Photo by James Sanna | Banker & Tradesman Staff/file
Thanks to the performance of Citizens Bank’s private bank and its capital markets and wealth arms, the bank saw its net income reach $528 million, up 32 percent year-over-year.
The bank’s total revenue eclipsed $2.1 billion in the fourth quarter, it told investors this week.
“Our strong fee growth was paced by Capital Markets and Wealth, we continue to achieve positive operating leverage, up 5% in Q4 vs. prior year, our credit costs are trending favorably, and we delivered an 80% return of capital to shareholders for the year,” Citizens Chairman and CEO Bruce Van Saun said in a statement. “The Private Bank hit year end deposits of $14.5 billion, delivering 7% accretion to our bottom line at a 25% ROE. I would like to thank our colleague base for their fine effort and dedication in continuing to serve our customers well and in positioning us for a strong 2026 and bright future.”
Across all of 2025, the bank’s net income was $1.8 billion, up 14 percent year-over-year. The private bank had $118 million in net interest income in the fourth quarter and $141 million in total revenue. It also saw loan growth of 1.2 billion in the fourth quarter, which Citizens credits the multifamily market and residential mortgage for the growth.
The private bank currently has seven brick-and-mortar offices, including one in Boston. The bank announced plans to add four more by the end of 2026 including a location in Greenwich, Connecticut.
Citizens is targeting for the private bank to reach $18-20 million in deposits by the end of the year.
Additionally, in the fourth quarter, the bank had an underlying noninterest income of $620 million, up 10 percent from last year. Capital markets fees increased $19 million, up 16 percent year-over year.
Citizens executives credited the growth to higher debt and equity underwriting fees and higher loan syndication fees, partially offset by lower merger and acquisition fees. Wealth fees increased $23 million, up 31 percent compared to the prior year.
