Research Desk Line-up: South State Post Earnings Coverage
LONDON, UK / ACCESSWIRE / October 27, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Citizens Financial Group, Inc. (NYSE: CFG), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=CFG, following the Company's release of its financial results on October 20, 2017, for the third quarter fiscal 2017. The Company's total revenue increased 4.57% on a y-o-y basis. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
Get more of our free earnings reports coverage from other constituents of the Regional - Mid-Atlantic Banks industry. Pro-TD has currently selected South State Corporation (NASDAQ: SSB) for due-diligence and potential coverage as the Company released on October 24, 2017, its unaudited financial results for Q3 2017 which ended on September 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on South State when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on CFG; also brushing on SSB. With the links below you can directly download the report of your stock of interest free of charge at:
For three months ended September 30, 2017, Citizens Financial's total revenue increased 4.57% to $1.44 billion from $1.38 billion in Q3 FY16. Total revenue surpassed analysts' expectations of $1.43 billion.
During Q3 FY17, Citizens Financial's total interest income increased 17% to $1.26 billion from $1.08 billion in the same period last year. For the reported quarter, the Company's interest expense increased 51% to $202 million from $134 million in Q3 FY16. The Company's net interest income increased 12% to $1.06 billion in Q3 FY17 from $945 million in Q3 FY16. The increase was due to growth in average loans and loans held for sale. During the reported quarter, the Company's net interest margin came in at 3.05% compared to 2.84% in Q3 FY16.
During Q3 FY17, Citizens Financial's non-interest income decreased 12% to $381 million from $435 million in the same period last year. For the reported quarter, the Company's salaries & employee benefits expenses increased 1% to $436 million from $432 million in Q3 FY16. The Company's occupancy expenses were $78 million in Q3 FY17, on par with $78 million in Q3 FY16. During Q3 FY17, Citizens Financial's amortization expenses decreased 2% to $45 million from $46 million in Q3 FY16. For the reported quarter, the Company's total non-interest expenses decreased 1% to $858 million from $867 million in the same period last year.
During Q3 FY17, Citizens Financial's net income increased 18% to $34 million on a y-o-y basis from $290 million in the same period last year. For the reported quarter, the Company's adjusted net income increased 26% to $341million on a y-o-y basis from $271 million in the same period last year. For the reported quarter, Citizens Financial's diluted EPS increased 21% to $0.68 on a y-o-y basis from $0.56 in the same period last year. During Q3 FY17, Citizens Financial's adjusted diluted EPS increased 31% to $0.68 on a y-o-y basis from $0.52 in the same period last year. Adjusted diluted EPS surpassed analysts' expectations of $0.64.
During Q3 FY17, Citizens Financial's Consumer Banking segment's total revenue increased 6% to $901 million from $850 million in the same period last year. For the reported quarter, the segment's net income increased 33% to $122 million from $92 million in Q3 FY16.
During Q3 FY17, the Company's Commercial Banking segment's total revenue increased 9% to $490 million from $450 million in the same period last year. For the reported quarter, the segment's net income increased 24% to $201 million from $162 million in Q3 FY16.
During Q3 FY17, Citizens Financial's Other segment's total revenue decreased 35% to $52 million, on par with the $80 million reported in the same period last year. For the reported quarter, the segment's net income decreased 42% to $25 million from $43 million in Q3 FY16.
During Q3 FY17, Citizens Financial's non-performing loans and leases decreased 16% to $932 million from $1.11 billion in the same period last year.
For the reported quarter, the Company's net charge-offs decreased 22% to $65 million from $83 million in Q1 FY16.
During Q3 FY17, the Company's provision for credit losses decreased 16% to $72 million from $86 million in the first quarter of 2016.
For the reported quarter, Citizens Financial's allowance for loans and lease losses decreased 1% to $1.22 billion from $1.24 billion in Q1 FY16.
As on September 30, 2017, Citizens Financial's average interest-earning assets increased 4% to $137.48 billion from $131.67 billion on September 30, 2016.
For the reported quarter, the Company's total assets increased 3% to $151.36 billion from $147.02 billion on September 30, 2016.
During Q3 FY17, the Company's deposits increased 5% to $113.24 billion from $108.33 billion in the same period last year.
For the reported quarter, Citizens Financial's efficiency ratio was 59.41% compared to 62.88% in Q3 FY16.
On Thursday, October 26, 2017, the stock closed the trading session at $38.51, climbing 1.26% from its previous closing price of $38.03. A total volume of 4.35 million shares have exchanged hands. Citizens Financial's stock price soared 10.22% in the last three months, 4.90% in the past six months, and 43.32% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have gained 8.08%. The stock is trading at a PE ratio of 16.43 and has a dividend yield of 1.87%. At Thursday's closing price, the stock's net capitalization stands at $19.50 billion.
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