CIT Group reported Q4/15 net income of $144 million for the Q4/15, compared to net income of $251 million for the year-ago quarter. Income from continuing operations for Q4/15 was $151 million compared to $252 million in the year-ago quarter. Net income for the year-ago quarter included $44 million from the reversal of the valuation allowance related to certain international deferred tax assets.
Net income for the year ended December 31, 2015 was $1,057 million compared to $1,130 million for the year ended December 31, 2014. Income from continuing operations for the year ended December 31, 2015 was $1,067 million compared to $1,078 million for the year ended December 31, 2014. Net income for the year ended December 31, 2015 included $647 million of income tax benefits associated with the partial reversals of the valuation allowances on certain domestic and international deferred tax assets, while the prior year included $419 million of such benefits, or $2.21 per diluted share.
The following highlights were excerpted from the news release:
“CIT’s evolution to a commercial bank model progressed throughout 2015 as we completed the acquisition of OneWest Bank, sold our non-strategic businesses in Brazil and Mexico, began the sale process for other international businesses and are exploring strategic alternatives for our Commercial Air Business,” said John A. Thain, chairman and CEO. “We returned nearly $650 million of capital and increased CIT’s Bank deposits. CIT maintains strong capital and liquidity and is well positioned to build on our achievements under my successor Ellen Alemany and her leadership team.”
Like this story? Begin each business day with news you need to know! Click here to register now for our FREE Daily E-News Broadcast and start YOUR day informed!