$82MM in Net Income for CIT in Q4/2018, $428MM for Full Year
JAN 30, 2019 - 7:10 am
CIT Group reported fourth quarter net income of $82 million or $0.78 per diluted common share, compared to a net loss available to common shareholders of $98 million or $0.74 per diluted common share for the year-ago quarter.
Net income available to common shareholders for the full year was $428 million or $3.61 per diluted common share, compared to net income available to common shareholders of $458 million or $2.80 per diluted common share for the prior year. Income from continuing operations available to common shareholders for the full year was $453 million or $3.82 per diluted common share, compared to income available to common shareholders of $250 million or $1.52 per diluted common share in the prior year.
“2018 was a pivotal year. We successfully executed on our multi-year strategic plan, delivered on our financial targets and achieved significant earnings per share growth,” said CIT Chairwoman and CEO Ellen R. Alemany. “Through steady implementation of our plan we completed two complex divestitures, significantly reduced operating expenses, grew our core assets by 6 percent, increased deposits, repurchased $1.6 billion of common stock and achieved our 2018 return on tangible common equity goal.”
Other notable 2018 highlights included:
Tangible book value per common share grew 3% compared to year-end 2017
Grew average loans and leases in the core portfolios
Achieved operating expense goal
Reduced CET1 ratio
Increased full year average loans and leases by 1%, notwithstanding the divestiture of non-core portfolios, with average loans and leases in the core portfolios for the full year 2018 increasing 6%
Grew full year average consumer deposits in the direct bank by 25%; added over 60,000 customers in 2018
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