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CIT Group reports 30% decrease in Q3 credit loss provision

CIT Group Inc. reported third-quarter net income available to common shareholders of $143 million, or $1.50 per share, compared with $132 million, or $1.15 per share, in the year-ago quarter.

Excluding noteworthy items, net income available to common shareholders was $123 million, or $1.29 per share, compared to $131 million, or $1.17 per share, in the prior-year quarter.

The S&P Global Market Intelligence consensus estimate for normalized EPS for the recent quarter was $1.21.

Provision for credit losses decreased 30% year over year to $27 million from $38 million. Net charge-offs amounted to $26 million for the quarter, compared with $31 million in the second quarter and $26 million in the year-ago period.

Loans at the end of the third quarter totaled $31.35 billion, compared with $31.32 billion at the end of the previous quarter and $30.50 billion at the end of the year-ago quarter.

Deposits at the end of the third quarter were $35.91 billion, compared with $35.32 billion at the end of the previous quarter, and $30.83 billion as of Sept. 30, 2018.