Citizens Money Group, Inc. Reiterates Key Facets of Cash Program immediately after Resubmission

PROVIDENCE, R.I.–(Small business WIRE)–Dec 18, 2020–

Citizens Monetary Team, Inc. (NYSE: CFG or the “Company”) currently acquired the final results of its 2020 Funds Approach resubmission and December 2020 Worry Exam from the Board of Governors of the Federal Reserve Method (the “Federal Reserve”). CFG’s success exceed all cash requirements beneath the Federal Reserve’s critical anxiety scenarios and the Business reiterates essential areas of its 2020 Funds Plan, which consists of maintaining quarterly frequent dividends at the existing stage.

The resilience of Citizens’ pre-provision internet profits (“PPNR”) provided variations to its company combine and advancement in its profitability in excess of time is evidenced by its latest working functionality in the real-everyday living stress of 2020. The Company’s ratio of PPNR to ordinary assets in the to start with nine months of 2020 was 3.9%*, and fourth quarter 2020 is projected to remain potent. This resilience compares favorably with friends and with the Federal Reserve’s modeled outcome of 2.% for CFG underneath the severely adverse scenario of the December 2020 Anxiety Examination.

The Federal Reserve’s PPNR product continues to use non-predictive info from earlier durations when Citizens experienced a distinctive business product and was less than overseas financial institution possession. As a consequence, the Business proceeds to consider that the Federal Reserve’s PPNR types for the Firm continue to be inaccurate.

“We are happy that the Federal Reserve’s updated spherical of worry test benefits continues to demonstrate Citizens’ solid money position and the diversity of our enterprise product, even underneath extra demanding tension scenarios,” mentioned John F. Woods, Vice Chairman and Chief Financial Officer. “We have demonstrated our resilience in 2020 as a result of the serious-daily life worry of the pandemic, with powerful profits functionality and expense willpower, the addition of considerable credit score reserves and a sturdy money foundation that is back again at our qualified cash ratios. We stay targeted on employing our strong posture to assist our shoppers and communities navigate these demanding times, even though also ensuring robust returns of capital to our shareholders.”

The Federal Reserve’s general public disclosure of the final results of the December 2020 Stress Take a look at for all taking part bank keeping organizations is offered on the Federal Reserve’s site.

* The ratio of PPNR to common belongings for the first 9 months of 2020 is presented on a nine-quarter equal basis.

About Citizens Economical Group, Inc.

Citizens Financial Team, Inc. is a single of the nation’s oldest and premier economical establishments, with $179.2 billion in property as of September 30, 2020. Headquartered in Providence, Rhode Island, Citizens delivers a broad variety of retail and business banking items and expert services to persons, smaller businesses, center-sector companies, significant companies and establishments. Citizens assists its prospects access their potential by listening to them and by knowing their demands in get to offer you customized suggestions, strategies and remedies. In Purchaser Banking, Citizens delivers an built-in knowledge that incorporates mobile and online banking, a 24/7 consumer get hold of center and the benefit of around 2,700 ATMs and roughly 1,000 branches in 11 states in the New England, Mid-Atlantic and Midwest areas. Customer Banking products and expert services include a whole range of banking, lending, discounts, wealth administration and small business enterprise offerings. In Industrial Banking, Citizens presents a wide complement of economic goods and options, together with lending and leasing, deposit and treasury administration products and services, international exchange, fascination level and commodity threat management alternatives, as very well as financial loan syndication, corporate finance, merger and acquisition, and credit card debt and equity capital marketplaces abilities. A lot more facts is accessible at www.citizensbank.com or take a look at us on Twitter, LinkedIn or Fb.

Ahead-Hunting Statements

This doc consists of forward-searching statements in the this means of Private Securities Litigation Reform Act of 1995. Statements about its fourth quarter 2020 PPNR projections, opportunity potential share repurchases and future dividends, as perfectly as the potential consequences of the COVID-19 pandemic on our company, functions, economical functionality and potential clients, are ahead-searching statements. Also, any assertion that does not describe historical or latest facts is a ahead-looking statement. These statements generally involve the terms “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “goals,” “targets,” “initiatives,” “potentially,” “probably,” “projects,” “outlook” or similar expressions or upcoming conditional verbs these types of as “may,” “will,” “should,” “would,” and “could.”

Forward-wanting statements are primarily based on the present-day beliefs and expectations of management, and on facts at this time accessible to administration. Our statements communicate as of the day hereof, and we do not suppose any obligation to update these statements or to update the explanations why genuine final results could vary from those contained in these kinds of statements in mild of new details or long term functions. We caution you, hence, in opposition to relying on any of these ahead-hunting statements. They are neither statements of historical simple fact nor guarantees or assurances of long term functionality. While there is no assurance that any checklist of risks and uncertainties or danger aspects is total, significant factors that could induce real success to differ materially from these in the forward-wanting statements incorporate the subsequent, without the need of limitation:

• Destructive economic and political situations that adversely have an effect on the standard economy, housing costs, the task market, consumer self esteem and expending behavior which may influence, amid other points, the amount of nonperforming belongings, demand-offs and provision expense
• The charge of expansion in the overall economy and employment concentrations, as properly as standard company and economic situations, and adjustments in the competitive ecosystem
• Our potential to apply our business enterprise approach, which include the price tag discounts and efficiency parts, and reach our economical general performance aims
• The COVID-19 pandemic and linked lockdowns and their outcomes on the economic and organization environments in which we run
• Our means to meet heightened supervisory demands and expectations
• Liabilities and business constraints ensuing from litigation and regulatory investigations
• Our cash and liquidity prerequisites (such as beneath regulatory cash specifications, such as the U.S. Basel III capital guidelines) and our skill to produce funds internally or elevate capital on favorable terms
• The influence of changes in curiosity costs on our internet interest earnings, net fascination margin and our home finance loan originations, mortgage servicing legal rights and home loans held for sale
• Variations in curiosity prices and sector liquidity, as perfectly as the magnitude of such alterations, which may lessen curiosity margins, impression funding sources and have an effect on the ability to originate and distribute money solutions in the main and secondary markets
• The influence of improvements in the degree of checking or cost savings account deposits on our funding expenditures and web interest margin
• Financial companies reform and other present-day, pending or long term laws or regulation that could have a detrimental effect on our income and corporations
• A failure in or breach of our operational or security systems or infrastructure, or those people of our 3rd party distributors or other support companies, together with as a result of cyber-attacks and
• Management’s capacity to identify and handle these and other risks.

In addition to the earlier mentioned things, we also caution that the precise quantities and timing of any upcoming widespread stock dividends or share repurchases will be topic to many aspects, which includes our cash posture, monetary performance, capital impacts of strategic initiatives, sector circumstances, and regulatory and accounting things to consider, as very well as any other things that our Board of Directors deems pertinent in producing this sort of a dedication. As a result, there can be no assurance that we will repurchase shares or shell out any dividends to holders of our widespread inventory, or as to the total of any these kinds of repurchases or dividends. Further, statements about the outcomes of the COVID-19 pandemic and linked lockdowns on our small business, functions, fiscal effectiveness and potential clients may represent forward-seeking statements and are topic to the chance that the genuine impacts might differ, probably materially, from what is mirrored in those forward-hunting statements thanks to elements and long run developments that are unsure, unpredictable and in several circumstances beyond our handle, which includes the scope and duration of the pandemic, actions taken by governmental authorities in response to the pandemic, and the direct and oblique impression of the pandemic on our customers, third events and us.

Extra info about elements that could bring about actual final results to differ materially from those people explained in the ahead-wanting statements can be discovered underneath “Risk Factors” in our Annual Report on Variety 10-K for the 12 months finished December 31, 2019 and our Quarterly Report on Form 10-Q for the time period ending June 30, 2020.

CFG-IR

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Speak to: Media: Peter Lucht -781.655.2288

Traders:Kristin Silberberg – 203.900.6854

Keyword: UNITED STATES NORTH The united states RHODE ISLAND

Industry Key word: BANKING Professional Expert services FINANCE

Resource: Citizens Monetary Team, Inc.

Copyright Business enterprise Wire 2020.

PUB: 12/18/2020 06:33 PM/DISC: 12/18/2020 06:33 PM

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