EX-99.2 3 a2q22earningspresentatio.htm EX-99.2
2Q22 Financial Results July 19, 2022

2 Forward-looking statements and use of non-GAAP financial measures This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements regarding potential future share repurchases and future dividends as well as the potential effects of the COVID-19 disruption and Russia’s invasion of Ukraine on our business, operations, financial performance and prospects, are forward-looking statements. Also, any statement that does not describe historical or current facts is a forward-looking statement. These statements often include the words “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “goals,” “targets,” “initiatives,” “potentially,” “probably,” “projects,” “outlook,” “guidance” or similar expressions or future conditional verbs such as “may,” “will,” “should,” “would,” and “could.” Forward-looking statements are based upon the current beliefs and expectations of management, and on information currently available to management. Our statements speak as of the date hereof, and we do not assume any obligation to update these statements or to update the reasons why actual results could differ from those contained in such statements in light of new information or future events. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation: • Negative economic and political conditions that adversely affect the general economy, housing prices, the job market, consumer confidence and spending habits which may affect, among other things, the level of nonaccrual assets, charge-offs and provision expense; • The rate of growth in the economy and employment levels, as well as general business and economic conditions, and changes in the competitive environment; • Our ability to implement our business strategy, including the cost savings and efficiency components, and achieve our financial performance goals, including through the integration of Investors and the HSBC branches; • The COVID-19 disruption and its effects on the economic and business environments in which we operate; • The impact of Russia’s invasion of Ukraine and the imposition of sanctions on Russia and other actions in response, including on economic and market conditions, inflationary pressures and the interest rate environment, commodity price and foreign exchange rate volatility, and heightened cybersecurity risks; • Our ability to meet heightened supervisory requirements and expectations; • Liabilities and business restrictions resulting from litigation and regulatory investigations; • Our capital and liquidity requirements under regulatory capital standards and our ability to generate capital internally or raise capital on favorable terms; • The effect of changes in interest rates on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgages held for sale; • Changes in interest rates and market liquidity, as well as the magnitude of such changes, which may reduce interest margins, impact funding sources and affect the ability to originate and distribute financial products in the primary and secondary markets; • The effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin; • Financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses; • A failure in or breach of our operational or security systems or infrastructure, or those of our third party vendors or other service providers, including as a result of cyber-attacks; • Greater than expected costs or other difficulties related to the integration of our business and that of Investors and the relevant HSBC branches; • The inability to retain existing Investors or HSBC clients and employees following the closing of the Investors and HSBC branch acquisitions; and • Management’s ability to identify and manage these and other risks. In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, risk-weighted assets, capital impacts of strategic initiatives, market conditions and regulatory and accounting considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares from or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends. Further, statements about the effects of the COVID-19 disruption and Russia’s invasion of Ukraine on our business, operations, financial performance and prospects may constitute forward-looking statements and are subject to the risk that the actual impacts may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond our control, including the scope and duration of the pandemic and Russia’s invasion of Ukraine, actions taken by governmental authorities in response to the pandemic and Russia’s invasion of Ukraine, and the direct and indirect impact of the pandemic and Russia’s invasion of Ukraine on our customers, third parties and us. More information about factors that could cause actual results to differ materially from those described in the forward-looking statements can be found in the “Risk Factors” section in Part II, Item 1A of our Quarterly Report on Form 10-Q for the period ended March 31, 2022 and Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 as filed with the Securities and Exchange Commission. Non-GAAP Financial Measures: This document contains non-GAAP financial measures denoted as Underlying results, excluding HSBC and ISBC, excluding acquisitions and excluding PPP. Underlying results for any given reporting period exclude certain items that may occur in that period which Management does not consider indicative of the Company’s on-going financial performance. We believe these non-GAAP financial measures provide useful information to investors because they are used by our Management to evaluate our operating performance and make day-to-day operating decisions. In addition, we believe our Underlying results in any given reporting period reflect our on-going financial performance in that period and, accordingly, are useful to consider in addition to our GAAP financial results. We further believe the presentation of Underlying results increases comparability of period-to-period results. The Appendix presents reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Accordingly, our non-GAAP financial measures may not be comparable to similar measures used by such companies. We caution investors not to place undue reliance on such non-GAAP financial measures, but to consider them with the most directly comparable GAAP measures. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for our results reported under GAAP.

3 2Q22 GAAP financial summary 2Q22 1Q22 2Q21 Q/Q Y/Y $s in millions $/bps % $/bps % Net interest income $ 1,505 $ 1,147 $ 1,124 $ 358 31 % $ 381 34 % Noninterest income 494 498 485 (4) (1) 9 2 Total revenue 1,999 1,645 1,609 354 22 390 24 Noninterest Expense 1,305 1,106 991 199 18 314 32 Pre-provision profit 694 539 618 155 29 76 12 Provision (benefit) for credit losses 216 3 (213) 213 NM 429 NM Income before income tax expense 478 536 831 (58) (11) (353) (42) Income tax expense 114 116 183 (2) (2) (69) (38) Net income $ 364 $ 420 $ 648 $ (56) (13) % $ (284) (44) % Preferred dividends 32 24 32 8 33 — — Net income available to common stockholders $ 332 $ 396 $ 616 $ (64) (16) % $ (284) (46) % $s in billions Average interest-earning assets $ 198.7 $ 169.3 $ 166.3 $ 29.4 17 % $ 32.3 19 % Average deposits $ 176.4 $ 155.1 $ 150.3 $ 21.3 14 % $ 26.0 17 % Performance metrics Net interest margin(1) 3.04 % 2.75 % 2.71 % 29 bps 33 bps Net interest margin, FTE(1) 3.04 2.75 2.72 29 32 Loans-to-deposit ratio (period-end) 87.3 82.7 81.4 458 590 ROACE 5.9 7.7 11.9 (170) (590) ROTCE 9.1 11.4 17.5 (223) (837) ROA 0.7 0.9 1.4 (24) (75) ROTA 0.7 0.9 1.5 (25) (77) Efficiency ratio 65.3 67.2 61.6 (196) 364 Noninterest income as a % of total revenue 25 % 30 % 30 % (554) bps (540) bps FTEs(2) 19,583 17,843 17,472 1,740 10 % 2,111 12 % Operating leverage 3.5 % (7.3) % Per common share Diluted earnings $ 0.67 $ 0.93 $ 1.44 $ (0.26) (28) % $ (0.77) (53) % Tangible book value $ 29.14 $ 30.97 $ 33.95 $ (1.83) (6) % $ (4.81) (14) % Average diluted shares outstanding (in millions) 493.3 424.7 427.6 68.6 16 % 65.7 15 % See pages 29-30 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 28.

4 Overview(1) See pages 29-30 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 28. Results reflect our diversified business model – Underlying EPS of $1.14 and ROTCE of 15.5% – Underlying PPNR of $850 million, up 45% QoQ, includes ~$150 million contribution from the HSBC and ISBC transactions – NII up 31% QoQ, or 9% excluding the HSBC/ISBC impacts, given improved net interest margin and interest-earning asset growth – Underlying fees up 5% QoQ led by record results in card, wealth and FX and derivative products – Positive underlying operating leverage QoQ of 11.7%; 6.3% excluding the HSBC/ISBC impacts – Underlying efficiency ratio improved to 58% – Period-end loans up 19% and average loans up 19% QoQ; excluding the HSBC/ISBC impacts, period-end loans up 4% and average loans up 3% QoQ led by commercial – Underlying provision for credit losses of $71 million reflects loan growth and continued strong credit performance across retail and commercial Prioritizing major strategic initiatives – TOP 7 making progress, on track for ~$100 million pre-tax run-rate benefit by YE2022 – Consumer: entering NYC Metro and New Jersey markets, transformative national expansion strategy, growing Citizens PayTM, driving momentum in Wealth and E2E digitization – Commercial: enhancing coverage model, diversifying fee capabilities, expanding into high-growth sectors and supporting the growth of private capital – Enterprise: NextGen Tech and digital initiatives driving enhanced customer experiences and operating performance Credit trends favorable – Credit remains strong across retail and commercial; NCOs of 13 bps down 6 bps QoQ; NPLs to loans of 0.54%, down from 0.60% at 1Q22 – Allowance for credit losses coverage ratio of 1.37% down 6 bps QoQ reflecting strong credit performance across the portfolio and the impact of the ISBC transaction Strong capital, liquidity and funding – Strong capital levels with a CET1 ratio of 9.6%(2); common dividend increased 8% to $0.42 per share for 3Q22; Board increased common stock repurchase authorization to $1.0 billion – Period-end LDR ratio of 87%, compared with 83% in 1Q22; average DDA up 16% YoY and up 11% QoQ, representing 31% of total deposits – TBV/share of $29.14, down 6% QoQ

5 2Q22 Underlying financial summary(1) Q/Q Y/Y $s in millions 2Q22 $/bps % $/bps % Net interest income $1,505 $358 31% $381 34% Noninterest income 525 27 5 40 8 Total revenue 2,030 385 23 421 26 Noninterest expense 1,180 122 12 200 20 Pre-provision profit 850 263 45 221 35 Provision (benefit) for credit losses 71 92 NM 284 133 Net income available to common stockholders $563 $111 25% $(61) (10)% Performance metrics Diluted EPS $1.14 $0.07 7% $(0.32) (22)% Efficiency ratio 58.2 (612) (276) Noninterest income as a % of total revenue 26% (438) bps (424) bps ROTCE 15.5% 246 bps (229) bps Tangible book value per share $29.14 $(1.83) (6)% $(4.81) (14)% See pages 29-30 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 28. 2Q22 HSBC/ISBC contributions 2Q22 Notable Items Impacts Pre-tax $ EPS ($s in millions except per share data) Integration related $ (135) $ (0.21) ISBC Day 1 CECL provision expense (“double count”)** (145) (0.22) Tax integration cost — (0.01) TOP revenue and efficiency initiatives (21) (0.03) Total: $ (301) $ (0.47) ■ Net Interest Income: ~$265MM ■ Noninterest Income: ~$15MM ■ Noninterest Expense: ~$130MM ■ PPNR: ~$150MM; ~$155MM excluding intangible amortization **Day 1 CECL reserve for non-credit impaired loans acquired

6 2.75% 0.04% 0.24% (0.08)% 0.11% (0.02)% 3.04% 1Q22 Cash Impact Asset Yields Funding Costs HSBC/ ISBC* Other 2Q22 $166.3B $167.3B $168.0B $169.3B $198.7B $1,124 $1,145 $1,126 $1,147 $1,505 2.72% 2.72% 2.66% 2.75% 3.04% 2Q21 3Q21 4Q21 1Q22 2Q22 ■ NII up 31% given higher net interest margin and 17% growth in interest-earning assets, including the HSBC and ISBC transactions – NIM of 3.04%, up 29 bps reflecting higher earning- asset yields given higher market interest rates and the impact of the HSBC and ISBC transactions, partially offset by increased funding costs – Interest-earning asset yields up 38 bps – Interest-bearing deposit costs increased 8 bps to 18 bps Net interest income $s in millions, except earning assets NII and NIM Average interest-earning assets Net interest income NIM, FTE Robust commercial loan growth and improved rate environment benefiting NII ■ NII up 34% reflecting a higher net interest margin and 19% growth in interest-earning assets, including the HSBC and ISBC transactions – NIM of 3.04%, up 32 bps reflecting higher earning- asset yields given higher market interest rates, the impact of the HSBC and ISBC transactions and the deployment of cash into loan growth, partially offset by increased funding costs – Interest-earning asset yields up 36 bps – Interest-bearing deposit costs increased 2 bps NIM 1Q22 to 2Q22 Year-Over-Year Linked Quarter *Includes purchase accounting accretion impact related to ISBC of ~2 bps or ~$10MM

7 Benefiting from higher rates while positioning well for medium-term ■ Remain asset sensitive at ~2.5%(1); lower than 1Q22 driven by – ISBC NII base effect and liability sensitive profile – Hedge actions to lock in the benefit of higher rates, creating a more durable and stable medium-term NIM profile ■ 2Q22 ALM hedge actions – $7.25B in cash flow receive fixed swaps executed at a weighted average receive fixed rate of ~2.8% – $21.25B outstanding swap portfolio at June 30, 2022; well-managed maturity distribution profile ■ Rebalancing the securities portfolio – HTM designation increased to ~27% vs. 7% at 1Q22 to mitigate impact to TBV – Increased allocation of Treasuries and other lower prepayment propensity securities to stabilize yields Asset sensitivity vs. forward curve Gradual +200 bps 12 months Instant +/- 25 bps Quarterly Short-end* ~50% '+/- $5-$7.5 Long-end* ~50% '+/- $5-$7.5 Total ~2.5% '+/- $10-$15 Note: June 24th forward curve with implied rate hikes of 75 bps in July, 50 bps in September, 25 bps in November and 25 bps in December. (1) Represents the estimated percentage change in net interest income over 12 months from a gradual 200 bps increase in interest rates compared with a base case where market forward rates are realized. NII sensitivity *Short-end includes rates through 6M and Long-end is >6M 2Q22 4Q22 Cumulative Fed Funds increase +150 bps +325 bps Fed Funds target range (quarter end) 1.5 to 1.75% 3.25 to 3.50% Cumulative IBD beta ~6% ~25% to 30% Interest bearing deposit beta performance ■ Dramatically improved deposit franchise expected to result in more peer-like deposit betas this cycle – Better starting point with a lower LDR, lower IBD cost, and significantly improved deposit mix – Enhanced Consumer and Commercial product offerings and tools to drive higher operating deposits. Targeting new sources of deposit growth – Advanced data and analytics to optimize deposit pricing ■ Expect ~25% to 30% cumulative IBD beta by 4Q22 assuming Fed fund target range of 3.25% to 3.50% by year-end 2022 Interest rate risk management update Improved deposit franchise ■ Cumulative beta of ~6% through 2Q22, slightly better than expected ■ Tracking to projected ~35% cumulative beta through the end of the rate cycle

8 ■ Underlying noninterest income increased 8% – Capital markets fees declined reflecting lower bond underwriting fees, partly offset by higher M&A advisory fees – Service charges and fees increased driven by the acquisitions – Mortgage banking fees declined given lower gain-on-sale margins and production volumes – Record card fees reflects higher debit and credit card volumes – Record Wealth fees driven by higher annuity and AUM fees – Record FX and derivative products revenue reflects increased client hedging activity across FX, interest rate and commodities $485 $514 $594 $498 $525 2Q21 3Q21 4Q21 1Q22 2Q22 Noninterest income(1) $s in millions ■ Underlying noninterest income increased 5% – Capital markets fees declined reflecting lower loan syndication revenue, partly offset by improved M&A advisory fees – Service charges and fees increased driven by the acquisitions – Mortgage banking fees increased with higher mortgage servicing revenue partly offset by lower production fees – Record card fees reflects seasonally higher transaction volumes – Record wealth fees driven by customer flows into annuity products given higher rates – Record FX and derivative products revenue with elevated client hedging activity in FX as well as interest rate and commodities Underlying fees up 5% QoQ demonstrating diversity of fee income See pages 29-30 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 28. Underlying, as applicable $s in millions 2Q22 1Q22 2Q21 $ Q/Q Y/Y Capital markets fees $ 88 $ 93 $ 91 $ (5) $ (3) Service charges and fees 108 98 100 10 8 Mortgage banking fees 72 69 85 3 (13) Card fees 71 60 64 11 7 Trust and investment services fees 66 61 60 5 6 Letter of credit and loan fees 40 38 38 2 2 FX and derivative products 60 51 28 9 32 Securities gains, net 1 4 3 (3) (2) Other income(1) 19 24 16 (5) 3 Noninterest income $ 525 $ 498 $ 485 $ 27 $ 40 Linked Quarter Year-Over-YearNoninterest income

9 60.9% 59.5% 58.7% 64.3% 58.2% 2Q21 3Q21 4Q21 1Q22 2Q22 Underlying, as applicable 2Q22 1Q22 2Q21 $ $s in millions Q/Q Y/Y Salaries & employee benefits $ 611 $ 588 $ 524 $ 23 $ 87 Equipment & software 163 148 151 15 12 Outside services 148 134 133 14 15 Occupancy 110 83 79 27 31 Other operating expense 148 105 93 43 55 Noninterest expense $ 1,180 $ 1,058 $ 980 $ 122 $ 200 Full-time equivalents (FTEs) 19,583 17,843 17,472 1,740 2,111 Noninterest expense(1) ■ Underlying noninterest expense up 12%, which includes $128 million tied to the HSBC/ISBC transactions; up 1% excluding HSBC/ISBC – Reflects an increase in advertising costs and investment spend, largely offset by seasonally lower compensation expense – Results reflect strong expense discipline and the benefit of efficiency initiatives ■ Underlying noninterest expense up 4% excluding HSBC/ ISBC and the Commercial fee-based acquisitions that closed after 2Q21 – Reflects higher salaries and employee benefits, as well as higher other operating expenses, namely FDIC insurance, travel and advertising costs, partly offset by the benefit of efficiency initiatives See pages 29-30 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 28. Underlying efficiency ratio Continued expense discipline and efficiency initiatives keep expenses well controlled Linked Quarter Year-Over-Year

10 ■ Average loans up $24.7 billion, or 19%; excluding HSBC/ISBC, up 3% – Commercial up 5%, primarily reflecting higher C&I line utilization – Retail up 1% ■ Period-end loans up $24.9 billion, or 19%; excluding HSBC/ ISBC, up 4% – Commercial up 6% driven by higher C&I; line utilization up ~250 basis points to 39% – Retail up 1% with growth in mortgage and home equity, partly offsetting decline in auto $123.5 $122.6 $125.2 $129.2 $153.8 $123.5 $122.6 $125.2 $128.5 $132.0 $0.7 $21.8 CFG standalone HSBC/ISBC 2Q21 3Q21 4Q21 1Q22 2Q22 Loans and leases(1) $s in billions Strong Commercial loan growth led by C&I ■ Average loans up $30.4 billion, or 25%; excluding HSBC/ISBC, up 7% – Commercial up 5% reflecting higher C&I line utilization partly offset by a decrease in PPP; up 13% excluding PPP – Retail up 9% given strength primarily in mortgage, auto and home equity ■ Period-end loans up $33.6 billion, or 27%; excluding HSBC/ ISBC, up 10% – Commercial up 11% given higher C&I; line utilization up ~800 basis points to 39% – Retail up 9% driven by mortgage, auto and home equity Average loans and leases(2) $122.6 $123.3 $128.2 $131.3 $156.2 $122.6 $123.3 $128.2 $129.9 $134.5 $1.4 $21.7 CFG standalone HSBC/ISBC 2Q21 3Q21 4Q21 1Q22 2Q22 $s in billions Period-end loans and leases(2) See pages 29-30 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 28. Linked Quarter Year-Over-Year

11 $150.3 $151.9 $153.0 $155.1 $176.4 2Q21 3Q21 4Q21 1Q22 2Q22 Average funding and cost of funds(1) Period-end deposits up slightly QoQ excluding acquisition impacts; deposit costs well controlled $s in billions 2Q22 Average deposits See pages 29-30 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 28. 0.11% 0.09% 0.09% 0.07% 0.12% 0.16% 0.14% 0.13% 0.10% 0.18% Total deposit costs Interest-bearing deposit costs Commercial Consumer Other ■ Period-end deposits up $20.1 billion, or 13%, including $19.8 billion related to ISBC – Deposits up slightly excluding HSBC/ISBC ■ Average deposits up $21.3 billion, or 14%, including $26.4 billion related HSBC and ISBC – Deposits down 1% excluding HSBC/ISBC ■ Total deposit costs remain well controlled, up 5 bps ■ Interest-bearing deposits costs of 18 bps, up 8 bps ■ Total cost of funds of 25 bps, up 9 bps ■ Period-end deposit growth of $28.3 billion, or 19%, including $25.8 billion related to HSBC/ISBC – Deposits up 2% excluding HSBC/ISBC ■ Average deposits up $26.0 billion, or 17%, including $26.4 billion related to HSBC/ISBC – Deposits broadly stable excluding HSBC/ISBC ■ Total deposit costs up 1 bp and interest-bearing deposit costs up 2 bps ■ Total cost of funds up 3 bps 81% 83% 87% 2Q21 1Q22 2Q22 Linked Quarter Period-end LDR2Q22 Average deposit mix 31% 27% 22% 2% 14% 4% Demand Checking with interest Access Savings Savings Money Market Term Year-Over-Year

12 $2,081 $2,004 $1,934 $1,878 $2,147 $1,900 $247 1.70% 1.63% 1.51% 1.43% 1.37% Allowance for credit losses Allowance for credit losses - ISBC Allowance to loan coverage ratio 2Q21 3Q21 4Q21 1Q22 2Q22 ■ NCOs of $49 million, or 13 bps of average loans and leases, down 6 bps QoQ ■ Nonaccrual loans decreased 6 bps to 54 bps of total loans QoQ, largely tied to a decline in commercial ■ Underlying provision for credit losses of $71 million reflects loan growth and the continuing strong credit performance across retail and commercial – Excludes $145 million day-1 CECL provision ("double count") tied to the ISBC transaction(3) ■ The increase in the allowance for credit losses was largely driven by the ISBC transaction ■ ACL to nonaccrual loans and leases ratio of 256% compares with 238% as of 1Q22 and 267% as of 2Q21 $(213) $(33) $(25) $(21) $71$78 $44 $45 $59 $49 0.25% 0.14% 0.14% 0.19% 0.13% 2Q21 3Q21 4Q21 1Q22 2Q22 Highlights Credit quality overview $s in millions $s in millions See pages 29-30 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 28. Credit provision expense (benefit); net charge-offs Nonaccrual loans $s in millions Allowance for credit losses (2) Underlying provision expense (benefit) for credit losses Net charge-offs Net charge-off ratio (1) $779 $747 $702 $789 $839 $753 $86 0.64% 0.61% 0.55% 0.60% 0.54% Nonaccrual loans Nonaccrual loans - ISBC Nonaccrual loans to total loans 2Q21 3Q21 4Q21 1Q22 2Q22

13 2Q22 1Q22 Retail 1.33% 1.37% Commercial 1.42% 1.50% Total Citizens 1.37% 1.43% $1,878 $247 $125 $(54) $(49) $2,147 1Q22 ISBC Integration New Loan Originations Portfolio, Economic/ Qualitative Changes Net Charge-offs 2Q22 Allowance for credit losses Allowance for credit losses ■ Reserve build reflects loan growth, strong credit performance in the portfolio, slight deterioration in the macroeconomic outlook and the impact of the ISBC transaction ■ Day-1 CECL adoption ACL coverage ratio was 1.47% on January 1, 2020. The pro forma for the current portfolio mix incorporating ISBC would be slightly less than our current 1.37% level. Note: Portfolio Changes represent run off, changes in credit quality, aging of existing portfolio and utilization changes. Economic/Qualitative changes represent changes to macroeconomic variables and qualitative factors, including management overlays. Commentary $s in millions ■ $102MM PCD ■ $145MM Non-PCD (Day-1 CECL double count) ACL coverage ratio

14 ■ 2Q22 CET1 ratio of 9.6%, compares with 9.7% in 1Q22 ■ Paid $195 million in common dividends to shareholders in 2Q22 ■ 2022 DFAST preliminary stress capital buffer of 3.4% unchanged with improved PPNR results offset by slightly higher credit losses ■ Common dividend increased 8% to $0.42 per share for 3Q22 ■ Board increased common stock repurchase authorization to $1.0 billion Capital remains strong $s in billions (period-end) 2Q21 3Q21 4Q21 1Q22 2Q22 Basel III basis(1)(2) Common equity tier 1 capital $ 15.3 $ 15.6 $ 15.7 $ 15.6 $ 17.9 Risk-weighted assets $ 148.6 $ 151.8 $ 158.8 $ 161.9 $ 187.7 Common equity tier 1 ratio 10.3 % 10.3 % 9.9 % 9.7 % 9.6 % Tier 1 capital ratio 11.6 % 11.6 % 11.1 % 10.9 % 10.6 % Total capital ratio 13.5 % 13.4 % 12.7 % 12.5 % 12.3 % See pages 29-30 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 28. TBV/share CET1 $ % 1Q22 9.7 % $30.97 Net Income 0.21 0.74 2.4 % Common and preferred dividends (0.13) (0.46) (1.5) % RWA growth (1.42) — — % Common stock issued for ISBC 1.74 1.63 5.3 % Goodwill and intangibles (0.52) (1.84) OCI — (1.96) (6.3) % Other 0.02 0.06 0.2 % Total change (0.10) (1.83) (5.9) % 2Q22 9.6 % $29.14 CET1 ratio remains strong(3) Highlights

15 Business highlights See pages 29-30 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 28. Digital check deposits ~31% of total deposits Increasing digital engagement En te rp ri se Strong execution on strategy to deliver long-term value as the trusted advisor for our clients • Diversified fee products positioned us to perform well in a volatile market; record FX revenue, up 114% YoY; consistently in top 10 in league tables for overall middle market book runner, ranked #2 with sponsor 2Q22(1) • Completed acquisition of DH Capital LLC, a private investment banking firm serving companies in the internet infrastructure, software and next generation IT services, and communications sectors • Pitching activity remained strong in 2Q22 with ~800 delivered to both corporate banking clients and prospects; new wins success continues to be in lead roles Delivering on strategic pillars (digitization, national expansion, deepening) • Opened new Clarfeld | Citizens Private Wealth Center in Naples, Florida with a team of advisors that specialize in wealth management, tax and estate planning and services • Launched Citizens Paid Early™, allowing customers to receive direct deposits up to two days early • Released new mobile application for Citizens AccessTM deposit customers • ATM Channel ranked 7th in the industry by JD Power, up from 15th in 2020 • Citizens Pay, Citizens’ leading point-of-sale offering, awarded “Best Innovation” at the 2022 Banking Tech Awards USA Citizens well positioned to continue positive trajectory and support our communities • Completed Investors Bancorp acquisition; welcomed more than 1,600 new colleagues and completed mortgage origination conversion as first phase of technology and operations conversion • Released 2021 Corporate Responsibility Report highlighting enterprise-wide progress on environmental, social and governance (ESG) initiatives • Partnered with Music Forward to provide music industry career-readiness programs including workshops, and paid internships for Boston-area students from underserved communities • Launched “Citizens Chinatown Renewal Fund,” a $350,000 grant program focused on minority-owned small businesses in New York's Chinatown. • Committed $350,000 to workforce development in Queens, NY with initial programming focused on technical skills training and development in IT and telecommunications Co ns um er Co m m er ci al 1.93 million Mobile active users, up 21% YoY P2P Zelle transactions up 31% YoY Virtual chat sessions up 297% YoY Best Innovation for Citizens Pay Banking Tech Awards USA 2022 Amplify Award Work Human

16 3Q22 outlook vs. 2Q22 See pages 29-30 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 28. 2Q22 Underlying(1) 3Q22 Underlying outlook Net interest income $1,505MM Up 5.5%-7% Noninterest income $525MM Broadly stable with upside if market volatility subsides Noninterest expense $1,180MM Up ~1% Net charge-off ratio 13 bps ~20 bps CET1 ratio(2) 9.6% ~9.75% Tax rate 23.7% ~22% ■ Expect to continue strong sequential positive operating leverage in 3Q22, and ROTCE above medium-term target range of 14-16% ■ Notable items of ~$60 million expected for 3Q22, largely driven by integration costs ■ Reiterate PPNR outlook from April guide with higher NII, lower fees, and well-controlled expenses – Target full year operating leverage of at least 400 bps and a 4Q22 efficiency ratio of less than 55% – Lower NCO ratio projected as credit trends remain favorable Full year commentary

17 – Solid fee performance reflects an increasingly diversified business model – Multi-year investments in fee-generation capabilities, including selective acquisitions – Capital Markets well positioned to benefit in the second half of the year if market volatility eases – Significantly strengthened technology, digital and data capabilities – Continuing to invest in strategic initiatives that will deliver superior revenue growth in the medium- term Positive outlook for Citizens NII benefiting from strong loan growth and higher rate environment – Emphasizing relationship-orientated commercial loan growth with attractive risk-adjusted returns – Managing to a more predictable and stable outlook for NII – Protecting NII/NIM with interest rate swaps, while maintaining asset sensitivity to benefit from further rise in rates – Improved deposit franchise supports NIM expansion and drives lower beta expectations this cycle Diversified business model positioned to perform well in a turbulent macroeconomic environment Expense discipline continues Credit metrics/migrations all in good shape across retail, commercial, CRE Strong performance, positioning and momentum – TOP 7 making progress, on track for ~$100 million pre-tax run-rate benefit by YE2022 – Integration of ISBC progressing well; on track to achieve planned expense synergies New York market entry provides significant revenue growth potential, EPS and ROTCE accretion

Appendix

19 Underlying 2Q22 performance vs. guidance ex HSBC/ISBC(1) See pages 29-30 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 28. 2Q22 Underlying performance ex. HSBC/ISBC Guidance Results $ % Net interest income Up 6-8% reflecting the benefit of higher rates $1,243MM 9% Balance sheet Average Loans Up 1-2% $132.0B 3% Average Earning Assets Up slightly $168.4B 1% Noninterest income Up 3-5% reflecting some recovery in capital market fees and seasonality $509MM 2% Noninterest expense Up 1-2% given higher revenue-based compensation expense $1,052MM 1% Net charge-off ratio Broadly stable 14 bps (5) bps Note: CFG ex HSBC/ISBC excludes impacts from the acquisitions of HSBC's East Coast Branches and Online deposits (closed 2/18/22), Investors Bancorp (closed 4/6/22) and DH Capital (closed 6/8/22).

20 Building a leading New York Metro bank See pages 29-30 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 28. Sizable upside: Substantial revenue growth potential ■ Closed and converted HSBC branches; closed ISBC on April 6th ■ Introducing Citizens' brand with a local flavor – Engaging in multi-channel marketing to build our brand with local businesses and consumers focused on mass affluent/young professionals – Evaluating mix of events, promotions, and sponsorships to build community awareness – Leverage national/ regional marketing in a local way Enterprise: Introducing Citizen's brand to New York Metro ■ Optimize ISBC's experience in lower middle market by more precise prospect targeting and taking an enterprise value approach to selecting companies which can best utilize our advisory services – CFG share: BOS ~30%, PHL ~24%, NY Metro ~6%(1) – ~1,600 corporate/middle market prospects in NY metro market vs. BOS/PHL ~2,100 combined ■ Deploy Citizens middle market coverage model to build local scale ■ Extend market-leading Capital Markets and Treasury Solutions across the client base Commercial Banking ■ Transform under-leveraged branches – Deploy Citizens’ diverse consumer lending and Wealth capabilities across expanded footprint – Improve household growth and retention with enhanced branch tools and capabilities – Migrate to advice-based model; enhance sales coverage for Wealth, Mortgage and Business Banking – Leverage advanced data analytics capabilities for efficient marketing and personalized offers Consumer Banking

21 ISBC acquisition - financial impacts ■ Closed: April 6, 2022 ■ Purchase price: $3.4B – ~72.4MM shares issued (~68MM average impact in 2Q22) – ~$355MM cash Accretable marks ACL impact PCD credit mark $102 Non-PCD credit mark $141 Interest rate mark $159 Non-PCD provision ("double count") $145 Total accretable discount (accreted through NII) $300 Total impact to ACL $247 ■ $2.1 billion of non-strategic ISBC loans; classified as held-for-sale effective April 6, 2022 – Recorded $31 million interest rate driven mark-to- market loss related to the ISBC loans held-for-sale Purchase accounting summary Transaction summary Related balance sheet actions Net loans $22.3 Core deposits and other intangibles 0.1 Other assets 5.1 Total assets, fair value $27.5 Deposits $20.2 Other liabilities 4.7 Total liabilities, fair value $24.9 Fair value of net assets acquired $2.6 Consideration paid 3.4 Goodwill recorded $0.8 Summary of loan marks*Goodwill calculation $ in millions$ in billions *Includes purchase accounting impacts for loans held for investment. Fair value marks under GAAP are subject to change up to one year after acquisition date

22 Investors integration update Deal Announced Close Complete ~1,680 new colleagues on-boarded day-1 Phased Tech / Ops Integration Investors timeline 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 Completed milestone In processLegend: On track to achieve ~$130 million pre-tax run-rate net expense synergies by YE2023 representing ~30% of Investors’ 2021 expense base; ~70% of run-rate by YE2022 Mobilization and Planning 500+ Colleagues and contractors involved in conversion 9+ integration workstreams 40+ sub workstreams Mortgage originations converted Wealth conversion Mortgage servicing; back office conversion Full bank and deposit conversion Full-scale marketing campaign beginning in September

23 Stabilizing and protecting NII and NIM $17.2 $20.7 $21.3 $20.1 $13.6 $4.9 $0.6 $11.4 $10.1 $10.0 $10.0 $4.8 $5.8 $10.6 $11.3 $10.1 $8.8 2022 2023 2024 2025 2026 2027 2028 Cash flow hedges are the primary tool to manage interest rate exposure Receive fixed cash flow swaps - average notional balances $ billions at 6/30/22 W.A receive fixed rate at 6/30/22* 1.4% 1.8% 1.8% 1.7% 2.1% 2.9% 2Q22 ALM hedges executed ■ $7.25 billion in cash flow receive fixed swaps executed at weighted average receive fixed rate of ~2.8% – Includes $3 billion forward starting ■ $21.25 billion outstanding cash flow receive fixed swaps at June 30, 2022 – Includes $5 billion forward starting Pre-2022 executions 2022 YTD execution *Expressed on a 1-month Libor equivalent basis

24 38% 38% 33% 35% 18% 17% 5% 5% 6% 5% 4Q19 2Q22 Credit portfolio quality continues to improve See pages 29-30 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 28. Retail portfolio FICOs(1) Commercial portfolio risk ratings(1) $s in billions ■ ~75% of the retail portfolio is secured; ~56% real estate and ~19% auto ■ ~95% of the retail portfolio with FICO above 640 ■ Mortgage weighted-average LTV of ~58%, FICO ~780 ■ ~48% of the HELOC portfolio is secured by 1st lien – ~98% CLTV less than 80; ~91% of HELOC has CLTV less than 70 ■ Education lending – FICO ~785 ■ Unsecured portfolio - FICO ~735 – Credit card portfolio - FICO ~740 – Personal unsecured - FICO ~755 – Merchant finance portfolio – FICO ~730 ■ Disciplined capital allocation and risk appetite – Highly experienced leadership team – Focused client selection – Leveraged loans ~2% of total CFG loans, granular hold positions with an average outstanding of ~$11 million ■ Migrated CRE portfolio toward larger, well-capitalized institutional and upper-middle market borrowers – ~81% of the CRE portfolio is project-secured 58% 64% 25% 20% 14% 12% 3% 4% 4Q19 2Q22 800+ 740-799 680-739 640-679 <640 B- and lower B+ to B BB+ to BB- AAA+ to BBB- $61.6 $74.7 $57.5 $81.4 Granular and diverse loan mixSuper prime/prime focused $s in billions

25 Allocation of allowance for credit losses by product type March 31, 2022 June 30, 2022 $s in millions Loans and Leases Allowance Coverage Loans and Leases Allowance Coverage Allowance for Loans and Lease Losses Commercial and industrial(1) $45,724 $525 1.15 % $51,801 $608 1.17 % Commercial real estate 14,268 214 1.50 28,070 350 1.25 Leases 1,529 39 2.54 1,574 29 1.87 Total commercial 61,521 778 1.26 81,445 987 1.21 Residential mortgages 24,211 144 0.60 29,088 196 0.67 Home equity 12,264 78 0.64 13,122 96 0.73 Automobile 14,439 149 1.03 13,868 145 1.04 Education 13,306 321 2.41 13,141 287 2.18 Other retail 5,564 250 4.49 5,508 253 4.59 Total retail loans 69,784 942 1.35 74,727 977 1.31 Total loans and leases $131,305 $1,720 1.31 % $156,172 $1,964 1.26 % Allowance for Unfunded Lending Commitments(2)* Commercial(1) $147 1.50 % $166 1.42 % Retail 11 1.37 17 1.33 Total allowance for unfunded lending commitments $158 $183 Allowance for credit losses(2) $131,305 $1,878 1.43 % $156,172 $2,147 1.37 % *Coverage ratios reflect total allowance for credit losses for the respective portfolio. See pages 29-30 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 28.

26 Net income available to common shareholders and EPS $s in millions, except per share data é45% $587 $850 1Q22 2Q22 Linked-quarter Underlying results(1) Return on average total tangible assets Return on average tangible common equity Average loans $s in billions Average deposits $s in billions é19% $3.5 2 $3.5 6 é7% $129.2 $153.9 1Q22 2Q22 $155.1 $176.4 1Q22 2Q22 1.06% 1.12% 1Q22 2Q22 13.0% 15.5% 1Q22 2Q22 $452 $563 $1.07 $1.14 1Q22 2Q22 é25% Pre-provision profit $s in millions See pages 29-30 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 28. é246 bps é6 bpsé14%

27 $629 $850 2Q21 2Q22 Year-over-year Underlying results(1) Return on average total tangible assets é35% Average loans $s in billions é25% Net income available to common shareholders and EPS $s in millions, except per share data Return on average tangible common equity Average deposits $s in billions $3.5 2 ê36 bps $3.5 6 $123.5 $153.9 2Q21 2Q22 $150.3 $176.4 2Q21 2Q22 1.48% 1.12% 2Q21 2Q22 17.7% 15.5% 2Q21 2Q22 é17% Pre-provision profit $s in millions ê229 bps$624 $563 $1.46 $1.14 2Q21 2Q22 See pages 29-30 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described on page 28. ê22% ê10%

28 Notable items(1) Quarterly results for first and second quarter 2022 and second quarter 2021 reflect notable items primarily related to integration costs associated with the acquisitions of HSBC, ISBC and JMP Group LLC, as well as TOP revenue and efficiency initiatives. In addition, first and second quarter 2022 results include notable items representing the day-one CECL provision expense ("double count") related to the HSBC and ISBC transactions. Second quarter 2022 results also include a notable item in noninterest income for a mark-to-market loss related to loans held for sale associated with the ISBC transaction. These notable items have been excluded from reported results to better reflect Underlying operating results. See pages 29-30 for notes and important information on Non-GAAP Financial Measures, including “Underlying” results. “Underlying” results exclude the impact of notable items described above. Notable items - integration related 2Q22 1Q22 2Q21 $s in millions, except per share data Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Noninterest income $ (31) $ (23) $ — $ — $ — $ — EPS Impact -Noninterest income $ (0.05) $ — $ — Salaries & benefits $ (64) $ (48) $ (4) $ (3) $ — $ — Outside services (35) (26) (28) (21) (2) (1) Other expense (5) (4) (5) (3) — — Noninterest expense $ (104) $ (78) $ (37) $ (27) $ (2) $ (1) EPS Impact - Noninterest expense $ (0.16) $ (0.07) $ — HSBC Day 1 CECL provision expense (“double count”) $ — $ — $ (24) $ (18) $ — $ — ISBC Day 1 CECL provision expense (“double count”) $ (145) $ (108) $ — $ — $ — $ — Provision for credit losses (145) (108) (24) (18) — — EPS Impact - Provision for credit losses $ (0.22) $ (0.04) $ — Tax integration cost — (6) — — — — EPS Impact - Tax integration cost $ (0.01) $ — $ — Total Integration Costs $ (280) $ (215) $ (61) $ (45) $ (2) $ (1) EPS Impact - Total integration related $ (0.44) $ (0.11) $ — Other notable items - primarily tax and TOP 2Q22 1Q22 2Q21 $s in millions, except per share data Pre-tax After-tax Pre-tax After-tax Pre-tax After-tax Tax notable items $ — $ — $ — $ (3) $ — $ — Other notable items- TOP & other actions Salaries & benefits $ (8) $ (6) $ (2) $ (1) $ — $ — Equipment and software (6) (4) (2) (2) (4) (3) Outside services (6) (5) (7) (5) (2) (2) Occupancy (1) (1) — — (3) (2) Noninterest expense $ (21) $ (16) $ (11) $ (8) $ (9) $ (7) Total Other Notable Items $ (21) $ (16) $ (11) $ (11) $ (9) $ (7) EPS Impact - Other Notable Items $ (0.03) $ (0.03) $ (0.02) Total Notable Items $ (301) $ (231) $ (72) $ (56) $ (11) $ (8) Total EPS Impact $ (0.47) $ (0.14) $ (0.02)

29 Notes on Non-GAAP Financial Measures See important information on our use of Non-GAAP Financial Measures at the beginning this presentation and reconciliations to GAAP financial measures at the end of this presentation. Non-GAAP measures are herein defined as Underlying results, excluding HSBC and ISBC, excluding acquisitions and excluding PPP. Where there is a reference to Underlying results in a paragraph or table, all measures that follow these references are on the same basis, when applicable. Allowance coverage ratios for loans and leases includes the allowance for funded loans and leases in the numerator and funded loans and leases in the denominator. Allowance coverage ratios for credit losses includes the allowance for funded loans and leases and allowance for unfunded lending commitments in the numerator and funded loans and leases in the denominator. Coverage ex-PPP calculated to exclude PPP loans which are fully guaranteed and included in the commercial and industrial category. PPP loan balances were $417 million and $287 million as of March 31, 2022 and June 30, 2022, respectively. See slide 25 for more details on the calculations. General Notes a. References to net interest margin are on a fully taxable equivalent ("FTE") basis. b. Throughout this presentation, references to consolidated and/or commercial loans and loan growth include leases. Loans held for sale are also referred to as LHFS. c. Select totals may not sum due to rounding. d. Based on Basel III standardized approach. Capital Ratios are preliminary. e. Throughout this presentation, reference to balance sheet items are on an average basis and loans exclude held for sale unless otherwise noted. f. NIM excluding elevated cash adjusts interest-earning assets to exclude the impact of cash above targeted operating levels. Notes Notes on slide 3 - 2Q22 GAAP financial summary 1) See general note a). 2) Full-time equivalent employees. Notes on slide 4 - Overview 1) See note on non-GAAP financial measures. 2) See general note d). Notes on slide 5 - 2Q22 Underlying financial summary 1) See note on non-GAAP financial measures. Notes on slide 8 - Noninterest income 1) See note on non-GAAP financial measures. 2) Includes bank-owned life insurance income and other miscellaneous income for all periods presented. Notes on slide 9 - Noninterest expense 1) See above note on non-GAAP financial measures. Notes on slide 10 - Loans and leases 1) See above note on non-GAAP financial measures. 2) See general note c). Notes on slide 11 - Average funding and cost of funds 1) See note on non-GAAP financial measures. Notes on slide 12 - Credit quality overview 1) See note on non-GAAP financial measures. 2) Allowance for credit losses to nonperforming loans and leases. 3) Day 1 CECL reserve for non-credit impaired loans acquired. Notes on slide 14 - Capital remains strong 1) See general note d). 2) For regulatory capital purposes, in connection with the Federal Reserve’s final interim rule as of April 3, 2020, 100% of the $451 million Day-1 CECL impact recorded as of January 1, 2020 will be deferred over a two-year period ending January 1, 2022, at which time it will be phased in on a pro-rata basis over a three-year period ending January 1, 2025. Additionally, 25% of the cumulative reserve build of $923 million since January 1, 2020, or $231 million, will be phased in over the same time frame. 3) See general note c). Notes on slide 15 - Business highlights 1) Thomson Reuters LPC, Loan syndication league table ranking for the prior twelve months as of 2Q22 based on deals and volume for Overall U.S. Middle Market (defined as Borrower Revenues <$500 million and Deal Size <$500 million).

30 Notes continued Notes on slide 16 - 3Q22 outlook vs. 2Q22 1) See note on non-GAAP financial measures. 2) See general note d). Notes on slide 19 - Underlying 2Q22 performance vs. guidance ex HSBC/ISBC 1) See note on non-GAAP financial measures. Notes on slide 20 - Building a leading New York Metro bank 1) Based on addressable client and prospect landscape for Middle Market companies. Notes on slide 24 - Credit portfolio quality continues to improve 1) Reflects period-end loan balances. Notes on slide 25 - Allocation of allowance for credit losses by product type 1) Coverage ratio includes total commercial allowance for unfunded lending commitments and total commercial allowance for loan and lease losses in the numerator and total commercial loans and leases in the denominator. 2) Coverage ratio includes total retail allowance for unfunded lending commitments and total retail allowance for loan losses in the numerator and total retail loans in the denominator. Notes on slide 26 - Linked-quarter Underlying results 1) See note on non-GAAP financial measures. Notes on slide 27 - Year-over-year Underlying results 1) See note on non-GAAP financial measures. Notes on slide 28 - Notable items 1) See note on non-GAAP financial measures.

31 Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS 2Q22 Change 2Q22 1Q22 2Q21 1Q22 2Q21 $ % $ % Noninterest income, Underlying: Noninterest income (GAAP) A $494 $498 $485 ($4) (1%) $9 2% Less: Notable items (31) — — (31) (100) (31) (100) Noninterest income, Underlying (non-GAAP) B $525 $498 $485 $27 5% $40 8% Total revenue, Underlying: Total revenue (GAAP) C $1,999 $1,645 $1,609 $354 22% $390 24% Less: Notable items (31) — — (31) (100) (31) (100) Total revenue, Underlying (non-GAAP) D $2,030 $1,645 $1,609 $385 23% $421 26% Noninterest expense, Underlying: Noninterest expense (GAAP) E $1,305 $1,106 $991 $199 18% $314 32% Less: Notable items 125 48 11 77 160 114 NM Noninterest expense, Underlying (non-GAAP) F $1,180 $1,058 $980 $122 12% $200 20% Pre-provision profit: Total revenue (GAAP) C $1,999 $1,645 $1,609 $354 22% $390 24% Less: Noninterest expense (GAAP) E 1,305 1,106 991 199 18 314 32 Pre-provision profit (GAAP) $694 $539 $618 $155 29% $76 12% Pre-provision profit, Underlying: Total revenue, Underlying (non-GAAP) D $2,030 $1,645 $1,609 $385 23% $421 26% Less: Noninterest expense, Underlying (non-GAAP) F 1,180 1,058 980 122 12 200 20 Pre-provision profit, Underlying (non-GAAP) $850 $587 $629 $263 45% $221 35% Provision (benefit) for credit losses, Underlying: Provision (benefit) for credit losses (GAAP) $216 $3 ($213) $213 NM $429 NM Less: Notable items 145 24 — 121 NM 145 100 Provision (benefit) for credit losses, Underlying (non-GAAP) $71 ($21) ($213) $92 NM $284 133% Income before income tax expense, Underlying: Income before income tax expense (GAAP) G $478 $536 $831 ($58) (11%) ($353) (42%) Less: Expense before income tax benefit related to notable items (301) (72) (11) (229) NM (290) NM Income before income tax expense, Underlying (non-GAAP) H $779 $608 $842 $171 28% ($63) (7%) Income tax expense, Underlying: Income tax expense (GAAP) I $114 $116 $183 ($2) (2%) ($69) (38%) Less: Income tax benefit related to notable items (70) (16) (3) (54) NM (67) NM Income tax expense, Underlying (non-GAAP) J $184 $132 $186 $52 39% ($2) (1%) Net income, Underlying: Net income (GAAP) K $364 $420 $648 ($56) (13%) ($284) (44%) Add: Notable items, net of income tax benefit 231 56 8 175 NM 223 NM Net income, Underlying (non-GAAP) L $595 $476 $656 $119 25% ($61) (9%) Net income available to common stockholders, Underlying: Net income available to common stockholders (GAAP) M $332 $396 $616 ($64) (16%) ($284) (46%) Add: Notable items, net of income tax benefit 231 56 8 175 NM 223 NM Net income available to common stockholders, Underlying (non-GAAP) N $563 $452 $624 $111 25% ($61) (10%)

32 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 2Q22 Change 2Q22 1Q22 2Q21 1Q22 2Q21 $/bps % $/bps % Operating leverage: Total revenue (GAAP) C $1,999 $1,645 $1,609 $354 21.59% $390 24.24% Less: Noninterest expense (GAAP) E 1,305 1,106 991 199 18.05 314 31.58 Operating leverage 3.54% (7.34%) Operating leverage, Underlying: Total revenue, Underlying (non-GAAP) D $2,030 $1,645 $1,609 $385 23.48% $421 26.18% Less: Noninterest expense, Underlying (non-GAAP) F 1,180 1,058 980 122 11.74 200 20.47 Operating leverage, Underlying (non-GAAP) 11.74% 5.71% Efficiency ratio and efficiency ratio, Underlying: Efficiency ratio E/C 65.27 % 67.23% 61.63 % (196) bps 364 bps Efficiency ratio, Underlying (non-GAAP) F/D 58.16 64.28 60.92 (612) bps (276) bps Noninterest income as a % of total revenue, Underlying: Noninterest income as a % of total revenue A/C 25 % 30% 30 % (554) bps (540) bps Noninterest income as a % of total revenue, Underlying B/D 26 30 30 (438) bps (424) bps Effective income tax rate and effective income tax rate, Underlying: Effective income tax rate I/G 23.77% 21.70% 21.96 % 207 bps 181 bps Effective income tax rate, Underlying (non-GAAP) J/H 23.69 21.70 22.01 199 bps 168 bpsReturn on average common equity and return on average common equity, Underlying: Average common equity (GAAP) O $22,383 $20,981 $20,833 $1,402 7% $1,550 7% Return on average common equity M/O 5.95 % 7.65% 11.85 % (170) bps (590) bps Return on average common equity, Underlying (non-GAAP) N/O 10.06 8.75 12.02 131 bps (196) bpsReturn on average tangible common equity and return on average tangible common equity, Underlying: Average common equity (GAAP) O $22,383 $20,981 $20,833 $1,402 7% $1,550 7% Less: Average goodwill (GAAP) 8,015 7,156 7,050 859 12 965 14 Less: Average other intangibles (GAAP) 213 80 53 133 166 160 NM Add: Average deferred tax liabilities related to goodwill (GAAP) 416 383 381 33 9 35 9 Average tangible common equity P $14,571 $14,128 $14,111 $443 3% $460 3% Return on average tangible common equity M/P 9.13 % 11.36% 17.50 % (223) bps (837) bps Return on average tangible common equity, Underlying (non-GAAP) N/P 15.45 12.99 17.74 246 bps (229) bps Return on average total assets and return on average total assets, Underlying: Average total assets (GAAP) Q $220,967 $188,317 $184,456 $32,650 17% $36,511 20% Return on average total assets K/Q 0.66 % 0.90% 1.41 % (24) bps (75) bps Return on average total assets, Underlying (non-GAAP) L/Q 1.08 1.03 1.43 5 bps (35) bps $s in millions, except share, per share and ratio data

33 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 2Q22 Change 2Q22 1Q22 2Q21 1Q22 2Q21 $/bps % $/bps % Return on average total tangible assets and return on average total tangible assets, Underlying: Average total assets (GAAP) R $220,967 $188,317 $184,456 $32,650 17% $36,511 20% Less: Average goodwill (GAAP) 8,015 7,156 7,050 859 12 965 14 Less: Average other intangibles (GAAP) 213 80 53 133 166 160 NM Add: Average deferred tax liabilities related to goodwill and other intangible assets (GAAP) 416 383 381 33 9 35 9 Average tangible assets S $213,155 $181,464 $177,734 $31,691 17% $35,421 20% Return on average total tangible assets K/S 0.69 % 0.94% 1.46 % (25) bps (77) bps Return on average total tangible assets, Underlying (non-GAAP) L/S 1.12 1.06 1.48 6 bps (36) bps Tangible book value per common share: Common shares - at period-end (GAAP) T 495,650,259 423,031,985 426,083,143 72,618,274 17% 69,567,116 16% Common stockholders' equity (GAAP) $22,314 $20,060 $21,185 $2,254 11 $1,129 5 Less: Goodwill (GAAP) 8,081 7,232 7,050 849 12 1,031 15 Less: Other intangible assets (GAAP) 211 115 52 96 83 159 NM Add: Deferred tax liabilities related to goodwill and other intangible assets (GAAP) 422 387 383 35 9 39 10 Tangible common equity U $14,444 $13,100 $14,466 $1,344 10% ($22) —% Tangible book value per common share U/T $29.14 $30.97 $33.95 ($1.83) (6%) ($4.81) (14%) Net income per average common share - basic and diluted and net income per average common share - basic and diluted, Underlying: Average common shares outstanding - basic (GAAP) V 491,497,026 422,401,747 425,948,706 69,095,279 16% 65,548,320 15% Average common shares outstanding - diluted (GAAP) W 493,296,114 424,670,871 427,561,572 68,625,243 16 65,734,542 15 Net income per average common share - basic (GAAP) M/V $0.68 $0.94 $1.45 ($0.26) (28) ($0.77) (53) Net income per average common share - diluted (GAAP) M/W 0.67 0.93 1.44 (0.26) (28) (0.77) (53) Net income per average common share - basic, Underlying (non-GAAP) N/V 1.14 1.07 1.47 0.07 7 (0.33) (22) Net income per average common share - diluted, Underlying (non-GAAP) N/W 1.14 1.07 1.46 0.07 7 (0.32) (22) $s in millions, except share, per share and ratio data

34 Non-GAAP financial measures and reconciliations QUARTERLY TRENDS 2Q22 Change 2Q22 1Q22 2Q21 1Q22 2Q21 $/bps % $/bps % Other income, Underlying Other income (GAAP) ($12) $24 $16 ($36) NM ($28) NM Less: Notable items (31) — — (31) (100) (31) (100) Other income, Underlying (non-GAAP) $19 $24 $16 ($5) (21%) $3 19% Salaries and employee benefits, Underlying: Salaries and employee benefits (GAAP) $683 $594 $524 $89 15% $159 30% Less: Notable items 72 6 — 66 NM 72 100 Salaries and employee benefits, Underlying (non-GAAP) $611 $588 $524 $23 4% $87 17% Equipment and software, Underlying: Equipment and software (GAAP) $169 $150 $155 $19 13% $14 9% Less: Notable items 6 2 4 4 200 2 50 Equipment and software, Underlying (non-GAAP) $163 $148 $151 $15 10% $12 8% Outside services, Underlying: Outside services (GAAP) $189 $169 $137 $20 12% $52 38% Less: Notable items 41 35 4 6 17 37 NM Outside services, Underlying (non-GAAP) $148 $134 $133 $14 10% $15 11% Occupancy, Underlying: Occupancy (GAAP) $111 $83 $82 $28 34% $29 35% Less: Notable items 1 — 3 1 100 (2) (67) Occupancy, Underlying (non-GAAP) $110 $83 $79 $27 33% $31 39% Other operating expense, Underlying: Other operating expense (GAAP) $153 $110 $93 $43 39% $60 65% Less: Notable items 5 5 — — — 5 100 Other operating expense, Underlying (non-GAAP) $148 $105 $93 $43 41% $55 59% $s in millions, except share, per share and ratio data

35 Non-GAAP financial measures and reconciliations $s in millions, except share, per share and ratio data QUARTERLY TRENDS 4Q21 3Q21 Noninterest income, Underlying: Noninterest income (GAAP) A $594 $514 Less: Notable items — — Noninterest income, Underlying (non-GAAP) $594 $514 Total revenue, Underlying: B Total revenue (GAAP) C $1,720 $1,659 Less: Notable items — — Total revenue, Underlying (non-GAAP) D $1,720 $1,659 Noninterest expense, Underlying: Noninterest expense (GAAP) E $1,061 $1,011 Less: Notable items 51 23 Noninterest expense, Underlying (non-GAAP) F $1,010 $988 Provision (benefit) for credit losses, Underlying: Provision (benefit) for credit losses (GAAP) ($25) ($33) Less: Notable items — — Provision (benefit) for credit losses, Underlying (non-GAAP) ($25) ($33) Efficiency ratio and efficiency ratio, Underlying: Efficiency ratio E/C 61.68 % 60.92% Efficiency ratio, Underlying (non-GAAP) F/D 58.71 59.55

36 Non-GAAP financial measures and reconciliations - excluding the impact of HBC & ISBC Acquisitions and PPP loans QUARTERLY TRENDS 2Q22 Change 2Q22 1Q22 2Q21 1Q22 2Q21 $/bps % $/bps % Average Commercial Loans, excluding HSBC, ISBC, and PPP Average Commercial Loans (GAAP) A $79,684 $60,573 $60,653 $19,111 32% $19,031 31% Less: HSBC & ISBC Acquisition Impact $16,266 $16 $— $16,250 NM $16,266 100% Less: PPP $349 $603 $4,603 ($254) (42%) ($4,254) (92%) Average Commercial Loans, excluding HSBC, ISBC, and PPP (non-GAAP) B $63,069 $59,954 $56,050 $3,115 5% $7,019 13% $s in millions

37 Non-GAAP financial measures and reconciliations - excluding the impact of HSBC, ISBC, and Commercial fee-based acquisitions closed after 2Q21 QUARTERLY TRENDS 2Q22 Change 2Q22 1Q22 2Q21 1Q22 2Q21 $/bps % $/bps % Noninterest expense, Underlying excluding HSBC, ISBC, and Commercial fee based acquisition expenses closed after 2Q21: Noninterest expense (GAAP) A $1,305 $1,106 $991 $199 18% $314 32% Less: Notable items 125 48 11 77 160 114 NM Less: HSBC & ISBC Acquisition Impact 128 13 — 115 NM 128 100 Less: Commercial fee based acquisition expenses closed after 2Q21 29 24 — 5 21 29 100 Total Noninterest expense, Underlying excluding HSBC, ISBC, and Commercial fee based acquisition expenses closed after 2Q21 (non-GAAP) B $1,023 $1,021 $980 $2 —% $43 4% $s in millions, except ratio data

38 Non-GAAP financial measures and reconciliations - excluding the impact of HSBC & ISBC Acquisitions QUARTERLY TRENDS 2Q22 Change 2Q22 1Q22 2Q21 1Q22 2Q21 $/bps % $/bps % Total Deposits, excluding HSBC & ISBC: Total Deposits (GAAP) A $178,925 $158,776 $150,636 $20,149 13% $28,289 19% Less: HSBC & ISBC Acquisition Impact 25,831 6,303 — 19,528 NM 25,831 100 Total Deposits, excluding HSBC & ISBC (non-GAAP) B $153,094 $152,473 $150,636 $621 —% $2,458 2% Total Average Deposits, excluding HSBC & ISBC: Total Average Deposits (GAAP) C $176,362 $155,083 $150,349 $21,279 14% $26,013 17% Less: HSBC & ISBC Acquisition Impact 26,423 2,881 — 23,542 NM 26,423 100 Total Average Deposits, excluding HSBC & ISBC (non-GAAP) D $149,939 $152,202 $150,349 ($2,263) (1%) ($410) —% Total Loans, excluding HSBC & ISBC Total Loans (GAAP) E $156,172 $131,305 $122,581 $24,867 19% $33,591 27% Less: HSBC & ISBC Acquisition Impact 21,700 1,443 — 20,257 NM 21,700 100 Total Loans, excluding HSBC & ISBC (non-GAAP) F $134,472 $129,862 $122,581 $4,610 4% $11,891 10% Total Commercial Loans, excluding HSBC & ISBC Total Commercial Loans (GAAP) G $81,445 $61,521 $59,083 $19,924 32% $22,362 38% Less: HSBC & ISBC Acquisition Impact 16,138 33 — 16,105 NM 16,138 100 Total Commercial Loans, excluding HSBC & ISBC (non-GAAP) H $65,307 $61,488 $59,083 $3,819 6% $6,224 11% Total Retail Loans, excluding HSBC & ISBC Total Retail Loans (GAAP) I $74,727 $69,784 $63,498 $4,943 7% $11,229 18% Less: HSBC & ISBC Acquisition Impact 5,562 1,410 — 4,152 NM 5,562 100 Total Retail Loans, excluding HSBC & ISBC (non-GAAP) J $69,165 $68,374 $63,498 $791 1% $5,667 9% $s in millions, except ratio data

39 Non-GAAP financial measures and reconciliations - excluding the impact of HSBC & ISBC Acquisitions QUARTERLY TRENDS 2Q22 Change 2Q22 1Q22 2Q21 1Q22 2Q21 $/bps % $/bps % Total Average Loans, excluding HSBC & ISBC Average Loans (GAAP) K $153,854 $129,154 $123,490 $24,700 19% $30,364 25% Less: HSBC & ISBC Acquisition Impact 21,836 680 — 21,156 NM 21,836 100 Total Average Loans, excluding HSBC & ISBC (non-GAAP) L $132,018 $128,474 $123,490 $3,544 3% $8,528 7% Average Commercial Loans, excluding HSBC & ISBC Average Commercial Loans (GAAP) M $79,684 $60,573 $60,653 $19,111 32% $19,031 31% Less: HSBC & ISBC Acquisition Impact 16,266 16 — 16,250 NM 16,266 100 Average Commercial Loans, excluding HSBC & ISBC (non-GAAP) N $63,418 $60,557 $60,653 $2,861 5% $2,765 5% Average Retail Loans, excluding HSBC & ISBC Average Retail Loans (GAAP) O $74,170 $68,581 $62,837 $5,589 8% $11,333 18% Less: HSBC & ISBC Acquisition Impact 5,569 665 — 4,904 NM 5,569 100 Average Retail Loans, excluding HSBC & ISBC (non-GAAP) P $68,601 $67,916 $62,837 $685 1% $5,764 9% Average Earnings Assets, excluding HSBC & ISBC Average Earnings Assets (GAAP) $198,677 $169,276 $166,333 $29,401 17% $32,344 19% Less: HSBC & ISBC Acquisition Impact 30,237 3,189 — 27,048 NM 30,237 100 Average Earnings Assets, excluding HSBC & ISBC (non-GAAP) $168,440 $166,087 $166,333 $2,353 1% $2,107 1% Net charge-offs, excluding HSBC & ISBC: Net charge-offs (GAAP) Q $49 $59 $78 ($10) (17%) ($29) (37%) Less: HSBC & ISBC Acquisition Impact 2 — — 2 NM 2 100 Net charge-offs, excluding HSBC & ISBC (non-GAAP) R $47 $59 $78 ($12) (21%) ($31) (40%) Net charge-off ratio (GAAP) K/Q 13 bps 19 bps 25 bps (6) bps (12) bps Net charge-off ratio, excluding HSBC & ISBC (non-GAAP) L/R 14 bps 19 bps 25 bps (5) bps (11) bps $s in millions, except ratio data

40 Non-GAAP financial measures and reconciliations - excluding the impact of HSBC & ISBC Acquisitions QUARTERLY TRENDS 2Q22 Change 2Q22 1Q22 2Q21 1Q22 2Q21 $/bps % $/bps % Net interest Income, excluding HSBC & ISBC: Net interest Income (GAAP) $1,505 $1,147 $1,124 $358 31 % $381 34 % Less: HSBC & ISBC Acquisition Impact 262 10 — 252 NM 262 1 Net interest Income, excluding HSBC & ISBC (non-GAAP) $1,243 $1,137 $1,124 $106 9 % $119 11% Noninterest income, Underlying excluding HSBC & ISBC: Noninterest income (GAAP) $494 $498 $485 ($4) (1) % $9 2% Less: Notables (31) — — (31) (100) (31) (100) Less: HSBC & ISBC Acquisition Impact 16 — — 16 100 16 100 Noninterest income, Underlying excluding HSBC & ISBC (non-GAAP) $509 $498 $485 $11 2 % $24 5% Total revenue, Underlying excluding HSBC & ISBC Total revenue (GAAP) A $1,999 $1,645 $1,609 $354 22 % $390 24% Less: Notable items (31) — — (31) (100) (31) (100) Less: HSBC & ISBC Acquisition Impact 278 10 — 268 NM 278 100 Total revenue, Underlying excluding HSBC & ISBC (non-GAAP) B $1,752 $1,635 $1,609 $117 7% $143 9% Noninterest expense, Underlying excluding HSBC & ISBC Noninterest expense (GAAP) C $1,305 $1,106 $991 $199 18 % $314 32 Less: Notable items 125 48 11 77 160 114 NM Less: HSBC & ISBC Acquisition Impact 128 13 — 115 NM 128 100 Noninterest expense, Underlying excluding HSBC & ISBC (non-GAAP) D $1,052 $1,045 $980 $7 1% $72 7% Operating leverage: Total revenue (GAAP) A $1,999 $1,645 $1,609 $354 21.59% $390 24.24% Less: Noninterest expense (GAAP) C 1,305 1,106 991 199 18.05 314 31.58 Operating leverage 3.54% (7.34%) Operating leverage, Underlying excluding HSBC & ISBC Total Revenue, Underlying excluding HSBC & ISBC (non-GAAP) B $1,752 $1,635 $1,609 $117 7.23% $143 8.90% Less: Noninterest expense, Underlying excluding HSBC & ISBC (non-GAAP) D 1,052 1,045 980 7 0.91 72 7.43 Operating leverage, Underlying excluding HSBC & ISBC (non-GAAP) 6.32% 1.47% $s in millions, except ratio data