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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. Weve 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.
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