- Solid Commercial Franchise Performance – Combined North American Commercial Finance and Transportation & International Finance financing and leasing assets grew 17% from a year ago; Pre-tax ROAEA over 2%;
- Partial Reversal of the Tax-Related Valuation Allowance – Net Income benefited by $375 million, ($2.01) per diluted share, from reversal of the Valuation Allowance related to the U.S. Federal Deferred Tax Asset;
- Accelerated Portfolio Repositioning – Advanced portfolio exits and other restructuring charges resulted in an after-tax charge of $57 million, ($0.30) per diluted share;
- Completed Direct Capital Acquisition – Added $550 million of assets; Resulted in a discrete tax benefit of $30 million, ($0.16) per diluted share;
- Maintained Strong Capital Ratios – Repurchased $106 million common shares in the quarter; Tier 1 Capital Ratio of 14.3% and Total Capital Ratio of 15.0%.
NEW YORK--(BUSINESS WIRE)--CIT Group Inc. (NYSE:CIT), a leading provider of commercial lending and leasing services, today reported net income of $515 million, $2.76 per diluted share, for the third quarter of 2014, compared to net income of $200 million, $0.99 per diluted share, for the year-ago quarter. Income from continuing operations for the third quarter was $515 million, $2.76 per diluted share compared to $193 million, $0.96 per diluted share in the year-ago quarter.
CIT MEDIA RELATIONS:
C. Curtis Ritter, 973-740-5390
Senior Vice President of Corporate Communications
Curt.Ritter@cit.com
or
Matt Klein, 973-597-2020
Vice President, Media Relations
Matt.Klein@cit.com
or
CIT INVESTOR RELATIONS:
Barbara Callahan, 973-740-5058
Senior Vice President
Barbara.Callahan@cit.com