First Quarter Financial Highlights
- Commercial Asset Growth – Increased 11% from a year ago; sixth consecutive quarter of sequential growth;
- Solid Net Finance Margin – Net Finance Margin of 4.43%; funding costs further declined as deposits rose to 33% of total funding;
- Credit Metrics Remain At Cyclical Lows – Non-Accrual Loans and Net Charge-offs declined;
- Growth at CIT Bank – Assets surpassed $13 billion; online deposits increased to over $5.5 billion and now represent over half of total deposits;
- Strong Capital – Tier 1 Capital Ratio of 16.3% and Total Capital Ratio of 17.1%
- Increased Tangible Book Value – Tangible book value per share increased to $40.35
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 $163 million, $0.81 per diluted share, for the first quarter of 2013, compared to a net loss of $427 million, ($2.13) per diluted share, for the first quarter of 2012. The loss in the year-ago quarter was primarily due to $620 million of debt redemption charges, compared to $18 million of debt redemption charges in the current 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