FREE SUBSCRIPTION Includes: The Advisor Daily eBlast + Exclusive Content + Professional Network Membership: JOIN NOW LOGIN
Skip Navigation LinksHome / News / Read News


CIT Reports Substantial Increase in Funded Volume in 1Q18

April 24, 2018, 07:15 AM
Filed Under: Corporate Earnings

CIT Group reported first quarter net income available to common shareholders of $97 million, compared to net income available to common shareholders of $180 million for the year-ago quarter.  Income from continuing operations available to common shareholders for the first quarter was $104 million, compared to income available to common shareholders of $78 million in the year-ago quarter.

Income from continuing operations available to common shareholders excluding noteworthy items for the first quarter was $97 million compared to $109 million in the year-ago quarter, as a decline in net finance revenue and an increase in the provision for credit losses were partially offset by lower operating expenses and higher other non-interest income. The increase in income from continuing operations excluding noteworthy items per diluted common share reflects the decline in the average number of diluted common shares outstanding due to significant share repurchases over the past four quarters more than offsetting the decline in income.

Selected Highlights:

  • Average loans and leases grew 1.7% compared to the prior quarter. Average loans and leases in core portfolios grew 2.3%
    • Substantial increase in funded volume in 1Q18 compared to the year-ago quarter

"In the first quarter, we posted solid growth in our core businesses and continued to make significant progress on our strategic plan," said CIT Chairwoman and Chief Executive Officer Ellen R. Alemany. "Origination volumes increased significantly year-over-year, and the direct bank franchise continued to grow, adding $1.5 billion in deposits and more than 28,000 new customers. Affecting results was a single commercial exposure, and excluding that, credit performance was generally stable and credit reserves remain strong."

Alemany continued, "We also made strides in optimizing our capital structure through the repurchase of $195 million of common stock, and we remain focused on advancing our strategic plan and achieving our profitability targets."

Read the full press release here.


Comments From Our Members

You must be an Equipment Finance Advisor member to post comments. Login or Join Now.