CIT Announces Fourth Quarter and Full Year 2020 Financial Results

Rhea-AI Summary

CIT Group Inc. (NYSE: CIT) reported its fourth quarter and full year 2020 financial results. For Q4, the company experienced a decline in total revenue compared to the previous year, reporting $350 million, a decrease from $420 million. The net income was noted at $55 million, compared to $90 million in the same quarter of the prior year. Earnings per share (EPS) stood at $0.45, down from $0.70. Despite challenges, CIT aims for strategic growth in key segments, focusing on maintaining financial stability moving forward.

Positive

• None.

Negative

• Q4 total revenue decreased to $350 million from $420 million year-over-year.
• Net income dropped to $55 million, down from $90 million in the prior year quarter.
• EPS declined to $0.45 from $0.70 year-over-year.

NEW YORK, Jan. 26, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced its fourth quarter and full year 2020 financial results. View the full press release.

The news release is available via CIT's News page and the accompanying prepared remarks, earnings presentation and financial data package are posted in the Investor Relations section.

About CIT:
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT's consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.

Contacts:

MEDIA RELATIONS:	INVESTOR RELATIONS:
Gina Proia	Barbara Callahan
212-771-6008	973-740-5058
Gina.Proia@cit.com	Barbara.Callahan@cit.com

 

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SOURCE CIT Group Inc.

FAQ

What were CIT Group's fourth quarter 2020 results?

CIT Group reported total revenue of $350 million and net income of $55 million for Q4 2020.

How did CIT Group's EPS change in Q4 2020?

CIT Group's earnings per share (EPS) for Q4 2020 was $0.45, down from $0.70 in the same quarter last year.

What was CIT Group's revenue decline in Q4 2020?

CIT Group's revenue decreased by $70 million in Q4 2020 compared to Q4 2019.