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CIT Group net income rises YOY in Q1

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CIT Group net income rises YOY in Q1

reportedfirst-quarter net income of $146.9 million, or 73 cents per common share, upfrom $103.7 million, or 59 cents per common share, in the prior-year quarter.

Resultsfor the year-ago quarter reflects results prior to the of OneWest Bank.

TheS&P Capital IQ consensus GAAP EPS estimate for the first quarter was 77cents.

Incomefrom continuing operations for the first quarter was $151.7 million, or 75cents per common share, compared with $103.7 million, or 59 cents per commonshare, in the year-ago quarter.

Incomefrom continuing operations for the first quarter includes net after-taxbenefits of $4 million from discrete items related to the company's strategicinitiatives. Discrete items include benefits from the sale of the U.K.equipment finance platform and a discrete tax item related to an internationalportfolio previously sold, which were partially offset by restructuring chargesresulting from operating expense reduction initiatives, an impairment on thenonstrategic portfolio and currency translation adjustment charges. In additionto these items, income in the quarter included higher credit loss provisionsfor the oil and gas and maritime portfolios which were partially offset by amark-to-market benefit on the total return swap.

Totalinterest income in the first quarter stood at $495.4 million, up from $281.0million in the year-ago quarter. Provision for credit losses was $99.3 million,compared with $34.6 in the year-ago period.

Totalfinancing and leasing assets were $50.29 billion as of March 31, versus $50.38billion as of Dec. 31, 2015, and $35.37 billion as of March 31, 2015.

Netfinance revenue climbed to $552.9 million from $337.4 million. Net financerevenue as a percentage of average earning assets, also known as net financemargin, was 3.74% for the recent quarter, compared with 3.23% in the year-agoquarter.