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CIT 1Q Profit Falls 55% On Lower Income From Interest, Fees

DOW JONES NEWSWIRES CIT Group Inc.'s (CIT) first-quarter earnings fell 55%, as the lender to small- and mid-sized businesses saw significantly lower income from interest and fees on loans. Earlier this month, regulators lifted a cease-and-desist order on the company, allowing it to increase its brokered deposits, which bolsters its access to deposits and underscores its progress in winning back the confidence of regulators. The company has said it has benefited from broad-based increases in new business volume and stabilizing credit trends. CIT reported a profit of $65.6 million, or 33 cents a share, down from $144.6 million, or 72 cents, a year earlier. Analysts polled by Thomson Reuters had most recently forecast earnings of 16 cents. Total interest income declined 42% to $643.2 million, hurt by a 42% drop in interest and fees on loans. So-called "other" income jumped 20% from the previous year to $691.5 million. Credit-loss provisions were $123.4 million, down from $226.1 million a year earlier and $182.4 million a quarter earlier. Total assets were $50.68 billion, compared with $58.55 billion a year earlier and $50.96 billion in the prior quarter. Shares were inactive premarket after closing the prior day at $42.40. As of the close, the stock had risen 6.1% the past year. -By Nathan Becker, Dow Jones Newswires; 212-416-2855; nathan.becker@dowjones.com;

Stock News for Cit Group (CIT)
DateTimeHeadline
12/02/201616:54:06Current Report Filing (8-k)
12/02/201610:10:00Mnuchin Leaves CIT Board
12/02/201608:30:00CIT Announces Resignation of Steven T. Mnuchin from Board of...
12/01/201617:08:18Statement of Changes in Beneficial Ownership (4)
12/01/201608:20:00Mnuchin Made Millions From Financial Crisis
12/01/201602:30:00Trump's Treasury Choice Says 'No Absolute Tax Cut' for the Wealthy
11/30/201609:20:00Treasury Choice Steven Mnuchin Vows to 'Strip Back' Dodd-Frank
11/30/201608:30:00CIT Appoints Steve Solk President of Consumer Banking
11/29/201619:10:00Trump Plans to Name Steven Mnuchin as Treasury Secretary
11/29/201608:30:00Middle Market Companies Actively Pursuing Growth Strategies
11/22/201608:30:00Middle Market Retailers Optimistic for Holiday Season as Black...
11/21/201617:23:38Statement of Changes in Beneficial Ownership (4)
11/18/201614:52:24Initial Statement of Beneficial Ownership (3)
11/17/201616:42:30Statement of Changes in Beneficial Ownership (4)
11/16/201616:18:58Statement of Changes in Beneficial Ownership (4)
11/16/201616:17:38Statement of Changes in Beneficial Ownership (4)
11/16/201609:50:00Upland Software Announces Expanded $90 Million Credit Facility...
11/15/201609:24:22Current Report Filing (8-k)
11/14/201616:30:00CIT Names Michael Brosnan to Board of Directors; John Oros Steps...
11/10/201608:30:00CIT Serves as Sole Lead Arranger for $52 Million Financing to...

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