Citizens Financial Group, Inc. Reports Second Quarter 2022 Net Income of

$364 millionand EPS of $0.67

Underlying Net Income of $595 million and EPS of $1.14*

	Key Financial Data	2Q22			1Q22			2Q21			Second Quarter 2022 Highlights
Income Statement	($s in millions)										■Investors Bancorp (“ISBC”) acquisition completed on April 6, 2022 ■Underlying EPS of $1.14 and ROTCE of 15.5% ■Underlying PPNR of $850 million, up 45% QoQ, includes ~$150 million contribution from the HSBC/ISBC transactions –NII up 31% QoQ given improved net interest margin and interest-earning asset growth, including HSBC/ISBC impacts –Underlying fees up 5% QoQ led by record results in Card, Wealth and FX and derivative products ■Excellent credit performance with NCOs of 13 bps down 6 bps QoQ ■Period-end loans up 19% and average loans up 19% QoQ; Excluding HSBC/ISBC impact, period-end loans up 4% and average loans up 3% QoQ ■Period-end and average LDR of 87%; liquidity position remains strong ■Strong positive underlying operating leverage QoQ of 11.7%; 6.3% excluding HSBC/ISBC –Underlying efficiency ratio improved to 58% ■Strong capital position with CET1 at 9.6% ■TBV/share of $29.14, down 6% QoQ
	Total revenue	$	1,999		$	1,645		$	1,609
	Pre-provision profit	694			539			618
	Underlying pre-provision profit	850			587			629
	Provision (benefit) for credit losses	216			3			(213)
	Underlying provision (benefit) for credit losses	71			(21)			(213)
	Net income	364			420			648
	Underlying net income	595			476			656
Balance Sheet & Credit Quality	($s in billions)
	Period-end loans and leases	$	156.2		$	131.3		$	122.6
	Average loans and leases	153.9			129.2			123.5
	Period-end deposits	178.9			158.8			150.6
	Average deposits	176.4			155.1			150.3
	Period-end loans-to-deposit ratio	87.3		%	82.7		%	81.4		%
	NCO ratio	0.13		%	0.19		%	0.25		%
Financial Metrics	Diluted EPS	$	0.67		$	0.93		$	1.44
	Underlying EPS	1.14			1.07			1.46
	ROTCE	9.1		%	11.4		%	17.5		%
	Underlying ROTCE	15.5			13.0			17.7
	Net interest margin, FTE	3.04			2.75			2.72
	Efficiency ratio	65			67			62
	Underlying efficiency ratio	58			64			61
	CET1	9.6		%	9.7		%	10.3		%
	TBV/Share	$	29.14		$	30.97		$	33.95

	Second Quarter 2022 Impacts	Pre-tax $		EPS
Notable Items	($s in millions except per share data)
	Integration related	$	(135)	$	(0.21)
	ISBC Day 1 CECL provision expense (“double count”)**	(145)		(0.22)
	Tax integration costs	—		(0.01)
	TOP revenue and efficiency initiatives	(21)		(0.03)
	Total:	$	(301)	$	(0.47)
**Day 1 CECL reserve for non-credit impaired loans acquired

Comments from Chairman and CEO Bruce Van Saun

“We were pleased to deliver strong results in the second quarter, which featured the completion of the Investors Bancorp acquisition,” said Chairman and CEO Bruce Van Saun. “We have navigated well through a period marked by higher than

*Results presented on an Underlying basis are non-GAAP Financial Measures. See page 16 for additional information on our use of Non-GAAP Financial Measures.

Citizens Financial Group, Inc.

expected inflation, and the Fed’s aggressiveness in raising short-term rates and tightening liquidity. Our capital, liquidity and funding position remains strong - we are funding attractive loan growth and have raised our dividend. Our fee businesses are proving to be diversified and resilient, and our credit metrics all remain very favorable. We look forward to continuing our momentum in the second half.”

Citizens also announced today that its board of directors declared a three cent, or 8%, increase in the quarterly common stock dividend to $0.42 per share. The dividend is payable on August 16, 2022 to shareholders of record at the close of business on August 2, 2022.

In addition, Citizens recently announced that its board of directors has authorized the Company to repurchase up to $1.0 billion of the Company’s common stock. This represents an increase of $545 million above the $455 million of capacity remaining under the prior $750 million January 2021 authorization.

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Citizens Financial Group, Inc.

Earnings highlights(1):

	Quarterly Trends
										2Q22 change from
($s in millions, except per share data)	2Q22			1Q22			2Q21			1Q22					2Q21
Earnings										$/bps			%		$/bps			%
Net interest income	$	1,505		$	1,147		$	1,124		$	358		31	%	$	381		34	%
Noninterest income	494			498			485			(4)			(1)		9			2
Total revenue	1,999			1,645			1,609			354			22		390			24
Noninterest expense	1,305			1,106			991			199			18		314			32
Pre-provision profit	694			539			618			155			29		76			12
Provision (benefit) for credit losses	216			3			(213)			213			NM		429			NM
Net income	364			420			648			(56)			(13)		(284)			(44)
Preferred dividends	32			24			32			8			33		—			—
Net income available to common stockholders	$	332		$	396		$	616		$	(64)		(16)	%	$	(284)		(46)	%
After-tax notable Items	231			56			8			175			NM		223			NM
Underlying net income	$	595		$	476		$	656		$	119		25	%	$	(61)		(9)	%
Underlying net income available to common stockholders	$	563		$	452		$	624		$	111		25	%	$	(61)		(10)	%
Average common shares outstanding
Basic (in millions)	491.5			422.4			425.9			69.1			16		65.5			15
Diluted (in millions)	493.3			424.7			427.6			68.6			16		65.7			15
Diluted earnings per share	$	0.67		$	0.93		$	1.44		$	(0.26)		(28)	%	$	(0.77)		(53)	%
Underlying diluted earnings per share	$	1.14		$	1.07		$	1.46		$	0.07		7	%	$	(0.32)		(22)	%
Performance metrics
Net interest margin	3.04		%	2.75		%	2.71		%	29		bps			33		bps
Net interest margin, FTE	3.04			2.75			2.72			29					32
Effective income tax rate	23.8			21.7			22.0			207					181
Efficiency ratio	65			67			62			(196)					364
Underlying efficiency ratio	58			64			61			(612)					(276)
Return on average common equity	5.9			7.7			11.9			(170)					(590)
Return on average tangible common equity	9.1			11.4			17.5			(223)					(837)
Underlying return on average tangible common equity	15.5			13.0			17.7			246					(229)
Return on average total assets	0.66			0.90			1.41			(24)					(75)
Return on average total tangible assets	0.69			0.94			1.46			(25)					(77)
Underlying return on average total tangible assets	1.12		%	1.06		%	1.48		%	6		bps			(36)		bps
Capital adequacy(2,3)
Common equity tier 1 capital ratio	9.6		%	9.7		%	10.3		%
Total capital ratio	12.3			12.5			13.5
Tier 1 leverage ratio	9.3			9.6			9.7
Allowance for credit losses to loans and leases	1.37		%	1.43		%	1.70		%	(6)		bps			(33)		bps
Asset quality(3)
Nonaccrual loans and leases to loans and leases	0.54		%	0.60		%	0.64		%	(6)		bps			(10)		bps
Allowance for credit losses to nonaccrual loans and leases	256			238			267			1,801					(1,094)
Net charge-offs as a % of average loans and leases	0.13		%	0.19		%	0.25		%	(6)		bps			(12)		bps

1) Unless otherwise noted, references to balance sheet items are on an average basis, loans exclude loans held for sale, earnings per share

represent fully diluted per common share and references to NIM are on a FTE basis.

2) Current reporting-period regulatory capital ratios are preliminary.

3) Capital adequacy and asset-quality ratios calculated on a period-end basis, except net charge-offs.

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Citizens Financial Group, Inc.

Notable items:

Quarterly results for first and second quarter 2022 and second quarter 2021 reflect notable items primarily related to integration costs associated with the acquisitions of HSBC, ISBC and JMP Group LLC, as well as TOP revenue and efficiency initiatives. In addition, first and second quarter 2022 results include notable items representing the day-one CECL provision expense ("double count") related to the HSBC and ISBC transactions. Second quarter 2022 results also include a notable item in noninterest income for a mark-to-market loss related to loans held for sale associated with the ISBC transaction. These notable items have been excluded from reported results to better reflect Underlying operating results.

Notable items - integration related	2Q22				1Q22				2Q21
($s in millions, except per share data)	Pre-tax		After-tax		Pre-tax		After-tax		Pre-tax		After-tax
Noninterest income	$	(31)	$	(23)	$	—	$	—	$	—	$	—
EPS Impact - Noninterest income			$	(0.05)			$	—			$	—
Salaries & benefits	$	(64)	$	(48)	$	(4)	$	(3)	$	—	$	—
Outside services	(35)		(26)		(28)		(21)		(2)		(1)
Other expense	(5)		(4)		(5)		(3)		—		—
Noninterest expense	$	(104)	$	(78)	$	(37)	$	(27)	$	(2)	$	(1)
EPS Impact - Noninterest expense			$	(0.16)			$	(0.07)			$	—
HSBC Day 1 CECL provision expense (“double count”)	$	—	$	—	$	(24)	$	(18)	$	—	$	—
ISBC Day 1 CECL provision expense (“double count”)	$	(145)	$	(108)	$	—	$	—	$	—	$	—
Provision for credit losses	$	(145)	$	(108)	$	(24)	$	(18)	$	—	$	—
EPS Impact - Provision for credit losses			$	(0.22)			$	(0.04)			$	—
Tax integration cost	$	—	$	(6)	$	—	$	—	$	—	$	—
EPS Impact - Tax integration cost			$	(0.01)			$	—			$	—
Total integration related	$	(280)	$	(215)	$	(61)	$	(45)	$	(2)	$	(1)
EPS Impact - Total integration related			$	(0.44)			$	(0.11)			$	—
Other notable items - TOP related	2Q22				1Q22				2Q21
($s in millions, except per share data)	Pre-tax		After-tax		Pre-tax		After-tax		Pre-tax		After-tax
Tax notable items	$	—	$	—	$	—	$	(3)	$	—	$	—
Other notable items- TOP & other actions
Salaries & benefits	$	(8)	$	(6)	$	(2)	$	(1)	$	—	$	—
Equipment and software	(6)		(4)		(2)		(2)		(4)		(3)
Outside services	(6)		(5)		(7)		(5)		(2)		(2)
Occupancy	(1)		(1)		—		—		(3)		(2)
Noninterest expense	$	(21)	$	(16)	$	(11)	$	(8)	$	(9)	$	(7)
Total Other Notable Items	$	(21)	$	(16)	$	(11)	$	(11)	$	(9)	$	(7)
EPS Impact - Other Notable Items			$	(0.03)			$	(0.03)			$	(0.02)
Total Notable Items	$	(301)	$	(231)	$	(72)	$	(56)	$	(11)	$	(8)
Total EPS Impact			$	(0.47)			$	(0.14)			$	(0.02)

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Citizens Financial Group, Inc.

The following table provides information on Underlying results which exclude the impact of notable items.

Underlying results:

	Quarterly Trends
										2Q22 change from
($s in millions, except per share data)	2Q22			1Q22			2Q21			1Q22					2Q21
										$/bps			%		$/bps			%
Net interest income	$	1,505		$	1,147		$	1,124		$	358		31	%	$	381		34	%
Noninterest income	525			498			485			27			5		40			8
Total revenue	$	2,030		$	1,645		$	1,609		$	385		23	%	$	421		26	%
Noninterest expense	$	1,180		$	1,058		$	980		$	122		12	%	$	200		20	%
Provision (benefit) for credit losses	71			(21)			(213)			92			NM		284			133
Net income available to common stockholders	$	563		$	452		$	624		$	111		25	%	$	(61)		(10)	%
Performance metrics
EPS	$	1.14		$	1.07		$	1.46		$	0.07		7	%	$	(0.32)		(22)	%
Efficiency ratio	58		%	64		%	61		%	(612)		bps			(276)		bps
Return on average tangible common equity	15.5		%	13.0		%	17.7		%	246		bps			(229)		bps
Operating leverage													11.7	%				5.7	%

Consolidated balance sheet review(1):

										2Q22 change from
($s in millions)	2Q22			1Q22			2Q21			1Q22					2Q21
										$/bps			%		$/bps			%
Total assets	$	226,712		$	192,097		$	185,104		$	34,615		18	%	$	41,608		22	%
Total loans and leases	156,172			131,305			122,581			24,867			19		33,591			27
Total loans held for sale	3,455			1,816			3,698			1,639			90		(243)			(7)
Deposits	178,925			158,776			150,636			20,149			13		28,289			19
Stockholders' equity	24,328			22,074			23,199			2,254			10		1,129			5
Stockholders' common equity	22,314			20,060			21,185			2,254			11		1,129			5
Tangible common equity	$	14,444		$	13,100		$	14,466		$	1,344		10	%	$	(22)		—	%
Loans-to-deposit ratio (period-end)(2)	87.3		%	82.7		%	81.4		%	458		bps			590		bps
Loans-to-deposit ratio (average)(2)	87.2		%	83.3		%	82.1		%	396		bps			510		bps
1) Represents period end unless otherwise noted.
2) Excludes loans held for sale.

5

Citizens Financial Group, Inc.

Discussion of results:

Net interest income										2Q22 change from
($s in millions)	2Q22			1Q22			2Q21			1Q22					2Q21
										$/bps			%		$/bps			%
Interest income:
Interest and fees on loans and leases and loans held for sale	$	1,412		$	1,071		$	1,084		$	341		32	%	$	328		30	%
Investment securities	201			138			124			63			46		77			62
Interest-bearing deposits in banks	13			4			3			9			225		10			NM
Total interest income	$	1,626		$	1,213		$	1,211		$	413		34	%	$	415		34	%
Interest expense:
Deposits	$	54		$	25		$	42		$	29		116	%	$	12		29	%
Short-term borrowed funds	10			—			—			10			100		10			100
Long-term borrowed funds	57			41			45			16			39		12			27
Total interest expense	$	121		$	66		$	87		$	55		83	%	$	34		39	%
Net interest income	$	1,505		$	1,147		$	1,124		$	358		31	%	$	381		34	%
Net interest margin, FTE	3.04		%	2.75		%	2.72		%	29		bps			32		bps

Second quarter 2022 vs. first quarter 2022

Net interest income of $1.5 billion increased 31%, reflecting a higher net interest margin and 17% growth in interest-earning assets, including the impact of the HSBC and ISBC transactions.

•Net interest margin of 3.04% increased 29 basis points, reflecting higher earning-asset yields given higher market interest rates and the impact of the HSBC and ISBC transactions, partially offset by increased funding costs.

Second quarter 2022 vs. second quarter 2021

Net interest income of $1.5 billion increased 34%, reflecting a higher net interest margin and 19% growth in interest-earning assets, including the impact of the HSBC and ISBC transactions.

•Net interest margin of 3.04% increased 32 basis points, reflecting higher earning-asset yields given higher market interest rates, the impact of the HSBC and ISBC transactions and the deployment of cash into loan growth, partially offset by increased funding costs.

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Citizens Financial Group, Inc.

Noninterest Income							2Q22 change from
($s in millions)	2Q22		1Q22		2Q21		1Q22				2Q21
							$		%		$		%
Capital markets fees	$	88	$	93	$	91	$	(5)	(5)	%	$	(3)	(3)	%
Service charges and fees	108		98		100		10		10		8		8
Mortgage banking fees	72		69		85		3		4		(13)		(15)
Card fees	71		60		64		11		18		7		11
Trust and investment services fees	66		61		60		5		8		6		10
Letter of credit and loan fees	40		38		38		2		5		2		5
Foreign exchange and derivative products	60		51		28		9		18		32		114
Securities gains, net	1		4		3		(3)		(75)		(2)		(67)
Other income(1)	(12)		24		16		(36)		NM		(28)		NM
Noninterest income	$	494	$	498	$	485	$	(4)	(1)	%	$	9	2	%
Notable items	$	(31)	$	—	$	—	$	(31)	(100)		$	(31)	(100)
Underlying noninterest income	$	525	$	498	$	485	$	27	5	%	$	40	8	%
1) Includes bank-owned life insurance income and other miscellaneous income for all periods presented.

Second quarter 2022 vs. first quarter 2022

Underlying noninterest income of $525 million increased $27 million, or 5%. Excluding the HSBC and ISBC transactions, Underlying noninterest income increased $11 million, or 2%.

•Capital markets fees decreased $5 million, reflecting lower loan syndication revenue, partially offset by improved M&A advisory fees.

•Service charges and fees increased $10 million, primarily due to the impact of the HSBC and ISBC transactions.

•Mortgage banking fees increased $3 million, reflecting higher mortgage servicing revenue partly offset by lower production fees related to lower volumes and slightly lower gain-on-sale margins.

•Record card fees increased $11 million reflecting seasonally higher transaction volumes.

•Record trust and investment services fees increased $5 million, driven by customer flows into annuity products given higher rates.

•Record foreign exchange and derivative products revenue increased $9 million, driven by increased client foreign exchange hedging activity, partially offset by lower interest rate and commodities hedging.

•Other income includes a notable item of $31 million related to mark-to-market losses on ISBC loans classified as held-for-sale. On an Underlying basis, other income decreased $5 million.

Second quarter 2022 vs. second quarter 2021

Underlying noninterest income of $525 million increased $40 million, or 8%. Excluding the HSBC and ISBC transactions, Underlying noninterest income increased $24 million, or 5%.

•Capital markets fees decreased $3 million, reflecting lower bond underwriting fees, partially offset by higher M&A advisory fees.

•Service charges and fees increased $8 million, reflecting the impact of the HSBC and ISBC transactions.

•Mortgage banking fees decreased $13 million, driven by lower gain-on-sale margins and production volumes, partially offset by higher servicing revenue.

•Record card fees increased $7 million, driven by higher debit and credit card volumes.

•Record trust and investment services fees increased $6 million, reflecting higher annuity and management fees.

7

Citizens Financial Group, Inc.

•Record foreign exchange and derivative products revenue increased $32 million reflecting increased client activity across foreign exchange, interest rate and commodity products.

•Excluding the notable item, on an Underlying basis other income increased $3 million.

8

Citizens Financial Group, Inc.

Noninterest Expense							2Q22 change from
($s in millions)	2Q22		1Q22		2Q21		1Q22				2Q21
							$		%		$		%
Salaries and employee benefits	$	683	$	594	$	524	$	89	15	%	$	159	30	%
Equipment and software	169		150		155		19		13		14		9
Outside services	189		169		137		20		12		52		38
Occupancy	111		83		82		28		34		29		35
Other operating expense	153		110		93		43		39		60		65
Noninterest expense	$	1,305	$	1,106	$	991	$	199	18	%	$	314	32	%
Notable items	$	125	$	48	$	11	$	77	160	%	$	114	NM
Underlying, as applicable
Salaries and employee benefits	$	611	$	588	$	524	$	23	4	%	$	87	17	%
Equipment and software	163		148		151		15		10		12		8
Outside services	148		134		133		14		10		15		11
Occupancy	110		83		79		27		33		31		39
Other operating expense	148		105		93		43		41		55		59
Underlying noninterest expense	$	1,180	$	1,058	$	980	$	122	12	%	$	200	20	%

Second quarter 2022 vs. first quarter 2022

Underlying noninterest expense of $1.2 billion was up 12%. Underlying noninterest expense for second quarter 2022 includes $128 million tied to the HSBC and ISBC transactions. Excluding the HSBC and ISBC transactions, Underlying noninterest expense increased 1% reflecting an increase in advertising costs and investment spend, largely offset by seasonally lower compensation expense. Results reflect strong expense discipline and the benefit of efficiency initiatives.

The effective tax rate was 23.8%, up from 21.7% in the first quarter 2022 primarily driven by ISBC integration related tax expense.

Second quarter 2022 vs. second quarter 2021

Underlying noninterest expense of $1.2 billion remains well-controlled. On an Underlying basis and excluding the HSBC and ISBC transactions, and the Commercial fee-based acquisitions that closed after second quarter 2021, noninterest expense increased 4% reflecting higher salaries and employee benefits, as well as higher other operating expenses, namely FDIC insurance, travel and advertising costs, partially offset by the benefit of efficiency initiatives.

The effective tax rate of 23.8% up from 22.0% in second quarter 2021 primarily driven by ISBC integration related tax expense.

9

Citizens Financial Group, Inc.

Interest-earning assets							2Q22 change from
($s in millions)	2Q22		1Q22		2Q21		1Q22				2Q21
Period-end interest-earning assets							$		%		$		%
Investments	$	35,828	$	28,116	$	27,976	$	7,712	27	%	$	7,852	28	%
Interest-bearing deposits in banks	5,527		9,398		12,007		(3,871)		(41)		(6,480)		(54)
Commercial loans and leases	81,445		61,521		59,083		19,924		32		22,362		38
Retail loans	74,727		69,784		63,498		4,943		7		11,229		18
Total loans and leases	156,172		131,305		122,581		24,867		19		33,591		27
Loans held for sale, at fair value	1,377		1,717		3,616		(340)		(20)		(2,239)		(62)
Other loans held for sale	2,078		99		82		1,979		NM		1,996		NM
Total loans and leases and loans held for sale	159,627		133,121		126,279		26,506		20		33,348		26
Total period-end interest-earning assets	$	200,982	$	170,635	$	166,262	$	30,347	18	%	$	34,720	21	%
Average interest-earning assets
Investments	$	35,903	$	29,247	$	27,600	$	6,656	23	%	$	8,303	30	%
Interest-bearing deposits in banks	4,630		8,055		11,259		(3,425)		(43)		(6,629)		(59)
Commercial loans and leases	79,684		60,573		60,653		19,111		32		19,031		31
Retail loans	74,170		68,581		62,837		5,589		8		11,333		18
Total loans and leases	153,854		129,154		123,490		24,700		19		30,364		25
Loans held for sale, at fair value	1,937		2,366		3,751		(429)		(18)		(1,814)		(48)
Other loans held for sale	2,353		454		233		1,899		NM		2,120		NM
Total loans and leases and loans held for sale	158,144		131,974		127,474		26,170		20		30,670		24
Total average interest-earning assets	$	198,677	$	169,276	$	166,333	$	29,401	17	%	$	32,344	19	%

Second quarter 2022 vs. first quarter 2022

Period-end interest-earning assets of $201.0 billion increased $30.3 billion, or 18%, as a $24.9 billion increase in loans and leases and a $7.7 billion increase in investments was partially offset by a $3.9 billion decrease in cash held in interest-bearing deposits. Loan growth of 19% was driven by the impact of the ISBC transaction. Excluding the impact of the HSBC and ISBC transactions, loan growth was 4% with 6% growth in commercial and 1% growth in retail.

Average interest-earning assets of $198.7 billion increased $29.4 billion, or 17%, as a $24.7 billion increase in loans and a $6.7 billion increase in investments was partly offset by a $3.4 billion decrease in cash held in interest-bearing deposits. Loan growth of 19% was primarily driven by the impact of the ISBC transaction. Excluding the impact of the HSBC and ISBC transactions, average loan growth was 3% with 5% growth in commercial, led by C&I, and 1% growth in retail.

The average effective duration of the securities portfolio was 5.7 years compared with 5.3 years at March 31, 2022 and 3.6 years at June 30, 2021.

Second quarter 2022 vs. second quarter 2021

Period-end interest-earning assets of $201.0 billion increased $34.7 billion, or 21%, as a $33.6 billion increase in loans and a $7.9 billion increase in investments was partly offset by a $6.5 billion decrease in cash held in interest-bearing deposits reflecting the partial deployment of elevated liquidity. Excluding the impact of the HSBC and ISBC transactions, loan growth was 10% with 11% growth in commercial, led by C&I, and 9% growth in retail given strength in mortgage, auto and home equity, partially offset by planned run off of personal unsecured installment loans.

Average interest-earning assets of $198.7 billion increased $32.3 billion, or 19%, as a $30.4 billion increase in loans and an $8.3 billion increase in investments was partly offset by a $6.6 billion decrease in cash held in interest-bearing deposits reflecting the partial deployment of elevated liquidity. Excluding the impact of the HSBC and ISBC transactions, loan growth was 7%, led by 9% growth in retail, with strength in mortgage, auto, home equity, partially offset by planned run off of personal unsecured installment loans. Commercial loans increased 5%, as underlying growth in C&I was partially offset by a $4.3 billion decrease in PPP loans. Excluding the HSBC and ISBC transactions and PPP impact, average commercial loan growth was 13% led by C&I.

10

Citizens Financial Group, Inc.

Deposits							2Q22 change from
($s in millions)	2Q22		1Q22		2Q21		1Q22				2Q21
Period-end deposits							$		%		$		%
Demand	$	54,169	$	50,113	$	47,480	$	4,056	8	%	$	6,689	14	%
Money market	48,063		45,342		48,150		2,721		6		(87)		—
Checking with interest	39,611		32,417		28,074		7,194		22		11,537		41
Savings	27,959		26,104		20,382		1,855		7		7,577		37
Term	9,123		4,800		6,550		4,323		90		2,573		39
Total period-end deposits	$	178,925	$	158,776	$	150,636	$	20,149	13	%	$	28,289	19	%
Average deposits
Demand	$	54,189	$	48,641	$	46,630	$	5,548	11	%	$	7,559	16	%
Money market	48,795		47,220		49,394		1,575		3		(599)		(1)
Checking with interest	38,747		30,417		27,278		8,330		27		11,469		42
Savings	27,661		23,835		20,077		3,826		16		7,584		38
Term	6,970		4,970		6,970		2,000		40		—		—
Total average deposits	$	176,362	$	155,083	$	150,349	$	21,279	14	%	$	26,013	17	%

Second quarter 2022 vs. first quarter 2022

Total period-end deposits of $178.9 billion were up 13%, driven by the addition of $19.8 billion of deposits from the ISBC transaction. Excluding the HSBC and ISBC transactions, deposits were up slightly.

Average deposits of $176.4 billion were up 14%, including $26.4 billion of deposits from the HSBC and ISBC transactions. Excluding these transactions, deposits of $149.9 billion were down 1% primarily given a decline in money market accounts largely offset by an increase in checking with interest and savings.

Second quarter 2022 vs. second quarter 2021

Total period-end deposits of $178.9 billion increased$28.3 billion, or 19%, driven by the $25.8 billion impact of the HSBC and ISBC transactions. Excluding these transactions, deposits are up 2% with growth in checking with interest and savings largely offset by a decrease in money market accounts.

Average deposits of $176.4 billion increased$26.0 billion, or 17%, including the $26.4 billion impact of the HSBC and ISBC transactions. Excluding these transactions, deposits were broadly stable, with growth in checking with interest, savings and demand, offset by decreases in money market accounts and term.

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Citizens Financial Group, Inc.

Borrowed Funds							2Q22 change from
($s in millions)	2Q22		1Q22		2Q21		1Q22				2Q21
Period-end borrowed funds							$		%		$		%
Short-term borrowed funds	$	3,763	$	25	$	62	$	3,738	NM		$	3,701	NM
Long-term borrowed funds
FHLB advances	8,269		20		18		8,249		NM		8,251		NM
Senior debt	4,176		4,290		5,357		(114)		(3)		(1,181)		(22)
Subordinated debt and other debt	1,995		1,584		1,582		411		26		413		26
Total borrowed funds	$	18,203	$	5,919	$	7,019	$	12,284	208	%	$	11,184	159	%
Average borrowed funds
Short-term borrowed funds	$	3,995	$	29	$	69	$	3,966	NM		$	3,926	NM
Long-term borrowed funds
FHLB advances	4,437		20		18		4,417		NM		4,419		NM
Senior debt	4,022		4,461		5,834		(439)		(10)		(1,812)		(31)
Subordinated debt and other debt	1,763		1,585		1,582		178		11		181		11
Total average borrowed funds	$	14,217	$	6,095	$	7,503	$	8,122	133	%	$	6,714	89	%

Second quarter 2022 vs. first quarter 2022

•Period-end borrowed funds increased by $12.3 billion, primarily given an increase in long-term and short-term FHLB advances. Average borrowed funds increased by $8.1 billion, incorporating FHLB borrowings related to the ISBC balance sheet, strong commercial loan demand and securities growth.

Second quarter 2022 vs. second quarter 2021

•Period-end borrowed funds increased by $11.2 billion, given an increase in long-term and short-term FHLB advances and subordinated debt, partly offset by a decrease in senior debt. Average borrowed funds increased by $6.7 billion given an increase in long-term and short-term FHLB advances, partly offset by a decrease in senior debt.

12

Citizens Financial Group, Inc.

Capital										2Q22 change from
($s and shares in millions, except per share data)	2Q22			1Q22			2Q21			1Q22				2Q21
Period-end capital										$		%		$		%
Stockholders' equity	$	24,328		$	22,074		$	23,199		$	2,254	10	%	$	1,129	5	%
Stockholders' common equity	22,314			20,060			21,185			2,254		11		1,129		5
Tangible common equity	14,444			13,100			14,466			1,344		10		(22)		—
Tangible book value per common share	$	29.14		$	30.97		$	33.95		$	(1.83)	(6)	%	$	(4.81)	(14)	%
Common shares - at end of period	495.7			423.0			426.1			72.6		17		69.6		16
Common shares - average (diluted)	493.3			424.7			427.6			68.6		16	%	65.7		15	%
Common equity tier 1 capital ratio(1)	9.6		%	9.7		%	10.3		%
Total capital ratio(1)	12.3			12.5			13.5
Tier 1 leverage ratio(1)	9.3		%	9.6		%	9.7		%
1) Current reporting-period regulatory capital ratios are preliminary.

Second quarter 2022

•The CET1 capital ratio was 9.6% as of June 30, 2022 compared with 9.7% at March 31, 2022 and 10.3% at June 30, 2021.

•Total capital ratio of 12.3% compares with 12.5% at March 31, 2022 and 13.5% as of June 30, 2021.

•Tangible book value per common share of $29.14 decreased 6% compared with first quarter 2022, primarily driven by the impact of higher long-term rates on accumulated other comprehensive income.

•Citizens paid $195 million in common dividends to shareholders during second quarter 2022. This compares with $165 million in common dividends during first quarter 2022 and $168 million during second quarter 2021.

13

Citizens Financial Group, Inc.

Credit quality review										2Q22 change from
($s in millions)	2Q22			1Q22			2Q21			1Q22					2Q21
										$/bps			%		$/bps			%
Nonaccrual loans and leases(1)	$	839		$	789		$	779		$	50		6	%	$	60		8	%
90+ days past due and accruing(2)	712			826			280			(114)			(14)		432			154
Net charge-offs	49			59			78			(10)			(17)		(29)			(37)
Provision (benefit) for credit losses	216			3			(213)			213			NM		429			NM
Allowance for credit losses	$	2,147		$	1,878		$	2,081		$	269		14	%	66			3	%
Nonaccrual loans and leases to loans and leases	0.54		%	0.60		%	0.64		%	(6)		bps			(10)		bps
Net charge-offs as a % of total loans and leases	0.13			0.19			0.25			(6)					(12)
Allowance for credit losses to loans and leases	1.37			1.43			1.70			(6)					(33)
Allowance for credit losses to nonaccrual loans and leases	256.0		%	238.0		%	267.0		%	1,801		bps			(1,094)		bps
1)Loans fully or partially guaranteed by the FHA, VA and USDA are classified as accruing.
2) 90+ days past due and accruing includes $623 million, $792 million, and $266 million of loans fully or partially guaranteed by the FHA, VA, and USDA for June 30, 2022, March 31, 2022, and June 30, 2021, respectively.

Second quarter 2022 vs. first quarter 2022

•The nonaccrual loans to total loans ratio of 0.54% is down from 0.60% at March 31, 2022 largely tied to a decline in commercial.

•Nonaccrual loans of $839 million increased $50 million, or 6%, largely reflecting the incorporation of ISBC, partly offset by improvements in the legacy Citizens portfolio.

•Net charge-offs of $49 million, or 13 basis points of average loans and leases, were down 6 basis points from the prior quarter.

•The second quarter 2022 provision for credit losses of $216 million includes a $145 million day-one CECL provision expense (“double count”) for the ISBC transaction. Underlying provision for credit losses of $71 million reflects the continuing strong credit performance across retail and commercial. The first quarter 2022 provision for credit losses of $3 million includes a $24 million day-one CECL provision expense (“double count”) tied to the HSBC transaction.

•Allowance for credit losses ratio of 1.37% compares with 1.43% as of March 31, 2022. The second quarter 2022 ratio reflects a reserve increase of $269 million, of which approximately $247 million relates to the ISBC transaction, including $145 million related to the CECL double count.

•The allowance for credit losses to nonaccrual loans and leases ratio of 256% compares with 238% as of March 31, 2022.

Second quarter 2022 vs. second quarter 2021

•The nonaccrual loans to total loans ratio of 0.54% decreased from 0.64% at June 30, 2021 largely tied to a decline in commercial.

•Nonaccrual loans increased $60 million, or 8%, largely reflecting the incorporation of ISBC, partly offset by improvements in the legacy Citizens portfolio.

•Net charge-offs of $49 million decreased $29 million reflecting a $31 million decrease in commercial, and a $2 million increase in retail.

•Net charge-offs of 13 basis points of average loans and leases compares with25 basis points in second quarter 2021.

•Underlying provision for credit losses of $71 million compares with a $213 million benefit in second quarter 2021.

•Allowance for credit losses of $2.1 billion was stable with June 30, 2021. Allowance for credit losses ratio of 1.37% as of June 30, 2022, compares with 1.70% as of June 30, 2021.

•The allowance for credit losses to nonaccrual loans and leases ratio of 256% compares with 267% as of June 30, 2021.

14

Citizens Financial Group, Inc.

Corresponding Financial Tables and Information

Investors are encouraged to review the foregoing summary and discussion of Citizens’ earnings and financial condition in conjunction with the detailed financial tables and other information available on the Investor Relations portion of the company’s website at www.citizensbank.com/about-us.

Media:    Peter Lucht - 781.655.2289

Investors: Kristin Silberberg - 203.900.6854

Conference Call

CFG management will host a live conference call today with details as follows:

Time:    9:00 am ET

Dial-in: (844) 867-6169, conference ID 5718484

Webcast/Presentation: The live webcast will be available at http://investor.citizensbank.com under Events & Presentations.

Replay Information: A replay of the conference call will be available beginning at 12:00 pm ET on July 19, 2022 through August 19, 2022. Please dial (866) 207-1041 and enter access code 3973803. The webcast replay will be available at http://investor.citizensbank.com under Events & Presentations.

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $226.7 billion in assets as of June 30, 2022. 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 3,300 ATMs and more than 1,200 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 www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.

15

Citizens Financial Group, Inc.

Non-GAAP Financial Measures and Reconciliations

Non-GAAP Financial Measures:

This document contains non-GAAP financial measures denoted as Underlying results, excluding HSBC and ISBC, excluding acquisitions and excluding PPP. Underlying results for any given reporting period exclude certain items that may occur in that period which Management does not consider indicative of the Company’s on-going financial performance. We believe these non-GAAP financial measures provide useful information to investors because they are used by our Management to evaluate our operating performance and make day-to-day operating decisions. In addition, we believe our Underlying results in any given reporting period reflect our on-going financial performance in that period and, accordingly, are useful to consider in addition to our GAAP financial results. We further believe the presentation of Underlying results increases comparability of period-to-period results. See the following pages for reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures.

Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Accordingly, our non-GAAP financial measures may not be comparable to similar measures used by such companies. We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP measures. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our results reported under GAAP.

16

Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations

(in millions, except share, per-share and ratio data)

		QUARTERLY TRENDS
					2Q22 Change
		2Q22	1Q22	2Q21	1Q22			2Q21
					$	%		$	%
Noninterest income, Underlying:
Noninterest income (GAAP)		$494	$498	$485	($4)	(1	%)	$9	2	%
Less: Notable items		(31)	—	—	(31)	(100)		(31)	(100)
Noninterest income, Underlying (non-GAAP)		$525	$498	$485	$27	5	%	$40	8	%
Total revenue, Underlying:
Total revenue (GAAP)	A	$1,999	$1,645	$1,609	$354	22	%	$390	24	%
Less: Notable items		(31)	—	—	(31)	(100)		(31)	(100)
Total revenue, Underlying (non-GAAP)	B	$2,030	$1,645	$1,609	$385	23	%	$421	26	%
Noninterest expense, Underlying:
Noninterest expense (GAAP)	C	$1,305	$1,106	$991	$199	18	%	$314	32	%
Less: Notable items		125	48	11	77	160		114	NM
Noninterest expense, Underlying (non-GAAP)	D	$1,180	$1,058	$980	$122	12	%	$200	20	%
Pre-provision profit:
Total revenue (GAAP)	A	$1,999	$1,645	$1,609	$354	22	%	$390	24	%
Less: Noninterest expense (GAAP)	C	1,305	1,106	991	199	18		314	32
Pre-provision profit (GAAP)		$694	$539	$618	$155	29	%	$76	12	%
Pre-provision profit, Underlying:
Total revenue, Underlying (non-GAAP)	B	$2,030	$1,645	$1,609	$385	23	%	$421	26	%
Less: Noninterest expense, Underlying (non-GAAP)	D	1,180	1,058	980	122	12		200	20
Pre-provision profit, Underlying (non-GAAP)		$850	$587	$629	$263	45	%	$221	35	%
Provision (benefit) for credit losses, Underlying:
Provision (benefit) for credit losses (GAAP)		$216	$3	($213)	$213	NM		$429	NM
Less: Notable items		145	24	—	121	NM		145	100
Provision (benefit) for credit losses, Underlying (non-GAAP)		$71	($21)	($213)	$92	NM		$284	133	%
Income before income tax expense, Underlying:
Income before income tax expense (GAAP)	E	$478	$536	$831	($58)	(11	%)	($353)	(42	%)
Less: Expense before income tax benefit related to notable items		(301)	(72)	(11)	(229)	NM		(290)	NM
Income before income tax expense, Underlying (non-GAAP)	F	$779	$608	$842	$171	28	%	($63)	(7	%)
Income tax expense, Underlying:
Income tax expense (GAAP)	G	$114	$116	$183	($2)	(2	%)	($69)	(38	%)
Less: Income tax benefit related to notable items		(70)	(16)	(3)	(54)	NM		(67)	NM
Income tax expense, Underlying (non-GAAP)	H	$184	$132	$186	$52	39	%	($2)	(1	%)
Net income, Underlying:
Net income (GAAP)	I	$364	$420	$648	($56)	(13	%)	($284)	(44	%)
Add: Notable items, net of income tax benefit		231	56	8	175	NM		223	NM
Net income, Underlying (non-GAAP)	J	$595	$476	$656	$119	25	%	($61)	(9	%)
Net income available to common stockholders, Underlying:
Net income available to common stockholders (GAAP)	K	$332	$396	$616	($64)	(16	%)	($284)	(46	%)
Add: Notable items, net of income tax benefit		231	56	8	175	NM		223	NM
Net income available to common stockholders, Underlying (non-GAAP)	L	$563	$452	$624	$111	25	%	($61)	(10	%)

17

Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations (continued)

(in millions, except share, per-share and ratio data)

		QUARTERLY TRENDS
								2Q22 Change
		2Q22		1Q22		2Q21		1Q22				2Q21
								$/bps		%		$/bps		%
Operating leverage:
Total revenue (GAAP)	A	$1,999		$1,645		$1,609		$354		21.59	%	$390		24.24	%
Less: Noninterest expense (GAAP)	C	1,305		1,106		991		199		18.05		314		31.58
Operating leverage										3.54	%			(7.34	%)
Operating leverage, Underlying:
Total revenue, Underlying (non-GAAP)	B	$2,030		$1,645		$1,609		$385		23.48	%	$421		26.18	%
Less: Noninterest expense, Underlying (non-GAAP)	D	1,180		1,058		980		122		11.74		200		20.47
Operating leverage, Underlying (non-GAAP)										11.74	%			5.71	%
Efficiency ratio and efficiency ratio, Underlying:
Efficiency ratio	C/A	65.27	%	67.23	%	61.63	%	(196)	bps			364	bps
Efficiency ratio, Underlying (non-GAAP)	D/B	58.16		64.28		60.92		(612)	bps			(276)	bps
Effective income tax rate and effective income tax rate, Underlying:
Effective income tax rate	G/E	23.77	%	21.70	%	21.96	%	207	bps			181	bps
Effective income tax rate, Underlying (non-GAAP)	H/F	23.69		21.70		22.01		199	bps			168	bps
Return on average common equity and return on average common equity, Underlying:
Average common equity (GAAP)	M	$22,383		$20,981		$20,833		$1,402		7	%	$1,550		7	%
Return on average common equity	K/M	5.95	%	7.65	%	11.85	%	(170)	bps			(590)	bps
Return on average common equity, Underlying (non-GAAP)	L/M	10.06		8.75		12.02		131	bps			(196)	bps
Return on average tangible common equity and return on average tangible common equity, Underlying:
Average common equity (GAAP)	M	$22,383		$20,981		$20,833		$1,402		7	%	$1,550		7	%
Less: Average goodwill (GAAP)		8,015		7,156		7,050		859		12		965		14
Less: Average other intangibles (GAAP)		213		80		53		133		166		160		NM
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		416		383		381		33		9		35		9
Average tangible common equity	N	$14,571		$14,128		$14,111		$443		3	%	$460		3	%
Return on average tangible common equity	K/N	9.13	%	11.36	%	17.50	%	(223)	bps			(837)	bps
Return on average tangible common equity, Underlying (non-GAAP)	L/N	15.45		12.99		17.74		246	bps			(229)	bps
Return on average total assets and return on average total assets, Underlying:
Average total assets (GAAP)	O	$220,967		$188,317		$184,456		$32,650		17	%	$36,511		20	%
Return on average total assets	I/O	0.66	%	0.90	%	1.41	%	(24)	bps			(75)	bps
Return on average total assets, Underlying (non-GAAP)	J/O	1.08		1.03		1.43		5	bps			(35)	bps
Return on average total tangible assets and return on average total tangible assets, Underlying:
Average total assets (GAAP)	P	$220,967		$188,317		$184,456		$32,650		17	%	$36,511		20	%
Less: Average goodwill (GAAP)		8,015		7,156		7,050		859		12		965		14
Less: Average other intangibles (GAAP)		213		80		53		133		166		160		NM
Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP)		416		383		381		33		9		35		9
Average tangible assets	Q	$213,155		$181,464		$177,734		$31,691		17	%	$35,421		20	%
Return on average total tangible assets	I/Q	0.69	%	0.94	%	1.46	%	(25)	bps			(77)	bps
Return on average total tangible assets, Underlying (non-GAAP)	J/Q	1.12		1.06		1.48		6	bps			(36)	bps

18

Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations (continued)

(in millions, except share, per-share and ratio data)

		QUARTERLY TRENDS
					2Q22 Change
		2Q22	1Q22	2Q21	1Q22			2Q21
					$/bps	%		$/bps	%
Tangible book value per common share:
Common shares - at period-end (GAAP)	R	495,650,259	423,031,985	426,083,143	72,618,274	17	%	69,567,116	16	%
Common stockholders' equity (GAAP)		$22,314	$20,060	$21,185	$2,254	11		$1,129	5
Less: Goodwill (GAAP)		8,081	7,232	7,050	849	12		1,031	15
Less: Other intangible assets (GAAP)		211	115	52	96	83		159	NM
Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP)		422	387	383	35	9		39	10
Tangible common equity	S	$14,444	$13,100	$14,466	$1,344	10	%	($22)	—	%
Tangible book value per common share	S/R	$29.14	$30.97	$33.95	($1.83)	(6	%)	($4.81)	(14	%)
Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying:
Average common shares outstanding - basic (GAAP)	T	491,497,026	422,401,747	425,948,706	69,095,279	16	%	65,548,320	15	%
Average common shares outstanding - diluted (GAAP)	U	493,296,114	424,670,871	427,561,572	68,625,243	16		65,734,542	15
Net income per average common share - basic (GAAP)	K/T	$0.68	$0.94	$1.45	($0.26)	(28)		($0.77)	(53)
Net income per average common share - diluted (GAAP)	K/U	0.67	0.93	1.44	(0.26)	(28)		(0.77)	(53)
Net income per average common share - basic, Underlying (non-GAAP)	L/T	1.14	1.07	1.47	0.07	7		(0.33)	(22)
Net income per average common share - diluted, Underlying (non-GAAP)	L/U	1.14	1.07	1.46	0.07	7		(0.32)	(22)

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Citizens Financial Group, Inc.

Non-GAAP financial measures and reconciliations (continued)

(in millions, except share, per-share and ratio data)

	QUARTERLY TRENDS
				2Q22 Change
	2Q22	1Q22	2Q21	1Q22			2Q21
				$/bps	%		$/bps	%
Other income, Underlying:
Other income (GAAP)	($12)	$24	$16	($36)	NM		($28)	NM
Less: Notable items	(31)	—	—	(31)	(100)		(31)	(100)
Other income, Underlying (non-GAAP)	$19	$24	$16	($5)	(21)		$3	19	%
Salaries and employee benefits, Underlying:
Salaries and employee benefits (GAAP)	$683	$594	$524	$89	15	%	$159	30	%
Less: Notable items	72	6	—	66	NM		72	100
Salaries and employee benefits, Underlying (non-GAAP)	$611	$588	$524	$23	4	%	$87	17	%
Equipment and software, Underlying:
Equipment and software(GAAP)	$169	$150	$155	$19	13	%	$14	9	%
Less: Notable items	6	2	4	4	200		2	50
Equipment and software, Underlying (non-GAAP)	$163	$148	$151	$15	10	%	$12	8	%
Outside services, Underlying:
Outside services (GAAP)	$189	$169	$137	$20	12	%	$52	38	%
Less: Notable items	41	35	4	6	17		37	NM
Outside services, Underlying (non-GAAP)	$148	$134	$133	$14	10	%	$15	11	%
Occupancy, Underlying:
Occupancy (GAAP)	$111	$83	$82	$28	34	%	$29	35	%
Less: Notable items	1	—	3	1	100		(2)	(67)
Occupancy, Underlying (non-GAAP)	$110	$83	$79	$27	33	%	$31	39	%
Other operating expense, Underlying:
Other operating expense (GAAP)	$153	$110	$93	$43	39	%	$60	65	%
Less: Notable items	5	5	—	—	—		5	100
Other operating expense, Underlying (non-GAAP)	$148	$105	$93	$43	41	%	$55	59	%

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Citizens Financial Group, Inc.

Non-GAAP measures and reconciliations - excluding the impact of HSBC & ISBC Acquisitions and PPP loans

(in millions, except ratio data)

		QUARTERLY TRENDS
					2Q22 Change
		2Q22	1Q22	2Q21	1Q22		2Q21
					$/bps	%	$/bps	%
Average Commercial Loans, excluding HSBC, ISBC, and PPP
Average Commercial Loans (GAAP)	A	$79,684	$60,573	$60,653	$19,111	32%	$19,031	31%
Less: HSBC & ISBC Acquisition Impact		$16,266	$16	$—	$16,250	NM	$16,266	100%
Less: PPP		$349	$603	$4,603	($254)	(42%)	($4,254)	(92%)
Average Commercial Loans, excluding HSBC, ISBC, and PPP (non-GAAP)	B	$63,069	$59,954	$56,050	$3,115	5%	$7,019	13%

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Citizens Financial Group, Inc.

Non-GAAP measures and reconciliations - excluding the impact of HSBC, ISBC, and Commercial fee-based acquisitions closed after 2Q21

(in millions, except ratio data)

		QUARTERLY TRENDS
					2Q22 Change
		2Q22	1Q22	2Q21	1Q22			2Q21
					$/bps	%		$/bps	%
Noninterest expense, Underlying excluding HSBC, ISBC, and Commercial fee based acquisition expenses closed after 2Q21:
Noninterest expense (GAAP)	A	$1,305	$1,106	$991	$199	18	%	$314	32	%
Less: Notable items		125	48	11	77	160		114	NM
Less: HSBC & ISBC Acquisition Impact		128	13	—	115	NM		128	100
Less: Commercial fee based acquisition expenses closed after 2Q21		29	24	—	5	21		29	100
Total Noninterest expense, Underlying excluding HSBC, ISBC, and Commercial fee based acquisition expenses closed after 2Q21 (non-GAAP)	B	$1,023	$1,021	$980	$2	—	%	$43	4	%

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Citizens Financial Group, Inc.

Non-GAAP measures and reconciliations - excluding the impact of HSBC & ISBC Acquisitions

(in millions, except ratio data)

		QUARTERLY TRENDS
					2Q22 Change
		2Q22	1Q22	2Q21	1Q22			2Q21
					$/bps	%		$/bps	%
Total Deposits, excluding HSBC & ISBC:
Total Deposits (GAAP)		$178,925	$158,776	$150,636	$20,149	13	%	$28,289	19	%
Less: HSBC & ISBC Acquisition Impact		25,831	6,303	—	19,528	NM		25,831	100
Total Deposits, excluding HSBC & ISBC (non-GAAP)		$153,094	$152,473	$150,636	$621	—	%	$2,458	2	%
Total Average Deposits, excluding HSBC & ISBC:
Total Average Deposits (GAAP)	C	$176,362	$155,083	$150,349	$21,279	14	%	$26,013	17	%
Less: HSBC & ISBC Acquisition Impact		26,423	2,881	—	23,542	NM		26,423	100
Total Average Deposits, excluding HSBC & ISBC (non-GAAP)	D	$149,939	$152,202	$150,349	($2,263)	(1	%)	($410)	—	%
Total Loans, excluding HSBC & ISBC
Total Loans (GAAP)	E	$156,172	$131,305	122,581	24,867	—		33,591	27
Less: HSBC & ISBC Acquisition Impact		21,700	1,443	—	20,257	NM		21,700	100
Total Loans, excluding HSBC & ISBC (non-GAAP)	F	$134,472	$129,862	$122,581	$4,610	4	%	$11,891	10	%
Total Commercial Loans, excluding HSBC & ISBC
Total Commercial Loans (GAAP)	G	$81,445	$61,521	$59,083	$19,924	32	%	$22,362	38	%
Less: HSBC & ISBC Acquisition Impact		16,138	33	—	16,105	NM		16,138	100
Total Commercial Loans, excluding HSBC & ISBC (non-GAAP)	H	$65,307	$61,488	$59,083	$3,819	6	%	$6,224	11	%
Total Retail Loans, excluding HSBC & ISBC
Total Retail Loans (GAAP)	I	$74,727	$69,784	$63,498	$4,943	7	%	$11,229	18	%
Less: HSBC & ISBC Acquisition Impact		5,562	1,410	—	4,152	NM		5,562	100
Total Retail Loans, excluding HSBC & ISBC (non-GAAP)	J	$69,165	$68,374	$63,498	$791	1	%	$5,667	9	%
Total Average Loans, excluding HSBC & ISBC
Average Loans (GAAP)	K	$153,854	$129,154	$123,490	$24,700	19	%	$30,364	25	%
Less: HSBC & ISBC Acquisition Impact		21,836	680	—	21,156	NM		21,836	100
Total Average Loans, excluding HSBC & ISBC (non-GAAP)	L	$132,018	$128,474	$123,490	$3,544	3	%	$8,528	7	%
Average Commercial Loans, excluding HSBC & ISBC
Average Commercial Loans (GAAP)	M	$79,684	$60,573	$60,653	$19,111	32	%	$19,031	31	%
Less: HSBC & ISBC Acquisition Impact		16,266	16	—	16,250	NM		16,266	100
Average Commercial Loans, excluding HSBC & ISBC (non-GAAP)	N	$63,418	$60,557	$60,653	$2,861	5	%	$2,765	5	%
Average Retail Loans, excluding HSBC & ISBC
Average Retail Loans (GAAP)	O	$74,170	$68,581	$62,837	$5,589	8	%	$11,333	18	%
Less: HSBC & ISBC Acquisition Impact		5,569	665	—	4,904	NM		5,569	100
Average Retail Loans, excluding HSBC & ISBC (non-GAAP)	P	$68,601	$67,916	$62,837	$685	1	%	$5,764	9	%

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Citizens Financial Group, Inc.

Non-GAAP measures and reconciliations - excluding the impact of HSBC & ISBC Acquisitions

(in millions, except ratio data)

		QUARTERLY TRENDS
					2Q22 Change
		2Q22	1Q22	2Q21	1Q22			2Q21
					$/bps	%		$/bps	%
Noninterest income, Underlying excluding HSBC & ISBC:
Noninterest income (GAAP)		$494	$498	$485	($4)	(1)	%	$9	2	%
Less: Notables		(31)	—	—	(31)	(100)		(31)	(100)
Less: HSBC & ISBC Acquisition Impact		16	—	—	16	100		16	100
Noninterest income, Underlying excluding HSBC & ISBC (non-GAAP)		$509	$498	$485	$11	2	%	$24	5	%
Total revenue, Underlying excluding HSBC & ISBC
Total revenue (GAAP)	A	$1,999	$1,645	$1,609	$354	22	%	$390	24	%
Less: Notable items		(31)	—	—	(31)	(100)		(31)	(100)
Less: HSBC & ISBC Acquisition Impact		278	10	—	268	NM		278	100
Total revenue, Underlying excluding HSBC & ISBC (non-GAAP)	B	$1,752	$1,635	$1,609	$117	7	%	$143	9	%
Noninterest expense, Underlying excluding HSBC & ISBC
Noninterest expense (GAAP)	C	$1,305	$1,106	$991	$199	18	%	$314	32
Less: Notable items		125	48	11	77	160		114	NM
Less: HSBC & ISBC Acquisition Impact		128	13	—	115	NM		128	100
Noninterest expense, Underlying excluding HSBC & ISBC (non-GAAP)	D	$1,052	$1,045	$980	$7	1	%	$72	7	%
Operating leverage:
Total revenue (GAAP)	A	$1,999	$1,645	$1,609	$354	21.59	%	$390	24.24	%
Less: Noninterest expense (GAAP)	C	1,305	1,106	991	199	18.05		314	31.58
Operating leverage						3.54	%		(7.34	%)
Operating leverage, Underlying excluding HSBC & ISBC
Total Revenue, Underlying excluding HSBC & ISBC (non-GAAP)	B	$1,752	$1,635	$1,609	$117	7.23	%	$143	8.90	%
Less: Noninterest expense, Underlying excluding HSBC & ISBC (non-GAAP)	D	1,052	1,045	980	7	0.91		72	7.43
Operating leverage, Underlying excluding HSBC & ISBC (non-GAAP)						6.32	%		1.47	%

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Citizens Financial Group, Inc.

Forward-Looking Statements

This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements regarding potential future share repurchases and future dividends as well as the potential effects of the COVID-19 disruption and Russia’s invasion of Ukraine on our business, operations, financial performance and prospects, are forward-looking statements. Also, any statement that does not describe historical or current facts is a forward-looking statement. These statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “goals,” “targets,” “initiatives,” “potentially,” “probably,” “projects,” “outlook,” “guidance” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would,” and “could.”

Forward-looking statements are based upon the current beliefs and expectations of management, and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation:

•Negative economic and political conditions that adversely affect the general economy, housing prices, the job market, consumer confidence and spending habits which may affect, among other things, the level of nonaccrual assets, charge-offs and provision expense;

•The rate of growth in the economy and employment levels, as well as general business and economic conditions, and changes in the competitive environment;

•Our ability to implement our business strategy, including the cost savings and efficiency components, and achieve our financial performance goals, including through the integration of Investors and the HSBC branches;

•The COVID-19 disruption and its effects on the economic and business environments in which we operate;

•The impact of Russia’s invasion of Ukraine and the imposition of sanctions on Russia and other actions in response, including on economic and market conditions, inflationary pressures and the interest rate environment, commodity price and foreign exchange rate volatility, and heightened cybersecurity risks;

•Our ability to meet heightened supervisory requirements and expectations;

•Liabilities and business restrictions resulting from litigation and regulatory investigations;

•Our capital and liquidity requirements under regulatory capital standards and our ability to generate capital internally or raise capital on favorable terms;

•The effect of changes in interest rates on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgages held for sale;

•Changes in interest rates and market liquidity, as well as the magnitude of such changes, which may reduce interest margins, impact funding sources and affect the ability to originate and distribute financial products in the primary and secondary markets;

•The effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin;

•Financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses;

•A failure in or breach of our operational or security systems or infrastructure, or those of our third party vendors or other service providers, including as a result of cyber-attacks;

•Greater than expected costs or other difficulties related to the integration of our business and that of Investors and the relevant HSBC branches;

•The inability to retain existing Investors or HSBC clients and employees following the closing of the Investors and HSBC branch acquisitions; and

•Management’s ability to identify and manage these and other risks.

In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, risk-weighted assets, capital impacts of strategic initiatives, market conditions and regulatory and accounting considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares from or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends. Further, statements about the effects of the COVID-19 disruption and Russia’s invasion of Ukraine on our business, operations, financial performance and prospects may constitute forward-looking statements and are subject to

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Citizens Financial Group, Inc.

the risk that the actual impacts may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the scope and duration of the pandemic and Russia’s invasion of Ukraine, actions taken by governmental authorities in response to the pandemic and Russia’s invasion of Ukraine, and the direct and indirect impact of the pandemic and Russia’s invasion of Ukraine on our customers, third parties and us.

More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found in the “Risk Factors” section in Part II, Item 1A of our Quarterly Report on Form 10-Q for the period ended March 31, 2022 and Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 as filed with the Securities and Exchange Commission.

Note: Per share amounts and ratios presented in this document are calculated using whole dollars.

CFG-IR

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