CIT Group launches next buyback plan

• Q1 net income of $104M or $0.59 per share includes a $44M tax provision. Net income was $117M and $0.59 one year ago.
• The share repurchase program was completed in Q1, and total capital returned to shareholders in the quarter was nearly $360M ($332M for buybacks). Company today announces a new $200M buyback program.
• Credit metrics remain at or near cycle lows, says CIT. Non-accrual loans were $179M or 0.92% of finance receivables vs. 1.18% a year ago, though up 10 basis points from Q4 thanks to one energy-related account.
• CET1 ratio estimated at 14.1%.
• Tangible book value per share of $46.89 vs. $42.94 one year ago.
• Conference call at 8 ET
• Previously: CIT EPS of $0.59 (April 28)
• Shares flat premarket