Key facts
- Citizens Financial Group posted a second-quarter net profit of $587 million, or $1.30 per share.
- Net interest income increased by 14% to $1.63 billion compared to the previous year.
- Capital markets fees grew by 45.7% to $153 million.
- Wealth management fees increased by approximately 16% to $102 million.
- Provisions for credit losses decreased to $134 million from $164 million a year earlier.
Citizens Financial Group reported a significant increase in its second-quarter profit, driven by robust growth in net interest income and fees from its capital markets and wealth management divisions. The bank's net interest income, which represents the difference between interest earned on loans and paid on deposits, rose 14% year-over-year to $1.63 billion. Average loans and leases also saw an increase, reaching $146.1 billion. The bank's capital markets fees surged by 45.7% to $153 million, while wealth management fees grew by approximately 16% to $102 million. Provisions for credit losses decreased to $134 million from $164 million in the same period last year. The Providence, Rhode Island-based bank announced a quarterly net profit of $587 million, or $1.30 per share, up from $436 million, or 92 cents, a year prior. This performance occurred despite inflationary pressures and potential further interest rate hikes impacting consumer finances, with U.S. loan demand remaining resilient.