Citizens Financial Group (CFG) FY2020 results: revenue $6.9 billion, up 6.4% on the year
Citizens Financial Group Inc. (CFG) reported revenue of $6.9 billion for fiscal 2020, the year ended 31 December 2020, up 6.4% on the year before. Net income was $1.1 billion, down 41.0%, and diluted earnings per share $2.22. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2021.
Revenue
$6.9 billion
+6.4% on the year
FY2013FY2020
Operating margin
n/a
FY2013FY2020
Net income
$1.1 billion
-41.0% on the year
FY2013FY2020
Diluted EPS
$2.22
-41.7% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
6,905
6,491
6,128
+6.4%
Interest expense
771
1,575
1,226
-51.0%
Pre-tax income
1,298
2,251
2,183
-42.3%
Income tax
241
460
462
-47.6%
Effective tax rate
18.6%
20.4%
21.2%
Net income
1,057
1,791
1,721
-41.0%
Net margin
15.3%
27.6%
28.1%
Diluted EPS
$2.22
$3.81
$3.52
-41.7%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
111
1,697
1,767
-93.5%
Capital expenditure
118
126
232
-6.3%
Free cash flow
-7.0
1,571
1,535
Cash from investing
-6,136
-3,875
-7,077
Cash from financing
15,372
1,490
6,352
+931.7%
Depreciation and amortisation
578
633
486
-8.7%
Share-based compensation
48.0
41.0
41.0
+17.1%
Buybacks
270
1,220
1,025
-77.9%
Dividends paid
672
617
471
+8.9%
Dividend per share
$1.56
$1.36
$0.98
+14.7%
Diluted shares, weighted
428m
451m
480m
-5.1%
Shares outstanding at period end
427m
433m
466m
-1.4%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
22,673
22,201
20,817
+2.1%
Deposits
147,164
125,313
119,575
+17.4%
Repurchase agreements
n/a
265
1,156
Debt
8,589
14,321
17,242
-40.0%
Other liabilities
4,923
3,633
1,728
+35.5%
Total liabilities and equity
183,349
165,733
160,518
+10.6%
Fixed assets
759
761
791
-0.3%
Goodwill
7,050
7,044
6,923
+0.1%
Intangible assets
58.0
68.0
31.0
-14.7%
Securities held for sale or to maturity
26,177
23,815
24,060
+9.9%
Loans
120,647
117,836
115,418
+2.4%
Cash and equivalents
12,733
3,386
4,074
+276.0%
Other assets
15,925
12,823
9,221
+24.2%
Total assets
183,349
165,733
160,518
+10.6%
10-K for the year ended 31 December 2020, filed 23 February 2021: the filing.