Citizens Financial Group
Q2 2022 Earnings Call
Jul 19, 2022, 9:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good morning, everyone, and welcome to the Citizens Financial Group second quarter 2022 earnings conference call. My name is Alan and I'll be your operator today. Currently, all participants are in a listen-only mode. Following the presentation, we will conduct a brief question-and-answer session.
As a reminder, this event is being recorded. Now I'll turn the call over to Kristin Silberberg, executive vice president, investor relations. Kristin, you may begin.
Kristin Silberberg -- Executive Vice President, Investor Relations
Thank you, Alan. Good morning, everyone, and thank you for joining us. First, this morning, our chairman and CEO, Bruce Van Saun; and CFO, John Woods, will provide an overview of our second quarter results. Brendan Coughlin, head of consumer banking; and Don McCree, head of commercial banking, are also here to provide additional color.
We will be referencing our second quarter earnings presentation located on our investor relations website. After the presentation, we will be happy to take questions. Our comments today will include forward-looking statements, which are subject to risks and uncertainties that may cause our results to differ materially from expectations. These are outlined for your review on Page 2 of the presentation.
We also reference non-GAAP financial measures, so it's important to review our GAAP results on Page 3 of the presentation and the reconciliations in the Appendix. With that, I will hand over to Bruce.
Bruce Van Saun -- Chairman and Chief Executive Officer
Thanks, Kristin, and good morning, everyone. Thanks for joining our call today. There was a lot going on in Q2 with the focus on closing the Investors acquisition and commencing our New York City Metro integration efforts. In addition, the Feds moved to rein in inflation through higher short rates and quantitative tightening put a spotlight on adroit management of our capital, liquidity, and funding position as well as our interest rate management.
The good news is that we made strong progress on all fronts while posting very good financial results. Our underlying EPS for the quarter was $1.14. That's up 7% from the first quarter and ROTCE was 15.5%. Positive sequential operating leverage was 11.7% on an underlying basis, and that's 6.3% excluding the impact of acquisitions.