By Dean Seal
Citizens Financial Group recorded a bigger profit in the first quarter despite lower revenue as its costs came down.
The bank posted a profit of $373 million, or 77 cents a share, compared with $334 million, or 65 cents a share, in the same quarter a year earlier. Analysts polled by FactSet had been expecting earnings of 75 cents a share.
Revenue slid 1% to $1.94 billion, in line with analyst projections for $1.94 billion, according to FactSet.
Net interest income was down 4% from a year earlier at $1.39 billion, driven by a pullback in average interest-earning assets. Net interest margin ticked slightly lower from variable-rate asset repricing, which was largely offset by lower funding costs and other factors.
Noninterest income, meanwhile, rose 5% to $544 million from higher service charges and fees, wealth fees and mortgage banking fees.
Noninterest costs were 3% lower than a year ago at $1.31 billion, while interest expenses were down 18% at $961 million.
Citizens reduced its provision for credit losses by 11% from a year ago to $153 million, reflecting the runoff of the company's non-core portfolio and an improvement in loan mix.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
April 16, 2025 06:42 ET (10:42 GMT)
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