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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; [email protected];

Stock News for Cit Group (CIT)
DateTimeHeadline
01/19/201705:59:00Steven Mnuchin, Donald Trump's Treasury Pick, to Address IndyMac...
01/18/201717:24:12Current Report Filing (8-k)
01/18/201716:30:00CIT Declares Quarterly Dividend
01/17/201708:30:00CIT Appoints Paul Tufaro As Executive Vice President And Chief...
01/05/201708:30:00CIT Serves As Co-Arranger For $65 Million Acquisition Financing...
01/04/201708:30:00Canyon Partners Real Estate Launches Canyon Multifamily Impact...
12/23/201617:05:44Current Report Filing (8-k)
12/22/201607:14:37Current Report Filing (8-k)
12/22/201606:30:00CIT Announces Early Tender Results For Its Offer To Exchange...
12/16/201615:55:29Statement of Changes in Beneficial Ownership (4)
12/16/201615:54:33Initial Statement of Beneficial Ownership (3)
12/15/201616:40:53Initial Statement of Beneficial Ownership (3)
12/14/201608:30:00CIT Serves as Sole Lead Arranger for $78.85 Million Financing...
12/13/201608:30:00CIT Names Gina Proia Executive Vice President and Chief Marketing...
12/08/201607:10:52Current Report Filing (8-k)
12/08/201606:30:00CIT Announces Exchange Offer for Its 5.000% Senior Unsecured...
12/07/201606:35:35Current Report Filing (8-k)
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...

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