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Citizens Financial reports lower Q4'19 net income YOY

Citizens Financial Group Inc. reported net income available to common shareholders of $427 million, or 98 cents per share, in the fourth quarter of 2019, compared with $450 million, or 96 cents per share, in the year-ago period.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the quarter was 96 cents.

Net interest margin on a fully taxable-equivalent basis for the fourth quarter stood at 3.06%, representing a decrease from 3.12% in the previous quarter and a decline from 3.25% in the year-ago period.

Net interest income for the quarter was $1.14 billion, down 2% from $1.17 billion from the year-ago period. Noninterest income increased on a year-over-year basis to $494 million from $421 million.

Provision for credit losses totaled $110 million, an increase from $85 million in the year-ago period. Net charge-offs also increased year over year to $122 million from $85 million.

Total loans and leases at the end of the fourth quarter were $119.09 billion, compared with $117.88 billion at the end of the previous quarter and $116.66 billion at the end of the year-ago period.

Total deposits at the end of the fourth quarter were $125.31 billion, compared with $124.71 billion at the end of the previous quarter and $119.58 billion at the end of the year-ago period.

For full year 2019, the bank reported net income applicable to common shareholders of $1.72 billion, or $3.81 per share, compared to $1.69 billion, or $3.52 per share, in 2018.

The S&P Global Market Intelligence consensus GAAP EPS estimate for 2019 was $3.78.

The company's board also declared a first-quarter cash dividend of 39 cents per common share, up from the previous payout of 36 cents per common share. The dividend will be paid Feb. 12 to shareholders of record at the close of business Jan. 29.