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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;;

Stock News for Cit Group (CIT)
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04/28/201606:36:30Current Report Filing (8-k)
04/28/201606:30:00CIT Reports First Quarter 2016 Net Income of $147 Million ($0.73...
04/25/201608:45:00Healthcare Executives Have a Positive Outlook for 2016
04/25/201608:30:00CIT Appoints John C. Erickson President of Consumer Banking and...
04/19/201617:27:41Current Report Filing (8-k)
04/19/201612:01:00CIT Declares Quarterly Dividend
04/14/201608:30:00CIT to Announce First Quarter 2016 Financial Results on Thursday...
04/11/201616:21:34Proxy Statement (definitive) (def 14a)
03/23/201608:20:00CIT Group to Focus on Commercial Businesses
03/23/201606:39:17Current Report Filing (8-k)
03/23/201606:30:00CIT Provides Update on Strategic Plan – Creating a Leading N...
03/21/201617:29:29Current Report Filing (8-k)
03/21/201616:20:00CIT Chief John Thain Takes 9% Pay Cut on His Way Out
03/18/201617:02:25Proxy Statement - Notice of Shareholders Meeting (preliminary...
03/17/201616:23:36Statement of Changes in Beneficial Ownership (4)
03/17/201616:22:42Statement of Changes in Beneficial Ownership (4)
03/17/201616:21:47Statement of Changes in Beneficial Ownership (4)
03/17/201616:20:17Statement of Changes in Beneficial Ownership (4)
03/17/201616:19:24Statement of Changes in Beneficial Ownership (4)

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