Full Year Net Loss of $592 Million ($2.95 Per Diluted Share) Including $1.5 Billion of Debt Redemption Charges; Pre-Tax Income of $1.0 Billion Excluding Debt Redemption Charges
Fourth Quarter Financial Highlights
- Grew Commercial Assets – Increased 8% from a year ago; fifth consecutive quarter of sequential growth;
- Significant New Business Activity – Funded volume of $3.1 billion; rose 41% sequentially and 6% from the year-ago quarter;
- Finance Margin Improved - Funding cost declines reflect benefit of debt redemption actions; portfolio yields remain stable;
- Credit Metrics Remain At Cyclical Lows - Non-Accrual balances further declined and net charge-offs remain at low levels;
- Expanded CIT Bank – Assets surpassed $12 billion; online deposits exceed $4.5 billion; originated over 95% of U.S. loan and lease volume.
NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE: CIT), a leading provider of financing and advisory services to small businesses and middle market companies, today reported net income of $207 million, $1.03 per diluted share, for the fourth quarter of 2012, improved from $36 million, $0.18 for the year-ago quarter.
CIT MEDIA RELATIONS:
C. Curtis Ritter
Director of Corporate Communications
(973) 740-5390 / Curt.Ritter@cit.com
or
Matt Klein
Vice President, Media Relations
(973) 597-2020 / Matt.Klein@cit.com
or
CIT INVESTOR RELATIONS:
Ken Brause
Executive Vice President
(212) 771-9650 / Ken.Brause@cit.com