Citizens Financial Group, Inc. (NYSE:CFG) Earnings Conference Call July 17, 2024 9:00 AM ET
Company Participants
Kristin Silberberg - Executive Vice President, Investor Relations
Bruce Van Saun - Chairman and Chief Executive Officer
John Woods - Chief Financial Officer
Brendan Coughlin - Head of Consumer Banking
Don McCree - Head of Commercial Banking
Conference Call Participants
Peter Winter - D.A. Davidson
Erika Najarian - UBS
Scott Siefers - Piper Sandler
Ken Usdin - Jefferies
Manan Gosalia - Morgan Stanley
John Pancari - Evercore
Gerard Cassidy - RBC
Matt O’Connor - Deutsche Bank
Operator
Good morning, everyone, and welcome to the Citizens Financial Group Second Quarter 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
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 colour. 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 you Bruce.
Bruce Van Saun
Okay. Thanks, Kristen, and good morning, everyone. Thanks for joining our call today. We announced solid results today and we continue to execute well through an uncertain environment. Highlights for the quarter include very strong fee performance, good deposit cost management, tight expense control, and credit metrics which were within expectations. Our balance sheet remains robust with a CET1 ratio of 10.7%. Our loan to deposit ratio was 80%. Our ACL ratio was 1.63%. And Federal Home Loan Bank advances are now below $600 million.