Financial services company Citizens Financial Group, Inc. (NYSE: CFG) on Wednesday reported a decrease in third-quarter net income, reflecting a year-over-year drop in revenues.
- September quarter revenues decreased 7% year-over-year to $2.01 billion
- Net income, on a reported basis, came in at $430 million or $0.85 per share in Q3, compared to $636 million or $1.23 per share last year
- Underlying profit, excluding special items, was $448 million or $0.89 per share, compared to $669 million or $1.30 per share a year earlier
- The underlying efficiency ratio was 63.1% in Q3, compared to 54.9% in the third quarter of 2022
- Provision for credit losses was $172 million at the end of the quarter, up from $123 million recorded last year
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