EXHIBIT 99.1


CIT REPORTS FOURTH QUARTER 2010 NET INCOME OF $75 MILLION, $0.37 PER DILUTED SHARE;
FULL-YEAR 2010 NET INCOME OF $517 MILLION, $2.58 PER DILUTED SHARE

Fourth Quarter Financial Highlights

  • Business activity increased - new funded volume up 41% sequentially
  • Portfolio optimization advanced - sold $1.2 billion of assets
  • Credit quality remained stable - non-accrual loans declined 20%
  • High cost debt reduced - $1.4 billion of Series B notes repaid
  • Operating expenses declined excluding $32 million office consolidation charge
  • Capital ratios remain strong - Tier One Capital ratio exceeds 19%
  • Book value increased to $44.48 per share

     NEW YORK – February 15, 2011 –

CIT Group Inc. (NYSE: CIT), a leading provider of financing to small businesses and middle market companies, today reported net income for the quarter ended December 31, 2010 of $75 million, $0.37 per diluted share. Net income for the full year was $517 million, $2.58 per diluted share.

     “I am pleased with the significant progress we have made this past year,” said John A. Thain, Chairman and Chief Executive Officer. “We’ve completed the build out of our senior management team, eliminated more than $7 billion of high-cost debt, sold more than $5 billion of assets, and funded more than $4.5 billion in new business. We will continue to serve the small business and middle market sectors, the engines of economic growth in the U.S., as we remain focused on increasing the value of our franchise.”

     As announced on February 2, 2011, CIT will restate the financial results of the first three quarters of 2010 in conjunction with filing its Form 10-K. Information regarding the restatements is provided in the “2010 Quarterly Restatements” section and tables that follow. All comparisons to prior 2010 quarters are to this restated information.

Summary of Fourth Quarter Financial Results

     Fourth quarter results reflect broad-based increases in new business volume, further progress reducing our funding costs and continued stabilization in credit trends. Net income declined sequentially reflecting a decrease in interest income, lower gains on asset sales and higher operating expenses, which included a $32 million pre-tax restructuring charge. Earnings also reflect a decline in net finance revenue, attributable in part to lower average earning assets, higher credit costs, and increased debt prepayment fees of $49 million, partially offset by favorable income tax settlements. Pre-tax income


The following information was filed by Cit Group Inc (CIT) on Tuesday, February 15, 2011 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one year to another to evaluate Cit Group Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Cit Group Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account