CIT profits drop Q4 2015

CIT Group has reported a 42% decline in fourth-quarter profits, with income at the end of last year totalling $144 million, compared to net income of $251 million for the previous year.

Net income for the year ended December 31, 2015 was $1,057 million, compared to $1,130 million for the year ended December 31, 2014.

“CIT’s evolution to a commercial bank model progressed throughout 2015 as we completed the acquisition of OneWest Bank, sold our non-strategic businesses in Brazil and Mexico, began the sale process for other international businesses and are exploring strategic alternatives for our Commercial Air Business,” said John Thain, chairman and CEO.

“We returned nearly $650 million of capital and increased CIT’s Bank deposits. CIT maintains strong capital and liquidity and is well positioned to build on our achievements under my successor Ellen Alemany and her leadership team,” he noted.

CIT’s results show strong growth in its financing and leasing assets. Combined North America banking and transportation and international finance financing and leasing assets were up by 27% from a year ago, although much of this was down to assets acquired from OneWest Bank.