U.S. Markets closed

Earnings Review and Free Research Report: Citizens Financial Group EPS increased 31%

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:

http://protraderdaily.com/register/

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:

http://protraderdaily.com/optin/?symbol=CFG

http://protraderdaily.com/optin/?symbol=SSB

Earnings Reviewed

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.

Consumer Banking

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.

Commercial Banking

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.

Other

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.

Credit Quality

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.

Balance Sheet

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.

Stock Performance

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.

Pro-Trader Daily:

Pro-Trader Daily (Pro-TD) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and Canadian stocks. PRO-TD has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles, and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below.

PRO-TD has not been compensated; directly or indirectly; for producing or publishing this document.

PRESS RELEASE PROCEDURES:

The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst [for further information on analyst credentials, please email contact@protraderdaily.com. Rohit Tuli, a CFA® charter-holder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by PRO-TD. PRO-TD is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way.

NO WARRANTY

PRO-TD, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. PRO-TD, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, PRO-TD, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice.

NOT AN OFFERING

This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither PRO-TD nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://protraderdaily.com/disclaimer/.

CONTACT

For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at:

Email: contact@protraderdaily.com

Phone number: (917) 341.4653

Office Address: Mainzer Landstrasse 50 Frankfurt am Main, Germany 60325

CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.

SOURCE: Pro-Trader Daily