1

 

 

Exhibit 99.1

 

 

FOR IMMEDIATE RELEASE                                   

 

CIT Announces Fourth Quarter and Full Year 2018 Results

 

Financial Results:

 

Fourth quarter net income available to common shareholders and income from continuing operations available to common shareholders were each $82 million or $0.78 per diluted common share

 

 

Excluding noteworthy items, fourth quarter income from continuing operations available to common shareholders1 of $127 million or $1.21 per diluted common share

 

 

Full year net income available to common shareholders of $428 million or $3.61 per diluted common share; income from continuing operations available to common shareholders of $453 million or $3.82 per diluted common share

 

 

Excluding noteworthy items, full year income from continuing operations available to common shareholders of $480 million or $4.04 per diluted common share

 

o

Income from continuing operations excluding noteworthy items per common diluted share grew more than 30% in 2018

 

o

Tangible book value per common share grew 3% compared to year-end 2017

 

Highlights:

 

Delivered on our 2018 financial targets through steady execution of our strategic plan:

 

o

Grew average loans and leases in the core portfolios2

 

o

Achieved operating expense goal3

 

o

Reduced CET1 ratio

 

o

Reached return on tangible common equity (ROTCE)4 goal

 

 

Increased full year average loans and leases by 1%, notwithstanding the divestiture of non-core portfolios. Average loans and leases in the core portfolios for the full year 2018 increased 6%

 

o

Driven by strong growth in our digitally-enabled equipment finance platforms

 

 

Grew full year average consumer deposits in the direct bank by 25%; added over 60,000 customers in 2018

 

 

Continued to simplify, de-risk and return capital in 2018:

 

o

Sold European railcar leasing business, reverse mortgage servicing business and related portfolio

 

o

Improved funding profile through reduction of senior unsecured debt and structured financings and termination of our remaining total return swap

 

o

Repurchased $1.6 billion in common shares

 

 

Received a non-objection from our regulators to repurchase up to $450 million of common stock through Sept. 30, 2019 and to increase our quarterly dividend by 40% to 35 cents per common share starting in 2Q19, which is subject to CIT Board approval

 

1 

Income from continuing operations available to common shareholders 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 total loans and leases net of credit balances of factoring clients, NACCO, legacy consumer mortgages (LCM) and non-strategic portfolios (NSP).

3 

Full year operating expenses excludes noteworthy items and intangible asset amortization.

4 

The calculation of ROTCE excludes noteworthy items and is based on non-GAAP income from continuing operations. See “Non-GAAP Measurements” at the end of this press release and starting on page 26 for reconciliation of non-GAAP financial information.


The following information was filed by Cit Group Inc (CIT) on Tuesday, January 29, 2019 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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