BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
News: stock, crypto, macro, education
Citizens Financial Group Reports Strong First Quarter 2024 Performance
PROVIDENCE, RI — April 16, 2024 — Citizens Financial Group, Inc. has kicked off 2024 with robust first-quarter results, marked by significant achievements in key financial metrics and strategic growth initiatives. Chairman and CEO Bruce Van Saun highlighted a strong start to the year, buoyed by a recovery in capital markets fees, steady net interest margin (NIM), and solid capital and credit reserve positions.
Financial Highlights
Citizens reported a net income of $334 million with earnings per share (EPS) of $0.65 for the first quarter of 2024. When adjusted for non-GAAP measures, the underlying net income stood at $395 million, translating to an EPS of $0.79. This represents a solid performance despite a challenging environment, demonstrating the effectiveness of the bank's focused strategic initiatives.
The total revenue for the quarter was $1,959 million, slightly down from the previous quarter's $1,988 million but showing a resilient business model. The pre-provision profit was robust at $601 million, with an underlying pre-provision profit of $683 million, reflecting a disciplined approach to cost management and operational efficiency.
Strategic and Operational Progress
The first quarter saw a bounce-back in capital markets fees and a stable NIM of 2.91%. Citizens also reported an increase in its allowance for credit losses to 1.61%, a cautious move reflecting a prudent approach to risk management. Loans and deposits showed a slight decline quarter-over-quarter due to strategic balance sheet optimization, including the runoff of non-core portfolios. However, period-end deposits grew by $4.2 billion year-over-year, underpinned by growth in retail and the Private Bank.
Citizens’ liquidity profile remains strong, with the loan-to-deposit ratio improving to 81% and Federal Home Loan Bank advances significantly reduced by 83% year-over-year to $2.0 billion. The bank also maintained a strong Common Equity Tier 1 (CET1) ratio of 10.6% and a tangible book value per share of $30.19.
Credit Quality and Capital Management
Credit quality remains a cornerstone of Citizens’ strategy, with a net charge-off ratio of 0.50%. The bank continues to maintain a disciplined approach to lending and credit management, ensuring a robust capital buffer to weather potential economic fluctuations.
Dividend Announcement
Reaffirming its commitment to returning value to shareholders, Citizens Financial Group announced a quarterly dividend of $0.42 per share, payable on May 15, 2024, to shareholders of record as of May 1, 2024. This move underscores the bank’s confidence in its financial stability and outlook.
Looking Forward
CEO Bruce Van Saun expressed confidence in the bank’s direction and its execution on key initiatives such as the expansion into the NYC Metro area, the enhancement of the Private Bank, and TOP 9 strategic servicing for Private Capital. “We remain comfortable with our full-year guidance and are excited by our medium-term prospects,” said Van Saun.
More articles
BlackRock Q3 2024 Earnings: AUM Reaches New Heights Amid Strong Inflows
Wells Fargo Q3 2024 Earnings Report: Profit Declines Amid Lower Interest Income, Investment Banking Offers Support
Wells Fargo & Co. announced its third-quarter 2024 financial results, revealing mixed performance. The bank's net income dropped by 11.3% year-over-year to $5.11 billion, while revenue fell 2% to $20.37 billion. This decline in revenue was driven primarily by an 11% drop in net interest income, which came in at $11.69 billion. Higher funding costs and customer movement towards higher-yielding deposits were key factors contributing to the lower interest income.
JPMorgan Chase Reports Strong Q3 2024 Results, Beating Expectations
JPMorgan Chase & Co. has once again exceeded market expectations with its third-quarter 2024 earnings report, delivering robust results. The bank reported a net income of $12.9 billion, a slight decrease from $13.1 billion in the same period last year. However, earnings per share (EPS) rose to $4.37, outperforming analysts' expectations of $4.01. This represented a 1% increase in EPS year-over-year, despite the minor decline in net income.
DOJ Pushes to Break Up Google as Antitrust Battle Heats Up
The U.S. Department of Justice (DOJ) has intensified its efforts against Google in a landmark antitrust case, marking a potential turning point for Big Tech regulation. This week, the DOJ revealed it is seriously considering drastic remedies to curb Google's dominance, including breaking up the tech giant's key business units such as Chrome and Android. This follows an August 2024 ruling that found Google had been illegally maintaining a monopoly over internet search and advertising.
PepsiCo Q3 2024 Earnings Report: Revenue Miss and Revised Growth Outlook
PepsiCo has announced its third-quarter earnings for 2024, revealing a mixed performance. The company reported a decline in overall revenue but managed to beat profit expectations, demonstrating resilience in several key segments despite global challenges. Here's a detailed breakdown of the report.
McCormick Reports Strong Q3 2024 Results and Raises Full-Year Outlook
McCormick & Co., a global leader in spices and flavor solutions, delivered better-than-expected Q3 2024 earnings, driving a 5% increase in its stock price. The company reported revenue of $1.68 billion, which remained flat compared to the same quarter last year but surpassed market expectations. The earnings per share (EPS) increased by 32% to $0.83, well above analysts' estimates of $0.67, reflecting strong operational performance and cost control efforts.
Paychex Reports Strong Q1 2025 Earnings with 3% Revenue Growth
Paychex, Inc. (NASDAQ: PAYX) kicked off its fiscal year 2025 with solid Q1 earnings, posting a 3% year-over-year increase in revenue, reaching $1.32 billion. The payroll and human resource services giant also delivered adjusted earnings per share (EPS) of $1.16, slightly above the consensus estimate of $1.14. This growth was primarily driven by the company's strong performance in Human Capital Management (HCM) solutions and Professional Employer Organization (PEO) services.
Nike Q1 2025 Earnings: Revenue Decline Amid Market Challenges
Nike, Inc. reported its Q1 2025 fiscal earnings on October 1, revealing a 10% decline in revenue to $11.6 billion, down from $12.9 billion in the same period last year. This drop is attributed to weakening demand across major markets, notably in North America, where revenue fell by 11%, and Europe, the Middle East, and Africa, which saw a 13% decline. Greater China also posted a 4% drop in sales.
Carnival Corporation Reports Record Q3 2024 Earnings: Revenue, Net Income, and Future Outlook
Carnival Corporation, the world's leading cruise operator, posted impressive financial results for the third quarter of 2024, breaking several records and surpassing market expectations. With revenue reaching an all-time high of $7.9 billion, a 15% increase year-over-year, Carnival demonstrated a strong recovery and continued growth in the cruise industry. This financial achievement exceeded the expected $7.83 billion forecast, signaling robust consumer demand for cruises despite inflationary pressures.
Alibaba's Recent Surge and Key Developments in Late September 2024
In the final week of September 2024, Alibaba's stock surged over 20%, reaching its highest point in a year. This impressive growth stems from a combination of strategic innovations, favorable regulatory changes, and broader economic support in China.
