CIT Group Inc. reported fourth-quarter net income available to common shareholders of $82 million, compared to a net loss available to common shareholders of $98 million for the year-ago quarter. Income from continuing operations available to common shareholders for the fourth quarter was $82 million, compared to a loss available to common shareholders of $93 million for the year-ago quarter.

Income from continuing operations available to common shareholders excluding noteworthy items for the fourth quarter was $127 million, compared to $130 million in the year-ago quarter, as lower net finance revenue and lower other non-interest income were offset by lower operating expenses and a lower effective income tax rate. The increase in income from continuing operations excluding noteworthy items per diluted common share reflects the decline in the average number of diluted common shares outstanding due to significant share repurchases over the past four quarters.

Selected Highlights

• Increased full-year average loans and leases by 1 percent, notwithstanding the divestiture of non-core portfolios.
• Average loans and leases in the core portfolios for the full year 2018 increased 6 percent -- Driven by strong growth in our digitally-enabled equipment finance platforms

Net income available to common shareholders for the full year was $428 million compared to net income available to common shareholders of $458 million for the prior year. Income from continuing operations available to common shareholders for the full year was $453 million compared to income available to common shareholders of $250 million in the prior year.

Income from continuing operations available to common shareholders excluding noteworthy items for the full year was $480 million compared to $504 in the prior year, as a decline in net finance revenue (reflecting the sale of NACCO and the reverse mortgage portfolio) and an increase in the provision for credit losses were partially offset by lower operating expenses, higher other non-interest income and a lower effective income tax rate. The increase in income from continuing operations excluding noteworthy items per diluted common share reflects the decline in the average number of diluted common shares outstanding due to significant share repurchases over the past four quarters.

"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 Chief Executive Officer 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."

Alemany continued, "We enter 2019 stronger and ready to build on our momentum and continue to create shareholder value. The investments we have made in our operations and technology, paired with our decades of industry expertise, are a source of strength in the marketplace. We are committed to further improving profitability through thoughtful asset growth, further capital optimization, improved risk-adjusted returns, and enhanced operating efficiency."

Read the full press release here.