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Citizens Financial's mortgage banking helps offset NIM pressure in Q3

Oct. 18, 2019 7:30 AM ETCitizens Financial Group, Inc. (CFG) StockCFGBy: Liz Kiesche, SA News Editor
  • Citizens Financial Group (NYSE:CFG) Q3 underlying EPS of 98 cents per share exceeds the average analyst estimate by 2 cents as noninterest income rises 19% Y/Y on strong mortgage banking results.
  • Compares with 96 cents in Q2 and 93 cents in Q3 2018.
  • “Our mortgage business provided a good offset to the pressure on net interest margin, and we feel we did a good job on managing down deposit costs,” said Chairman and CEO Bruce Van Saun.
  • Q3 net interest income of $1.15B fell 2% Q/Q and was roughly flat Y/Y.
  • Q3 net interest margin on FTE basis of 3.12% narrowed from 3.21% in Q2 and 3.22% in Q3 2018.
  • Q3 noninterest income of $493M rose 7% Q/Q and 19% Y/Y; mortgage banking fees of $117M rose from $62M in Q2 and $49M in the year-ago quarter; service charges and fees of $128M rose from $126M in Q2 and fell from $131M in the year-ago quarter.
  • Q3 net charge-off rate of 0.38% ticked up from 0.36% in Q2 and 0.30% in Q3 2018.
  • Q3 underlying return on tangible common equity of 12.6% compares with 12.9% in Q2 and 13.5% in the year-ago quarter.
  • Conference call at 9:00 AM ET.
  • Previously: Citizens Financial EPS beats by $0.02, beats on revenue (Oct. 18)

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