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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)
11/20/201516:10:26Initial Statement of Beneficial Ownership (3)
11/18/201517:30:38Current Report Filing (8-k)
11/17/201516:30:00CIT Appoints Ed Sperling Corporate Controller
11/17/201508:30:00CIT Serves as Sole Lead Arranger in $325 Million Financing of...
11/13/201517:16:40Quarterly Report (10-q)
11/12/201508:30:10Prospectus Filed Pursuant to Rule 424(b)(7) (424b7)
11/11/201508:30:00Retailers See Promise Across All Channels; Innovation Will Be...
11/10/201508:30:00CIT Provides Financing to Bridge Development Partners
11/09/201517:15:48Notification That Quarterly Report Will Be Submitted Late (nt...
11/05/201516:19:58Statement of Changes in Beneficial Ownership (4)
11/05/201516:19:58Statement of Changes in Beneficial Ownership (4)
11/03/201508:30:00CIT Reports Jump in Profit Following OneWest Acquisition
11/03/201507:09:09Prospectus Filed Pursuant to Rule 424(b)(7) (424b7)
11/03/201506:45:43Current Report Filing (8-k)
11/03/201506:30:00CIT Reports Third Quarter 2015 Net Income of $693 Million ($3.61...
10/29/201508:30:00Middle Market Executives Judge Economy on Personal Observation...
10/27/201508:30:00CIT Serves as Joint Lead Arranger in Senior Secured Financing...
10/23/201516:29:41Current Report Filing (8-k)
10/21/201517:20:00CIT CEO John Thain to Retire
10/21/201517:03:00CIT CEO John Thain to Retire -- Update

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