CIT reported diluted EPS of $0.88 for Q1 2004, up 27% from $0.76 the previous year, excluding a debt redemption gain. Key highlights included improved margins and credit quality across segments, with net finance margin up 49 basis points and delinquencies and charge-offs declining. Returns also increased, with ROTCE exceeding 13% excluding the debt gain. Overall, CIT demonstrated continued strong performance and credit trends in the first quarter.
- CIT reported increased net income of $136.9 million or $0.65 per share for Q2 2003, up from $127 million or $0.60 per share in Q1 2003. Return on tangible equity increased to 11.6%.
- Key metrics improved including credit quality, net finance margin, cost of funds, and repayment of outstanding bank lines. Origination volume excluding factoring was up 12% from last quarter.
- 60+ day delinquency and non-performing assets declined from last quarter across most business units. Total charge-offs were $108.4 million compared to $114.3 million in Q1 2003.
- Each business segment reported increased or stable
CIT announced diluted EPS of $0.72 for Q4 2003, up 7.5% from the prior year quarter. Key highlights included non-performing and delinquency rates at their lowest since 1999, completion of an HSBC factoring acquisition, and a gain realized from calling $735 million in term debt. CIT also took a $63 million write-down for accelerating the disposition of its venture capital portfolio.
CIT reported diluted EPS of $0.82 for Q2 2004, up 26% from the prior year. Net income was $176.6 million for Q2, up from $136.9 million in Q2 2003. Return on tangible equity increased to 13.7% from 11.6% the prior year. Credit performance continued to improve with lower delinquencies, non-performing assets, and charge-offs across all segments. Net finance margin improved to 3.99% due to lower borrowing costs.
1) CIT Group reported net income of $127.0 million or $0.60 diluted earnings per share for Q1 2003, down from $141.3 million or $0.67 EPS in the previous quarter.
2) Key credit quality metrics such as delinquencies and non-performing assets declined sequentially for the second quarter in a row.
3) Charge-offs decreased over 25% from the prior quarter to $114.3 million, driven by reductions in most business segments.
CIT Group Inc. reported quarterly results for Q4 2002 with net income of $141.3 million compared to $134.7 million in the prior quarter. Key highlights included lower delinquency and non-performing asset levels, higher origination volumes, and continued progress on funding initiatives. Credit quality improved with declines in delinquencies and non-performing assets across most business lines.
The document summarizes JPMorgan Chase's financial results for the first quarter of 2011. Key highlights include:
- Net income of $5.6 billion and earnings per share of $1.28.
- Card Services reported net income of $1.3 billion compared to a net loss in the prior year, driven by lower credit costs.
- The Investment Bank reported net income of $2.4 billion on revenues of $8.2 billion, with strong fixed income and equity markets revenue.
- Retail Financial Services reported a net loss of $937 million in its mortgage banking business due to losses from mortgage servicing rights.
CIT Group Inc. reported quarterly and annual financial results. For the quarter, net earnings were $134.7 million and net operating earnings were $157.1 million. Credit quality metrics like delinquencies and charge-offs were slightly higher than the previous quarter. The commercial paper program was re-launched at $4.7 billion outstanding and new bank credit facilities were completed, improving the company's funding and liquidity position. Origination volumes increased compared to the previous quarter across most business units.
SunTrust reported third quarter earnings of $0.88 per share, down from $1.18 per share in the third quarter of 2007. The challenging credit environment continued to impact financial performance through higher net charge-offs, nonperforming loans, and credit-related expenses. While profitability declined, SunTrust's capital position improved and the company believes it is well positioned to manage through the current challenges. Noninterest income increased driven by securities gains and valuation gains, but was offset by expected losses on auction rate securities and mark-to-market losses on trading assets.
- CIT reported increased net income of $136.9 million or $0.65 per share for Q2 2003, up from $127 million or $0.60 per share in Q1 2003. Return on tangible equity increased to 11.6%.
- Key metrics improved including credit quality, net finance margin, cost of funds, and repayment of outstanding bank lines. Origination volume excluding factoring was up 12% from last quarter.
- 60+ day delinquency and non-performing assets declined from last quarter across most business units. Total charge-offs were $108.4 million compared to $114.3 million in Q1 2003.
- Each business segment reported increased or stable
CIT announced diluted EPS of $0.72 for Q4 2003, up 7.5% from the prior year quarter. Key highlights included non-performing and delinquency rates at their lowest since 1999, completion of an HSBC factoring acquisition, and a gain realized from calling $735 million in term debt. CIT also took a $63 million write-down for accelerating the disposition of its venture capital portfolio.
CIT reported diluted EPS of $0.82 for Q2 2004, up 26% from the prior year. Net income was $176.6 million for Q2, up from $136.9 million in Q2 2003. Return on tangible equity increased to 13.7% from 11.6% the prior year. Credit performance continued to improve with lower delinquencies, non-performing assets, and charge-offs across all segments. Net finance margin improved to 3.99% due to lower borrowing costs.
1) CIT Group reported net income of $127.0 million or $0.60 diluted earnings per share for Q1 2003, down from $141.3 million or $0.67 EPS in the previous quarter.
2) Key credit quality metrics such as delinquencies and non-performing assets declined sequentially for the second quarter in a row.
3) Charge-offs decreased over 25% from the prior quarter to $114.3 million, driven by reductions in most business segments.
CIT Group Inc. reported quarterly results for Q4 2002 with net income of $141.3 million compared to $134.7 million in the prior quarter. Key highlights included lower delinquency and non-performing asset levels, higher origination volumes, and continued progress on funding initiatives. Credit quality improved with declines in delinquencies and non-performing assets across most business lines.
The document summarizes JPMorgan Chase's financial results for the first quarter of 2011. Key highlights include:
- Net income of $5.6 billion and earnings per share of $1.28.
- Card Services reported net income of $1.3 billion compared to a net loss in the prior year, driven by lower credit costs.
- The Investment Bank reported net income of $2.4 billion on revenues of $8.2 billion, with strong fixed income and equity markets revenue.
- Retail Financial Services reported a net loss of $937 million in its mortgage banking business due to losses from mortgage servicing rights.
CIT Group Inc. reported quarterly and annual financial results. For the quarter, net earnings were $134.7 million and net operating earnings were $157.1 million. Credit quality metrics like delinquencies and charge-offs were slightly higher than the previous quarter. The commercial paper program was re-launched at $4.7 billion outstanding and new bank credit facilities were completed, improving the company's funding and liquidity position. Origination volumes increased compared to the previous quarter across most business units.
SunTrust reported third quarter earnings of $0.88 per share, down from $1.18 per share in the third quarter of 2007. The challenging credit environment continued to impact financial performance through higher net charge-offs, nonperforming loans, and credit-related expenses. While profitability declined, SunTrust's capital position improved and the company believes it is well positioned to manage through the current challenges. Noninterest income increased driven by securities gains and valuation gains, but was offset by expected losses on auction rate securities and mark-to-market losses on trading assets.
1) TCF Financial Corporation reported first quarter 2009 diluted earnings per share of $0.17, down from $0.38 in the first quarter of 2008. Net income for the quarter was $26.6 million, down 43.8% from the prior year.
2) Total deposits increased by over $1 billion compared to the previous quarter due to successful marketing strategies, however this excess liquidity lowered the net interest margin to 3.66%.
3) Banking fees declined from the prior year due to lower transaction volumes, while the leasing business saw a 4.3% revenue increase. Card revenues were flat with the prior periods.
Computer Sciences Corporation (CSC) reported financial results for the first quarter of fiscal year 2003, ended June 28, 2002. Revenues increased 2% to $2.76 billion compared to the same period last year. Net income was $79.0 million and earnings per share were $0.46. Both CSC's global commercial outsourcing and U.S. federal opportunity pipelines remain healthy. U.S. federal government revenues grew 17.6% to $791.7 million, comprising 29% of total revenue. Global commercial revenues declined 3.3% to $1.97 billion, reflecting a slowdown in consulting demand partially offset by outsourcing growth. CSC will continue efforts to control costs
The Bank of New York Mellon Fourth Quarter 2008 Financial Resultsearningsreport
The Bank of New York Mellon Corporation reported earnings per share of $0.05 for the fourth quarter of 2008, down from $0.61 in the fourth quarter of 2007. Revenue was impacted by $1.24 billion in securities write-downs due to deteriorating market conditions. Expenses were well-controlled despite a $181 million restructuring charge. The company maintained strong capital ratios with Tier 1 capital at 13.1% as of December 31, 2008.
Computer Sciences Corporation (CSC) reported its second quarter fiscal 2006 results including: revenue of $3.57 billion, up 5.3% from the previous year; net income of $99.5 million including a $33.1 million non-cash impairment charge; and new contract awards of $2.5 billion. Revenue growth was driven by increased commercial and U.S. federal government business. Significant new contracts were won with Banca Intesa, Centers for Medicare and Medicaid Services, and General Dynamics. CSC's pipeline for U.S. federal opportunities over the next 17 months is approximately $30 billion.
The document summarizes JPMorgan Chase's 2Q09 financial results. Key highlights include:
- Net income of $2.7 billion and earnings per share of $0.28.
- Record firmwide revenue of $27.7 billion for the first half of 2009.
- Maintained a strong capital position with a Tier 1 capital ratio of 9.7% and Tier 1 common ratio of 7.7%.
- Extended $150 billion in new credit and approved 138,000 mortgage modifications in 2Q09.
1. In 2Q11, JPMorgan Chase reported net income of $5.4 billion on revenue of $27.4 billion, with EPS of $1.27 per share.
2. Significant items impacting results included a $1 billion benefit from reduced loan loss reserves in Card Services, $620 million in securities gains in Corporate, a $1 billion expense for estimated foreclosure costs in Retail Financial Services, and $787 million in additional litigation reserves in Corporate.
3. The Investment Bank reported net income of $2.1 billion on revenue of $7.3 billion, with strong performance across most businesses. Retail Financial Services reported a net loss of $454 million due to
AmeriServ Financial reported net income of $533,000 for Q1 2009, down 56.6% from $1,229,000 in Q1 2008. Earnings per share were $0.01 down from $0.06. While net interest income grew 20.9% due to loan and deposit growth, higher loan loss provisions related to the economic environment caused earnings to decline. Non-performing assets were $5.1 million or 0.70% of total loans, up slightly from the previous quarter.
This document summarizes Bank of America's second quarter 2009 results. It reported net income of $3.2 billion and diluted EPS of $0.33. Revenue was $33.1 billion. Provision for credit losses was $13.4 billion as the allowance was strengthened for continued economic deterioration. Large items impacting earnings included gains from the sale of China Construction Bank shares and a merchant processing business, but losses from derivative adjustments and capital markets disruption charges. The company continued operating in a challenging economic environment.
Popular, Inc. reported a net loss of $52.5 million for the quarter ended March 31, 2009, compared to a net loss of $702.9 million in the previous quarter and net income of $103.3 million in the same quarter of the prior year. The company's continuing operations reported a net loss of $42.6 million for the quarter, an improvement from a net loss of $627.7 million in the previous quarter, driven by gains on the sale of investment securities and lower operating expenses. However, credit quality continued to deteriorate with non-performing assets increasing to $1.5 billion and the provision for loan losses remaining high at $372.5 million despite a decrease in
JPMorgan Chase First Quarter 2008 Financial Results Conference Call finance2
JPMorgan Chase reported net income of $2.4 billion for the first quarter of 2008, down 49% from $4.8 billion in the first quarter of 2007. Earnings per share were $0.68, down from $1.34 the previous year. The Investment Bank saw declines in revenue and increases in credit losses. Retail Financial Services increased revenue but also significantly increased its provision for credit losses due to deterioration in home equity and subprime portfolios. JPMorgan Chase maintained a strong capital position despite challenges in the market and credit environment.
- Recurring net income for the quarter was R$3.4 billion, a 4.8% decrease from the previous quarter. For the first nine months of 2012, recurring net income was R$10.5 billion, a 3.2% decrease from the same period in 2011.
- The total loan portfolio grew 1.1% from the previous quarter to R$437.6 billion, and increased 10% from September 2011.
- Financial margin with clients decreased 3% from the previous quarter to R$12 billion due to a fall in interest rates and higher growth in lower risk loans.
The document provides financial results for 3Q09. Key highlights include:
- Net income of $3.6 billion and EPS of $0.82, with strong earnings in the Investment Bank.
- Credit costs remain high at $9.8 billion as consumer credit reserves were added.
- Capital levels were further strengthened with Tier 1 Common ratio of 8.2% and Tier 1 Capital ratio of 10.2%.
Arch Capital Group Ltd. reported financial results for the first quarter of 2009. Net income was $139.9 million compared to $189.4 million in the first quarter of 2008. After-tax operating income was $169 million compared to $202 million the prior year. The combined ratio, a measure of underwriting profitability, was 86.7% for the first quarter of 2009 compared to 86.2% the previous year. Investment income was $95.9 million for the quarter compared to $122.2 million in the first quarter of 2008. Book value per common share increased to $54.61 at the end of March 2009.
Fifth Third Bancorp reported a net loss for Q2 2008 due to charges related to leveraged leases. Excluding these charges, pre-tax earnings were up 16% year-over-year due to increases in noninterest income and average loans. However, credit costs increased significantly due to deteriorating economic conditions, particularly in real estate loans in Florida and Michigan. In response, Fifth Third raised capital levels and reduced the common dividend to strengthen its position during the economic downturn.
CIT Group Inc. reported strong financial results for Q3 2004, with diluted EPS up 25% from the prior year. Key highlights included portfolio assets growing 13% year-over-year to $44.4 billion, return on tangible equity increasing to 14.1%, and credit quality strengthening further as delinquencies and charge-offs declined. Management commented that the results reflected brisk business conditions and solid performance across all business segments.
CIT Group Inc. reported strong financial results for Q3 2004, with diluted EPS up 25% from the prior year. Key highlights included portfolio assets growing 13% year-over-year to $44.4 billion, return on tangible equity increasing to 14.1%, and credit quality strengthening further as delinquencies and charge-offs declined. Management commented that the results reflected brisk business conditions and solid performance across all business segments.
CIT Group reported diluted EPS of $0.72 for Q4 2003, up 7.5% from the prior year quarter. Key highlights included:
- Non-performing assets and delinquencies at their lowest levels since 1999.
- Completed acquisition of HSBC factoring assets.
- Recognized a $50.4M pre-tax gain from calling $735M in term debt.
- Took a $63M pre-tax write-down to accelerate liquidation of its venture capital portfolio.
- Chairman and CEO said CIT made "excellent progress" in 2003 and is well positioned for growth in 2004.
Fifth Third Bancorp reported earnings for full year 2007 of $1.1 billion, down slightly from 2006. Earnings for Q4 2007 were $38 million, down significantly from previous quarters due to charges including a $155 million non-cash charge related to a decline in the value of a BOLI policy and $94 million in litigation reserves. Excluding these charges, operating earnings were relatively stable. Credit quality deteriorated during the quarter as loan loss provisions increased 105% from the previous quarter. Management expects further deterioration in credit conditions in the near term.
1) The document is CIT Group's Form 10-Q quarterly report filed with the SEC for the quarter ended September 30, 2004. It includes consolidated financial statements and notes, as well as information on legal proceedings, unregistered securities sales, and exhibits.
2) The consolidated balance sheet shows total assets of $50 billion, total liabilities of $44.1 billion, and total stockholders' equity of $5.8 billion.
3) The consolidated income statement shows net finance income of $647.7 million for the quarter and $1.9 billion for the nine months ended September 30, 2004.
O documento apresenta a nomenclatura e anatomia básica dos dentes. Descreve as partes da coroa e raiz dentária, dividindo as faces em vestibular, lingual/palatina e proximais. Detalha as estruturas anatômicas comuns e exclusivas dos dentes anteriores e posteriores, como cúspides, cristas, fossas e fóssulas.
CIT announced its financial results for Q2 2004, reporting a 26% increase in diluted EPS to $0.82. Net income was up 29% to $176.6 million. Return on tangible equity increased to 13.7% from 11.6% in Q2 2003. Credit performance continued to improve with lower delinquencies, non-performing assets, and charge-offs across all segments. The company also sold various non-core assets and acquired the GATX technology portfolio during the quarter. Overall results reflected stronger margins, credit quality, and profitability across all business segments.
The document summarizes JPMorgan Chase's financial results for the first quarter of 2011. Key highlights include:
- Net income of $5.6 billion and earnings per share of $1.28. Revenue was $25.8 billion.
- Significant items that impacted results were a $2 billion benefit from lower credit card loan loss reserves, a $1.1 billion loss from mortgage servicing rights adjustments, and a $650 million expense for estimated foreclosure costs.
- The balance sheet was strengthened with a Basel I Tier 1 Common ratio of 10% and estimated Basel III Tier 1 Common of 7.3%. Credit reserves totaled $30.4 billion.
1) TCF Financial Corporation reported first quarter 2009 diluted earnings per share of $0.17, down from $0.38 in the first quarter of 2008. Net income for the quarter was $26.6 million, down 43.8% from the prior year.
2) Total deposits increased by over $1 billion compared to the previous quarter due to successful marketing strategies, however this excess liquidity lowered the net interest margin to 3.66%.
3) Banking fees declined from the prior year due to lower transaction volumes, while the leasing business saw a 4.3% revenue increase. Card revenues were flat with the prior periods.
Computer Sciences Corporation (CSC) reported financial results for the first quarter of fiscal year 2003, ended June 28, 2002. Revenues increased 2% to $2.76 billion compared to the same period last year. Net income was $79.0 million and earnings per share were $0.46. Both CSC's global commercial outsourcing and U.S. federal opportunity pipelines remain healthy. U.S. federal government revenues grew 17.6% to $791.7 million, comprising 29% of total revenue. Global commercial revenues declined 3.3% to $1.97 billion, reflecting a slowdown in consulting demand partially offset by outsourcing growth. CSC will continue efforts to control costs
The Bank of New York Mellon Fourth Quarter 2008 Financial Resultsearningsreport
The Bank of New York Mellon Corporation reported earnings per share of $0.05 for the fourth quarter of 2008, down from $0.61 in the fourth quarter of 2007. Revenue was impacted by $1.24 billion in securities write-downs due to deteriorating market conditions. Expenses were well-controlled despite a $181 million restructuring charge. The company maintained strong capital ratios with Tier 1 capital at 13.1% as of December 31, 2008.
Computer Sciences Corporation (CSC) reported its second quarter fiscal 2006 results including: revenue of $3.57 billion, up 5.3% from the previous year; net income of $99.5 million including a $33.1 million non-cash impairment charge; and new contract awards of $2.5 billion. Revenue growth was driven by increased commercial and U.S. federal government business. Significant new contracts were won with Banca Intesa, Centers for Medicare and Medicaid Services, and General Dynamics. CSC's pipeline for U.S. federal opportunities over the next 17 months is approximately $30 billion.
The document summarizes JPMorgan Chase's 2Q09 financial results. Key highlights include:
- Net income of $2.7 billion and earnings per share of $0.28.
- Record firmwide revenue of $27.7 billion for the first half of 2009.
- Maintained a strong capital position with a Tier 1 capital ratio of 9.7% and Tier 1 common ratio of 7.7%.
- Extended $150 billion in new credit and approved 138,000 mortgage modifications in 2Q09.
1. In 2Q11, JPMorgan Chase reported net income of $5.4 billion on revenue of $27.4 billion, with EPS of $1.27 per share.
2. Significant items impacting results included a $1 billion benefit from reduced loan loss reserves in Card Services, $620 million in securities gains in Corporate, a $1 billion expense for estimated foreclosure costs in Retail Financial Services, and $787 million in additional litigation reserves in Corporate.
3. The Investment Bank reported net income of $2.1 billion on revenue of $7.3 billion, with strong performance across most businesses. Retail Financial Services reported a net loss of $454 million due to
AmeriServ Financial reported net income of $533,000 for Q1 2009, down 56.6% from $1,229,000 in Q1 2008. Earnings per share were $0.01 down from $0.06. While net interest income grew 20.9% due to loan and deposit growth, higher loan loss provisions related to the economic environment caused earnings to decline. Non-performing assets were $5.1 million or 0.70% of total loans, up slightly from the previous quarter.
This document summarizes Bank of America's second quarter 2009 results. It reported net income of $3.2 billion and diluted EPS of $0.33. Revenue was $33.1 billion. Provision for credit losses was $13.4 billion as the allowance was strengthened for continued economic deterioration. Large items impacting earnings included gains from the sale of China Construction Bank shares and a merchant processing business, but losses from derivative adjustments and capital markets disruption charges. The company continued operating in a challenging economic environment.
Popular, Inc. reported a net loss of $52.5 million for the quarter ended March 31, 2009, compared to a net loss of $702.9 million in the previous quarter and net income of $103.3 million in the same quarter of the prior year. The company's continuing operations reported a net loss of $42.6 million for the quarter, an improvement from a net loss of $627.7 million in the previous quarter, driven by gains on the sale of investment securities and lower operating expenses. However, credit quality continued to deteriorate with non-performing assets increasing to $1.5 billion and the provision for loan losses remaining high at $372.5 million despite a decrease in
JPMorgan Chase First Quarter 2008 Financial Results Conference Call finance2
JPMorgan Chase reported net income of $2.4 billion for the first quarter of 2008, down 49% from $4.8 billion in the first quarter of 2007. Earnings per share were $0.68, down from $1.34 the previous year. The Investment Bank saw declines in revenue and increases in credit losses. Retail Financial Services increased revenue but also significantly increased its provision for credit losses due to deterioration in home equity and subprime portfolios. JPMorgan Chase maintained a strong capital position despite challenges in the market and credit environment.
- Recurring net income for the quarter was R$3.4 billion, a 4.8% decrease from the previous quarter. For the first nine months of 2012, recurring net income was R$10.5 billion, a 3.2% decrease from the same period in 2011.
- The total loan portfolio grew 1.1% from the previous quarter to R$437.6 billion, and increased 10% from September 2011.
- Financial margin with clients decreased 3% from the previous quarter to R$12 billion due to a fall in interest rates and higher growth in lower risk loans.
The document provides financial results for 3Q09. Key highlights include:
- Net income of $3.6 billion and EPS of $0.82, with strong earnings in the Investment Bank.
- Credit costs remain high at $9.8 billion as consumer credit reserves were added.
- Capital levels were further strengthened with Tier 1 Common ratio of 8.2% and Tier 1 Capital ratio of 10.2%.
Arch Capital Group Ltd. reported financial results for the first quarter of 2009. Net income was $139.9 million compared to $189.4 million in the first quarter of 2008. After-tax operating income was $169 million compared to $202 million the prior year. The combined ratio, a measure of underwriting profitability, was 86.7% for the first quarter of 2009 compared to 86.2% the previous year. Investment income was $95.9 million for the quarter compared to $122.2 million in the first quarter of 2008. Book value per common share increased to $54.61 at the end of March 2009.
Fifth Third Bancorp reported a net loss for Q2 2008 due to charges related to leveraged leases. Excluding these charges, pre-tax earnings were up 16% year-over-year due to increases in noninterest income and average loans. However, credit costs increased significantly due to deteriorating economic conditions, particularly in real estate loans in Florida and Michigan. In response, Fifth Third raised capital levels and reduced the common dividend to strengthen its position during the economic downturn.
CIT Group Inc. reported strong financial results for Q3 2004, with diluted EPS up 25% from the prior year. Key highlights included portfolio assets growing 13% year-over-year to $44.4 billion, return on tangible equity increasing to 14.1%, and credit quality strengthening further as delinquencies and charge-offs declined. Management commented that the results reflected brisk business conditions and solid performance across all business segments.
CIT Group Inc. reported strong financial results for Q3 2004, with diluted EPS up 25% from the prior year. Key highlights included portfolio assets growing 13% year-over-year to $44.4 billion, return on tangible equity increasing to 14.1%, and credit quality strengthening further as delinquencies and charge-offs declined. Management commented that the results reflected brisk business conditions and solid performance across all business segments.
CIT Group reported diluted EPS of $0.72 for Q4 2003, up 7.5% from the prior year quarter. Key highlights included:
- Non-performing assets and delinquencies at their lowest levels since 1999.
- Completed acquisition of HSBC factoring assets.
- Recognized a $50.4M pre-tax gain from calling $735M in term debt.
- Took a $63M pre-tax write-down to accelerate liquidation of its venture capital portfolio.
- Chairman and CEO said CIT made "excellent progress" in 2003 and is well positioned for growth in 2004.
Fifth Third Bancorp reported earnings for full year 2007 of $1.1 billion, down slightly from 2006. Earnings for Q4 2007 were $38 million, down significantly from previous quarters due to charges including a $155 million non-cash charge related to a decline in the value of a BOLI policy and $94 million in litigation reserves. Excluding these charges, operating earnings were relatively stable. Credit quality deteriorated during the quarter as loan loss provisions increased 105% from the previous quarter. Management expects further deterioration in credit conditions in the near term.
1) The document is CIT Group's Form 10-Q quarterly report filed with the SEC for the quarter ended September 30, 2004. It includes consolidated financial statements and notes, as well as information on legal proceedings, unregistered securities sales, and exhibits.
2) The consolidated balance sheet shows total assets of $50 billion, total liabilities of $44.1 billion, and total stockholders' equity of $5.8 billion.
3) The consolidated income statement shows net finance income of $647.7 million for the quarter and $1.9 billion for the nine months ended September 30, 2004.
O documento apresenta a nomenclatura e anatomia básica dos dentes. Descreve as partes da coroa e raiz dentária, dividindo as faces em vestibular, lingual/palatina e proximais. Detalha as estruturas anatômicas comuns e exclusivas dos dentes anteriores e posteriores, como cúspides, cristas, fossas e fóssulas.
CIT announced its financial results for Q2 2004, reporting a 26% increase in diluted EPS to $0.82. Net income was up 29% to $176.6 million. Return on tangible equity increased to 13.7% from 11.6% in Q2 2003. Credit performance continued to improve with lower delinquencies, non-performing assets, and charge-offs across all segments. The company also sold various non-core assets and acquired the GATX technology portfolio during the quarter. Overall results reflected stronger margins, credit quality, and profitability across all business segments.
The document summarizes JPMorgan Chase's financial results for the first quarter of 2011. Key highlights include:
- Net income of $5.6 billion and earnings per share of $1.28. Revenue was $25.8 billion.
- Significant items that impacted results were a $2 billion benefit from lower credit card loan loss reserves, a $1.1 billion loss from mortgage servicing rights adjustments, and a $650 million expense for estimated foreclosure costs.
- The balance sheet was strengthened with a Basel I Tier 1 Common ratio of 10% and estimated Basel III Tier 1 Common of 7.3%. Credit reserves totaled $30.4 billion.
The document summarizes JPMorgan Chase's financial results for the first quarter of 2011. Key highlights include:
- Net income of $5.6 billion and earnings per share of $1.28. Revenue was $25.8 billion.
- Significant items that impacted results were a $2 billion benefit from reduced credit card loan loss reserves in Card Services, a $1.1 billion loss from mortgage servicing rights asset adjustments in Retail Financial Services, and a $650 million expense for estimated costs of foreclosure matters in Retail Financial Services.
- The Investment Bank generated net income of $2.4 billion on revenue of $8.2 billion, with strong performance in fixed income and
The document summarizes JPMorgan Chase's financial results for the first quarter of 2011. Key highlights include:
- Net income of $5.6 billion and earnings per share of $1.28.
- Card Services reported net income of $1.3 billion compared to a net loss in the prior year, driven by lower credit costs.
- The Investment Bank reported net income of $2.4 billion on revenues of $8.2 billion, with strong fixed income and equity markets revenue.
- Retail Financial Services reported a net loss of $937 million in its mortgage banking business due to losses from mortgage servicing rights.
CIT reported diluted EPS of $0.95 for the quarter, up 32% from the previous year. Managed assets grew by $3.7 billion or 8% from the previous year. Credit quality trends remained favorable and the return on average tangible equity improved to 15.2%. New business volume increased 32% from the prior year and managed assets grew by 7.5% driven by financing and leasing portfolio growth.
CSC reported strong revenue growth and financial results for the second quarter of fiscal year 2004. Revenue increased 32% to $3.59 billion compared to the same period last year, driven by growth in the federal government sector from the DynCorp acquisition. Net income was $108.1 million. For the third quarter, CSC expects revenue in the range of $3.6 billion and earnings per share between $0.68 to $0.70. CSC also highlighted major new contracts signed during the quarter with customers such as Providian Financial and the U.S. Air Force.
Computer Sciences Corporation (CSC) reported financial results for the first quarter of fiscal year 2002, ended June 29, 2001. Revenue grew 10.2% to $2.7 billion due to strong growth in global outsourcing. Net income was $47.7 million. Commercial revenue grew 17% internationally due to outsourcing contracts in the UK and Scandinavia. Federal government revenue rose 3.9% despite some contract completions, with growth in civil agencies and GSA work. CSC will focus on larger outsourcing engagements and adjusting to reduced consulting demand, while progressing on improving recent outsourcing contracts.
CSC reported strong financial results for the first quarter of fiscal year 2004, with revenue of $3.55 billion, up 29.1% from the prior year. Net income was $92.3 million. The acquisition of DynCorp contributed significantly to growth in the federal sector. CSC also saw increased revenue from commercial clients and in Europe due to favorable currency exchange rates. Management expects continued revenue and earnings growth for the remainder of the fiscal year.
Citigroup reported a 60% decline in third quarter net income to $2.21 billion compared to the prior year. Revenues increased 5% to $22.4 billion driven by 29% growth in international revenues, however this was more than offset by a $2.98 billion increase in credit costs. The revenue growth was primarily due to strong international consumer and wealth management results, while fixed income revenues declined significantly due to losses related to dislocations in the mortgage-backed securities and credit markets. Higher credit costs were the primary driver of the net income decline.
CIT Group reported second quarter results with income from continuing operations of $48.1 million, down from $352.1 million in the prior year quarter. They recorded a net loss of $2.1 billion including a $2.1 billion loss from discontinued home lending operations. CIT made progress strengthening its balance sheet by raising $1.6 billion in capital and selling its home lending business. Credit quality in commercial operations declined slightly with higher delinquencies but lower net charge-offs.
CIT Group reported second quarter earnings of $48.1 million, down from $352.1 million in the prior year quarter. They completed the sale of their home lending business, recording a $2.1 billion loss. Credit reserves were increased and capital ratios remained strong despite challenging market conditions. Progress was made on strategic capital and liquidity initiatives including raising $1.6 billion in capital and reducing commercial finance assets by $3 billion through asset sales. While earnings declined, the company strengthened its balance sheet by selling assets and raising capital.
EOP Loans & Leases
Avg Deposits
FINANCIAL RESULTS
1
Actual numbers for all periods, not over/under
2 Calculated based on average equity; 3Q09 average equity was $2B
3 Excludes loans held-for-sale and loans at fair value
4 Calculated based on average equity; 3Q09 average equity was $2B
8
Total revenue of $1.5B up 335% YoY driven by the
impact of the WaMu transaction and wider loan spreads
Middle Market Banking revenue up $729mm YoY due to
the WaMu transaction
Credit costs of $43mm reflect higher net
EOP Loans & Leases
Avg Deposits
FINANCIAL RESULTS
1
Actual numbers for all periods, not over/under
2 Calculated based on average equity; 3Q09 average equity was $2B
3 Excludes loans held-for-sale and loans at fair value
4 Calculated based on average equity; 3Q09 average equity was $2B
8
Total revenue of $1.5B up 4% YoY driven by growth in
Middle Market Banking and Real Estate Banking, partially
offset by lower Commercial Term Lending revenue
Credit costs of $43mm reflect higher net charge-offs
Expense up 10
CSC reported revenue of $3.58 billion for the first quarter of fiscal year 2006, up 8.6% from the previous year. Net income was $131.6 million. The company was pleased with the results and sees opportunities in both the global commercial and U.S. federal markets. Recent contract wins contributed significantly to revenue growth in North America and Europe.
CSC reported strong financial results for the second quarter of fiscal year 2005, with revenue increasing 9.6% year-over-year to $3.93 billion. Both the global commercial and U.S. federal government segments contributed to revenue growth. CSC won $3.9 billion in new contracts during the quarter. The company expects continued demand in the federal government for IT modernization and infrastructure projects.
Computer Sciences Corporation (CSC) reported financial results for the third quarter of fiscal year 2002, ended December 28, 2001. Revenues increased 8.9% year-over-year to $2.9 billion. Net income was $87.1 million and earnings per share were $0.51. Revenue growth was driven by strong performance in global commercial outsourcing, U.S. federal government contracts, and new opportunities in financial services. CSC also announced $3.2 billion in new business awards for the quarter.
Citigroup reported first quarter 2022 core income of $3.86 billion, up 5% from the first quarter of 2021. However, core income included an $816 million pre-tax charge related to economic conditions in Argentina. Revenue for the quarter increased 5% to $22 billion. Net income, including a $1.06 billion gain from the Travelers IPO, was $4.84 billion, up 37% from the prior year. The CEO commented that core businesses delivered strong results despite difficult economic conditions and charges related to Argentina. Key highlights included strong performance in global consumer businesses and the investment bank.
This document summarizes CCR's 2Q09 results. It reports that EBITDA increased 23.9% in 2Q09 and 18.3% in 1H09 compared to the previous year. Net income increased 28.2% in 2Q09 and 11.1% in 1H09. Traffic grew 18.1% in 2Q09 and 17.2% excluding recent acquisitions. The number of electronic payment tags increased 48%. CCR concluded issuing $598 million in debentures and approved a dividend payment of $507.9 million. The document also provides details on financial results, business dynamics, indebtedness, traffic trends and debt amortization.
1) CSC reported lower revenue and a net loss for the quarter due to a large restructuring charge, but revenue from U.S. federal government activities grew strongly and operations in Australia and Asia also saw strong growth.
2) While commercial revenue declined in the U.S. and Europe, the company's federal opportunities pipeline remains large at $36 billion over the next 20 months.
3) The restructuring program aimed at streamlining operations is proceeding as planned and is expected to improve future cash flow and earnings.
CSC reported strong financial results for the third quarter of fiscal year 2004, with revenue up 29.6% to $3.62 billion and net income of $128.4 million. Major new business awards totaled a record $6 billion for the quarter. Demand remained high for U.S. federal IT services, particularly from the Department of Defense and Homeland Security. The global market for commercial outsourcing services also remained firm.
Similar to cit PressReleaseMarch2004FinalwithLogo (20)
This document provides an overview and highlights of Virgin Media's performance in the fourth quarter of 2006. It discusses the company's achievements over the last 12 months including the Telewest merger and Virgin Mobile acquisition. The fourth quarter saw revenue growth across all segments, strong net additions, and continued ARPU and customer care improvements. Priorities for 2007 include delivering on the new Virgin brand, targeting competitor customers, driving efficiency and improving customer care.
This document provides an overview of Virgin Media's performance in the fourth quarter of 2006. It discusses the company's achievements over the past year including the Telewest merger and Virgin Mobile acquisition. The highlights of Q4 2006 include revenue growth across all segments, strong broadband and TV subscriber additions, and increased triple play penetration. Priorities for 2007 include delivering on the new Virgin brand, targeting competitor customers, driving efficiency and improving customer care.
Virgin Media reported its financial results for the first quarter of 2007. Key highlights include:
1) Strong growth in broadband, TV and mobile contract customers due to compelling offers and marketing campaigns promoting bundled services. However, fixed line customers continued to decline due to increased competition.
2) ARPU was slightly down due to lower fixed line usage, but triple play penetration and Old NTL ARPU increased, pointing to continued ARPU growth.
3) Customer churn improved to 1.6% due to more rigorous credit policies and efficient sales channels, while Sky basics had a minimal impact in Q1.
4) Mobile contract growth remained strong through cable cross-sell, while pre-pay declined season
This document summarizes Virgin Media's performance in the first quarter of 2007. It discusses Virgin Media's progress on key priorities such as brand strength, targeting competitors, cable integration, and cross-sell opportunities. Financial metrics like revenue, customer additions and disconnects, and ARPU are also reviewed. Challenges from increased competition and the impact of Sky's new "Basics" package are addressed.
This document provides a summary of Virgin Media's financial performance in the second quarter of 2007. It discusses declines in revenue due to customer churn related to the loss of Sky basics channels, but notes improving trends in areas like TV and broadband. Key points highlighted include strong growth in video on demand usage, successful bundling of products, expansion of high speed broadband services, and continued strength in the mobile business. The summary also previews upcoming content initiatives and their potential to further drive customer growth and engagement.
This document summarizes Virgin Media's financial performance in the second quarter of 2007. Key points include: losses of Sky basic channels impacted customer churn but TV performance was better than expected; strong mobile contract sales and bundling of products continued; and while ARPU was affected by retention activities, cash flow outlook remains strong. The document provides details on customer additions and disconnects, growth of triple play bundling, and increases in video on demand usage.
This document provides a summary of Virgin Media's financial results for the third quarter of 2007. It notes significant improvements in customer and revenue growth metrics compared to previous quarters. Revenue was up slightly from the second quarter due to growth in the consumer, business services, content, and mobile segments. Operating cash flow also increased due to lower costs and certain one-time benefits. However, proactive investment in customer growth was also noted as impacting operating cash flow. Net debt remained substantial as of the end of the third quarter.
This document provides a summary of Virgin Media's financial results for the third quarter of 2007. It discusses improvements in customer and revenue growth metrics compared to previous quarters. Specifically, it notes record quarterly gross additions and reduced churn. It also summarizes growth in the company's broadband, TV, telephony, mobile, and business services segments. The document concludes with discussions of operating cash flow, revenue, and net debt levels.
The document summarizes an UBS media conference by Acting CEO Neil Berkett of Virgin Media on December 5, 2007. Berkett discussed Virgin Media's transformation through integration, re-engineering growth initiatives. He highlighted opportunities in premium TV, basic pay-TV, free DTV and contract mobile. Berkett also outlined Virgin Media's network advantages in speed and reach, and strategies to increase customer value through volume, ARPU and tenure. Mobile was discussed as an important driver of consumer value through cross-selling. Valuable tax assets were also noted.
The document summarizes an UBS media conference by Acting CEO Neil Berkett of Virgin Media on December 5, 2007. Berkett discussed Virgin Media's transformation through integration, re-engineering growth initiatives, and building the platform for growth. He highlighted opportunities in premium TV, basic pay-TV, free DTV, broadband, and mobile services. Berkett also covered Virgin Media's network advantages, content assets, tax assets, and the significant potential asset value of the company's network, consumer base, mobile business, and content.
This document provides a summary of Virgin Media's financial and operational results for the first quarter of 2008. Key highlights include continued strong growth in broadband and TV customers, record-low cable churn of 1.2%, and stable cable ARPU despite non-recurring benefits in the previous quarter. OCF increased slightly compared to last quarter. Capex remained high at 13.7% of revenue to support network upgrades including faster broadband speeds. Revenue declined slightly due to seasonal factors in certain business units.
This document summarizes Virgin Media's financial and operational results for the first quarter of 2008. Key highlights include continued strong growth in broadband and TV customers, record-low cable churn of 1.2%, and stable cable ARPU despite non-recurring benefits in the previous quarter. OCF was £324 million for Q1 2008, up slightly from the previous quarter. Cash capex was £125 million for network upgrades and expansion.
This document provides a summary of Virgin Media's performance in the second quarter of 2008. It discusses financial results including operating cash flow growth and SG&A reductions. It also reviews operational metrics such as subscriber growth, churn rates, broadband and TV services. Virgin Media saw increased revenue and profitability in Q2 2008 compared to the same period last year.
This document provides a summary of Virgin Media's performance in the second quarter of 2008. It discusses financial results including operating cash flow growth and SG&A reductions. It also reviews operational metrics such as subscriber growth, churn rates, broadband and TV services. Virgin Media saw increased revenue and profitability in Q2 2008 compared to the prior year through lower churn, higher triple-play penetration and a focus on quality customer growth. The company believes its cable network gives it advantages over DSL providers that will increase further after investments are completed.
This document provides a summary of Virgin Media's financial results for the third quarter of 2008. It reports that Virgin Media continued to see growth in key metrics such as on-net customer additions, broadband and TV subscriber growth, and improving triple play penetration. ARPU increased through price increases, cross-selling, and upselling efforts. Mobile contract customer growth was strong through cross-selling to cable customers. Content revenues increased for VMtv but declined for Sit-Up. Overall revenue was flat, while operating cash flow and margins declined slightly compared to last year. Capital expenditures remained high to continue network upgrades and expand service offerings.
This document provides a summary of Virgin Media's financial results for the third quarter of 2008. It reports that Virgin Media continued to see growth in key metrics such as on-net customer additions, broadband and TV subscriber growth, and improving triple play penetration. ARPU increased through price increases, cross-selling, and upselling efforts. Mobile contract customer growth was strong through cross-selling to cable customers. Content revenue increased for VMtv but declined for Sit-Up. Overall revenue was flat, while operating cash flow and margins declined slightly compared to last year. Capital expenditures remained high to continue network investments.
The document discusses Virgin Media's strategy to leverage its network advantages for renewed growth. Key points include plans to: 1) lead in next generation broadband through upgrades to 10Mbps and beyond; 2) lead the on-demand TV revolution through growing video on demand usage and iPlayer views; and 3) leverage mobile as a third screen through bundling mobile services. Virgin Media also aims to build a more efficient customer focused organization through an operational transformation program targeting over £120m in annual cost savings by 2012.
The document discusses Virgin Media's strategy to leverage its network advantages for renewed growth. It aims to lead in next generation broadband, lead the on-demand TV revolution, and leverage mobile as a third screen. Virgin Media has the best broadband economics due to its high market share and lower costs. It is focusing on upgrading customers to higher broadband tiers, growing on-demand TV and video usage, and integrating mobile offerings. The company expects operational transformation to deliver over £120 million in annual cost savings by 2012.
The document provides an agenda and overview for an investor and analyst day being held by Virgin Media in London on November 13, 2008. It includes:
1) A disclaimer stating that forward-looking statements in the document involve risks and uncertainties that could cause actual results to differ materially.
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The document provides an agenda and overview for an investor and analyst day being held by Virgin Media in London on November 13, 2008. It includes:
1) A disclaimer stating that forward-looking statements in the document involve risks and uncertainties that could cause actual results to differ materially.
2) An agenda for the day's presentations on Virgin Media's strategy, growth initiatives, network strengths, financial structure and regulatory progress.
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A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
Explore the world of investments with an in-depth comparison of the stock market and real estate. Understand their fundamentals, risks, returns, and diversification strategies to make informed financial decisions that align with your goals.
13 Jun 24 ILC Retirement Income Summit - slides.pptxILC- UK
ILC's Retirement Income Summit was hosted by M&G and supported by Canada Life. The event brought together key policymakers, influencers and experts to help identify policy priorities for the next Government and ensure more of us have access to a decent income in retirement.
Contributors included:
Jo Blanden, Professor in Economics, University of Surrey
Clive Bolton, CEO, Life Insurance M&G Plc
Jim Boyd, CEO, Equity Release Council
Molly Broome, Economist, Resolution Foundation
Nida Broughton, Co-Director of Economic Policy, Behavioural Insights Team
Jonathan Cribb, Associate Director and Head of Retirement, Savings, and Ageing, Institute for Fiscal Studies
Joanna Elson CBE, Chief Executive Officer, Independent Age
Tom Evans, Managing Director of Retirement, Canada Life
Steve Groves, Chair, Key Retirement Group
Tish Hanifan, Founder and Joint Chair of the Society of Later life Advisers
Sue Lewis, ILC Trustee
Siobhan Lough, Senior Consultant, Hymans Robertson
Mick McAteer, Co-Director, The Financial Inclusion Centre
Stuart McDonald MBE, Head of Longevity and Democratic Insights, LCP
Anusha Mittal, Managing Director, Individual Life and Pensions, M&G Life
Shelley Morris, Senior Project Manager, Living Pension, Living Wage Foundation
Sarah O'Grady, Journalist
Will Sherlock, Head of External Relations, M&G Plc
Daniela Silcock, Head of Policy Research, Pensions Policy Institute
David Sinclair, Chief Executive, ILC
Jordi Skilbeck, Senior Policy Advisor, Pensions and Lifetime Savings Association
Rt Hon Sir Stephen Timms, former Chair, Work & Pensions Committee
Nigel Waterson, ILC Trustee
Jackie Wells, Strategy and Policy Consultant, ILC Strategic Advisory Board
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account.
Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests.
For more details, you can visit https://technoxander.com.
Calculation of compliance cost: Veterinary and sanitary control of aquatic bi...Alexander Belyaev
Calculation of compliance cost in the fishing industry of Russia after extended SCM model (Veterinary and sanitary control of aquatic biological resources (ABR) - Preparation of documents, passing expertise)
1. For Information: Valerie L. Gerard – Senior Vice President - Investor Relations
(973) 422-3284
or
Kelley Gipson – Executive Vice President - Corporate Marketing
(973) 422-3235
CIT ANNOUNCES DILUTED EPS OF $0.88, $0.76 EXCLUDING DEBT REDEMPTION GAIN
• EPS improves for the fourth consecutive quarter
• EPS improves 27% and ROTE exceeds 13%, excluding debt redemption gain
• Borrowing costs tighten further
• Continued improvement in credit
NEW YORK, April 22, 2004 – CIT Group Inc. (NYSE: CIT) today reported net income of
$189.3 million (diluted earnings per share of $0.88) for the quarter ended March 31, 2004. The results for
the quarter include a pre-tax gain of $41.8 million ($25.5 million after-tax) related to the redemption of
$512 million in term debt. Net income, excluding the gain on the debt call was $163.8 million, or $0.76
diluted EPS, up 27% from $0.60 ($127.0 million) for the prior year quarter.
“We started the year on a very positive note,” commented Albert R. Gamper, Jr., Chairman and
CEO. “Our credit quality measurements and margins improved further and returns were better in our
Equipment Finance and Capital Finance businesses. Earnings growth was strong from a year ago and our
return on tangible equity increased to over 13%,” concluded Gamper.
“I am pleased with the trends in origination, credit and profitability throughout our business
lines,” said Jeffrey M. Peek, President and COO. “Owned financing and leasing assets grew 11% from
last year and 2% from year-end. We remain committed to focused, prudent growth and our target of 8 -
10% in annual managed asset growth.”
1
2. Financial Highlights:
Portfolio and Managed Assets
Total financing and leasing portfolio assets grew to $41.0 billion at March 31, 2004, up 2.3%
from $40.1 billion at December 31, 2003 and 10.6% from $37.1 billion at March 31, 2003. Growth for
the quarter reflects strong Specialty Finance originations, particularly in home equity, international and
the vendor programs. Volume was also strong in the factoring and the asset-based lending units of
Commercial Finance.
Managed assets increased to $50.1 billion, up from $49.7 billion at December 31, 2003. Our
securitized receivables (receivables we have previously securitized but retain the servicing) decreased to
$9.1 billion from $9.7 billion during the quarter, as we continue to fund home equity receivables on
balance sheet. Liquidating portfolios declined to $874 million from $923 million and $1.28 billion at
December 31, 2003 and March 31, 2003.
Origination volume for the quarter, excluding factoring, increased 15.7% from the prior year
quarter as all segments, with the exception of Capital Finance, exceeded 2003.
Net Finance and Risk Adjusted Margin
Net finance margin was 4.02% of average earning assets (“AEA”), an improvement of 49 basis
points from the prior year quarter. The stronger margin was principally fueled by lower borrowing costs,
as interest expense declined to 3.23% of AEA from 4.10% during the prior year quarter.
Risk adjusted margin (net finance margin after provision for credit losses) was 3.09% of AEA, up
75 basis points from the prior year quarter, as lower charge-offs also contributed to the improvement.
Credit Quality
Credit performance continued the improving trend with lower charge-offs, continued decline in
delinquencies and a modest drop in non-performing assets. Owned and managed 60+ day delinquencies
improved for the sixth consecutive quarter. Total 60+ day owned delinquencies declined to $609 million
(1.89% of finance receivables) at March 31, 2004, from $676 million (2.16%) at December 31, 2003.
Managed 60+ day delinquencies also decreased to $928 million (2.20%) at March 31, 2004, from $1.022
billion (2.44%) at December 31, 2003. The most notable improvements were in the Specialty Finance-
2
3. commercial portfolios and in Equipment Finance.
Non-performing assets also declined for the sixth consecutive quarter to $667 million (2.07% of
finance receivables), down from $677 million (2.16%) at December 31, 2003, and 34% below a year-ago
levels.
Charge-offs for the quarter fell to $99.3 million (1.26% as a percentage of average finance
receivables) from $114.3 million (1.61%) in the prior year, as virtually all business segments improved.
The increase in Structured Finance charge-offs was in the project finance portfolio. During the quarter,
telecommunications portfolio charge-offs of $13.7 million were taken against the specific
telecommunications reserve. Before liquidating portfolios and telecommunications charge-offs, charge-
offs were $73.3 million (0.98% of average finance receivables) for the current quarter, down from $85.3
million (1.30%) last year. The decrease from last year’s quarter reflects improvements in the Specialty
Finance commercial portfolio, notably the international portfolio, as well as in Equipment Finance. The
following tables provide additional charge-off data:
Charge-offs: ($ in millions) Quarter Ended March 31, 2004
Before Liquidating
and Liquidating and
Total Telecommunications Telecommunications
Specialty Finance – commercial …. $ 22.0 1.24% $ 21.5 1.21% $ 0.5 -
Commercial Finance ……………... 12.5 0.48% 12.5 0.48% - -
Equipment Finance…………...….. 26.3 1.67% 21.0 1.37% 5.3 12.35%
Capital Finance …………….……. - - - - - -
Structured Finance ……………….. 21.8 2.96% 8.1 1.34% 13.7 10.38%
Total Commercial Segments …... 82.6 1.19% 63.1 0.93% 19.5 11.13%
Specialty Finance – consumer …… 16.7 1.84% 10.2 1.42% 6.5 3.45%
Total …………………………… $ 99.3 1.26% $73.3 0.98% $26.0 7.16%
3
4. Quarter Ended March 31, 2003
Before Liquidating
and Liquidating and
Total Telecommunications Telecommunications
Specialty Finance – commercial…. $ 31.0 1.73% $ 30.6 1.76% $ 0.4 8.65%
Commercial Finance……………... 16.6 0.80% 16.6 0.80% - -
Equipment Finance…………...….. 38.1 2.39% 29.7 2.02% 8.4 6.48%
Capital Finance …………….……. 1.8 0.55% 1.8 0.55% - -
Structured Finance……………….. 13.8 1.90% - - 13.8 8.23%
Total Commercial Segments …... 101.3 1.55% 78.7 1.27% 22.6 7.48%
Specialty Finance – consumer …… 13.0 2.36% 6.6 1.92% 6.4 3.09%
Total …………………………… $ 114.3 1.61% $ 85.3 1.30% $ 29.0 5.70%
The total reserve for credit losses was $636.7 million (1.98% of finance receivables) at March 31,
2004, compared to $643.7 million (2.06%) at December 31, 2003. The decline in the reserve reflects the
continuation of improving credit metrics. At March 31, 2004, the reserve for credit losses, before the
telecommunications ($92.8 million) and Argentine ($12.5 million) reserves, was $531.4 million (1.68%),
versus $524.6 million (1.71%) at December 31, 2003.
The total telecommunications portfolio and the portion comprising the competitive local
exchange carrier (“CLEC”) exposure was $518.6 million and $191.3 million at March 31, 2004. Total
telecommunications non-performing accounts were $65.7 million, compared to $57.2 million last quarter.
CLEC non-performing accounts were $34.4 million, compared to $31.4 million at December 31, 2003.
Total specific telecommunications reserves were $92.8 million at March 31, 2004, down from $106.6
million at December 31, 2003 due to current quarter charge-offs.
Other Revenue
For the quarter, other revenue totaled $230.4 million, compared to $239.9 million for the quarter
ended March 31, 2003, reflecting lower securitization gains and other income, partially offset by higher
factoring commissions due to the two acquisitions completed in the second half of 2003. Securitization
volume was essentially unchanged from the prior year. However, product mix resulted in gains declining
to $21.4 million, 6.9% of pretax income, from $30.7 million, 14.4%, during the prior year quarter.
Equipment sale gains reflected general strengthening of equipment values.
4
5. Salaries and General Operating Expenses
Salaries and general operating expenses were $247.3 million for the quarter, up from $225.6
million for the March 2003 quarter. The increase from the prior year quarter was primarily the result of
higher incentive-based compensation, acquisition activities and other employee related and corporate
expenses. Salaries and general operating expenses were 2.15% of average managed assets during the
quarter, versus 2.01% for the prior year quarter. Headcount totaled approximately 5,795 at March 31,
2004 compared to 5,845 at March 31, 2003.
Debt Redemption
CIT had $1.25 billion of debt securities outstanding that were originally issued by the former
AT&T Capital Corporation and were callable at par in December 2003 and January 2004. The redemption
of $512 million on January 15, 2004 resulted in a pretax gain of $41.8 million, whereas the December
2003 redemption of $735 million resulted in a pre-tax gain of $50.4 million in the prior quarter.
Consolidated Returns
Total return on average earning assets improved to 2.05% for the quarter ended March 31, 2004,
from 1.47% for the prior year quarter. Similarly, the return on managed assets improved to 1.64% from
1.13% and return on average tangible equity increased to 15.1% (13.1% excluding the debt redemption
gain) from 11.0% during the first quarter of 2003.
Results by Business Segment
The following tables provide individual segment data ($ in millions):
Specialty Finance
For the Quarter Ended
March 31, 2004 March 31, 2003
Operating margin $ 228.1 $ 190.5
Income before provision for income tax $ 122.9 $ 85.6
New business volume $3,575.9 $3,073.0
Specialty Finance operating margin improved due to higher asset levels, lower funding costs and
lower charge-offs. Improved profitability was broad based across the vendor finance business, SBA and
the small ticket leasing businesses, as Specialty Finance return on AEA improved to 2.47% from 1.75%
during the prior year. New business volume increased from the prior year primarily on strong volumes in
vendor finance and bulk receivable purchases in the consumer and international units.
5
6. Commercial Finance
For the Quarter Ended
March 31, 2004 March 31, 2003
Operating margin $ 142.3 $ 129.9
Income before provision for income tax $ 98.1 $ 88.7
New business volume (including factoring) $ 485.1 $ 328.2
Commercial Finance improvements reflected higher asset-based lending volume coupled with
increased factoring activity resulting from prior year acquisitions and lower charge-offs in both asset-
based lending and factoring. These improvements were partially offset by lower fees and other income in
the asset-based lending unit compared to the prior year. Return on AEA continued to be strong at 3.62%
for the quarter, versus 3.58% during the prior year.
Equipment Finance
For the Quarter Ended
March 31, 2004 March 31, 2003
Operating margin $ 47.3 $ 40.2
Income before provision for income tax $ 25.0 $ 17.5
New business volume $ 922.1 $ 828.9
Equipment Finance operating margin and pretax profitability improvements reflected lower
charge-offs and higher equipment gains, which were offset in part by lower fees. Return on AEA was
0.88% for the quarter, versus 0.60% for the prior year quarter. New business volume increased primarily
in the U.S., reflecting some renewed strength in the construction and corporate aircraft sectors.
Capital Finance
For the Quarter Ended
March 31, 2004 March 31, 2003
Operating margin $ 48.3 $ 28.9
Income before provision for income tax $ 28.8 $ 12.6
New business volume $ 102.0 $ 280.5
The stronger operating margin and pre-tax income resulted primarily from higher assets,
increased commercial aircraft equipment gains and lower charge-offs. Return on AEA improved to 1.04%
from 0.50% in the prior year. New business volume decreased due to fewer aircraft delivery fundings.
All seventeen scheduled 2004 aircraft deliveries have been placed. At March 31, 2004, four commercial
aircraft (for which one letter of intent has been signed) were off lease, compared to five at December 31,
2003.
6
7. Structured Finance
For the Quarter Ended
March 31, 2004 March 31, 2003
Operating margin $ 26.5 $ 28.3
Income before provision for income tax $ 16.9 $ 20.0
New business volume $ 242.8 $ 100.2
Profitability continued to benefit from strong fee activity, offset by increased project finance
charge-offs. Return on AEA was 1.31% versus 1.63% in the prior year. New business volume was up
considerably from the prior year in communications/media and project finance.
Corporate and Other
For the Quarter Ended
March 31, 2004 March 31, 2003
Operating margin $ 23.4 $ 20.4
Income/(loss) before benefit for income tax $ 18.7 $ (11.9)
Corporate and Other reflects certain interest and other operating expenses not allocated to
business segments, as well as the gain on debt redemption and venture capital gains and losses.
Funding and Liquidity
Commercial paper was $4.8 billion, up from $4.2 billion at year-end. Term-debt issued during the
quarter totaled $2.8 billion - $1.5 billion in variable-rate, medium-term notes and $1.3 billion in fixed-rate
notes. Securitization volume was $1.2 billion, approximately the same level as the prior year quarter.
Consistent with our liquidity management strategy to extend our maturity profile, on April 14,
2004 we retired a $2.0 billion bank facility due in March 2005, and $2.1 billion due in October 2004, and
we negotiated two new $2.1 billion facilities due April 2009 and April 2005. The company now has
aggregate bank facilities of $6.3 billion with $4.2 billion in multi-year facilities.
Capitalization and Leverage
The ratio of tangible equity to managed assets improved further to 10.69% as of March 31, 2004,
compared to 10.45% at December 31, 2003, as the internal capital generation ratio was strong for the
quarter.
7
8. Subsequent Event
On April 21, 2004, our Board of Directors approved a common stock repurchase program to
acquire up to three million shares of our outstanding common stock. The program authorizes the
Company to purchase shares on the open market and through negotiated transactions from time to time
over a two-year period beginning April 23, 2004. The repurchased common stock will be held as treasury
shares and may be used for the issuance of shares under CIT's employee stock plans. Acquisitions under
the share repurchase program will be made from time to time at prevailing prices as permitted by
applicable laws, and subject to market conditions and other factors. The program may be discontinued at
any time and is not expected to have a significant impact on our capitalization.
Conference Call and Webcast:
We will discuss this quarter’s results, as well as on-going strategy, on a conference call today at
11:00 am (EDT). Interested parties may access the conference call live today by dialing 877-558-5219
for U.S. and Canadian callers or 706-634-5438 for international callers, and reference “CIT earnings
call,” or at the following website: http://ir.cit.com. An audio replay of the call will be available
beginning no later than three hours after the conclusion of the call until 11:59 pm (EDT) April 28, 2004,
by dialing 800-642-1687 for U.S. and Canadian callers or 706-645-9291 for international callers with the
pass-code 6401042, or at the following website: http://ir.cit.com.
Forward-Looking Statements:
This release contains “forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995. All forward-looking statements (including statements regarding future
financial and operating results) involve risks, uncertainties and contingencies, many of which are beyond
CIT’s control, which may cause actual results, performance, or achievements to differ materially from
anticipated results, performance, or achievements. All statements contained in this release that are not
clearly historical in nature are forward-looking, and the words “anticipate,” “believe,” “expect,”
“estimate,” “plan,” and similar expressions are generally intended to identify forward-looking statements.
Economic, business, funding market, competitive and/or regulatory factors, among others, affecting CIT’s
businesses are examples of factors that could cause actual results to differ materially from those described
in the forward-looking statements. More detailed information about these factors are described in CIT’s
filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the
year ended December 31, 2003. CIT is under no obligation to (and expressly disclaims any such
obligation to) update or alter its forward-looking statements, whether as a result of new information,
future events or otherwise. This release includes certain non-GAAP financial measures as defined under
8
9. SEC rules. As required by SEC rules, we have provided a reconciliation of those measures to the most
directly comparable GAAP measures, which is available with this release and on our website at
http://ir.cit.com.
About CIT:
CIT Group Inc. (NYSE: CIT), a leading commercial and consumer finance company, provides
clients with financing and leasing products and advisory services. Founded in 1908, CIT has
approximately $50 billion in assets under management and applies its financial resources, industry
expertise and product knowledge to serve the needs of clients across approximately 30 industries. CIT, a
Fortune 500 company, holds leading positions in vendor financing, U.S. factoring, equipment and
transportation financing, Small Business Administration loans, and asset-based and credit-secured
lending. CIT, with its principal offices in Livingston, New Jersey and New York City, has approximately
6,000 employees in locations throughout North America, Europe, Latin and South America, and the
Pacific Rim. For more information, visit www.cit.com.
###
9
10. CIT GROUP INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED INCOME STATEMENTS
For the Quarters Ended March 31, 2004, December 31, 2003 and March 31, 2003
(dollars in millions, except per share data)
Quarters Ended
March 31, December 31, March 31,
2004 2003 2003
Finance income $ 902.9 $ 925.9 $ 939.2
Interest expense 298.0 322.5 354.7
Net finance income 604.9 603.4 584.5
Depreciation on operating lease equipment 234.5 248.9 278.8
Net finance margin 370.4 354.5 305.7
Provision for credit losses 85.6 100.8 103.0
Net finance margin after provision for credit losses 284.8 253.7 202.7
Other revenue(1) 230.4 246.0 239.9
Gain (loss) on venture capital investments 0.7 (60.5) (4.4)
Operating margin 515.9 439.2 438.2
Salaries and general operating expenses 247.3 236.5 225.6
Gain on redemption of debt 41.8 50.4 -
Income before provision for income taxes 310.4 253.1 212.6
Provision for income taxes (121.1) (98.2) (82.9)
Minority interest - 0.3 -
Dividends on preferred capital securities, after tax - - (2.7)
Net income(2) $ 189.3 $ 155.2 $ 127.0
Earnings per share
Basic earnings per share $ 0.89 $ 0.73 $ 0.60
Diluted earnings per share $ 0.88 $ 0.72 $ 0.60
Number of shares -basic (thousands) 211,839 211,828 211,573
Number of shares -diluted (thousands) 215,809 215,078 211,899
Certain prior period balances have been reclassified to conform to current period presentation. Certain debt related costs totaling $7.5
million and $8.0 million for the quarters ended Decemeber 31, 2003 and March 31, 2003, have been reclassified to interest expense from
operating expenses.
Quarters Ended
March 31, December 31, March 31,
(1)Other Revenue 2004 2003 2003
Fees and other income $ 126.7 $ 155.4 $ 144.7
Factoring commissions 55.0 50.5 46.9
Gains on sales of leasing equipment 27.3 22.0 17.6
Gains on securitizations 21.4 18.1 30.7
Total other revenue $ 230.4 $ 246.0 $ 239.9
Fees and other income include: servicing fees, structuring and advisory fees, syndication fees and gains from other asset and receivable
sales. Prior period balances have been conformed to current year presentation to show venture capital losses seperately.
Quarters Ended
March 31, December 31, March 31,
(2) Net income (loss) by segment 2004 2003 2003
Specialty Finance $ 78.2 $ 74.1 $ 52.2
Commercial Finance 60.6 57.8 54.1
Equipment Finance 15.2 10.9 10.7
Capital Finance 19.0 6.9 7.7
Structured Finance 10.1 16.3 12.2
Total Segments 183.1 166.0 136.9
Corporate, including certain charges 6.2 (10.8) (9.9)
Total $ 189.3 $ 155.2 $ 127.0
10
11. CIT GROUP INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(dollars in millions)
March 31, December 31,
2004 2003
(unaudited)
ASSETS
Financing and leasing assets:
Finance receivables $ 32,187.4 $ 31,300.2
Reserve for credit losses (636.7) (643.7)
Net finance receivables 31,550.7 30,656.5
Operating lease equipment, net 7,576.2 7,615.5
Finance receivables held for sale 1,006.2 918.3
Cash and cash equivalents 1,356.5 1,973.7
Retained interest in securitizations 1,364.6 1,380.8
Goodwill and intangible assets 485.5 487.7
Other assets (1) 2,912.7 3,310.3
Total Assets $ 46,252.4 $ 46,342.8
LIABILITIES AND STOCKHOLDERS' EQUITY
Debt:
Commercial paper $ 4,820.2 $ 4,173.9
Variable-rate senior notes 9,170.7 9,408.4
Fixed-rate senior notes 19,829.8 19,830.8
Preferred capital securities 255.1 255.5
Total debt 34,075.8 33,668.6
Credit balances of factoring clients 3,619.4 3,894.6
Accrued liabilities and payables 3,025.9 3,346.4
Total Liabilities 40,721.1 40,909.6
Minority interest 38.6 39.0
Stockholders' Equity:
Common stock 2.1 2.1
Paid-in capital 10,668.2 10,677.0
Accumulated deficit (4,980.5) (5,141.8)
Accumulated other comprehensive loss (196.4) (141.6)
Less: Treasury stock, at cost (0.7) (1.5)
Total Stockholders' Equity 5,492.7 5,394.2
Total Liabilities and Stockholders' Equity $ 46,252.4 $ 46,342.8
(1) Other Assets primarily include the following at March 31, 2004: $0.7 billion of investments in and receivables from joint
ventures and non-consolidated subsidiaries, $0.4 billion of accrued interest and receivables from derivative counterparties,
$0.3 billion of deposits on flight equipment, $0.3 billion of equity investments, $0.1 billion of prepaid expenses and $0.1 billion
of repossessed and off-lease equipment. The remaining balance includes furniture and fixtures, miscellaneous receivables
and other assets.
11
12. CIT GROUP INC. AND SUBSIDIARIES
OWNED AND MANAGED ASSET COMPOSITION
(dollars in millions)
March 31, December 31, March 31,
2004 2003 2003
Specialty Finance Segment
Commercial
Finance receivables $ 7,135.6 $ 7,150.0 $ 7,201.5
Operating lease equipment, net 919.1 959.5 1,227.6
Finance receivables held for sale 737.1 548.1 899.6
Owned assets 8,791.8 8,657.6 9,328.7
Finance receivables securitized and managed by CIT 3,769.0 3,915.4 3,191.7
Managed assets 12,560.8 12,573.0 12,520.4
Consumer
Finance receivables - home equity 3,315.1 2,664.3 1,391.3
Finance receivables - other 791.2 846.5 995.8
Finance receivables held for sale 150.0 150.0 210.0
Owned assets 4,256.3 3,660.8 2,597.1
Home equity finance receivables securitized and managed by
CIT 1,651.9 1,867.6 2,358.6
Other finance receivables securitized and managed by CIT 593.6 642.5 860.2
Managed assets 6,501.8 6,170.9 5,815.9
Commercial Finance Segment
Commercial Services
Finance receivables 6,450.0 6,325.8 4,726.1
Business Credit
Finance receivables 4,105.9 3,936.1 3,956.6
Owned assets 10,555.9 10,261.9 8,682.7
Equipment Finance Segment
Finance receivables 6,367.0 6,317.9 6,237.4
Operating lease equipment, net 385.6 419.6 527.4
Finance receivables held for sale 119.1 220.2 163.4
Owned assets 6,871.7 6,957.7 6,928.2
Finance receivables securitized and managed by CIT 3,052.5 3,226.2 3,977.2
Managed assets 9,924.2 10,183.9 10,905.4
Capital Finance Segment
Finance receivables 1,087.1 1,097.4 1,223.7
Operating lease equipment, net 6,142.1 6,103.8 4,973.0
Owned assets 7,229.2 7,201.2 6,196.7
Structured Finance Segment
Finance receivables 2,935.5 2,962.2 2,922.2
Operating lease equipment, net 129.4 132.6 103.4
Owned assets 3,064.9 3,094.8 3,025.6
Other - Equity Investments 251.8 249.9 334.3
Total
Finance receivables $ 32,187.4 $ 31,300.2 $ 28,654.6
Operating lease equipment, net 7,576.2 7,615.5 6,831.4
Finance receivables held for sale 1,006.2 918.3 1,273.0
Financing and leasing assets excl. equity investments 40,769.8 39,834.0 36,759.0
Equity investments (included in other assets) 251.8 249.9 334.3
Owned assets 41,021.6 40,083.9 37,093.3
Finance receivables securitized and managed by CIT 9,067.0 9,651.7 10,387.7
Managed assets $ 50,088.6 $ 49,735.6 $ 47,481.0
12
13. CIT GROUP INC. AND SUBSIDIARIES
CREDIT METRICS
(dollars in millions)
For the Quarters Ended
March 31, 2004 December 31, 2003 March 31, 2003
$ % $ % $ %
Net Credit Losses - Owned as a Percentage of Average Finance
Receivables
Specialty Finance - Commercial $ 22.0 1.24% $ 30.0 1.73% $ 31.0 1.73%
Specialty Finance - Commercial: Argentina - 101.0 NM - -
Total Specialty Finance - Commercial 22.0 1.24% 131.0 7.46% 31.0 1.73%
Commercial Finance 12.5 0.48% 16.5 0.64% 16.6 0.80%
Equipment Finance 26.3 1.67% 25.9 1.68% 38.1 2.39%
Capital Finance - - 11.3 3.76% 1.8 0.55%
Structured Finance 21.8 2.96% 10.4 1.42% 13.8 1.90%
Total Commercial 82.6 1.19% 195.1 2.83% 101.3 1.55%
Specialty Finance - Consumer 16.7 1.84% 13.5 1.56% 13.0 2.36%
Total $ 99.3 1.26% $ 208.6 2.69% $ 114.3 1.61%
NM - Resulting annualized data % is not meaningful.
March 31, 2004 December 31, 2003 March 31, 2003
$ % $ % $ %
Finance Receivables Past Due 60 days or more - Owned as a
Percentage of Finance Receivables
Specialty Finance - Commercial $ 185.8 2.60% $ 226.4 3.17% $ 264.7 3.68%
Commercial Finance 107.2 1.02% 105.9 1.03% 152.8 1.76%
Equipment Finance 113.8 1.79% 137.9 2.18% 292.5 4.69%
Capital Finance 10.7 0.98% 9.5 0.87% 74.0 6.05%
Structured Finance 32.9 1.12% 47.0 1.59% 55.2 1.89%
Total Commercial 450.4 1.60% 526.7 1.90% 839.2 3.19%
Specialty Finance - Consumer 159.0 3.87% 149.6 4.26% 132.0 5.53%
Total $ 609.4 1.89% $ 676.3 2.16% $ 971.2 3.39%
Non-performing Assets - Owned as a Percentage of Finance
Receivables(1)
Specialty Finance - Commercial $ 102.3 1.43% $ 119.8 1.68% $ 160.4 2.23%
Commercial Finance 77.0 0.73% 75.6 0.74% 128.0 1.47%
Equipment Finance 213.9 3.36% 218.3 3.46% 338.5 5.43%
Capital Finance 3.4 0.31% 3.6 0.33% 86.9 7.10%
Structured Finance 104.9 3.57% 103.0 3.48% 143.4 4.91%
Total Commercial 501.5 1.79% 520.3 1.87% 857.2 3.26%
Specialty Finance - Consumer 165.9 4.04% 156.2 4.45% 149.2 6.25%
Total $ 667.4 2.07% $ 676.5 2.16% $ 1,006.4 3.51%
Finance Receivables Past Due 60 days or more - Managed as a
Percentage of Managed Financial Assets(2)
Specialty Finance - Commercial $ 273.7 2.35% $ 321.2 2.77% $ 343.0 3.04%
Commercial Finance 107.2 1.02% 105.9 1.03% 152.8 1.76%
Equipment Finance 199.1 2.09% 243.6 2.49% 466.7 4.50%
Capital Finance 10.7 0.98% 9.5 0.87% 74.0 6.05%
Structured Finance 32.9 1.12% 47.0 1.59% 55.2 1.89%
Total Commercial 623.6 1.74% 727.2 2.04% 1,091.7 3.16%
Specialty Finance - Consumer 304.2 4.68% 294.8 4.78% 269.6 4.64%
Total $ 927.8 2.20% $ 1,022.0 2.44% $ 1,361.3 3.38%
Reserve for Credit Losses
Reserve for credit losses as a percentage of finance receivables $ 636.7 1.98% $ 643.7 2.06% $ 757.0 2.64%
Reserve for credit losses as a percentage of finance receivables past
due 60 days or more 104.5% 95.2% 77.9%
Reserve for credit losses as a percentage of non-performing assets 95.4% 95.2% 75.2%
(1) Total non-performing assets reflect both commercial and consumer finance receivables on non-accrual status and assets received in satisfaction of loans.
(2) Managed financial assets exclude operating leases and certain equity investments.
13
14. CIT GROUP INC. AND SUBSIDIARIES
SELECTED DATA AND OWNED PORTFOLIO INFORMATION
(dollars in millions, except per share data)
Selected Data Quarters Ended
March 31, December 31, March 31,
Profitability 2004 2003 2003
Net finance margin as a percentage of AEA(1) 4.02% 3.88% 3.53%
Net finance margin after provision as a percentage of AEA 3.09% 2.78% 2.34%
Salaries & general operating expenses as a percentage of AMA(2) 2.15% 2.04% 2.01%
Efficiency ratio 41.1% 43.8% 41.7%
Return on tangible stockholders' equity 15.1% 12.6% 11.0%
Return on AMA(2) 1.64% 1.34% 1.13%
Return on AEA (by segment)
Specialty Finance 2.47% 2.38% 1.75%
Commercial Finance 3.62% 3.46% 3.58%
Equipment Finance 0.88% 0.64% 0.60%
Capital Finance 1.04% 0.38% 0.50%
Structured Finance 1.31% 2.13% 1.63%
Total Segments 1.99% 1.83% 1.60%
Corporate, including certain charges 0.06% (0.13)% (0.13)%
Total 2.05% 1.70% 1.47%
See quot;Non-GAAP Disclosuresquot; for additional information regarding profitablility comparisons.
Securitization Volume
Specialty Finance - Commercial $ 963.3 $ 869.9 $ 409.3
Equipment Finance 273.1 242.9 461.0
Specialty Finance - Consumer - - 367.1
Total $ 1,236.4 $ 1,112.8 $ 1,237.4
Average Assets
Average Finance Receivables (AFR) $ 31,415.1 $ 31,051.8 $ 28,328.8
Average Earning Assets (AEA) 36,865.1 36,523.2 34,600.6
Average Managed Assets (AMA) (2) 46,104.0 46,322.4 44,967.8
Average Operating Leases (AOL) 7,590.0 7,529.1 6,712.6
Note: These averages are based on an ending 4 month average.
March 31, December 31, March 31,
2004 2003 2003
(3),(4)
Capital & Leverage
Tangible stockholders' equity to managed assets 10.69% 10.45% 10.39%
Debt (net of overnight deposits) to tangible stockholders' equity(5) 6.15x 6.14x 6.31x
Tangible book value per share $24.07 $23.32 $22.18
Owned Portfolio Information March 31, December 31, March 31,
2004 2003 2003
Liquidating Portfolios:
Balance $ 874.0 $ 923.3 $ 1,282.2
Non-performing accounts $ 101.2 $ 108.4 $ 142.9
Past due 60+ days $ 85.6 $ 92.3 $ 149.6
Telecommunications(6):
Financing and leasing assets $ 518.6 $ 579.0 $ 678.7
Number of accounts 42 44 53
Largest customer account balance $ 30.6 $ 31.0 $ 33.4
Non-performing accounts $ 65.7 $ 57.2 $ 85.5
Number of accounts 8 6 9
Past due 60+ days $ 18.2 $ 25.7 $ 35.5
CLEC exposure $ 191.3 $ 197.8 $ 238.0
Equity and Venture Capital Investments:
Total investment balance $ 251.8 $ 249.9 $ 334.3
Direct investments $ 100.6 $ 101.1 $ 179.6
Number of companies 47 47 57
Private equity funds $ 151.2 $ 148.8 $ 154.7
Number of funds 52 52 52
Remaining fund and equity commitments $ 117.1 $ 124.2 $ 153.7
(1) For the quarters ended March 31, 2004 and December 31, 2003, dividends on preferred capital securities are reflected in interest expense (5 basis points impact) as a result of adopting
FAS 150. The dividends for the quarter ended March 31, 2003 are shown after-tax on the consolidated statement of income.
(2) quot;AMAquot; or quot;Average Managed Assetsquot; represents the sum of average earning assets, which are net of credit balances of factoring clients, and the average of finance receivables
previously securitized and still managed by CIT.
(3) Tangible stockholders' equity excludes goodwill and intangible assets. Prior period balances have been conformed to current period presentation.
(4) Tangible stockholders' equity excludes the impact of accounting changes for derivative financial instruments and unrealized gains and includes Preferred Capital Securities.
(5) Total debt excludes, and stockholders' equity includes, Preferred Capital Securities.
(6) Telecommunication portfolio data consists of lending and leasing directly to the telecommunication sector, and does not include lending and leasing for telecom related
equipment to non-telecom companies.
14
15. CIT GROUP INC. AND SUBSIDIARIES
Aerospace Portfolio Data
(dollars in millions unless specified)
March 31, December 31, March 31,
Total Aerospace Portfolio:
2003
Financing and leasing assets 2004 2003
Commercial $ 4,700.9 $ 4,716.1 $ 4,179.7
Regional $ 291.7 $ 291.6 $ 309.1
Number of planes:
Commercial 209 209 195
Regional 119 119 115
March 31, 2004 December 31, 2003 March 31, 2003
Commercial Aerospace Portfolio:
By Region: Net Investment Number Net Investment Number Net Investment Number
Europe $ 1,994.8 66 $ 1,991.0 65 $ 1,537.4 51
North America (1) 1,001.7 72 1,029.7 72 1,110.1 78
Asia Pacific 1,040.8 40 1,013.6 40 886.5 36
Latin America 606.5 28 612.7 28 572.5 26
Africa / Middle East 57.1 3 69.1 4 73.2 4
Total $ 4,700.9 209 $ 4,716.1 209 $ 4,179.7 195
By Manufacturer: Net Investment Number Net Investment Number Net Investment Number
Boeing $ 2,577.0 140 $ 2,581.7 140 $ 2,514.2 138
Airbus 2,104.8 57 2,114.6 57 1,640.8 42
Other 19.1 12 19.8 12 24.7 15
Total $ 4,700.9 209 $ 4,716.1 209 $ 4,179.7 195
By Body Type (2): Net Investment Number Net Investment Number Net Investment Number
Narrow body $ 3,416.5 159 $ 3,415.7 159 $ 2,909.8 144
Intermediate 866.5 18 877.0 18 871.6 18
Wide body 398.8 20 403.6 20 373.6 18
Other 19.1 12 19.8 12 24.7 15
Total $ 4,700.9 209 $ 4,716.1 209 $ 4,179.7 195
Largest customer net investment $ 266.6 $ 268.6 $ 242.6
Number of accounts 85 84 74
Weighted average age of fleet (years) 7 6 7
March 31, 2004 December 31, 2003 March 31, 2003
New Aircraft Delivery Order Book (dollars in billions) Amount Number Amount Number Amount Number
For the Years Ending December 31,
2003 (Remaining 2003) $ - - $ - - $ 0.7 17
2004 (Remaining 2004) 0.7 17 0.6 15 0.8 17
2005 0.9 18 0.9 20 1.3 27
2006 1.0 20 1.1 21 0.7 13
2007 0.3 5 0.3 5 0.1 1
Total $ 2.9 60 $ 2.9 61 $ 3.6 75
The order amounts exclude CIT's option to purchase additional planes. Contractual maturities, sales and other dispositions, as well as depreciation expense, are
expected to largely offset the new deliveries. At March 31, 2004, all of the 2004 deliveries were placed.
(1) Comprised of net investments in the U.S. and Canada of $781.2 million (65 aircraft) and $220.5 million (7 aircraft) at March 31, 2004, $822.7 million (66 aircraft) and
$207.0 million (6 aircraft) at December 31, 2003, and $902.0 million (72 aircraft) and $208.1 million (6 aircraft) at March 31, 2003, respectively.
(2) Narrow body are single aisle design and consist primarily of Boeing 737 and 757 series and Airbus A320 series aircraft. Intermediate body are smaller twin aisle
design and consist primarily of Boeing 767 series and Airbus A330 series aircraft. Wide body are large twin aisle design and consist primarily of Boeing 747 and 777
series and McDonnell Douglas DC10 series aircraft.
15
16. CIT GROUP INC. AND SUBSIDIARIES
Non-GAAP Disclosures
(dollars in millions)
March 31, 2004 December 31, 2003 March 31, 2003
(1)
Managed assets :
Finance receivables $ 32,187.4 $ 31,300.2 $ 28,654.6
Operating lease equipment, net 7,576.2 7,615.5 6,831.4
Finance receivables held for sale 1,006.2 918.3 1,273.0
Equity and venture capital investments (included in other assets) 251.8 249.9 334.3
Total financing and leasing portfolio assets 41,021.6 40,083.9 37,093.3
Securitized assets 9,067.0 9,651.7 10,387.7
Managed Assets $ 50,088.6 $ 49,735.6 $ 47,481.0
(2)
Earning assets :
Total financing and leasing portfolio assets $ 41,021.6 $ 40,083.9 $ 37,093.3
Credit balances of factoring clients (3,619.4) (3,894.6) (2,437.9)
Earning assets $ 37,402.2 $ 36,189.3 $ 34,655.4
(3)
Tangible equity :
Total equity $ 5,492.7 $ 5,394.2 $ 4,996.6
Other comprehensive loss relating to derivative financial instruments 102.9 41.3 92.6
Unrealized gain on securitization investments (11.3) (7.7) (12.5)
Goodwill and intangible assets (485.5) (487.7) (399.8)
Tangible common equity 5,098.8 4,940.1 4,676.9
Preferred capital securities 255.1 255.5 256.8
Tangible equity $ 5,353.9 $ 5,195.6 $ 4,933.7
Debt, net of overnight deposits (4):
Total debt $ 34,075.8 $ 33,668.6 $ 32,551.8
Overnight deposits (884.0) (1,529.4) (1,432.5)
Preferred capital securities (255.1) (255.5) -
Debt, net of overnight deposits $ 32,936.7 $ 31,883.7 $ 31,119.3
Earnings per share, excluding certain items(5)
GAAP Earnings per share $ 0.88 $ 0.72 $ 0.60
Gain on debt redemption (0.12) (0.14) -
Loss on venture capital investments - 0.17 0.01
Adjusted earnings per share $ 0.76 $ 0.75 $ 0.61
Non-GAAP financial measures disclosed by management are meant to provide additional information and insight relative to trends in the business to
investors and, in certain cases, to present financial information as measured by rating agencies and other users of financial information. These measures
are not in accordance with, or a substitute for, GAAP and may be different from, or inconsistent with, non-GAAP financial measures used by other
companies.
1) Managed assets are utilized in certain credit and expense ratios. Securitized assets are included in managed assets because CIT retains certain credit
risk and the servicing related to assets that are funded through securitizations.
2) Earning assets are utilized in certain revenue and earnings ratios. Earning assets are net of credit balances of factoring clients. This net amount,
which corresponds to amounts funded, is a basis for revenues earned.
3)Tangible equity is utilized in leverage ratios, and is consistent with certain rating agency measurements. Other comprehensive losses and unrealized
gains on securitization investments (both included in the separate component of equity) are excluded from the calculation, as these amounts are not
necessarily indicative of amounts which will be realized.
4) Debt, net of overnight deposits is utilized in certain leverage ratios. Overnight deposits are excluded from these calculations, as these amounts are
retained by the Company to repay debt. Overnight deposits are reflected in both debt and cash and cash equivalents.
5) The diluted EPS related to the items listed are shown separately, as the items are not indicative of our on-going operations.
16