Exhibit 99.1

 

CIT Announces Second Quarter 2019 Results                

NEW YORK – July 23, 2019 –

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

Financial Results

Net income available to common shareholders of $128 million or $1.33 per diluted common share

Income from continuing operations available to common shareholders of $127 million or $1.32 per diluted common share

 

Chairwoman and CEO Commentary

“We posted another quarter of solid financial performance and increased tangible book value per share by 3.6 percent in the second quarter,” said CIT Chairwoman and Chief Executive Officer Ellen R. Alemany. “We continued to advance our strategic plan and delivered growth in core loans and leases, additional optimization of our balance sheet and improved operating efficiency. We remain committed to continued execution of our strategic plan and creating long-term shareholder value.”

 

Strategic Pillars

Grow Core Businesses

Average loans and leases up slightly from the prior and year-ago quarters. Average core loans and leases1 up 1% from the prior quarter and 8% from the year-ago quarter

Continued strong origination levels across all core portfolios

Optimize Balance Sheet

Deposits constitute 85% of total average fundings, up from 77% in the year-ago quarter; further reduced wholesale debt

Repurchased 3.2 million common shares at an average price of $49.64

Enhance Operating Efficiency

Continued disciplined expense management

Net efficiency ratio2 of 56%

Maintain Strong Risk Management

Maintained strong credit quality and disciplined underwriting standards

Credit reserves remain strong at 1.56% of total portfolio and 1.89% of Commercial Banking portfolio

 

1 

Average core loans and leases is a non-GAAP measure. Core portfolios are total loans and leases net of credit balances of factoring clients, NACCO assets held for sale, 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  

2 

Net efficiency ratio excludes intangible asset amortization and is a non-GAAP measure. See "Non-GAAP Measurements" at the end of this press release and beginning on page 17 for details on the calculation and description of the use of this metric.

 

 

1

 


The following information was filed by Cit Group Inc (CIT) on Tuesday, July 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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