January 30, 2018 / 11:37 AM / 5 months ago

BRIEF-CIT Group Reports Q4 Loss Per Share Of $0.74

Jan 30 (Reuters) - Cit Group Inc:

* CIT ANNOUNCES FOURTH QUARTER AND FULL YEAR 2017 RESULTS

* Q4 EARNINGS PER SHARE $0.99 FROM CONTINUING OPERATIONS EXCLUDING ITEMS

* Q4 LOSS PER SHARE $0.74

* CIT GROUP- ‍PRELIMINARY COMMON EQUITY TIER 1 CAPITAL RATIO INCREASED TO 14.4%, AND PRELIMINARY TOTAL CAPITAL RATIO INCREASED TO 16.1%, AT DEC 31, 2017​

* ALLOWANCE FOR LOAN LOSSES WAS $431 MILLION AT DEC. 31, 2017, COMPARED TO $420 MILLION AT SEPT. 30, 2017

* QTRLY NET FINANCE REVENUE $‍399​ MILLION VERSUS $421 MILLION

* CIT GROUP - RECOGNIZED $256 MILLION (PRE-TAX) IN GOODWILL IMPAIRMENT CHARGES IN QUARTER, MOSTLY RELATED TO EQUIPMENT FINANCE IN COMMERCIAL BANKING SEGMENT

* ‍ EXCLUDING NOTEWORTHY ITEMS, NET FINANCE REVENUE WAS $391 MILLION IN QUARTER​

* SALE OF‍ FINANCIAL FREEDOM IS EXPECTED TO CLOSE IN Q2 OF 2018​ Source text for Eikon: Further company coverage:

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