Citizens Financial Group (CFG) reported a reduction in net income available to common shareholders, recording $357 million or $0.78 per share for the second quarter. This marks a decline from the $444 million or $0.92 per share reported in the same period the previous year, predominantly due to decreased revenue.
Excluding one-time items, the underlying net income was $373 million or $0.82 per share, compared to $497 million or $1.04 per share a year earlier.
Analysts, on average, had projected earnings of $0.78 per share according to a poll by Thomson-Reuters. It's worth noting that analysts' estimates typically exclude one-time items.
Net interest income fell to $1.410 billion from $1.588 billion year-over-year.
Quarterly revenue decreased to $1.963 billion from $2.094 billion in the previous year, slightly surpassing the consensus estimate of $1.95 billion.
The provision for credit losses rose to $182 million, up from $176 million in the prior year.
The company's Board has declared a quarterly dividend of $0.42 per share, payable on August 14, to shareholders of record as of July 31.
Looking forward, Chairman and CEO Bruce Van Saun stated, "We are executing well on our strategic initiatives. Our Private Bank has achieved $4.0 billion in deposits and $3.6 billion in assets under management. We maintain confidence in our full-year guidance and medium-term targets."
