The article talks about how banks, especially Citizens Financial Group, are doing in the third quarter. It seems like they are not doing as well as they were in the past, with their earnings and revenues likely to have decreased. This is possibly due to changes in the economy, like the Fed cutting interest rates, which can affect how much money banks can make. The article also talks about what factors might have influenced these results, like the demand for loans, and how much the banks spent on things like opening new branches or investing in technology. Read from source...
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Sentiment Score: -1.0
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#### Transcript
- Citizens Financial Group is expected to report its third-quarter 2024 earnings results on Oct. 16 before the opening bell.
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- Citizens Financial Group, or CFG, is an American bank holding company that operates through its subsidiaries, Citizens Bank of Pennsylvania, Citizens Bank of New Jersey, and Citizens Bank of Maine. The company provides commercial banking, retail banking, and other services to individual and business customers. CFG's segments include Consumer Banking, Commercial Banking, Corporate and Commercial Banking, and Other.
- The Consumer Banking segment offers various products and services to retail customers, such as checking and savings accounts, mortgages, home equity loans and lines of credit, auto loans, and credit cards. The Commercial Banking segment provides commercial and industrial loans, commercial real estate loans, equipment financing and leasing, and cash management services to commercial customers. The Corporate and Commercial Banking segment offers investment banking, mergers and acquisitions advisory services, and treasury management services to corporate customers.
- In Q3 2024, CFG is expected to report a decline in its earnings and revenues as compared to the year-ago reported figures. In Q2 2024, the company's earnings missed the Zacks Consensus Estimate due to lower NII, a rise in provisions, and operating expenses. However, an increase in non-interest income and lower allowance for credit losses provided some support. The company's earnings missed the Zacks Consensus Estimate in each of the trailing four quarters, with an average negative surprise of 16.39%.
- CFG's Q3 2024 earnings and revenue estimates have been stable in the past 30 days. The Zacks Consensus Estimate for Q3 earnings is $0.78, which suggests a year-over-year decline of 8.24%. The consensus estimate for Q3 revenues is $1.94 billion, indicating a 3.6% decline from the prior-year quarter's reported figure.
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