1

 

Exhibit 99.1

 

                             

FOR IMMEDIATE RELEASE                                   

 

CIT Announces Third Quarter 2018 Results

 

Highlights:

 

Third quarter net income available to common shareholders of $132 million or $1.15 per diluted common share; income from continuing operations available to common shareholders of $129 million or $1.13 per diluted common share

 

 

Excluding noteworthy items, third quarter income from continuing operations available to common shareholders1 of $131 million or $1.15 per diluted common share

 

 

Average loans and leases were essentially unchanged compared to the prior quarter and up 2% compared to the year-ago quarter. Average loans and leases in core portfolios2 grew 2% compared to the prior quarter and 8% compared to the year-ago quarter.

 

o

Funded volume increased to $3.1 billion, up 38% compared to the year-ago quarter

 

 

Completed repurchase of $291 million in common equity in 3Q18, consisting of approximately 5.5 million shares at an average price per share of $52.91

 

o

Completed the purchase of an additional $188 million in common equity through Oct. 22, consisting of 3.8 million shares at an average price of $49.63

 

o

$271 million remaining in current share repurchase authorization, most of which is expected to be completed by year-end

 

o

CET1 ratio of 12.3% at the end of the quarter remains above our target level

 

 

Completed the sale of our European railcar leasing business (NACCO) on October 4

 

o

Use of net proceeds of $1.1 billion to include liability management actions, including the termination of the TRS, and return of capital to shareholders under the current share repurchase authorization

 

o

Expected sale of approximately $350 million of railcar assets to CIT Bank to enable more efficient deposit-based funding

 

 

NEW YORK – Oct. 23, 2018 –

CIT Group Inc. (NYSE: CIT) today reported third quarter net income available to common shareholders of $132 million or $1.15 per diluted common share, compared to net income available to common shareholders of $220 million or $1.61 per diluted common share for the year-ago quarter. Income from continuing operations available to common shareholders for the third quarter was $129 million or $1.13 per diluted common share, compared to income available to common shareholders of $223 million or $1.64 per diluted common share in the year-ago quarter.

 

 

1 

Income from continuing operations excluding noteworthy items is a non-GAAP measure. See “Non-GAAP Measurements” at the end of this press release and starting on page 26 for reconciliation of non-GAAP to GAAP financial information.

2 

Core portfolios is net of credit balances of factoring clients, NACCO assets held for sale, legacy consumer mortgages (LCM) and non-strategic portfolios (NSP).


The following information was filed by Cit Group Inc (CIT) on Tuesday, October 23, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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