CIT Reports First Quarter Results; Progress Executing Bank Strategy.
Business Wire › April 23, 2009
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CIT Reports First Quarter Results; Progress Executing Bank Strategy.
* First quarter loss of $1.30 per share
* Results impacted by high credit costs, including reserve build, and margin compression * Estimated Total Capital Ratio of 13.0% * Initial phase of 23A asset transfers into CIT Bank completed NEW YORK -- CIT Group Inc. (NYSE: CIT), a bank holding company, today reported a loss of $438.1 million ($504.5 million after preferred dividends), $1.30 per share, for the first quarter of 2009, compared to a loss of $240.7 million ($259.2 million after preferred dividends), $1.36 per share from continuing operations for the comparable 2008 quarter. CIT also reported progress in implementing its bank strategy by receiving regulatory approval to commence the transfer of assets into CIT Bank, a wholly-owned subsidiary. "Our results this quarter reflect the ongoing stress in the economy," said Jeffrey M. Peek, Chairman and CEO. "The current economic conditions significantly pressured certain segments of the middle market while tightness in the credit markets has resulted in h...See the full content of this document
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