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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
08/26/201508:30:00CIT and TPG Special Situations Partners Enter into Strategic...
08/20/201508:30:00CIT Provides $61 Million in Financing to Advantage Tankers
08/17/201508:30:00CIT Serves as Joint Lead Arranger in $135 Million Senior Secured...
08/14/201516:02:53Small Company Offering and Sale of Securities Without Registration...
08/13/201508:30:00CIT Provides $32 Million in Financing to Norstar Tankers
08/10/201508:30:00CIT Serves as Joint Lead Arranger in $165.5 Million Financing...
08/05/201517:34:40Quarterly Report (10-q)
08/05/201516:02:43Statement of Changes in Beneficial Ownership (4)
08/05/201516:01:49Initial Statement of Beneficial Ownership (3)
08/05/201516:01:21Statement of Changes in Beneficial Ownership (4)
08/05/201516:00:29Initial Statement of Beneficial Ownership (3)
08/05/201515:59:34Statement of Changes in Beneficial Ownership (4)
08/05/201515:59:06Initial Statement of Beneficial Ownership (3)
08/05/201515:58:07Statement of Changes in Beneficial Ownership (4)
08/05/201508:30:00CIT Provides Acquisition Financing to Altamont Capital Partners...
08/03/201509:06:59Current Report Filing (8-k)
08/03/201508:30:00CIT Completes Acquisition of OneWest Bank
07/31/201512:46:22Statement of Changes in Beneficial Ownership (4)
07/28/201510:20:09CIT Group Profit Slides on Revenue Decline
07/28/201506:49:43Current Report Filing (8-k)

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