Exhibit 99.1


 

 

FOR IMMEDIATE RELEASE

 

CIT REPORTS FOURTH QUARTER 2013 NET INCOME OF $130 MILLION ($0.65 PER DILUTED SHARE); INCLUDES PREVIOUSLY ANNOUNCED $45 MILLION TAX AGREEMENT SETTLEMENT CHARGE

 

 

FULL YEAR NET INCOME OF $676 MILLION ($3.35 PER DILUTED SHARE)

 

Fourth Quarter Financial Highlights

 

§Grew Commercial Assets – Increased 8% from a year ago; ninth consecutive quarter of sequential growth;
§Continued Growth at CIT Bank – Assets surpassed $16 billion; deposits exceeded $12 billion;
§Accelerated Capital Return - Repurchased approximately 3 million of additional common shares;
§Credit Metrics Remain at Cyclical Lows – Non-Accrual loans further declined;
§Capital Ratios Remain Strong – Tier 1 Capital Ratio of 16.7% and Total Capital Ratio of 17.4%.

 

NEW YORK – January 28, 2014 – CIT Group Inc. (NYSE: CIT), a leading provider of financing and advisory services to small businesses and middle market companies, today reported net income of $130 million, $0.65 per diluted share, for the fourth quarter of 2013, compared to net income of $207 million, $1.03 per diluted share, for the fourth quarter of 2012. Net income for the year ended December 31, 2013 was $676 million, $3.35 per diluted share, compared to a net loss of $592 million, $2.95 per diluted share, which included $1.5 billion of debt redemption charges

1, for the year ended December 31, 2012.

“In 2013 we returned CIT to profitability, grew CIT Bank and our commercial assets, while rationalizing our global platforms and returning capital to shareholders,” said John Thain, Chairman and Chief Executive Officer. “We remain focused on enhancing the value of our franchise as we put our knowledge to work to meet the lending, leasing and advisory needs of our small business, middle market and transportation clients.”

 


The following information was filed by Cit Group Inc (CIT) on Tuesday, January 28, 2014 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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