Citizens Financial Group, Inc. (CFG) Q1 2023 Earnings Call Transcript

Citizens Financial Group, Inc. (NYSE:CFG) Q1 2023 Earnings Conference Call April 19, 2023 9:00 AM ET

Company Participants

Kristin Silberberg - Executive Vice President, Investor Relations

Bruce Van Saun - Chairman and CEO

John Woods - Chief Financial Officer

Brendan Coughlin - Head, Consumer Banking

Don McCree - Head, Commercial Banking

Conference Call Participants

Erika Najarian - UBS

Peter Winter - D.A. Davidson

Scott Siefers - Piper Sandler

Gerard Cassidy - RBC

John Pancari - Evercore

Operator

Good morning, everyone. And welcome to Citizens Financial Group First Quarter 2023 Earnings Conference Call. My name is Allan, and I will 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 will turn the call over to Kristin Silberberg, Executive Vice President, Investor Relations. Kristin, you may begin.

Kristin Silberberg

Thank you, Allan. 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 first 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 first 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 two of the presentation. We also reference non-GAAP financial measures, so it’s important to review our GAAP results on page three of the presentation and the reconciliations in the appendix.

With that, I will hand over to you Bruce.

Bruce Van Saun

Hey. Thanks, Kristin. Good morning, everyone. Thanks for joining our call today. First quarter many unexpected challenges in the environment. Nonetheless, we proved resilient and adaptable and we delivered a solid quarter for our stakeholders.

We maintained a strong capital, liquidity and funding position with our CET1 ratio at 10%, our TCE ratio at 6.6% and a solid deposit franchise that skews two-thirds consumer. We have seen the churn in the deposit market continue to diminish since the bank failures with our deposits broadly stable in the month of March.