CIT Group reported Q3/15 net income from continuing operations was $697 million compared to $515 million in the year-ago quarter. CIT said net income for the current and year-ago quarters included $647 million and $375 million, respectively, of income tax benefits associated with the reversals of the valuation allowance related to the U.S. federal deferred tax asset.

The following highlights were excerpted from the news release:

• The closed OneWest Bank acquisition added over $20 billion of assets and $14 billion of deposits, reducing borrowing costs by approximately 70 basis points. CIT Bank now represents nearly 65% of total portfolio assets
• Financing and leasing assets in North America Banking and Transportation & International Finance grew over $1 billion or 3% from prior quarter, excluding assets acquired
• Financing and leasing assets at the end of Q3/15 of $50.1 billion were up from last year’s $36.1 billion.
• Transportation & International Finance new business volume of $1.24 billion was down from $1.33 billion a year earlier

“We made significant progress in our transition to a U.S. commercial bank model in the third quarter,” said John Thain, chairman and chief executive officer. “We closed the acquisition of OneWest Bank and remain focused on integrating and leveraging its platform. We sold our business in Mexico, moved certain international businesses into held for sale and are exploring strategic alternatives for our Commercial Air business. I am confident our strategic initiatives will further position CIT for long-term success and increased shareholder value.”