CIT Group Inc. reported third-quarter net income available to common shareholders of $132 million, compared with net income available to common shareholders of $220 million for the year-ago quarter. Income from continuing operations available to common shareholders for the third quarter was $129 million, compared to income available to common shareholders of $223 million a year ago.
Income from continuing operations available to common shareholders excluding noteworthy items for the third quarter was $131 million, compared to $139 million in the year-ago quarter, as lower net finance revenue and an increase in the provision for credit losses were partially offset by higher other non-interest income and lower operating expenses.
Selected Highlights
- Average loans and leases were essentially unchanged compared to the prior quarter and up 2 percent compared to the year-ago quarter.
- Average loans and leases in core portfolios grew 2 percent compared to the prior quarter and 8 percent compared to the year-ago quarter.
- Funded volume increased to $3.1 billion, up 38 percent compared to the year-ago quarter.
"In the third quarter, we delivered strong performance in all areas of our strategic plan," said CIT Chairwoman and Chief Executive Officer Ellen R. Alemany. "The average core loan and lease portfolio grew 8 percent year-over-year driven by strong originations as our strategic initiatives gained momentum. In addition, we made significant progress in reducing operating expenses, returning capital and driving greater funding efficiency through continued consumer deposit growth and the extension of debt maturities."
Alemany continued, "In October, we completed the sale of the European rail business, which enabled us to initiate a series of liability management actions to further optimize our funding profile. Collectively, these efforts advance our plan to improve our return on tangible common equity."
Read the full press release here.