Latest news with #CitizensFinancial
Yahoo
7 days ago
- Business
- Yahoo
KeyCorp Q2 profit rises on higher interest income and fees
(Refiles to fix formatting) By Atharva Singh (Reuters) -KeyCorp posted a 63% jump in its second-quarter profit on Tuesday, helped by increased interest income and a surge in investment banking fees. Lower deposit costs at regional lenders in the U.S., which are falling faster than the returns on assets, have helped keep profit margins steady and boosted net interest income, even as loan demand remains uneven. Net interest income — difference between earnings on loans and payments on deposits — jumped nearly 28% to $1.15 billion in the quarter. KeyCorp expects its NII to grow roughly 20-22% in 2025 compared to analysts' expectation of a near 22% jump. Peer lenders, including PNC Financial and Citizens Financial, posted higher quarterly profits last week, driven by improved fee income and stabilizing credit trends, though NII pressures remained in focus. Recent rate cuts and easing bond yields have prompted some U.S. banks to cut losses on low-yielding investment securities and redeploy funds into higher-yielding assets to improve returns and liquidity. KeyCorp used half of Scotiabank's capital injection last year to sell about $10 billion of its low-yield investments. The banks' investment banking and debt placement fees jumped over 41% to $178 million. "With 189 U.S. IPOs already priced this year, nearly double last year's pace, fee income is shifting from rounding error to rescue rope for balance sheets," said Michael Ashley Schulman, partner at Running Point Capital Advisors. "Capital-markets activity is no longer the lonely ATM in the lobby; KeyCorp and the regionals are hearing the ka-ching again," Schulman added. KeyCorp was a joint book runner on Hinge Health's IPO in May 2025. The Cleveland-based lender reported income from continuing operations of 35 cents per share, up from 25 cents per share, reported a year ago. Shares of the bank were up marginally in premarket trading.
Yahoo
17-07-2025
- Business
- Yahoo
PepsiCo, Citizens Financial, US Bancorp: Earnings movers
PepsiCo (PEP) reports better-than-expected second quarter revenue and earnings. Citizens Financial (CFG) posts second quarter net interest income in line with estimates. Meanwhile, US Bancorp (USB) missed on second quarter net interest income but topped earnings estimates. Stay up to date on the latest market action, minute-by-minute, with Yahoo Finance's Market Minute. It's time for Yahoo! Finance's market minute. Pepsi reporting better-than-expected revenue and earnings for the second quarter. Piper Sandler highlighting it sees the beverage and snack company potentially turning a corner. However, analysts still noting challenges for the company's domestic segments. Citizens Financial reporting second quarter net interest income roughly in line with the average analyst estimate. Company continues to be comfortable with its full year 2025 guidance provided back in January. Looking ahead, Citizens Financial saying that it is well positioned to have a strong second half of the year and to sustain that momentum into the medium term. And lastly, US Bank Corp providing its first earnings report under its new chief executive officer. Net interest income for the second quarter missing Wall Street's estimates while earnings beat expectations. Company's CEO highlighting a shift in focusing on fee-based businesses. And that's your Yahoo! Finance market minute. For more what's trending on Yahoo! Finance, scan the QR code below. Related Videos United CEO is 'adjusting to the new realities' of the industry Why tax changes are a 'huge deal' for small homebuilders Novartis CEO on pharma tariffs, raised outlook, competition Retail sales jump in June: Consumer is 'powering through' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Insider
13-07-2025
- Business
- Business Insider
Citizens Financial price target raised to $52 from $44 at BofA
BofA analyst Ebrahim Poonawala raised the firm's price target on Citizens Financial (CFG) to $52 from $44 and keeps a Neutral rating on the shares. The firm adjusted regional bank price targets as part of a Q2 earnings preview. A lack of interest rate cuts delay a rebound in growth, but 'resilient' earnings, an acceleration in loan growth, and investment banking activity server as catalysts for the stocks, the analyst tells investors in a research note. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Associated Press
30-05-2025
- Business
- Associated Press
Citizens Financial Group Announces Redemption of Subordinated Notes
PROVIDENCE, R.I.--(BUSINESS WIRE)--May 30, 2025-- Citizens Financial Group, Inc. (NYSE: CFG) today announced the redemption on July 3, 2025, of all of its outstanding 4.35% Fixed-Rate Subordinated Notes due August 1, 2025 (CUSIP No. 174610AJ4) (the 'Notes'). The redemption price for the Notes will be equal to 100% of principal amount of the Notes redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date of July 3, 2025. In accordance with the indenture governing the Notes, the holders of the Notes will receive notice of the redemption, the redemption price and further instructions and details related to the process of such redemption. Payment of the redemption price for the Notes will be made through the facilities of The Depository Trust Company. About Citizens Financial Group, Inc. Citizens Financial Group, Inc. is one of the nation's oldest and largest financial institutions, with $220.1 billion in assets as of March 31, 2025. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,100 ATMs and approximately 1,000 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at or visit us on X, LinkedIn or Facebook. CFG-IR View source version on CONTACT: Media: Peter Lucht - 781.655.2289 Investors: Kristin Silberberg - 203.900.6854 KEYWORD: RHODE ISLAND UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: FINANCE BANKING PROFESSIONAL SERVICES SMALL BUSINESS ASSET MANAGEMENT SOURCE: Citizens Financial Group, Inc. Copyright Business Wire 2025. PUB: 05/30/2025 10:25 AM/DISC: 05/30/2025 10:25 AM
Yahoo
16-04-2025
- Business
- Yahoo
Citizens Financial's first-quarter profit falls as interest income declines
(Reuters) - Citizens Financial reported a fall in first-quarter profit on Wednesday, hurt by lower interest income amid economic uncertainty. U.S. President Donald Trump's trade policies have sparked concerns over rising inflation and a potential recession, weakening consumer confidence and possibly dampening loan demand and spending. Its a sharp shift from the optimism at the start of the year, when the banking sector surged on expectations of robust loan growth and a revival in deal-making on hopes of deregulation under the new administration. Some of the biggest U.S. banks such as JPMorgan Chase, Bank of America and Citigroup were able to bolster their quarterly profits through strong equities trading amid volatility in the markets. But regional lenders tend to have smaller trading operations, which restricts their ability to take advantage of market turmoil during such volatile periods. Excluding one-time costs, Citizens Financial earned 77 cents per share for the three months ended March 31, compared with 79 cents a year earlier. Analysts, on average, were expecting earnings of 75 cents per share, according to data compiled by LSEG. Citizens' net interest income — the difference between what banks pay customers on deposits and earn as interest on loans — fell to $1.39 billion from $1.44 billion a year earlier, due to a decline in average interest-earning assets. The Providence, Rhode Island-based bank's capital market fees also decreased 15% to $100 million, due to lower M&A activity. Citizens decreased its provision for credit losses to $153 million in the first quarter from $171 million a year earlier. The bank's stock has lost nearly 17.5% this year, until last close. Sign in to access your portfolio
