	$17	$55	$21	$20	$13	($38)	(69	%)	$4	31		$72	$27	$45	167	%
Commercial real estate	62	4	—	2	—	58	NM		62	100		66	—	66	100
Leases	—	—	—	—	—	—	—		—	—		—	—	—	—
Total commercial	79	59	21	22	13	20	34		66	NM		138	27	111	NM
Residential mortgages	1	1	1	1	1	—	—		—	—		2	3	(1)	(33)
Home equity	3	2	2	3	2	1	50		1	50		5	4	1	25
Automobile	24	30	27	24	21	(6)	(20)		3	14		54	42	12	29
Education	26	23	24	18	16	3	13		10	63		49	36	13	36
Other retail	56	56	51	48	38	—	—		18	47		112	80	32	40
Total retail	110	112	105	94	78	(2)	(2)		32	41		222	165	57	35
Total gross charge-offs	$189	$171	$126	$116	$91	$18	11	%	$98	108	%	$360	$192	$168	88	%
GROSS RECOVERIES
Commercial and industrial	$2	$3	$5	$6	$3	($1)	(33	%)	($1)	(33	%)	$5	$6	($1)	(17	%)
Commercial real estate	—	1	—	1	—	(1)	(100)		—	—		1	—	1	100
Leases	1	3	—	—	—	(2)	(67)		1	100		4	—	4	100
Total commercial	3	7	5	7	3	(4)	(57)		—	—		10	6	4	67
Residential mortgages	1	—	1	1	2	1	100		(1)	(50)		1	4	(3)	(75)
Home equity	6	5	6	9	11	1	20		(5)	(45)		11	22	(11)	(50)
Automobile	16	15	14	13	15	1	7		1	7		31	30	1	3
Education	4	5	5	5	5	(1)	(20)		(1)	(20)		9	9	—	—
Other retail	7	6	7	7	6	1	17		1	17		13	13	—	—
Total retail	34	31	33	35	39	3	10		(5)	(13)		65	78	(13)	(17)
Total gross recoveries	$37	$38	$38	$42	$42	($1)	(3	%)	($5)	(12	%)	$75	$84	($9)	(11	%)
NET CHARGE-OFFS (RECOVERIES)
Commercial and industrial	$15	$52	$16	$14	$10	($37)	(71	%)	$5	50		$67	$21	$46	219
Commercial real estate	62	3	—	1	—	59	NM		62	100		65	—	65	100
Leases	(1)	(3)	—	—	—	2	67		(1)	(100)		(4)	—	(4)	—
Total commercial	76	52	16	15	10	24	46		66	NM		128	21	107	NM
Residential mortgages	—	1	—	—	(1)	(1)	(100)		1	100		1	(1)	2	NM
Home equity	(3)	(3)	(4)	(6)	(9)	—	—		6	67		(6)	(18)	12	67
Automobile	8	15	13	11	6	(7)	(47)		2	33		23	12	11	92
Education	22	18	19	13	11	4	22		11	100		40	27	13	48
Other retail	49	50	44	41	32	(1)	(2)		17	53		99	67	32	48
Total retail	76	81	72	59	39	(5)	(6)		37	95		157	87	70	80
Total net charge-offs	$152	$133	$88	$74	$49	$19	14	%	$103	210	%	$285	$108	$177	164	%

CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)


	QUARTERLY TRENDS																		FOR THE SIX MONTHS ENDED JUNE 30,
											2Q23 Change												2023 Change
	2Q23		1Q23		4Q22		3Q22		2Q22		1Q23				2Q22				2023		2022		2022
											$/bps		%		$/bps		%						$/bps		%
ANNUALIZED NET CHARGE-OFF (RECOVERY) RATES
Commercial and industrial	0.12	%	0.40	%	0.12	%	0.11	%	0.08	%	(28)	bps			4	bps			0.26	%	0.09	%	17	bps
Commercial real estate	0.86		0.05		—		0.01		—		81				86				0.46		—		46
Leases	(0.22)		(0.85)		(0.06)		(0.11)		(0.05)		63				(17)				(0.54)		0.03		(57)
Total commercial	0.38		0.26		0.07		0.07		0.05		12				33				0.32		0.06		26
Residential mortgages	—		0.01		—		0.01		(0.01)		(1)				1				—		(0.01)		1
Home equity	(0.08)		(0.07)		(0.12)		(0.17)		(0.27)		(1)				19				(0.08)		(0.30)		22
Automobile	0.30		0.51		0.42		0.31		0.16		(21)				14				0.41		0.17		24
Education	0.68		0.57		0.59		0.38		0.34		11				34				0.63		0.41		22
Other retail	3.84		3.81		3.21		3.02		2.25		3				159				3.83		2.43		140
Total retail	0.41		0.44		0.39		0.32		0.21		(3)				20				0.43		0.24		19
Total loans and leases	0.40	%	0.34	%	0.22	%	0.19	%	0.13	%	6	bps			27	bps			0.37	%	0.15	%	22	bps
Memo: Average loans
Commercial and industrial	$49,770		$51,993		$52,311		$52,130		$50,517		($2,223)		(4	%)	($747)		(1	%)	$50,876		$47,747		$3,129		7	%
Commercial real estate	29,115		28,892		28,735		28,388		27,592		223		1		1,523		6		29,004		20,867		8,137		39
Leases	1,352		1,436		1,422		1,529		1,575		(84)		(6)		(223)		(14)		1,393		1,568		(175)		(11)
Total commercial	80,237		82,321		82,468		82,047		79,684		(2,084)		(3)		553		1		81,273		70,182		11,091		16
Residential mortgages	30,566		30,075		29,677		29,327		28,486		491		2		2,080		7		30,322		25,987		4,335		17
Home equity	14,340		14,073		13,869		13,400		12,811		267		2		1,529		12		14,207		12,469		1,738		14
Automobile	10,997		11,937		12,692		13,540		14,172		(940)		(8)		(3,175)		(22)		11,465		14,352		(2,887)		(20)
Education	12,430		12,796		12,929		13,081		13,144		(366)		(3)		(714)		(5)		12,612		13,091		(479)		(4)
Other retail	5,155		5,290		5,464		5,484		5,557		(135)		(3)		(402)		(7)		5,222		5,492		(270)		(5)
Total retail	73,488		74,171		74,631		74,832		74,170		(683)		(1)		(682)		(1)		73,828		71,391		2,437		3
Total loans and leases	$153,725		$156,492		$157,099		$156,879		$153,854		($2,767)		(2	%)	($129)		—	%	$155,101		$141,573		$13,528		10	%

CREDIT-RELATED INFORMATION, CONTINUED

(dollars in millions)


	QUARTERLY TRENDS											FOR THE SIX MONTHS ENDED JUNE 30,
						2Q23 Change								2023 Change
	2Q23	1Q23	4Q22	3Q22	2Q22	1Q23			2Q22			2023	2022	2022
						$	%		$	%				$	%
SUMMARY OF CHANGES IN THE COMPONENTS OF THE ALLOWANCE FOR CREDIT LOSSES
Allowance for loan and lease losses - beginning	$2,017	$1,983	$1,980	$1,964	$1,720	$34	2	%	$297	17	%	$1,983	$1,758	$225	13	%





Allowance on PCD loans and leases at acquisition:
Commercial	—	—	—	—	99	—	—		(99)	(100)		—	99	(99)	(100)
Retail	—	—	—	—	2	—	—		(2)	(100)		—	2	(2)	(100)
Total Allowance on PCD loans and leases at acquisition	—	—	—	—	101	—	—		(101)	(100)		—	101	(101)	(100)
Charge-offs:
Commercial	79	59	21	22	13	20	34		66	NM		138	27	111	NM
Retail	110	112	105	94	78	(2)	(2)		32	41		222	165	57	35
Total charge-offs	189	171	126	116	91	18	11		98	108		360	192	168	88
Recoveries:
Commercial	3	7	5	7	3	(4)	(57)		—	—		10	6	4	67
Retail	34	31	33	35	39	3	10		(5)	(13)		65	78	(13)	(17)
Total recoveries	37	38	38	42	42	(1)	(3)		(5)	(12)		75	84	(9)	(11)
Net charge-offs	152	133	88	74	49	19	14		103	210		285	108	177	164
Provision (benefit) for loan and lease losses:
Commercial	122	103	46	58	120	19	18		2	2		225	88	137	156
Retail	57	64	45	32	72	(7)	(11)		(15)	(21)		121	125	(4)	(3)
Total provision (benefit) for loan and lease losses	179	167	91	90	192	12	7		(13)	(7)		346	213	133	62
Allowance for loan and lease losses - ending	$2,044	$2,017	$1,983	$1,980	$1,964	$27	1	%	$80	4	%	$2,044	$1,964	$80	4	%

Allowance for unfunded lending commitments - beginning	$258	$257	$216	$183	$158	$1	—	%	$100	63	%	$257	$176	$81	46	%

Allowance on PCD unfunded lending commitments at acquisition	—	—	—	—	1	—	—	%	(1)	(100)		—	1	(1)	(100)
Provision (benefit) for unfunded lending commitments	(3)	1	41	33	24	(4)	NM		(27)	NM		(2)	6	(8)	NM
Allowance for unfunded lending commitments - ending	$255	$258	$257	$216	$183	($3)	(1	%)	$72	39		$255	$183	$72	39
Total allowance for credit losses - ending	$2,299	$2,275	$2,240	$2,196	$2,147	$24	1	%	$152	7	%	$2,299	$2,147	$152	7	%

Memo: Total allowance for credit losses by product
Commercial	$1,370	$1,326	$1,267	$1,202	$1,153	$44	3	%	$217	19	%	$1,370	$1,153	$217	19	%
Retail	929	949	973	994	994	(20)	(2)		(65)	(7)		929	994	(65)	(7)
Total allowance for credit losses	$2,299	$2,275	$2,240	$2,196	$2,147	$24	1	%	$152	7	%	$2,299	$2,147	$152	7	%

CAPITAL AND RATIOS

(dollars in millions)


	AS OF																FOR THE SIX MONTHS ENDED JUNE 30,
											JUNE 30, 2023 CHANGE								2023 Change
	June 30, 2023		Mar 31, 2023		Dec 31, 2022		Sept 30, 2022		June 30, 2022		Mar 31, 2023			June 30, 2022			2023	2022	2022
											$	%		$	%				$	%
CAPITAL RATIOS AND COMPONENTS (PRELIMINARY)
CET1 capital	$18,381		$18,370		$18,574		$18,304		$17,946		$11	—	%	$435	2	%
Tier 1 capital	20,395		20,384		20,588		20,318		19,960		11	—		435	2
Total capital	23,748		23,720		23,755		23,516		23,184		28	—		564	2
Risk-weighted assets	179,034		183,246		185,224		187,201		187,727		(4,212)	(2)		(8,693)	(5)
Adjusted average assets1	217,264		217,998		220,779		220,076		215,727		(734)	—		1,537	1
CET1 capital ratio	10.3	%	10.0	%	10.0	%	9.8	%	9.6	%
Tier 1 capital ratio	11.4		11.1		11.1		10.9		10.6
Total capital ratio	13.3		12.9		12.8		12.6		12.3
Tier 1 leverage ratio	9.4		9.4		9.3		9.2		9.3
TANGIBLE COMMON EQUITY (PERIOD-END)
Common stockholders' equity	$21,571		$22,187		$21,676		$21,132		$22,314		($616)	(3	%)	($743)	(3	%)	$21,571	$22,314	($743)	(3	%)
Less: Goodwill	8,188		8,177		8,173		8,160		8,081		11	—		107	1		8,188	8,081	107	1
Less: Other intangible assets	175		185		197		199		211		(10)	(5)		(36)	(17)		175	211	(36)	(17)
Add: Deferred tax liabilities2	422		422		422		424		422		—	—		—	—		422	422	—	—
Total tangible common equity	$13,630		$14,247		$13,728		$13,197		$14,444		($617)	(4	%)	($814)	(6	%)	$13,630	$14,444	($814)	(6	%)
TANGIBLE COMMON EQUITY (AVERAGE)
Common stockholders' equity	$22,289		$21,702		$21,276		$22,246		$22,383		$587	3	%	($94)	—	%	$21,997	$21,686	$311	1	%
Less: Goodwill	8,182		8,177		8,171		8,131		8,015		5	—		167	2		8,179	7,588	591	8
Less: Other intangible assets	181		192		199		228		213		(11)	(6)		(32)	(15)		186	147	39	27
Add: Deferred tax liabilities2	422		422		424		424		416		—	—		6	1		421	400	21	5
Total tangible common equity	$14,348		$13,755		$13,330		$14,311		$14,571		$593	4	%	($223)	(2	%)	$14,053	$14,351	($298)	(2	%)
INTANGIBLE ASSETS (PERIOD-END)
Goodwill	$8,188		$8,177		$8,173		$8,160		$8,081		$11	—	%	$107	1	%	$8,188	$8,081	$107	1	%
Other intangible assets	175		185		197		199		211		(10)	(5)		(36)	(17)		175	211	(36)	(17)
Total intangible assets	$8,363		$8,362		$8,370		$8,359		$8,292		$1	—	%	$71	1	%	$8,363	$8,292	$71	1	%

1Adjusted 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.

2Deferred tax liabilities relate to tax-deductible goodwill and other intangible assets.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

(dollars in millions, except per share data)

Non-GAAP Financial Measures

This document contains non-GAAP financial measures denoted as Underlying. Underlying results for any given reporting period exclude certain items that may occur in that period which management does not consider indicative of the Company’s on-going financial performance. We believe these non-GAAP financial measures provide useful information to investors because they are used by our management to evaluate our operating performance and make day-to-day operating decisions. In addition, we believe our Underlying results in any given reporting period reflect our on-going financial performance in that period and, accordingly, are useful to consider in addition to our GAAP financial results. 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,
							2Q23 Change								2023 Change
		2Q23	1Q23	4Q22	3Q22	2Q22	1Q23			2Q22			2023	2022	2022
							$	%		$	%				$	%
Noninterest income, Underlying:
Noninterest income (GAAP)	A	$506	$485	$505	$512	$494	$21	4	%	$12	2	%	$991	$992	($1)	—	%
Less: Notable items		—	—	—	—	(31)	—	—		31	100		—	(31)	31	100
Noninterest income, Underlying (non-GAAP)	B	$506	$485	$505	$512	$525	$21	4	%	($19)	(4	%)	$991	$1,023	($32)	(3	%)
Total revenue, Underlying:
Total revenue (GAAP)	C	$2,094	$2,128	$2,200	$2,177	$1,999	($34)	(2	%)	$95	5	%	$4,222	$3,644	$578	16	%
Less: Notable items		—	—	—	—	(31)	—	—		31	100		—	(31)	31	100
Total revenue, Underlying (non-GAAP)	D	$2,094	$2,128	$2,200	$2,177	$2,030	($34)	(2	%)	$64	3	%	$4,222	$3,675	$547	15	%
Noninterest expense, Underlying:
Noninterest expense (GAAP)	E	$1,306	$1,296	$1,240	$1,241	$1,305	$10	1	%	$1	—	%	$2,602	$2,411	$191	8	%
Less: Notable items		73	66	43	46	125	7	11		(52)	(42)		139	173	(34)	(20)
Noninterest expense, Underlying (non-GAAP)	F	$1,233	$1,230	$1,197	$1,195	$1,180	$3	—	%	$53	4	%	$2,463	$2,238	$225	10	%
Pre-provision profit:
Total revenue (GAAP)	C	$2,094	$2,128	$2,200	$2,177	$1,999	($34)	(2	%)	$95	5	%	$4,222	$3,644	$578	16	%
Less: Noninterest expense (GAAP)	E	1,306	1,296	1,240	1,241	1,305	10	1		1	—		2,602	2,411	191	8
Pre-provision profit (GAAP)		$788	$832	$960	$936	$694	($44)	(5	%)	$94	14	%	$1,620	$1,233	$387	31	%
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)	D	$2,094	$2,128	$2,200	$2,177	$2,030	($34)	(2	%)	$64	3	%	$4,222	$3,675	$547	15	%
Less: Noninterest expense, Underlying (non-GAAP)	F	1,233	1,230	1,197	1,195	1,180	3	—		53	4		2,463	2,238	225	10
Pre-provision profit, Underlying (non-GAAP)		$861	$898	$1,003	$982	$850	($37)	(4	%)	$11	1	%	$1,759	$1,437	$322	22	%
Provision (benefit) for credit losses, Underlying:
Provision (benefit) for credit losses (GAAP)		$176	$168	$132	$123	$216	$8	5	%	($40)	(19	%)	$344	$219	$125	57	%
Less: Notable items		—	—	—	—	145	—	—		(145)	(100)		—	169	(169)	(100)
Provision (benefit) for credit losses, Underlying (non-GAAP)		$176	$168	$132	$123	$71	$8	5	%	$105	148	%	$344	$50	$294	NM
Income before income tax expense, Underlying:
Income before income tax expense (GAAP)	G	$612	$664	$828	$813	$478	($52)	(8	%)	$134	28	%	$1,276	$1,014	$262	26	%
Less: Expense before income tax benefit related to notable items		(73)	(66)	(43)	(46)	(301)	(7)	(11)		228	76		(139)	(373)	234	63
Income before income tax expense, Underlying (non-GAAP)	H	$685	$730	$871	$859	$779	($45)	(6	%)	($94)	(12	%)	$1,415	$1,387	$28	2	%
Income tax expense, Underlying:
Income tax expense (GAAP)	I	$134	$153	$175	$177	$114	($19)	(12	%)	$20	18	%	$287	$230	$57	25	%
Less: Income tax benefit related to notable items		(20)	(17)	(11)	(13)	(70)	(3)	(18)		50	71		(37)	(86)	49	57
Income tax expense, Underlying (non-GAAP)	J	$154	$170	$186	$190	$184	($16)	(9	%)	($30)	(16	%)	$324	$316	$8	3	%
Net income, Underlying:
Net income (GAAP)	K	$478	$511	$653	$636	$364	($33)	(6	%)	$114	31	%	$989	$784	$205	26	%
Add: Notable items, net of income tax benefit		53	49	32	33	231	4	8		(178)	(77)		102	287	(185)	(64)
Net income, Underlying (non-GAAP)	L	$531	$560	$685	$669	$595	($29)	(5	%)	($64)	(11	%)	$1,091	$1,071	$20	2	%
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)	M	$444	$488	$621	$611	$332	($44)	(9	%)	$112	34	%	$932	$728	$204	28	%
Add: Notable items, net of income tax benefit		53	49	32	33	231	4	8		(178)	(77)		102	287	(185)	(64)
Net income available to common stockholders, Underlying (non-GAAP)	N	$497	$537	$653	$644	$563	($40)	(7	%)	($66)	(12	%)	$1,034	$1,015	$19	2	%

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(dollars in millions, except per share data)


		QUARTERLY TRENDS																		FOR THE SIX MONTHS ENDED JUNE 30,
												2Q23 Change												2023 Change
		2Q23		1Q23		4Q22		3Q22		2Q22		1Q23				2Q22				2023		2022		2022
												$/bps		%		$/bps		%						$/bps		%
Operating leverage:
Total revenue (GAAP)	C	$2,094		$2,128		$2,200		$2,177		$1,999		($34)		(1.55	%)	$95		4.77	%	$4,222		$3,644		$578		15.88	%
Less: Noninterest expense (GAAP)	E	1,306		1,296		1,240		1,241		1,305		10		0.77		1		0.06		2,602		2,411		191		7.93
Operating leverage														(2.32	%)			4.71	%							7.95	%
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)	D	$2,094		$2,128		$2,200		$2,177		$2,030		($34)		(1.55	%)	$64		3.16	%	$4,222		$3,675		$547		14.90	%
Less: Noninterest expense, Underlying (non-GAAP)	F	1,233		1,230		1,197		1,195		1,180		3		0.18		53		4.39		2,463		2,238		225		10.08
Operating leverage, Underlying (non-GAAP)														(1.73	%)			(1.23	%)							4.82	%
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio	E/C	62.34	%	60.90	%	56.36	%	57.02	%	65.27	%	144	bps			(293)	bps			61.62	%	66.16	%	(454)	bps
Efficiency ratio, Underlying (non-GAAP)	F/D	58.86		57.84		54.42		54.90		58.16		102	bps			70	bps			58.34		60.90		(256)	bps
Noninterest income as a % of total revenue, Underlying:
Noninterest income as a % of total revenue	A/C	24.14	%	22.81	%	22.92	%	23.54	%	24.72	%	133	bps			(58)	bps			23.47	%	27.22	%	(375)	bps
Noninterest income as a % of total revenue, Underlying	B/D	24.14		22.81		22.92		23.54		25.88		133	bps			(174)	bps			23.47		27.84		(437)	bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rate	I/G	22.09	%	22.97	%	21.16	%	21.80	%	23.77	%	(88)	bps			(168)	bps			22.55	%	22.68	%	(13)	bps
Effective income tax rate, Underlying (non-GAAP)	J/H	22.51		23.25		21.37		22.00		23.69		(74)	bps			(118)	bps			22.89		22.82		7	bps
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP)	O	$22,289		$21,702		$21,276		$22,246		$22,383		$587		3	%	($94)		—	%	$21,997		$21,686		$311		1	%
Return on average common equity	M/O	8.00	%	9.11	%	11.56	%	10.91	%	5.95	%	(111)	bps			205	bps			8.54	%	6.77	%	177	bps
Return on average common equity, Underlying (non-GAAP)	N/O	8.97		10.01		12.15		11.52		10.06		(104)	bps			(109)	bps			9.48		9.43		5	bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)	O	$22,289		$21,702		$21,276		$22,246		$22,383		$587		3	%	($94)		—	%	$21,997		$21,686		$311		1	%
Less: Average goodwill (GAAP)		8,182		8,177		8,171		8,131		8,015		5		—		167		2		8,179		7,588		591		8
Less: Average other intangibles (GAAP)		181		192		199		228		213		(11)		(6)		(32)		(15)		186		147		39		27
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		422		422		424		424		416		—		—		6		1		421		400		21		5
Average tangible common equity	P	$14,348		$13,755		$13,330		$14,311		$14,571		$593		4	%	($223)		(2	%)	$14,053		$14,351		($298)		(2	%)
Return on average tangible common equity	M/P	12.42	%	14.38	%	18.46	%	16.96	%	9.13	%	(196)	bps			329	bps			13.37	%	10.22	%	315	bps
Return on average tangible common equity, Underlying (non-GAAP)	N/P	13.93		15.80		19.40		17.91		15.45		(187)	bps			(152)	bps			14.84		14.25		59	bps
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP)	Q	$222,373		$222,711		$224,970		$225,473		$220,967		($338)		—	%	$1,406		1	%	$222,541		$204,732		$17,809		9	%
Return on average total assets	K/Q	0.86	%	0.93	%	1.15	%	1.12	%	0.66	%	(7)	bps			20	bps			0.90	%	0.77	%	13	bps
Return on average total assets, Underlying (non-GAAP)	L/Q	0.96		1.02		1.21		1.18		1.08		(6)	bps			(12)	bps			0.99		1.05		(6)	bps

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(dollars in millions, except per share data)


		QUARTERLY TRENDS																		FOR THE SIX MONTHS ENDED JUNE 30,
												2Q23 Change												2023 Change
		2Q23		1Q23		4Q22		3Q22		2Q22		1Q23				2Q22				2023		2022		2022
												$/bps		%		$/bps		%						$/bps		%
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)	Q	$222,373		$222,711		$224,970		$225,473		$220,967		($338)		—	%	$1,406		1	%	$222,541		$204,732		$17,809		9	%
Less: Average goodwill (GAAP)		8,182		8,177		8,171		8,131		8,015		5		—		167		2		8,179		7,588		591		8
Less: Average other intangibles (GAAP)		181		192		199		228		213		(11)		(6)		(32)		(15)		186		147		39		27
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		422		422		424		424		416		—		—		6		1		421		400		21		5
Average tangible assets	R	$214,432		$214,764		$217,024		$217,538		$213,155		($332)		—	%	$1,277		1	%	$214,597		$197,397		$17,200		9	%
Return on average total tangible assets	K/R	0.89	%	0.97	%	1.19	%	1.16	%	0.69	%	(8)	bps			20	bps			0.93	%	0.80	%	13	bps
Return on average total tangible assets, Underlying (non-GAAP)	L/R	0.99		1.06		1.25		1.22		1.12		(7)	bps			(13)	bps			1.03		1.09		(6)	bps
Tangible book value per common share:
Common shares - at period-end (GAAP)	S	474,682,759		483,982,264		492,282,158		495,843,793		495,650,259		(9,299,505)		(2	%)	(20,967,500)		(4	%)	474,682,759		495,650,259		(20,967,500)		(4	%)
Common stockholders' equity (GAAP)		$21,571		$22,187		$21,676		$21,132		$22,314		($616)		(3)		($743)		(3)		$21,571		$22,314		($743)		(3)
Less: Goodwill (GAAP)		8,188		8,177		8,173		8,160		8,081		11		—		107		1		8,188		8,081		107		1
Less: Other intangible assets (GAAP)		175		185		197		199		211		(10)		(5)		(36)		(17)		175		211		(36)		(17)
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)		422		422		422		424		422		—		—		—		—		422		422		—		—
Tangible common equity	T	$13,630		$14,247		$13,728		$13,197		$14,444		($617)		(4	%)	($814)		(6	%)	$13,630		$14,444		($814)		(6	%)
Tangible book value per common share	T/S	$28.72		$29.44		$27.88		$26.62		$29.14		($0.72)		(2	%)	($0.42)		(1	%)	$28.72		$29.14		($0.42)		(1	%)
Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying:
Average common shares outstanding - basic (GAAP)	U	479,470,543		485,444,313		493,293,981		495,651,083		491,497,026		(5,973,770)		(1	%)	(12,026,483)		(2	%)	482,440,926		457,140,258		25,300,668		6	%
Average common shares outstanding - diluted (GAAP)	V	480,975,281		487,712,146		495,478,398		497,477,501		493,296,114		(6,736,865)		(1)		(12,320,833)		(2)		484,252,103		459,167,747		25,084,356		5
Net income per average common share - basic (GAAP)	M/U	$0.93		$1.00		$1.26		$1.23		$0.68		($0.07)		(7)		$0.25		37		$1.93		$1.59		$0.34		21
Net income per average common share - diluted (GAAP)	M/V	0.92		1.00		1.25		1.23		0.67		(0.08)		(8)		0.25		37		1.92		1.58		0.34		22
Net income per average common share - basic, Underlying (non-GAAP)	N/U	1.04		1.10		1.32		1.30		1.14		(0.06)		(5)		(0.10)		(9)		2.14		2.22		(0.08)		(4)
Net income per average common share - diluted, Underlying (non-GAAP)	N/V	1.04		1.10		1.32		1.30		1.14		(0.06)		(5)		(0.10)		(9)		2.14		2.21		(0.07)		(3)
Dividend payout ratio and dividend payout ratio, Underlying:
Cash dividends declared and paid per common share	W	$0.42		$0.42		$0.42		$0.42		$0.39		$—		—	%	$0.03		8	%	$0.84		$0.78		$0.06		8	%
Dividend payout ratio	W/(M/U)	45	%	42	%	33	%	34	%	57	%	300 bps				(1,200) bps				44	%	49	%	(500) bps
Dividend payout ratio, Underlying (non-GAAP)	W/(N/U)	40		38		32		32		34		200 bps				600 bps				39		35		400 bps

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS, CONTINUED

(dollars in millions, except per share data)


	QUARTERLY TRENDS											FOR THE SIX MONTHS ENDED JUNE 30,
						2Q23 Change								2023 Change
	2Q23	1Q23	4Q22	3Q22	2Q22	1Q23			2Q22			2023	2022	2022
						$	%		$	%				$/bps	%




Other income, Underlying:
Other income (GAAP)	$23	$17	$36	$34	($12)	$6	35	%	$35	NM		$40	$12	$28	233	%
Less: Notable items	—	—	—	—	(31)	—	—		31	100		—	(31)	31	100
Other income, Underlying (non-GAAP)	$23	$17	$36	$34	$19	$6	35		$4	21	%	$40	$43	($3)	(7	%)
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)	$615	$658	$633	$639	$683	($43)	(7	%)	($68)	(10	%)	$1,273	$1,277	($4)	—	%
Less: Notable items	14	16	15	17	72	(2)	(13)		(58)	(81)		30	78	(48)	(62)
Salaries and employee benefits, Underlying (non-GAAP)	$601	$642	$618	$622	$611	($41)	(6	%)	($10)	(2	%)	$1,243	$1,199	$44	4	%
Equipment and software, Underlying:
Equipment and software (GAAP)	$181	$169	$170	$159	$169	$12	7	%	$12	7	%	$350	$319	$31	10	%
Less: Notable items	4	4	2	—	6	—	—		(2)	(33)		8	8	—	—
Equipment and software, Underlying (non-GAAP)	$177	$165	$168	$159	$163	$12	7	%	$14	9	%	$342	$311	$31	10	%
Outside services, Underlying:
Outside services (GAAP)	$177	$176	$170	$172	$189	$1	1	%	($12)	(6	%)	$353	$358	($5)	(1	%)
Less: Notable items	21	27	17	20	41	(6)	(22)		(20)	(49)		48	76	(28)	(37)
Outside services, Underlying (non-GAAP)	$156	$149	$153	$152	$148	$7	5	%	$8	5	%	$305	$282	$23	8	%
Occupancy, Underlying:
Occupancy (GAAP)	$136	$124	$110	$106	$111	$12	10	%	$25	23	%	$260	$194	$66	34	%
Less: Notable items	30	18	2	2	1	12	67		29	NM		48	1	47	NM
Occupancy, Underlying (non-GAAP)	$106	$106	$108	$104	$110	$—	—	%	($4)	(4	%)	$212	$193	$19	10	%
Other operating expense, Underlying:
Other operating expense (GAAP)	$197	$169	$157	$165	$153	$28	17	%	$44	29	%	$366	$263	$103	39	%
Less: Notable items	4	1	7	7	5	3	NM		(1)	(20)		5	10	(5)	(50)
Other operating expense, Underlying (non-GAAP)	$193	$168	$150	$158	$148	$25	15	%	$45	30	%	$361	$253	$108	43	%

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS

(dollars in millions)


		SECOND QUARTER 2023							FIRST QUARTER 2023							FOURTH QUARTER 2022

		Consumer Banking		Commercial Banking		Other	Consolidated		Consumer Banking		Commercial Banking		Other	Consolidated		Consumer Banking		Commercial Banking		Other	Consolidated
Net income (loss) available to common stockholders:
Net income (loss)	A	$282		$305		($109)	$478		$281		$319		($89)	$511		$315		$358		($20)	$653
Less: Preferred stock dividends		—		—		34	34		—		—		23	23		—		—		32	32
Net income (loss) available to common stockholders	B	$282		$305		($143)	$444		$281		$319		($112)	$488		$315		$358		($52)	$621
Return on average total tangible assets:
Average total assets (GAAP)		$87,040		$77,546		$57,787	$222,373		$87,558		$78,891		$56,262	$222,711		$88,440		$79,591		$56,939	$224,970
Less: Average goodwill (GAAP)		540		766		6,876	8,182		538		763		6,876	8,177		491		804		6,876	8,171
Average other intangibles (GAAP)		109		41		31	181		115		43		34	192		121		46		32	199
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		23		11		388	422		23		12		387	422		7		4		413	424
Average tangible assets	C	$86,414		$76,750		$51,268	$214,432		$86,928		$78,097		$49,739	$214,764		$87,835		$78,745		$50,444	$217,024
Return on average total tangible assets	A/C	1.31	%	1.59	%	NM	0.89	%	1.31	%	1.66	%	NM	0.97	%	1.42	%	1.80	%	NM	1.19	%
Efficiency ratio:
Noninterest expense (GAAP)	D	$908		$315		$83	$1,306		$889		$331		$76	$1,296		$863		$318		$59	$1,240
Net interest income (GAAP)		1,104		584		(100)	1,588		1,096		597		(50)	1,643		1,106		594		(5)	1,695
Noninterest income (GAAP)		268		207		31	506		256		201		28	485		256		198		51	505
Total revenue (GAAP)	E	$1,372		$791		($69)	$2,094		$1,352		$798		($22)	$2,128		$1,362		$792		$46	$2,200
Efficiency ratio	D/E	66.14	%	39.76	%	NM	62.34	%	65.81	%	41.47	%	NM	60.90	%	63.38	%	40.18	%	NM	56.36	%


		THIRD QUARTER 2022							SECOND QUARTER 2022

		Consumer Banking		Commercial Banking		Other	Consolidated		Consumer Banking		Commercial Banking		Other	Consolidated
Net income (loss) available to common stockholders:
Net income (loss)	A	$319		$334		($17)	$636		$265		$341		($242)	$364
Less: Preferred stock dividends		—		—		25	25		—		—		32	32
Net income (loss) available to common stockholders	B	$319		$334		($42)	$611		$265		$341		($274)	$332
Return on average total tangible assets:
Average total assets (GAAP)		$89,560		$80,067		$55,846	$225,473		$88,881		$78,638		$53,448	$220,967
Less: Average goodwill (GAAP)		454		801		6,876	8,131		445		731		6,839	8,015
Average other intangibles (GAAP)		106		38		84	228		74		16		123	213
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		6		3		415	424		6		1		409	416
Average tangible assets	C	$89,006		$79,231		$49,301	$217,538		$88,368		$77,892		$46,895	$213,155
Return on average total tangible assets	A/C	1.43	%	1.68	%	NM	1.16	%	1.20	%	1.75	%	NM	0.69	%
Efficiency ratio:
Noninterest expense (GAAP)	D	$863		$325		$53	$1,241		$881		$308		$116	$1,305
Net interest income (GAAP)		1,085		559		21	1,665		995		534		(24)	1,505
Noninterest income (GAAP)		270		213		29	512		280		221		(7)	494
Total revenue (GAAP)	E	$1,355		$772		$50	$2,177		$1,275		$755		($31)	$1,999
Efficiency ratio	D/E	63.76	%	42.04	%	NM	57.02	%	69.06	%	40.78	%	NM	65.27	%

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS - SEGMENTS (CONTINUED)

(dollars in millions)


		FOR THE SIX MONTHS ENDED JUNE 30,
		2023							2022
		Consumer Banking		Commercial Banking		Other	Consolidated		Consumer Banking		Commercial Banking		Other	Consolidated
Net income (loss) available to common stockholders:
Net income (loss)	A	$563		$624		($198)	$989		$474		$612		($302)	$784
Less: Preferred stock dividends		—		—		57	57		—		—		56	56
Net income (loss) available to common stockholders	B	$563		$624		($255)	$932		$474		$612		($358)	$728
Return on average total tangible assets:
Average total assets (GAAP)		$87,298		$78,215		$57,028	$222,541		$83,247		$69,927		$51,558	$204,732
Less: Average goodwill (GAAP)		539		764		6,876	8,179		303		427		6,858	7,588
Average other intangibles (GAAP)		112		42		32	186		62		17		68	147
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		23		12		386	421		5		1		394	400
Average tangible assets	C	$86,670		$77,421		$50,506	$214,597		$82,887		$69,484		$45,026	$197,397
Return on average total tangible assets	A/C	1.31	%	1.62	%	NM	0.93	%	1.15	%	1.78	%	NM	0.80	%
Efficiency ratio:
Noninterest expense (GAAP)	D	$1,797		$646		$159	$2,602		$1,665		$580		$166	$2,411
Net interest income (GAAP)		2,200		1,181		(150)	3,231		1,852		950		(150)	2,652
Noninterest income (GAAP)		524		408		59	991		537		434		21	992
Total revenue (GAAP)	E	$2,724		$1,589		($91)	$4,222		$2,389		$1,384		($129)	$3,644
Efficiency ratio	D/E	65.97	%	40.62	%	NM	61.62	%	69.67	%	41.93	%	NM	66.16	%


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 6.350% Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D	CFG PrD	New York Stock Exchange
Depositary Shares, each representing a 1/40th interest in a share of 5.000% Fixed-Rate Non-Cumulative Perpetual Preferred Stock, Series E	CFG PrE	New York Stock Exchange


	Exhibit Number	Description

(d)	Exhibit 99.1	Citizens Financial Group, Inc. press release dated July 19, 2023

	Exhibit 99.2	Citizens Financial Group, Inc. earnings release presentation issued July 19, 2023

	Exhibit 99.3	Citizens Financial Group, Inc. financial supplement for second quarter 2023

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


CITIZENS FINANCIAL GROUP, INC.

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