Exhibit 99.1

 

CIT Announces First Quarter 2019 Results                  

NEW YORK – April 23, 2019 –

CIT Group Inc. (NYSE: CIT) today reported first quarter 2019 results.

Financial Results

First quarter net income available to common shareholders and income from continuing operations available to common shareholders were each $119 million or $1.18 per diluted common share

 

Chairwoman and CEO Commentary

“We posted solid first quarter financial results,” said CIT Chairwoman and Chief Executive Officer Ellen R. Alemany. “We continued to execute on our strategic plan and delivered strong growth in deposits and core loans and leases. In addition, we returned more than $200 million of capital to common shareholders and increased tangible book value per share by 2.5%. Going forward, we remain focused on further unlocking the full potential of CIT.”

 

Strategic Pillars

Grow Core Businesses

Average loans and leases growth of 1% from the prior quarter. Average core loans and leases1 growth of 2% from the prior quarter

Funded volume of $2.7 billion. Commercial Banking volume up 5% from the year-ago quarter

Optimize Balance Sheet

Grew average consumer deposits by 8%. Added more than 48,000 Direct Bank customers

Repurchased 3.7 million common shares at an average price of $49.16

Enhance Operating Efficiency

Continued disciplined expense management

Using technology and digitization to drive greater operating efficiency, enhance customer experience and support growth

Maintain Strong Risk Management

Maintained strong credit quality and disciplined underwriting standards

Credit reserves remain strong at 1.56% of the total portfolio and 1.87% of Commercial Banking

 

1 

Average core loans and leases is a non-GAAP measure. Core portfolios is total loans and leases net of credit balances of factoring clients, Legacy Consumer Mortgages (LCM) and Non-Strategic Portfolios (NSP). See “Non-GAAP Measurements” at the end of this press release and starting on page 17 for a reconciliation of non-GAAP to GAAP financial information.

 

 

1

 


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

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