Citizens Financial Group, Inc.

Strong Q3 performance; earnings momentum - EPS $1.41, up 8.5% QoQ and 34% YoY - ROTCE 15.1%, up from 13.9% in Q2 - Operating leverage +1.8% QoQ and +5.3% YoY - Record total revenues driven by NII growth (NII +2.7% QoQ, +13% YoY) and disciplined expenses (efficiency ratio ~60%)

NIM/NII outlook remains constructive (rate-volatility managed) - NIM 3.19%, +2 bps QoQ; company says NIM met expectations despite interest-rate volatility - Q4 NII/NIM guide: NII up ~2.5%–3% QoQ and NIM projected 3.23%–3.26% - 2027 NIM expectation (directional, not full guidance yet): management emphasizes time-based swap benefits are less front-loaded into 2027, so growth may be slower than certain consensus assumptions but still “pretty damn good” - Macro/rate risk framing: company expects continued uncertainty, but does not see current rates creating real stress in portfolios

Deposits and funding: generally stable; competition is present but manageable - Loans and deposits broadly flat QoQ (with timing effects: loan pull-forward into Q2; deposit seasonality expected to improve in Q4) - Deposit costs only +3 bps QoQ—a key positive vs expectations of tougher competition - Deposit mix supportive: consumer deposits are 63% of total deposits vs peer ~57%; low-cost/interest-bearing mix ~42% - Beta expectation: as rates rise, management expects deposit beta around the high-40s (similar to prior upcycle behavior)