Financial services company Citizens Financial Group, Inc. (NYSE: CFG) on Wednesday reported an increase in second-quarter net income, aided by a modest increase in revenues.
- June quarter revenues advanced 5% year-over-year to $2.09 billion
- Net income, on a reported basis, came in at $478 million or $0.92 per share, compared to $364 million or $0.67 per share last year
- Underlying profit, excluding special items, was $531 million or $1.04 per share, compared to $595 million or $1.14 per share a year earlier
- The underlying efficiency ratio was 58.9% in Q2, compared to 58.2% in the second quarter of 2022
- Provision for credit losses totaled $176 million, down from $216 million reported last year