Citizens Financial Group Inc.: 2Q26 EPS PREVIEW: Performing as expected towards medium-term ROTCE goal

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Citizens Financial Group Inc.: 2Q26 EPS PREVIEW: Performing as expected towards medium-term ROTCE goal

Equity Research

U.S. Large-Cap Banks

25 June 2026

Citizens Financial Group Inc.

2Q26 EPS PREVIEW: Performing as

expected towards medium-term

CFG OVERWEIGHTROTCE goal

Unchanged

We expect 2Q26 results to evidence higher NII (additional day, U.S. Large-Cap Banks POSITIVE

higher NIM, increased assets), fees and expenses Unchanged

(Reimagining the Bank upfront costs). We expect NCOs to be Price Target USDUnchanged77.00

little changed (NDFI well secured) while share buyback Price (23-Jun-26) USD 68.99

persists ($225mn). We expect it to reiterate its 2026 guide, Potential Upside/Downside +11.6% Source: Bloomberg, Barclays Research

ROTCE goals.

Market Cap (USD mn) 29174

Shares Outstanding (mn) 422.88

Free Float (%) 93.28

Expected Results 52 Wk Avg Daily Volume (mn) 4.8

Expected results: We expect CFG to report 2Q26 EPS of $1.25. Consensus is $1.24. For 2Q26, we Dividend Yield (%) 2.67

are looking for higher net interest income as net interest margin expansion and modest balance Return on Equity TTM (%) 7.84

sheet growth are accompanied by one more day. Fee income is also expected to be higher Current BVPS (USD) 56.39

(momentum in capital markets and rebound from typical 1Q headwinds) while expenses Source: Bloomberg

increase with additional up-front 'Reimagining the Bank' costs. Credit quality should show signs

of slight improvement and share repurchases is expected to persist (expecting a slightly lower Price Performance Exchange-NYSE

pace of $225mn). Overall, we expect CFG to reiterate its outlook for 2026, pointing towards 52 Week range USD 69.08-41.38

strong revenue growth, balance sheet growth, continued NIM expansion, positive operating