Exhibit 99.1

1

 

                             

FOR IMMEDIATE RELEASE                                   

 

CIT Announces Fourth Quarter and Full Year 2017 Results

 

Highlights:

·Fourth quarter net loss to common shareholders of $98 million or $0.74 per diluted common share; loss from continuing operations to common shareholders of $93 million or $0.70 per diluted common share
oResults reflect solid operating performance offset by a $222 million (after-tax) goodwill impairment and other noteworthy items

 

·Excluding noteworthy items, fourth quarter income from continuing operations available to common shareholders1 of $130 million or $0.99 per diluted common share

 

·Full year net income available to common shareholders of $458 million or $2.80 per diluted common share; income from continuing operations available to common shareholders of $250 million or $1.52 per diluted common share

 

·Excluding noteworthy items, full year income from continuing operations available to common shareholders of $504 million or $3.07 per diluted common share

 

·Average loans and leases grew 1.3% compared to the prior quarter. Average loans and leases in core portfolios2 grew 2.1%

 

·2017 accomplishments include:
oSold or have definitive agreements to sell more than $12 billion in loans and leases, including Commercial Air, Financial Freedom, including our reverse mortgage portfolio, and NACCO
oGrew average investment securities portfolio by 58%
oEnded 2017 with more than 80% of assets in CIT Bank and 77% of funding from deposits
oReduced operating expenses by approximately $85 million (excluding noteworthy items)
oRepurchased $3.4 billion in common shares at an average price of $47.84 per share and reduced unsecured debt by $6.9 billion
oTangible book value per share grew 9% to $49.58

 

·Significant excess capital – CET1 ratio of 14.4%, above our targeted level of the upper end of 10-11%

 

 

NEW YORK – Jan. 30, 2018 –

CIT Group Inc. (NYSE: CIT) today reported a fourth quarter net loss to common shareholders of $98 million or $0.74 per diluted common share, compared to a net loss to common shareholders of $1.1 billion or $5.65 per diluted common share for the year-ago quarter. Loss from continuing operations to


The following information was filed by Cit Group Inc (CIT) on Tuesday, January 30, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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