Exhibit 99.1

 

1 

                             

FOR IMMEDIATE RELEASE                                   

 

CIT Announces Fourth Quarter and Full Year 2016 Results

 

Financial Highlights:

·Results reflect stable core operating performance offset by goodwill impairment and several other noteworthy items related to actions to transform and simplify the company, including divestitures and legacy OneWest Bank matters

 

·Fourth quarter net loss of $1.2 billion or $5.71 per diluted share; loss from continuing operations of $424 million or $2.10 per diluted share

 

·Fourth quarter net income excluding noteworthy items1 of $196 million or $0.97 per diluted share; income from continuing operations excluding noteworthy items1 of $120 million or $0.59 per diluted share

 

·Full year net loss of $861 million or $4.27 per diluted share; loss from continuing operations of $196 million or $0.97 per diluted share

 

·Full year net income excluding noteworthy items1 of $697 million or $3.46 per diluted share; income from continuing operations excluding noteworthy items1 of $368 million or $1.82 per diluted share

 

·Strong capital ratios increased slightly from prior quarter
oCommon Equity Tier 1 ratio of 13.8%

 

·Significant progress made towards closing Commercial Air
oEnables return of up to $3.3 billion in capital to shareholders

 

·Commercial Banking core operating trends remain stable
oContinued strong net finance margin
oCredit trends remain stable
oAsset growth in Business Capital, Real Estate Finance and Rail divisions

 

·Deposit costs continue to decline

 

·Continued progress on operating expense reduction program – achieved approximately one-third of operating expense reduction goal for 2018
oOperating expenses in the quarter impacted by noteworthy items and elevated costs

 

NEW YORK – Jan. 31, 2017 –

CIT Group Inc. (NYSE: CIT) today announced financial results for the fourth quarter and year ended Dec. 31, 2016.

 


The following information was filed by Cit Group Inc (CIT) on Tuesday, January 31, 2017 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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