Citizens Financial reports Q2 EPS 92c, consensus 88c

Reports Q2 revenue $2.04B, consensus $2.01B. “We are pleased to report strong results today that came in ahead of expectations, paced by strong NII and fee growth, disciplined expense management, and credit results that are trending favorably,” said Chairman and CEO Bruce Van Saun. “We saw some sizable M&A advisory fees push out to July, but offset that with strong performance across other fee categories. Our key strategic initiatives, paced by the Private Bank/Private Wealth build out, continue to make good progress, and we have commenced work on a broad ‘Reimagining the Bank’ initiative that will become a multi-year TOP program and drive meaningful benefits from using new technologies to serve customers in new ways and run the bank better. We are well positioned to have a strong second half of the year and to sustain that momentum into the medium-term.”