Citizens Financial Group, Inc. (NYSE:CFG) Q4 2023 Earnings Call Transcript January 17, 2024 9:00 AM ET

Company Participants

Kristin Silberberg - EVP, IR

Bruce Van Saun - Chairman and CEO

John Woods - CFO

Brendan Coughlin - Head of Consumer Banking

Don McCree - Head of Commercial Banking

Conference Call Participants

Peter Winter - D.A. Davidson

Matt O'Connor - Deutsche Bank

John Pancari - Evercore

Ebrahim Poonawala - Bank of America

Scott Siefers - Piper Sandler

Ken Usdin - Jefferies

Erika Najarian - UBS

Gerard Cassidy - RBC

Manan Gosalia - Morgan Stanley

Operator

Good morning, everyone, and welcome to the Citizens Financial Group Fourth Quarter and Full Year 2023 Earnings Conference Call. My name is Keeley, 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

Thank you, Keeley. 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 fourth quarter and full year 2023 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 fourth quarter and full year 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.

And with that, I will hand over to Bruce.

Bruce Van Saun

Thanks, Kristin. Good morning, everyone, and thanks for joining our call today. 2023 was an incredible year in many respects. With the Fed's aggressive moves to subdue inflation, the West Coast bank failures, a surprisingly resilient economy, and several significant proposals from bank regulators, it was important in navigating this dynamic environment to focus first on playing strong defense while continuing to play disciplined offense and take advantage of opportunities in the market. Defense starts with the balance sheet and risk management, and I feel really good about how we ended the year. Our capital position is one of the strongest among the large regionals with a CET1 ratio of 10.6%, CET1 adjusted for AOCI of roughly 9% and a tangible common equity ratio of 6.7%.