Citizens Financial Group announces the Board of Governors of the Federal Reserve System has communicated to the company its preliminary Stress Capital Buffer of 4.0%, effective October 1, 2023, following the release of the Federal Reserve’s DFAST stress test results on June 28, 2023. The Company’s regulatory minimum CET1 ratio implied by the preliminary SCB is now 8.5%, up from 7.9%. Citizens expects the second quarter 2023 CET1 ratio to be approximately 175 basis points above the implied regulatory minimum, reaffirming the capital strength of the Company. This strong capital position permits continued support of customer needs and organic growth initiatives as well as strong ongoing return of capital to shareholders. The remaining capacity under Citizens’ Board of Directors’ February 2023 authorization of common share repurchases is $1.344B as of June 30, 2023.
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