CIT Group reported net income of $147 million for the first quarter of 2016, compared to net income of $104 million for the year-ago quarter, which reflects results prior to the acquisition of OneWest Bank. Income from continuing operations for the first quarter was $152 million compared to $104 million in the year-ago quarter.
Selected Highlights:
- Advanced Portfolio Optimization – Sold U.K. platform, Commercial Air separation and remaining Non-Strategic Portfolio exits progressing; transferred international business air assets to held for sale;
- Grew Commercial Portfolio – Financing and leasing assets in Commercial Banking were up 2% from the prior quarter;
- Maintained Strong Capital Ratios – Common Equity Tier 1 of 13.1% and Total Capital Ratio of 13.7%.
“Since I recently became CEO and defined our strategy to become a leading national middle market bank, our team has been very focused on executing on our plan to improve returns as we grow our core businesses and maintain strong risk management practices,” said Ellen Alemany, Chief Executive Officer.
“This year we expect to complete the separation of Commercial Air and other portfolio optimization initiatives, integrate the remaining OneWest Bank systems, build out deposit and commercial treasury services capabilities, execute on initiatives to reduce operating expenses and return excess capital to shareholders.”
Read the full earnings release here.