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Citizens Financial Group reported first quarter 2020 financial results.

Christian Fernsby |
Citizens Financial Group reported first quarter net income of $34 million, compared with $439 million in first quarter 2019, with earnings per share of $0.03, compared with $0.92 per share in first quarter 2019.

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Topics: CITIZENS FINANCIAL GROUP   

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

First quarter 2020 Return on Average Tangible Common Equity (“ROTCE”) of 0.4% compares with 13.0% in first quarter 2019.

On an Underlying basis, which excludes notable items, first quarter 2020 net income available to common stockholders of $37 million compares with $428 million in first quarter 2019 and $431 million in fourth quarter 2019.

Underlying EPS of $0.09 per share compares with $0.93 in first quarter 2019 and $0.99 in fourth quarter 2019.

Underlying first quarter 2020 ROTCE of 1.1% compares with 13.1% in first quarter 2019 and 12.5% in fourth quarter 2019.

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


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