CIT Group reported Q3/18 net income from continuing operations of $131 million or $1.15 per share compared to $139 million or $1.02 per share. The bank noted the increase from continuing operations excluded noteworthy items that reflect the decline in the average number of diluted common shares outstanding due to significant share repurchases over the past four quarters.

The following highlights were excerpted from the CIT news release:

• Total Commercial Finance loans and leases at September 30, 2018 of $10,129.7 million were up 7.2% from $9,450.2 million a year earlier
• Total Business Capital loans and leases at September 30, 2018 of $6,880.9 million were up 9.8% from $6,264.5 million a year earlier
• Completed the sale of its European railcar leasing business (NACCO) on October 4. Use of net proceeds of $1.1 billion to include liability management actions, including the termination of the TRS, and return of capital to shareholders under the current share repurchase authorization
• Expected sale of approximately $350 million of railcar assets to CIT Bank to enable more efficient deposit-based funding
• In discontinued operations, Business Air loans and leases totaled $111 million, down from $134 million at June 30, 2018 and $218 million at September 30, 2017

“In the third quarter, we delivered strong performance in all areas of our strategic plan,” said CIT Chairwoman and CEO Ellen R. Alemany. “The average core loan and lease portfolio grew 8% year-over-year driven by strong originations as our strategic initiatives gained momentum. In addition, we made significant progress in reducing operating expenses, returning capital and driving greater funding efficiency through continued consumer deposit growth and the extension of debt maturities.”

Alemany continued, “In October, we completed the sale of the European rail business, which enabled us to initiate a series of liability management actions to further optimize our funding profile. Collectively, these efforts advance our plan to improve our return on tangible common equity.”