CIT Group reported Q1/17 net income from continuing operations was $78 million compared to $61 million in Q1/16. Net interest revenue of $292.6 million was up from $287.9 million in the same quarter a year earlier. The provision for credit losses of $49.7 million was down 44.5%, or $39.8 million, from $89.5 million a year earlier.
The following highlights were excerpted from the news release:
“We are off to a solid start for the year,” said Ellen R. Alemany, chairwoman and CEO. “The sale of Commercial Air was completed, $5.8 billion in liability management actions were initiated, progress on our operating expense goal was achieved and our core business trends were stable. We remain committed to maintaining a strong balance sheet while making further progress on our strategic priorities, including building on our strengths in the commercial and consumer banking franchises, and creating value for shareholders.”
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