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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
07/02/201516:00:00CIT to Announce Second Quarter 2015 Financial Results on Tuesday...
07/02/201509:27:50Statement of Changes in Beneficial Ownership (4)
06/25/201508:30:00CIT Provides $75 Million Financing to AES Distributed Energy
06/18/201508:30:00CIT Provides Financing to Bridge Development Partners
06/15/201502:00:00CIT Selects the V2500® Engine for A321ceo Order
06/03/201508:30:00CIT Provides $29.5 Million Financing to Real Properties Health...
06/02/201515:00:05Midsize Banks Approach Stress Test Deadline
06/02/201514:46:47Statement of Changes in Beneficial Ownership (4)
05/31/201522:19:58GE Launches Bidding for Some Commercial-Lending Operations
05/31/201515:13:10GE Launches Bidding Process for $40 Billion in Commercial-Lending...
05/20/201508:30:00CIT Provides $40 Million Financing to Towerbrook Capital Partners...
05/19/201508:30:00Are Middle Market Companies Doing Enough to Hedge Their Interest...
05/18/201514:34:28Statement of Changes in Beneficial Ownership (4)
05/18/201514:34:01Statement of Changes in Beneficial Ownership (4)
05/18/201514:33:08Statement of Changes in Beneficial Ownership (4)
05/18/201514:32:42Statement of Changes in Beneficial Ownership (4)
05/18/201514:12:53Statement of Changes in Beneficial Ownership (4)
05/18/201514:11:29Statement of Changes in Beneficial Ownership (4)
05/18/201514:10:53Statement of Changes in Beneficial Ownership (4)
05/18/201514:06:04Statement of Changes in Beneficial Ownership (4)

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