See more : Concord Acquisition Corp. (CND-WT) Income Statement Analysis – Financial Results
Complete financial analysis of CIT Group Inc. (CIT) income statement, including revenue, profit margins, EPS and key performance metrics. Get detailed insights into the financial performance of CIT Group Inc., a leading company in the Banks – Regional industry within the Financial Services sector.
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CIT Group Inc. (CIT)
About CIT Group Inc.
CIT Group Inc. operates as the holding company for CIT Bank, N.A. that provides banking and related services to commercial and individual customers. The company operates through Commercial Banking and Consumer Banking segments. The Commercial Banking segment provides a range of commercial lending, leasing, and deposit products; loans comprising revolving lines of credit, term loans, unsecured loans, collateral-backed loans, asset-based loans, commercial real estate loans, and cash flow loans; and ancillary services and products, including cash management, capital markets, and advisory services primarily to small and middle market companies. This segment also offers asset management, factoring, receivable management, and secured financing services; supply chain financing, leasing and equipment financing to small businesses and middle market, and railroads and shippers. The Consumer Banking segment provides checking, savings, money market, and individual retirement accounts; time deposits and certificates of deposit; residential mortgage loans; small business administration loans; payment solutions; and fiduciary services. The company also offers leasing and advisory, and online banking services. It operates through a network of approximately 60 branches located in southern California. CIT Group Inc. was founded in 1908 and is based in New York, New York.
| Metric | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2.32B | 2.27B | 2.37B | 2.48B | 2.33B | 2.74B | 2.54B | 2.39B | 1.11B | 2.03B | 3.14B | 1.33B | 2.96B | 4.77B | 4.06B | 3.74B | 3.41B | 3.27B | 888.80M |
| Cost of Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 2.32B | 2.27B | 2.37B | 2.48B | 2.33B | 2.74B | 2.54B | 2.39B | 1.11B | 2.03B | 3.14B | 1.33B | 2.96B | 4.77B | 4.06B | 3.74B | 3.41B | 3.27B | 888.80M |
| Gross Profit Ratio | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
| Research & Development | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| General & Administrative | 887.90M | 753.70M | 758.20M | 778.90M | 815.70M | 703.80M | 619.00M | 619.40M | 620.30M | 570.00M | 646.50M | 0.00 | 752.40M | 1.48B | 1.38B | 1.11B | 1.05B | 942.30M | 652.80M |
| Selling & Marketing | 34.10M | 40.40M | 47.60M | 42.20M | 20.50M | 31.30M | 33.70M | 25.20M | 36.50M | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| SG&A | 922.00M | 794.10M | 805.80M | 821.10M | 836.20M | 735.10M | 652.70M | 644.60M | 656.80M | 570.00M | 646.50M | 0.00 | 752.40M | 1.48B | 1.38B | 1.11B | 1.05B | 942.30M | 652.80M |
| Other Expenses | -3.22B | -1.48B | -1.75B | -2.18B | -3.05B | -1.80B | -1.38B | -1.13B | 674.70M | 384.70M | 53.80M | 1.39B | -3.82B | -2.69B | -1.16B | -1.53B | -1.96B | -1.96B | 340.00M |
| Operating Expenses | -2.29B | -690.20M | -946.40M | -1.36B | -2.22B | -1.07B | -722.70M | -484.50M | 1.33B | 954.70M | 700.30M | 1.39B | -3.06B | -1.22B | 218.30M | -415.30M | -915.80M | -1.02B | 992.80M |
| Cost & Expenses | -2.29B | -690.20M | -946.40M | -1.36B | -2.22B | -1.07B | -722.70M | -484.50M | 1.33B | 954.70M | 700.30M | 1.39B | -3.06B | -1.22B | 218.30M | -415.30M | -915.80M | -1.02B | 1.33B |
| Interest Income | 1.79B | 2.01B | 1.88B | 1.82B | 1.89B | 1.50B | 1.22B | 1.38B | 1.57B | 2.23B | 3.72B | 2.32B | 3.64B | 7.02B | 5.69B | 4.52B | 3.79B | 3.73B | 0.00 |
| Interest Expense | 733.30M | 952.00M | 815.10M | 717.70M | 753.20M | 1.10B | 1.09B | 1.14B | 2.90B | 2.79B | 3.08B | 2.66B | 3.14B | 3.83B | 2.87B | 1.91B | 1.26B | 1.32B | 340.00M |
| Depreciation & Amortization | 327.40M | 308.60M | 311.10M | 392.60M | 700.00M | 653.70M | 882.00M | 705.50M | 1.99B | 752.00M | -495.20M | 1.42B | 1.41B | 1.28B | 1.07B | 1.00B | 998.80M | 1.09B | 287.50M |
| EBITDA | 357.30M | 1.89B | 1.74B | 1.51B | 808.70M | 2.33B | 2.70B | 2.61B | 4.42B | 3.73B | 3.35B | 4.13B | 1.30B | 4.84B | 5.34B | 4.33B | 3.50B | 3.34B | 863.50M |
| EBITDA Ratio | 15.37% | 83.16% | 73.23% | 60.97% | 34.77% | 84.87% | 106.27% | 109.24% | 399.57% | 184.28% | 106.53% | 311.97% | 44.03% | 101.36% | 131.64% | 115.66% | 102.43% | 102.09% | 97.15% |
| Operating Income | 29.90M | 1.58B | 1.43B | 1.12B | 108.70M | 1.67B | 1.82B | 1.91B | 2.44B | 2.98B | 3.84B | 2.71B | -104.80M | 3.56B | 4.28B | 3.33B | 2.50B | 2.25B | 576.00M |
| Operating Income Ratio | 1.29% | 69.55% | 60.13% | 45.12% | 4.67% | 61.01% | 71.56% | 79.73% | 220.24% | 147.14% | 122.30% | 204.59% | -3.54% | 74.53% | 105.38% | 88.90% | 73.16% | 68.85% | 64.81% |
| Total Other Income/Expenses | -733.30M | -952.50M | -790.10M | -926.50M | -87.80M | -1.09B | -1.14B | -1.13B | -2.89B | -2.79B | -3.07B | -2.66B | -972.70M | -3.83B | -2.87B | -1.91B | -1.26B | -1.32B | -340.00M |
| Income Before Tax | -703.40M | 623.90M | 637.00M | 191.60M | 20.90M | 578.50M | 680.80M | 774.10M | -454.80M | 190.20M | 768.10M | 51.20M | -1.08B | -275.40M | 1.41B | 1.41B | 1.24B | 931.90M | 236.00M |
| Income Before Tax Ratio | -30.26% | 27.53% | 26.84% | 7.73% | 0.90% | 21.11% | 26.79% | 32.38% | -41.07% | 9.39% | 24.46% | 3.86% | -36.41% | -5.77% | 34.74% | 37.78% | 36.24% | 28.50% | 26.55% |
| Income Tax Expense | -88.10M | 94.50M | 164.90M | -67.80M | 203.50M | -488.40M | -397.90M | 92.50M | 133.80M | 158.50M | 246.90M | -132.10M | -444.40M | -194.40M | 364.40M | 464.20M | 483.20M | 365.00M | 92.00M |
| Net Income | -615.30M | 529.40M | 472.10M | 259.40M | -182.60M | 1.07B | 1.08B | 681.60M | -588.60M | 31.70M | 521.20M | 183.30M | -633.10M | -81.00M | 1.05B | 949.10M | 753.60M | 566.90M | 144.00M |
| Net Income Ratio | -26.47% | 23.36% | 19.89% | 10.47% | -7.85% | 38.94% | 42.45% | 28.51% | -53.15% | 1.57% | 16.60% | 13.83% | -21.39% | -1.70% | 25.76% | 25.37% | 22.08% | 17.34% | 16.20% |
| EPS | -6.25 | 5.46 | 3.97 | 1.60 | -0.90 | 5.75 | 5.72 | 3.40 | -2.93 | 0.16 | 2.60 | 0.46 | -2.44 | -0.41 | 5.26 | 4.61 | 3.57 | 2.68 | 0.68 |
| EPS Diluted | -6.25 | 5.46 | 3.97 | 1.58 | -0.90 | 5.72 | 5.69 | 3.38 | -2.93 | 0.16 | 2.60 | 0.46 | -2.44 | -0.40 | 5.15 | 4.50 | 3.50 | 2.66 | 0.68 |
| Weighted Avg Shares Out | 98.41M | 96.92M | 118.78M | 162.29M | 201.85M | 185.50M | 188.49M | 200.50M | 200.89M | 200.68M | 200.20M | 399.63M | 259.07M | 198.91M | 198.91M | 206.06M | 211.02M | 211.53M | 211.80M |
| Weighted Avg Shares Out (Dil) | 98.41M | 96.92M | 118.78M | 163.95M | 201.85M | 186.39M | 189.46M | 201.70M | 200.89M | 200.82M | 200.58M | 399.63M | 259.07M | 203.11M | 203.11M | 210.73M | 215.05M | 213.12M | 211.80M |
OneWest Bank to Plant 50,000 Trees Through 'Green Checking' Campaign
PASADENA, Calif., Sept. 23, 2021 /PRNewswire/ -- OneWest Bank, CIT's Southern California retail bank division, today announced that it will plant 50,000 trees in the Sierra Nevada mountains in the Central Valley of California as a result of its Green Checking campaign in...
CIT Northbridge Serves as Sole Lead Arranger on $45 Million Credit Facility for MVP Payroll Financing LLC
NEW YORK, Sept. 21, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that CIT Northbridge Credit, as advised by CIT Asset Management LLC, served as sole lead arranger on a $45 million senior secured credit facility for MVP Payroll Financing...
CIT Serves as Sole Lead Arranger on $41.6 Million Financing for California Apartment Complex
NEW YORK, Sept. 16, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Real Estate Finance business served as sole lead arranger on a $41.6 million loan for the acquisition and renovation of The Devonshire Apartments in Hemet, California.
CIT Serves as Sole Lead Arranger on Financing for Houston-area Medical Office Building
NEW YORK, Sept. 9, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance business served as sole lead arranger on financing for the acquisition of Hedwig Place, a 102,774-square-foot five-story medical office building close to downtown Houston, Texas.
CIT Names Eduard Vernède as Managing Director for Defense and Government Services
NEW YORK, Sept. 8, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that Eduard Vernède has joined the company as managing director in CIT's Aerospace, Defense & Government Services business.
CIT Serves as Sole Lead Arranger on $43 Million Financing for Portfolio of Medical Office Buildings
NEW YORK , Sept. 1, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Healthcare Finance business served as sole lead arranger on a loan of about $43 million to finance the acquisition of a portfolio of...
CIT Serves as Sole Lead Arranger on $26 Million Financing for West Palm Beach Industrial Portfolio
NEW YORK, Aug. 24, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Real Estate Finance business served as sole lead arranger on a $26 million loan for the acquisition of a three-building portfolio of industrial buildings in West Palm...
CIT and FRONTSTEPS Announce Advanced Payment Features to Increase Convenience and Security
NEW YORK, Aug. 18, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) and FRONTSTEPS today announced an expanded partnership to simplify payments for homeowners in community associations. FRONTSTEPS Pay, a market-leading online payment service, is now available to all CIT Community...
CIT Northbridge Serves as Sole Lead Arranger on $50 Million Credit Facility for Intermetal Rebar LLC
NEW YORK, Aug. 16, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that CIT Northbridge Credit, as advised by CIT Asset Management LLC, served as sole lead arranger on a $50 million credit facility for Intermetal Rebar LLC. Headquartered in...
CIT Provides $28.2 Million in Financing for California Apartment Complex Development
NEW YORK, Aug. 12, 2021 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Real Estate Finance business provided $28.2 million in financing for construction of the Via Del Lago apartments in the Moreno Valley region of Greater Los Angeles. Via...
Source: https://incomestatements.info
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