PROVIDENCE, R.I.--(BUSINESS WIRE)--Citizens Financial Group, Inc. (NYSE: CFG) today announced that the Board of Governors of the Federal Reserve System has completed its review of the Company’s 2018 Capital Plan in connection with its Comprehensive Capital Analysis and Review of the nation’s 17 large and noncomplex bank holding companies not subject to qualitative review and has not objected to the Plan. The CCAR results follow the Federal Reserve’s June 21, 2018 publication of its Dodd-Frank Act Stress Test results.
“We are pleased to report another successful CCAR submission which reflects our strong capital position and the improvements we’ve made to our balance sheet, business model and earnings power,” said Bruce Van Saun, Chairman and Chief Executive Officer. “Our 2018 Capital Plan provides the ability to increase our dividend per common share by 23% next quarter and increase our total common share repurchases by 20% compared with our prior year’s Capital Plan. While we do not believe the Federal Reserve’s PPNR model in the stress test is delivering accurate results for Citizens, nonetheless our expected glide path to reduce our common equity tier one capital ratio remains on track and we remain confident in our ability to continue to drive improving financial performance and attractive returns to shareholders.”
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $153.5 billion in assets as of March 31, 2018. 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 24/7 customer contact center and the convenience of approximately 3,300 ATMs and approximately 1,150 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services, including lending and deposits, capital markets, treasury services, foreign exchange and interest rate products, and asset finance. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.
