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Citizen Financial (CFG) Beats Q2 Earnings on Higher Revenues
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Have you been eager to see how Citizens Financial Group, Inc. (CFG - Free Report) performed in Q2 in comparison with the market expectations? Let’s quickly scan through the key facts from this Providence, Rhode Island-based financial services company’s earnings release this morning:
An Earnings Beat
Citizens Financial came out with earnings per share of 46 cents, beating the Zacks Consensus Estimate of 43 cents.
Better-than-expected results were driven by higher net interest income, partially offset by higher provisions and lower non interest income.
How Was the Estimate Revision Trend?
You should note that the earnings estimate for Citizens Financial remained stable prior to the earnings release. The Zacks Consensus Estimate has remained unchanged at 43 cents over the last 7 days.
Notably, Citizens Financial has a decent earnings surprise history. Before posting an earnings beat in Q2, the company delivered positive surprises in the trailing four quarters with an average of 4.64%.
Citizens Financial posted total revenues of $1,278 million for the quarter, surpassing the Zacks Consensus Estimate of $1,264 million. Further, revenues improved 7% year over year.
Key Takeaways:
Net income increased 13% year over year to $243 million, on an adjusted basis.
Net interest margin improved 12 basis points year over to 2.84%.
Efficiency ratio declined to 65% in second-quarter 2016 from 67% in the prior year quarter. Generally, lower ratio is indicative of the improved efficiency of the bank.
Citizens Financial announced the launch of TOP III initiatives which are designed to improve the overall efficiency of the company. Notably, the initiatives are anticipated to generate pre-tax revenue and expense benefits of $73–$90 million and $10–$15 million of tax benefits in 2017.
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #4 (Sell) for Citizens Financial. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. Now it all depends on what sense the just-released report makes to the analysts.
Check back later for our full write up on this Citizens Financial earnings report!
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Citizen Financial (CFG) Beats Q2 Earnings on Higher Revenues
Have you been eager to see how Citizens Financial Group, Inc. (CFG - Free Report) performed in Q2 in comparison with the market expectations? Let’s quickly scan through the key facts from this Providence, Rhode Island-based financial services company’s earnings release this morning:
An Earnings Beat
Citizens Financial came out with earnings per share of 46 cents, beating the Zacks Consensus Estimate of 43 cents.
Better-than-expected results were driven by higher net interest income, partially offset by higher provisions and lower non interest income.
How Was the Estimate Revision Trend?
You should note that the earnings estimate for Citizens Financial remained stable prior to the earnings release. The Zacks Consensus Estimate has remained unchanged at 43 cents over the last 7 days.
Notably, Citizens Financial has a decent earnings surprise history. Before posting an earnings beat in Q2, the company delivered positive surprises in the trailing four quarters with an average of 4.64%.
CITIZENS FIN GP Price and EPS Surprise
CITIZENS FIN GP Price and EPS Surprise | CITIZENS FIN GP Quote
Revenue Came in Higher than Expected
Citizens Financial posted total revenues of $1,278 million for the quarter, surpassing the Zacks Consensus Estimate of $1,264 million. Further, revenues improved 7% year over year.
Key Takeaways:
Net income increased 13% year over year to $243 million, on an adjusted basis.
Net interest margin improved 12 basis points year over to 2.84%.
Efficiency ratio declined to 65% in second-quarter 2016 from 67% in the prior year quarter. Generally, lower ratio is indicative of the improved efficiency of the bank.
Citizens Financial announced the launch of TOP III initiatives which are designed to improve the overall efficiency of the company. Notably, the initiatives are anticipated to generate pre-tax revenue and expense benefits of $73–$90 million and $10–$15 million of tax benefits in 2017.
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #4 (Sell) for Citizens Financial. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. Now it all depends on what sense the just-released report makes to the analysts.
Check back later for our full write up on this Citizens Financial earnings report!
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>