CIT Group Inc. reported first-quarter 2019 net income available to common shareholders and income from continuing operations available to common shareholders were each $119 million. Net income available to common shareholders was up from $97 million a year ago; income from continuing operations available to common shareholders was up from $104 million.
“We posted solid first quarter financial results,” said CIT Chairwoman and Chief Executive Officer Ellen R. Alemany. “We continued to execute on our strategic plan and delivered strong growth in deposits and core loans and leases. In addition, we returned more than $200 million of capital to common shareholders and increased tangible book value per share by 2.5 percent. Going forward, we remain focused on further unlocking the full potential of CIT.”
Selected Highlights
- Average loans and leases growth of 1 percent from the prior quarter. Average core loans and leases growth of 2 percent from the prior quarter.
- Average loans and leases in the core portfolio grew 7 percent compared to the year-ago quarter, primarily driven by growth in the Commercial Finance and Business Capital divisions of Commercial Banking and the Other Consumer Banking division of Consumer Banking.
- Funded volume of $2.7 billion.
- Commercial Banking volume up 5 percent from the year-ago quarter.
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