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.
CIT Group reported a net loss of $257 million for Q1 2008. Key actions to improve liquidity included agreeing to sell $4.6 billion in loans and commitments, $770 million in aircraft, and identifying $2 billion more in assets to finance or sell. Commercial businesses earned $0.82 per share excluding notable items, while losses from home lending and consumer segments and charges drove the overall loss. The company strengthened credit loss reserves and reduced the quarterly dividend to $0.10 per share.
CIT Group reported a loss from continuing operations of $301.6 million for Q3 2008, driven by goodwill and intangible impairment charges related to its Vendor Finance segment. It continued progress on liquidity initiatives by refinancing debt, growing deposits, and limiting asset growth. Credit reserves were increased due to weakening economic conditions and higher non-performing assets, while operating expenses were reduced.
Morgan Stanley reported second quarter results, with net revenues of $6.5 billion, down 38% from the previous year. Earnings per share were $0.95. The annualized return on equity was 12%. Business highlights included solid results in wealth management and equity derivatives, but fixed income revenues declined significantly. Total client assets grew to $739 billion and the firm strengthened its capital and liquidity positions during the quarter.
Merrill Lynch reported a net loss of $1.97 billion for Q1 2008 compared to net earnings of $2.03 billion in Q1 2007. Revenues fell 69% to $2.9 billion due to write-downs related to US ABS CDOs and credit valuation adjustments on hedges with financial guarantors. However, Global Wealth Management saw record quarterly revenues with strong fee income and $9 billion in annuity inflows. While investment banking revenues fell 40% due to lower deal volumes, the business pipeline was only down 5% overall from year-end levels.
This document provides a summary of CorEnergy Infrastructure Trust's earnings conference call for the first quarter of 2018. Some key points:
- CorEnergy declared a $0.75 dividend for Q1 2018, consistent with previous dividends.
- They continued receiving participating rent payments from the Pinedale LGS and entered discussions to possibly assist Energy Capital Partners in post-bankruptcy recovery efforts.
- Financial metrics for Q1 2018 such as NAREIT funds from operations, funds from operations, adjusted funds from operations, and net income to common stockholders are presented.
Ameriprise Financial reported second quarter 2008 results, with net income increasing 7% year-over-year to $210 million. Earnings per share increased 15% to $0.93. Excluding realized losses and prior year separation costs, earnings per share increased 3% to $1.01. Total revenues declined 8% to $2.0 billion due to market depreciation. The company maintained a strong capital position and increased its quarterly dividend by 13%.
This document is a news release from Ameriprise Financial reporting their fourth quarter and full year 2008 financial results. Some key points:
1) Ameriprise reported a net loss of $369 million for Q4 2008 due to losses from investments and charges related to declining markets, compared to net income of $255 million in Q4 2007.
2) Excluding one-time impacts, core operating earnings were $176 million for Q4 2008, down from $262 million in the prior year period.
3) For the full year, Ameriprise reported a net loss of $38 million compared to net income of $814 million in 2007, while core operating earnings declined modestly.
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CIT Group reported a net loss of $46.3 million for Q3 2007 compared to net income of $290.8 million in Q3 2006. The loss was due to a $465.5 million charge related to home lending receivables. Excluding home lending, commercial businesses performed well with strong asset growth, revenues, and stable credit quality. CIT advanced its home lending liquidation strategy by selling $875 million in non-performing loans and raising $10 billion in asset-backed financing. Commercial businesses continued to perform well, with solid origination volumes, revenues, and stable credit quality across segments.
CIT Group reported a net loss of $257 million for Q1 2008. Key actions to improve liquidity included agreeing to sell $4.6 billion in loans and commitments, $770 million in aircraft, and identifying $2 billion more in assets to finance or sell. Commercial businesses earned $0.82 per share excluding notable items, while losses from home lending and consumer segments and charges drove the overall loss. The company strengthened credit loss reserves and reduced the quarterly dividend to $0.10 per share.
CIT Group reported a loss from continuing operations of $301.6 million for Q3 2008, driven by goodwill and intangible impairment charges related to its Vendor Finance segment. It continued progress on liquidity initiatives by refinancing debt, growing deposits, and limiting asset growth. Credit reserves were increased due to weakening economic conditions and higher non-performing assets, while operating expenses were reduced.
Morgan Stanley reported second quarter results, with net revenues of $6.5 billion, down 38% from the previous year. Earnings per share were $0.95. The annualized return on equity was 12%. Business highlights included solid results in wealth management and equity derivatives, but fixed income revenues declined significantly. Total client assets grew to $739 billion and the firm strengthened its capital and liquidity positions during the quarter.
Merrill Lynch reported a net loss of $1.97 billion for Q1 2008 compared to net earnings of $2.03 billion in Q1 2007. Revenues fell 69% to $2.9 billion due to write-downs related to US ABS CDOs and credit valuation adjustments on hedges with financial guarantors. However, Global Wealth Management saw record quarterly revenues with strong fee income and $9 billion in annuity inflows. While investment banking revenues fell 40% due to lower deal volumes, the business pipeline was only down 5% overall from year-end levels.
This document provides a summary of CorEnergy Infrastructure Trust's earnings conference call for the first quarter of 2018. Some key points:
- CorEnergy declared a $0.75 dividend for Q1 2018, consistent with previous dividends.
- They continued receiving participating rent payments from the Pinedale LGS and entered discussions to possibly assist Energy Capital Partners in post-bankruptcy recovery efforts.
- Financial metrics for Q1 2018 such as NAREIT funds from operations, funds from operations, adjusted funds from operations, and net income to common stockholders are presented.
Ameriprise Financial reported second quarter 2008 results, with net income increasing 7% year-over-year to $210 million. Earnings per share increased 15% to $0.93. Excluding realized losses and prior year separation costs, earnings per share increased 3% to $1.01. Total revenues declined 8% to $2.0 billion due to market depreciation. The company maintained a strong capital position and increased its quarterly dividend by 13%.
This document is a news release from Ameriprise Financial reporting their fourth quarter and full year 2008 financial results. Some key points:
1) Ameriprise reported a net loss of $369 million for Q4 2008 due to losses from investments and charges related to declining markets, compared to net income of $255 million in Q4 2007.
2) Excluding one-time impacts, core operating earnings were $176 million for Q4 2008, down from $262 million in the prior year period.
3) For the full year, Ameriprise reported a net loss of $38 million compared to net income of $814 million in 2007, while core operating earnings declined modestly.
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CIT Group reported a net loss of $46.3 million for Q3 2007 compared to net income of $290.8 million in Q3 2006. The loss was due to a $465.5 million charge related to home lending receivables. Excluding home lending, commercial businesses performed well with strong asset growth, revenues, and stable credit quality. CIT advanced its home lending liquidation strategy by selling $875 million in non-performing loans and raising $10 billion in asset-backed financing. Commercial businesses continued to perform well, with solid origination volumes, revenues, and stable credit quality across segments.
Huntington Bancshares reported a net loss of $2.4 billion for Q1 2009 due to a non-cash $2.6 billion goodwill impairment charge that had no impact on capital ratios. Excluding this charge, core net income was $6.9 million. Deposit growth was strong at 9% and problem loans are expected to remain elevated. Actions to improve liquidity and capital included debt repayments, balance sheet reductions, and dividend cuts. The tangible common equity ratio increased 61 basis points to 4.65%.
CIT Group reported a loss of $1.30 per share for the first quarter of 2009, with results impacted by high credit costs including loan loss reserves, and margin compression from tight credit markets. CIT made progress transferring assets into CIT Bank and raising over $700 million in deposits, while estimated capital ratios were 9.3% for Tier 1 and 13.0% for Total Capital. New business volume was $2.4 billion for the quarter, down from prior periods, reflecting weak market conditions. Credit quality deteriorated, with non-accrual loans up and net charge-offs increased to 2.78% of average loans. Expenses declined from prior periods due to restructuring.
This document provides quarterly financial data for Citigroup, including income statements, balance sheets, ratios, and other metrics. Some key details:
- For Q3 2003, income from continuing operations was $4.691 billion, up 27% from Q3 2002. Net income was $4.691 billion, up 20% from a year ago.
- Capital ratios like Tier 1 and Total Capital were all above requirements at the end of Q3 2003, with Tier 1 at 9.5% and Total Capital at 12.6%.
- Total assets increased to over $1.208 trillion in Q3 2003, up 17% from a year ago. Stockholders' equity rose
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.
CIT reported a net loss for Q2 2007 due to charges related to exiting its home lending business and workforce reductions. Excluding these items, earnings improved over Q2 2006 due to higher revenues from increased assets and a lower tax rate. Credit quality metrics deteriorated in the quarter primarily due to home lending. CIT advanced its strategic initiatives through acquisitions and asset management transactions in the quarter.
- Ameriprise Financial reported financial results for Q1 2008 with net income of $191 million, up 16% from $165 million in Q1 2007. Earnings per share increased 21% to $0.82.
- Revenues increased 3% to $2.1 billion due to 10% growth in management fees, partially offset by lower investment income. Expenses rose 10% due to higher benefits costs from variable annuities.
- The company repurchased $270 million of stock in Q1 2008 and authorized an additional $1.5 billion repurchase program over the next two years. Challenging markets negatively impacted results but the company maintained a strong balance sheet.
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.
JPMorgan Chase reported third quarter 2008 net income of $527 million, down significantly from the previous year due to losses from mortgage and leveraged lending positions. The company acquired Washington Mutual's banking operations during the quarter, adding over 2,200 branches. While losses reduced earnings, JPMorgan Chase maintained a strong capital position and welcomed Washington Mutual employees as part of continuing to serve clients.
- The document provides financial results for HSBC Finance Corporation for the first half of 2008.
- Key highlights included a loss before tax of $1.2 billion due to higher loan impairment charges of $3 billion, partially offset by lower operating expenses.
- Delinquency ratios continued to increase across most product lines as the housing market declined and unemployment rose.
- Actions were taken to reduce risks and position businesses for the future, including selling certain units and tightening underwriting.
The document provides a summary of Fannie Mae's 2004 Annual Report on SEC Form 10-K, which was restated. Some key points:
- The restatement resulted in a $6.3 billion total reduction in retained earnings through June 30, 2004 due to accounting errors.
- Net income in 2002 decreased $705 million due to the restatement but increased $176 million in 2003.
- Stockholders' equity increased $4.1 billion through June 30, 2004 despite a decrease in retained earnings.
- The estimated fair value of net assets increased $11.7 billion from 2003 to 2004, driven partly by a $5 billion preferred stock offering.
CIT reported record first quarter results for 2007, with EPS of $1.37, up from $1.12 in the prior year. Revenue grew 14% due to a 24% increase in new business volume. Credit quality remained strong overall, though home lending metrics weakened due to economic conditions. CIT will continue leveraging its origination, risk management, and client service capabilities to increase shareholder returns.
Citigroup will introduce format changes to its financial supplement accompanying its first quarter earnings release on April 14th. The changes relate to the presentation of existing business segments and do not reflect changes to the underlying businesses. Major changes include presenting Global Consumer products from a North America and International perspective, consolidating Cards and Consumer Finance disclosure, combining Consumer Assets with Retail Banking, excluding Private Client Services from the Corporate and Investment Bank, and adding detail to Private Client Services disclosure. The changes also include identifying realized gains and losses for different business lines and consolidating geographic regions for Europe, Middle East, Africa, India, and Asia into single reporting units.
allstate Quarterly Investor Information 2001 4thfinance7
- Allstate reported lower operating income for Q4 2001 and full year 2001 compared to the same periods in 2000, due to increased loss costs, restructuring expenses, and lower investment income, partly offset by higher premiums.
- For Q4 2001, operating income was $309 million compared to $584 million in Q4 2000. For full year 2001, operating income was $1.49 billion compared to $2 billion in 2000.
- Allstate provided guidance for 2002 operating income per share of $2.50-$2.70, expecting improvement in results later in 2002 as pricing and underwriting actions take effect.
Morgan Stanley reported first quarter net income of $848 million, down 21% from the previous year. Revenue was $5.3 billion, down 16% year-over-year. While costs were well-controlled, declining 17% from last quarter and 19% year-over-year, business continued to be slow in investment banking and retail securities. The company achieved a return on equity of 16% for the quarter.
Citigroup reported record net income of $15.28 billion for 2002, an 8% increase over 2001. Net income per share also rose 8% to $2.94. Core income for the year was a record $13.65 billion, or $2.63 per share. However, fourth quarter net income declined 37% to $2.43 billion due to a $1.55 billion legal settlement charge. Core income fell 32% to $2.44 billion. Revenue grew 7% for the full year to $75.76 billion but was flat in the fourth quarter at $18.93 billion.
CIT Group reported a net loss of $257 million for Q1 2008. Key actions to improve liquidity included agreeing to sell $4.6 billion in loans and $770 million in aircraft, and identifying an additional $2 billion in assets to be financed or sold. Commercial businesses earned $0.82 per share excluding notable items, while losses from home lending and consumer segments drove the overall loss. The company declared a reduced quarterly dividend of $0.10 per share.
CIT Group reported a loss from continuing operations of $301.6 million for Q3 2008, compared to income of $208.5 million in Q3 2007, driven by goodwill and intangible impairment charges related to its Vendor Finance segment. It continued progress on liquidity initiatives by refinancing funding facilities, issuing deposits, and limiting asset growth. Credit costs increased as charge-offs rose and reserves were built up due to weakening economic conditions.
CIT reported a net loss for Q2 2007 due to charges related to exiting its home lending business and workforce reductions. Excluding these items, earnings improved over Q2 2006 due to higher revenues from increased assets and a lower tax rate. Credit quality metrics deteriorated in the quarter primarily due to home lending. CIT advanced its strategic initiatives through acquisitions and asset management transactions in the quarter.
JPMorgan Chase Second Quarter 2008 Financial Results Conference Callfinance2
JPMorgan Chase reported net income of $2.0 billion for Q2 2008, down 55% from the prior year. Earnings per share were $0.54. While several businesses saw growth, losses increased significantly in the mortgage and credit card portfolios, and markdowns were taken on leveraged loans and mortgage-related positions. The firm also completed its acquisition of Bear Stearns during the quarter.
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J.P. Morgan Chase & Co. reported second quarter 2009 net income of $2.7 billion, up 36% from the prior year. Revenue was a record $27.7 billion. The Investment Bank reported record revenue for the first half of 2009, including record fees and fixed income markets revenue. Retail Financial Services earnings were reduced by high credit costs, though revenue increased 56% due to the Washington Mutual acquisition. JPMorgan maintained a strong capital position with Tier 1 capital of $122.2 billion.
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J.P. Morgan Chase & Co. reported second quarter 2009 net income of $2.7 billion, up 36% from the prior year. Revenue was a record $27.7 billion. The Investment Bank reported record revenue for the first half of 2009, including record fees and fixed income markets revenue. Retail Financial Services saw higher revenue due to the Washington Mutual acquisition, but a higher provision for credit losses led to a net loss. JPMorgan maintained a strong capital position with Tier 1 capital of $122.2 billion after repaying $25 billion in TARP funds.
JPMorgan Chase reported net income of $2.4 billion for the first quarter of 2008, down 49% from the first quarter of 2007. Earnings per share were $0.68 compared to $1.34 in the prior year. The Investment Bank saw significant declines in revenue and increased credit losses. Retail Financial Services also reported an increased provision for credit losses related to deteriorating home equity and subprime mortgage portfolios. However, the firm maintained a strong capital position with a Tier 1 capital ratio of 8.3%. JPMorgan also announced the planned acquisition of Bear Stearns during the quarter to enhance client services.
Huntington Bancshares reported a net loss of $2.4 billion for Q1 2009 due to a non-cash $2.6 billion goodwill impairment charge that had no impact on capital ratios. Excluding this charge, core net income was $6.9 million. Deposit growth was strong at 9% and problem loans are expected to remain elevated. Actions to improve liquidity and capital included debt repayments, balance sheet reductions, and dividend cuts. The tangible common equity ratio increased 61 basis points to 4.65%.
CIT Group reported a loss of $1.30 per share for the first quarter of 2009, with results impacted by high credit costs including loan loss reserves, and margin compression from tight credit markets. CIT made progress transferring assets into CIT Bank and raising over $700 million in deposits, while estimated capital ratios were 9.3% for Tier 1 and 13.0% for Total Capital. New business volume was $2.4 billion for the quarter, down from prior periods, reflecting weak market conditions. Credit quality deteriorated, with non-accrual loans up and net charge-offs increased to 2.78% of average loans. Expenses declined from prior periods due to restructuring.
This document provides quarterly financial data for Citigroup, including income statements, balance sheets, ratios, and other metrics. Some key details:
- For Q3 2003, income from continuing operations was $4.691 billion, up 27% from Q3 2002. Net income was $4.691 billion, up 20% from a year ago.
- Capital ratios like Tier 1 and Total Capital were all above requirements at the end of Q3 2003, with Tier 1 at 9.5% and Total Capital at 12.6%.
- Total assets increased to over $1.208 trillion in Q3 2003, up 17% from a year ago. Stockholders' equity rose
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.
CIT reported a net loss for Q2 2007 due to charges related to exiting its home lending business and workforce reductions. Excluding these items, earnings improved over Q2 2006 due to higher revenues from increased assets and a lower tax rate. Credit quality metrics deteriorated in the quarter primarily due to home lending. CIT advanced its strategic initiatives through acquisitions and asset management transactions in the quarter.
- Ameriprise Financial reported financial results for Q1 2008 with net income of $191 million, up 16% from $165 million in Q1 2007. Earnings per share increased 21% to $0.82.
- Revenues increased 3% to $2.1 billion due to 10% growth in management fees, partially offset by lower investment income. Expenses rose 10% due to higher benefits costs from variable annuities.
- The company repurchased $270 million of stock in Q1 2008 and authorized an additional $1.5 billion repurchase program over the next two years. Challenging markets negatively impacted results but the company maintained a strong balance sheet.
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.
JPMorgan Chase reported third quarter 2008 net income of $527 million, down significantly from the previous year due to losses from mortgage and leveraged lending positions. The company acquired Washington Mutual's banking operations during the quarter, adding over 2,200 branches. While losses reduced earnings, JPMorgan Chase maintained a strong capital position and welcomed Washington Mutual employees as part of continuing to serve clients.
- The document provides financial results for HSBC Finance Corporation for the first half of 2008.
- Key highlights included a loss before tax of $1.2 billion due to higher loan impairment charges of $3 billion, partially offset by lower operating expenses.
- Delinquency ratios continued to increase across most product lines as the housing market declined and unemployment rose.
- Actions were taken to reduce risks and position businesses for the future, including selling certain units and tightening underwriting.
The document provides a summary of Fannie Mae's 2004 Annual Report on SEC Form 10-K, which was restated. Some key points:
- The restatement resulted in a $6.3 billion total reduction in retained earnings through June 30, 2004 due to accounting errors.
- Net income in 2002 decreased $705 million due to the restatement but increased $176 million in 2003.
- Stockholders' equity increased $4.1 billion through June 30, 2004 despite a decrease in retained earnings.
- The estimated fair value of net assets increased $11.7 billion from 2003 to 2004, driven partly by a $5 billion preferred stock offering.
CIT reported record first quarter results for 2007, with EPS of $1.37, up from $1.12 in the prior year. Revenue grew 14% due to a 24% increase in new business volume. Credit quality remained strong overall, though home lending metrics weakened due to economic conditions. CIT will continue leveraging its origination, risk management, and client service capabilities to increase shareholder returns.
Citigroup will introduce format changes to its financial supplement accompanying its first quarter earnings release on April 14th. The changes relate to the presentation of existing business segments and do not reflect changes to the underlying businesses. Major changes include presenting Global Consumer products from a North America and International perspective, consolidating Cards and Consumer Finance disclosure, combining Consumer Assets with Retail Banking, excluding Private Client Services from the Corporate and Investment Bank, and adding detail to Private Client Services disclosure. The changes also include identifying realized gains and losses for different business lines and consolidating geographic regions for Europe, Middle East, Africa, India, and Asia into single reporting units.
allstate Quarterly Investor Information 2001 4thfinance7
- Allstate reported lower operating income for Q4 2001 and full year 2001 compared to the same periods in 2000, due to increased loss costs, restructuring expenses, and lower investment income, partly offset by higher premiums.
- For Q4 2001, operating income was $309 million compared to $584 million in Q4 2000. For full year 2001, operating income was $1.49 billion compared to $2 billion in 2000.
- Allstate provided guidance for 2002 operating income per share of $2.50-$2.70, expecting improvement in results later in 2002 as pricing and underwriting actions take effect.
Morgan Stanley reported first quarter net income of $848 million, down 21% from the previous year. Revenue was $5.3 billion, down 16% year-over-year. While costs were well-controlled, declining 17% from last quarter and 19% year-over-year, business continued to be slow in investment banking and retail securities. The company achieved a return on equity of 16% for the quarter.
Citigroup reported record net income of $15.28 billion for 2002, an 8% increase over 2001. Net income per share also rose 8% to $2.94. Core income for the year was a record $13.65 billion, or $2.63 per share. However, fourth quarter net income declined 37% to $2.43 billion due to a $1.55 billion legal settlement charge. Core income fell 32% to $2.44 billion. Revenue grew 7% for the full year to $75.76 billion but was flat in the fourth quarter at $18.93 billion.
CIT Group reported a net loss of $257 million for Q1 2008. Key actions to improve liquidity included agreeing to sell $4.6 billion in loans and $770 million in aircraft, and identifying an additional $2 billion in assets to be financed or sold. Commercial businesses earned $0.82 per share excluding notable items, while losses from home lending and consumer segments drove the overall loss. The company declared a reduced quarterly dividend of $0.10 per share.
CIT Group reported a loss from continuing operations of $301.6 million for Q3 2008, compared to income of $208.5 million in Q3 2007, driven by goodwill and intangible impairment charges related to its Vendor Finance segment. It continued progress on liquidity initiatives by refinancing funding facilities, issuing deposits, and limiting asset growth. Credit costs increased as charge-offs rose and reserves were built up due to weakening economic conditions.
CIT reported a net loss for Q2 2007 due to charges related to exiting its home lending business and workforce reductions. Excluding these items, earnings improved over Q2 2006 due to higher revenues from increased assets and a lower tax rate. Credit quality metrics deteriorated in the quarter primarily due to home lending. CIT advanced its strategic initiatives through acquisitions and asset management transactions in the quarter.
JPMorgan Chase Second Quarter 2008 Financial Results Conference Callfinance2
JPMorgan Chase reported net income of $2.0 billion for Q2 2008, down 55% from the prior year. Earnings per share were $0.54. While several businesses saw growth, losses increased significantly in the mortgage and credit card portfolios, and markdowns were taken on leveraged loans and mortgage-related positions. The firm also completed its acquisition of Bear Stearns during the quarter.
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J.P. Morgan Chase & Co. reported second quarter 2009 net income of $2.7 billion, up 36% from the prior year. Revenue was a record $27.7 billion. The Investment Bank reported record revenue for the first half of 2009, including record fees and fixed income markets revenue. Retail Financial Services earnings were reduced by high credit costs, though revenue increased 56% due to the Washington Mutual acquisition. JPMorgan maintained a strong capital position with Tier 1 capital of $122.2 billion.
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J.P. Morgan Chase & Co. reported second quarter 2009 net income of $2.7 billion, up 36% from the prior year. Revenue was a record $27.7 billion. The Investment Bank reported record revenue for the first half of 2009, including record fees and fixed income markets revenue. Retail Financial Services saw higher revenue due to the Washington Mutual acquisition, but a higher provision for credit losses led to a net loss. JPMorgan maintained a strong capital position with Tier 1 capital of $122.2 billion after repaying $25 billion in TARP funds.
JPMorgan Chase reported net income of $2.4 billion for the first quarter of 2008, down 49% from the first quarter of 2007. Earnings per share were $0.68 compared to $1.34 in the prior year. The Investment Bank saw significant declines in revenue and increased credit losses. Retail Financial Services also reported an increased provision for credit losses related to deteriorating home equity and subprime mortgage portfolios. However, the firm maintained a strong capital position with a Tier 1 capital ratio of 8.3%. JPMorgan also announced the planned acquisition of Bear Stearns during the quarter to enhance client services.
JPMorgan Chase reported second quarter 2010 net income of $4.8 billion, up significantly from $2.7 billion in the second quarter of 2009. Revenue was $25.6 billion. While most businesses performed solidly with reduced credit costs, returns in consumer lending remained unacceptable. The bank maintained strong capital and liquidity positions. Looking ahead, Dimon noted regulatory reforms could impact clients and businesses, and implementation will require careful coordination.
CIT Group reported a net loss of $46.3 million for Q3 2007 compared to net income of $290.8 million in Q3 2006. This was due to a $465.5 million lower of cost or market charge related to home lending. Excluding home lending, most commercial businesses performed well with strong asset growth, stable credit quality, and moderating expenses. However, net finance revenue declined in some segments due to higher funding costs and lower syndication fees. Overall, managed assets grew 17% year-over-year driven by origination volume and acquisitions.
Northern Trust Corporation reported net income of $161.8 million or $.61 per share for Q1 2009, down from $385.2 million or $1.71 per share in Q1 2008. Revenues decreased 8% to $904.2 million due to lower trust, investment and custody fees from declines in market valuations. Expenses decreased 3% to $593.5 million. The provision for credit losses was $55.0 million, and nonperforming loans totaled $167.8 million.
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.
JPMorgan Chase reported first quarter 2009 net income of $2.1 billion, down from $2.4 billion in the first quarter of 2008. Revenue was a record $26.9 billion driven by strong performance in the Investment Bank. The Investment Bank generated record revenue and net income due to #1 rankings in debt and equity underwriting. Retail Financial Services income was $474 million, improved from a loss the prior year, due to the Washington Mutual acquisition partially offset by higher credit costs. Credit costs increased across portfolios as housing prices declined and delinquencies rose. The company remains well capitalized with a Tier 1 capital ratio of 11.3% and loan loss reserves of $28 billion to withstand
JPMorgan Chase reported first quarter 2009 net income of $2.1 billion, down from $2.4 billion in the first quarter of 2008. While credit costs were high at $10 billion, record firmwide revenue was generated. The Investment Bank achieved record revenue and net income through strong performance in debt and equity markets. Retail Banking saw growth in deposits and checking accounts due to the Washington Mutual integration. The balance sheet remained strong with a Tier 1 capital ratio of 11.3% and loan loss reserves of $28 billion. JPMorgan Chase continued lending activities and foreclosure prevention efforts during the quarter.
JPMorgan Chase reported first quarter 2009 net income of $2.1 billion, down from $2.4 billion in the first quarter of 2008. Revenue was a record $26.9 billion driven by strong performance in the Investment Bank. The Investment Bank generated record revenue and net income due to #1 rankings in debt and equity underwriting. Retail Financial Services income was $474 million, improved from a loss the prior year, due to the Washington Mutual acquisition partially offset by higher credit costs. Credit costs increased across portfolios as housing prices declined and delinquencies rose. The company remains well capitalized with a Tier 1 capital ratio of 11.3% and loan loss reserves of $28 billion to withstand
Sovereign Bancorp reported financial results for the fourth quarter and full year of 2007. For Q4, the company reported a net loss of $1.6 billion compared to a net loss of $129 million in Q4 2006, primarily due to goodwill impairments. For the full year, Sovereign reported a net loss of $1.3 billion compared to net income of $137 million in 2006. The company is taking steps to strengthen its capital position such as discontinuing its dividend and reducing expenses. Sovereign's non-performing loans increased and net interest margin expanded in Q4.
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.
AIG Second Quarter 2008 Earnings Press Releasefinance2
- AIG reported a net loss of $5.36 billion for Q2 2008 compared to net income of $4.28 billion in Q2 2007. The losses were driven by unrealized market valuation losses on credit default swaps and other-than-temporary impairment charges.
- For the first six months of 2008, AIG's net loss was $13.16 billion compared to net income of $8.41 billion in the first six months of 2007.
- AIG raised $20 billion in capital through the issuance of common stock, equity units, and fixed maturity securities to strengthen its financial capacity.
CIT reported record first quarter results for 2007, with EPS of $1.37, up from $1.12 in the prior year. Revenue grew 14% due to a 24% increase in new business volume. Credit quality remained strong overall, though home lending metrics weakened due to economic conditions. CIT will continue leveraging its origination, risk management, and client service capabilities to increase shareholder returns.
This document summarizes Kodak's preliminary Q4 2008 financial results and actions being taken in response to the global recession. Key points:
- Q4 sales declined 24% to $2.433B due to declines in digital (-23%) and traditional (-27%) businesses.
- Q4 loss from continuing operations was $133M; full year earnings were $54M (results are preliminary pending impairment assessments).
- Kodak is aligning its cost structure to current economic conditions through executive pay cuts, expense reductions, and job cuts.
Comerica reported net income of $9 million for Q1 2009, down from $20 million in Q4 2008. Preferred stock dividends reduced net income applicable to common stock to a loss of $24 million. Average core deposits increased $1 billion from Q4 2008 while loans declined. Noninterest income rose on gains but expenses fell due to job cuts. Credit quality deteriorated with higher provisions and nonperforming assets, especially in commercial real estate. Management remains focused on costs and supporting customers through the downturn.
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.
2) An agenda for the day's presentations on Virgin Media's strategy, growth initiatives, network strengths, financial structure and regulatory progress.
3) Introductions of the senior management team who will be presenting.
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.
3) Biographies and photos of Virgin Media's management team, including the CEO and heads of key business units.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
办理美国UNCC毕业证书制作北卡大学夏洛特分校假文凭定制Q微168899991做UNCC留信网教留服认证海牙认证改UNCC成绩单GPA做UNCC假学位证假文凭高仿毕业证GRE代考如何申请北卡罗莱纳大学夏洛特分校University of North Carolina at Charlotte degree offer diploma Transcript
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.
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
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
South Dakota State University degree offer diploma Transcriptynfqplhm
办理美国SDSU毕业证书制作南达科他州立大学假文凭定制Q微168899991做SDSU留信网教留服认证海牙认证改SDSU成绩单GPA做SDSU假学位证假文凭高仿毕业证GRE代考如何申请南达科他州立大学South Dakota State University degree offer diploma Transcript
How Poonawalla Fincorp and IndusInd Bank’s Co-Branded RuPay Credit Card Cater...beulahfernandes8
The eLITE RuPay Platinum Credit Card, a strategic collaboration between Poonawalla Fincorp and IndusInd Bank, represents a significant advancement in India's digital financial landscape. Spearheaded by Abhay Bhutada, MD of Poonawalla Fincorp, the card leverages deep customer insights to offer tailored features such as no joining fees, movie ticket offers, and rewards on UPI transactions. IndusInd Bank's solid banking infrastructure and digital integration expertise ensure seamless service delivery in today's fast-paced digital economy. With a focus on meeting the growing demand for digital financial services, the card aims to cater to tech-savvy consumers and differentiate itself through unique features and superior customer service, ultimately poised to make a substantial impact in India's digital financial services space.
KYC Compliance: A Cornerstone of Global Crypto Regulatory FrameworksAny kyc Account
This presentation explores the pivotal role of KYC compliance in shaping and enforcing global regulations within the dynamic landscape of cryptocurrencies. Dive into the intricate connection between KYC practices and the evolving legal frameworks governing the crypto industry.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
“Amidst Tempered Optimism” Main economic trends in May 2024 based on the results of the New Monthly Enterprises Survey, #NRES
On 12 June 2024 the Institute for Economic Research and Policy Consulting (IER) held an online event “Economic Trends from a Business Perspective (May 2024)”.
During the event, the results of the 25-th monthly survey of business executives “Ukrainian Business during the war”, which was conducted in May 2024, were presented.
The field stage of the 25-th wave lasted from May 20 to May 31, 2024. In May, 532 companies were surveyed.
The enterprise managers compared the work results in May 2024 with April, assessed the indicators at the time of the survey (May 2024), and gave forecasts for the next two, three, or six months, depending on the question. In certain issues (where indicated), the work results were compared with the pre-war period (before February 24, 2022).
✅ More survey results in the presentation.
✅ Video presentation: https://youtu.be/4ZvsSKd1MzE
1. FOR IMMEDIATE RELEASE
CIT REPORTS SECOND QUARTER RESULTS;
SIGNIFICANT PROGRESS ON CAPITAL AND LIQUIDITY
Earnings from continuing operations of $48.1 million, $0.12 per share;
Home lending disposition closed, proceeds received, loss of $2.1 billion recorded
Credit reserves increased and capital ratios remain strong
NEW YORK – July 17, 2008 – CIT Group Inc. (NYSE: CIT) today reported income
from continuing operations of $48.1 million ($31.4 million after preferred dividends), or $0.12
per share, for the second quarter of 2008, down from $352.1 million ($344.6 million after
preferred dividends), or $1.76 per share for the comparable 2007 quarter. Year-to-date, the net
loss from continuing operations totaled $203.6 million ($227.8 million after preferred dividends),
or $1.00 per share, compared to net income of $528.4 million ($344.6 million after preferred
dividends), or $2.61 per share in 2007. Including losses from discontinued operations, CIT
reported a net loss for the second quarter of 2008 of $2.1 billion, or $7.88 per share, compared to
a net loss of $135 million or $0.69 per share, in the second quarter of 2007.
“We made significant progress on the strategic capital and liquidity initiatives we
outlined earlier this year despite challenging market conditions,” said Jeffrey M. Peek, Chairman
and CEO. “We will continue to take actions to right-size the Company to enhance profitability.
To that end, the sale of our home lending business, which negatively impacted our earnings and
overshadowed the performance of our core commercial businesses, has eliminated a major area
of risk and uncertainty from our portfolio. In the second half of this year we will further
strengthen our balance sheet, improve our funding profile and continue to meet the financing
needs of our clients.”
The following table displays the components of net income/loss. The loss from
discontinued operations reflects the home lending business including the loss on sale in the
current period. Prior period balances have been conformed to reflect the home lending business
as a discontinued operation.
1
2. Quarters ended June 30, 2008 March 31, 2008
Income / Income /
($ in millions) (Loss) Per Share (Loss) Per Share
Income / (loss) from continuing operations $ 48.1 $ 0.18 $ (251.7) $ (1.32)
Discontinued operations (2,115.8) (8.00) 2.0 0.01
Preferred stock dividends ( 16.7) (0.06) ( 7.5) (0.04)
Net loss $ (2,084.4) $ (7.88) $ (257.2) $ (1.35)
The income from continuing operations comparisons to the prior quarter reflect losses on
asset sales completed for liquidity purposes and other related charges in both quarters, though the
first quarter results were dampened to a greater degree. Second quarter results include $9.2
million in pretax losses ($5.6 million after tax, $0.02 EPS) relating to asset sales and $19.5
million in pretax securitization impairment charges ($11.9 million after tax, $0.04 EPS) that were
triggered by liquidity considerations. The prior quarter included pretax charges of $112.5 million
and $33.2 million ($69.5 million and $20.1 million after tax, $0.36 and $0.11 EPS) related to
asset sales and securitization impairments. The prior quarter also included a $148.1 million
pretax charge ($89.5 million after tax, $0.47 EPS) relating to the discontinuation of our
commercial paper hedging program.
Other items impacting the results include current and prior quarter provisions for
severance and real estate exit activities of $17.0 million and $69.1 million ($10.3 million and
$42.4 million after tax, $0.04 and $0.22 EPS) and a $55.9 million ($0.29 EPS) favorable income
tax adjustment in the first quarter.
Also of note in the second quarter are a $60 million increase to the reserve for credit
losses and approximately $15 million of net interest costs on our significant cash liquidity
position, which is invested in lower yielding, short-term investments.
We made considerable progress advancing our strategy to transition CIT into a smaller
company exclusively focused on commercial finance and took deliberate measures to bolster our
balance sheet, by completing the following actions:
• Raised $1.6 billion in capital through the sale of common and preferred stock.
• Closed on the sale of the home lending business and manufactured housing portfolio in
early July, with approximately $9.8 billion of finance receivable unpaid principal balance
and other assets and $4.3 billion of debt transferring to the purchasers and substantially
all of the $1.8 billion in cash proceeds received.
• Reduced commercial finance and lease assets by $3 billion by selling $2.1 billion of
loans and $300 million of aircraft, syndicating new loan originations and limiting new
business volume.
The ratio of total tangible equity to managed assets at June 30, 2008 improved to 9.02%
(excluding home lending assets) from 8.33% at March 31, 2008, and is above the Company’s
8.5% target. Approximately 80% of commercial assets remain unencumbered ($44 billion).
2
3. Paramount to our long-term success is returning to a more balanced funding model. During the
second quarter, we completed several financings that extended our liquidity horizon through
2009 including:
• Received $0.8 billion of proceeds from secured financings, including public equipment
securitizations and asset-backed conduit financings.
• Obtained a $3 billion long-term, committed financing facility from Goldman Sachs to
finance both existing assets and new originations across multiple asset classes.
• Executed a secured aircraft financing facility, under which we expect to finance the $1.5
billion of Airbus plane deliveries scheduled through 2009. In July, we expect to finance
$350 million under the facility.
• CIT Bank, our Utah-based industrial loan corporation, originated $650 million of
commercial loans.
• Repaid $5.6 billion of unsecured term debt and commercial paper.
We ended the second quarter with $9.2 billion of cash, including $6.4 billion of immediately
available cash, $1.0 billion of cash and short-term investments at CIT Bank (available to fund
commercial originations by the bank), $0.6 billion of other cash balances, and $1.2 billion of
restricted cash (largely related to securitizations).
While it is our intention to return to the unsecured term debt markets, we continue to maintain an
alternate funding plan that enables us to meet at least 12-months of estimated liquidity needs
without accessing the unsecured debt markets. We believe that our completed liquidity
initiatives, combined with potential secured financings, additional asset sales and cash flow from
operations, position the Company well to meet liquidity needs through the end of 2009.
Consolidated Financial Highlights of Continuing Operations:
Net Finance Revenue
• Net finance revenue was up 3% from last quarter, outpacing the slight increase in average
earning assets.
• Net finance revenue as a percentage of average earning assets was 2.34%, up from 2.28%
last quarter, as higher rental income and the benefit from the timing of rate resets (ie.
liability re-priced in advance of corresponding asset yield) were offset by the impact of
higher non-accrual loans and the increased cost of liquidity.
• Operating lease net revenue was 6.73% of average operating leases, down slightly from
6.76% last quarter.
Other Income
• Other Income includes $9.2 million of pretax losses on the asset sales completed for
liquidity purposes and $20 million in impairment charges on retained interests triggered
by liquidity considerations. The prior quarter included an impairment charge of $33
3
4. million reflecting the re-pricing of debt costs underlying one of our vendor securitization
conduit vehicles.
• Fees and other income declined from the prior quarter on lower securitization related
accretion and the liquidity related impairment of retained interests.
• Factoring commissions were down from last quarter due to seasonal declines in factoring
volumes and lower commission rates.
• Gains on receivable sales and syndication fees were down from last quarter reflecting
lower sale prices in the commercial loan market.
• Commercial loan sales and syndication volume increased from last quarter as we sold
receivables for liquidity purposes.
• Strong equipment gains reflect the aircraft sales that closed in the second quarter and a
$10 million gain on sale of a foreclosed energy plant asset.
Credit Quality – Commercial
• Net charge-offs as a percentage of average finance receivables were 0.56% for the
commercial businesses, down from 0.63% last quarter as that quarter included a $22
million charge-off of a loan to an energy company that filed for bankruptcy.
• 60+ day owned delinquencies for the commercial businesses were 2.43% of finance
receivables, up from 1.70% last quarter, primarily due to weakening trends in certain
consumer-related sectors, such as retail, and the inclusion of the aforementioned energy
loan that was placed on non-accrual in the prior quarter, but is expected to be brought
current in the third quarter.
• Non-performing assets increased for the commercial businesses and were 2.03% of
finance receivables at June 30, 2008, up from 1.68% from last quarter. Large-ticket
commercial non-performing assets are reserved to expected realizable value based on
underlying collateral and cash flows.
• The commercial reserve for credit losses increased by $36 million. The reserve for credit
losses as a percentage of finance receivables (excluding specific reserves for non-
performing accounts) increased to 1.25% from 1.23% last quarter.
Credit Quality – Consumer Segment
• Net charge-offs in the Consumer segment were $28 million, down from $31 million last
quarter as lower charge-offs of unsecured consumer loans were offset by a slight increase
in charge-offs of private student loans.
• 60+ day owned delinquencies were 4.98%, up modestly from 4.90% last quarter. Non-
performing assets increased to $167 million from $87 million last quarter. The increase
is due to student loans affected by the bankruptcy of a pilot training school last quarter.
• Reserves for credit losses for our private student lending portfolio were increased by
approximately $23 million during the quarter to approximately $161 million at June 30,
2008, most of which relates to loans to students of a pilot training school.
4
5. Expenses
• Salaries and general operating expenses were up $14 million from last quarter, as lower
operating expenses and headcount were offset by annual merit increases and higher
professional fees and incentive compensation accruals, due to a one-time downward
adjustment in incentive compensation accruals in the first quarter of 2008. Year to date,
salaries and general operating expenses were down approximately $60 million, reflecting
decreases across most expense categories, primarily lower salary and incentive
compensation accruals.
• Employee headcount for continuing operations totaled approximately 5,425 at June 30,
2008, down from 5,735 at March 31, 2008, and 6,430 a year ago.
• Second quarter charges for severance and the disposition of facilities primarily related to
the cessation of student lending originations totaled $17 million and reflect reductions of
approximately 170 employees. Year to date charges totaled $86 million and reflect
reductions of approximately 700 employees throughout the organization. Expected
annual savings from these year to date actions are approximately $94 million, of which
approximately $17 million was realized in the current quarter.
Income Tax Provision
• The effective tax rate of 30.7% from continuing operations for the quarter was impacted
by higher state and local taxes. This rate for the full year 2008 is expected to be
significantly lower.
Volume and Assets
• Total origination volumes, excluding factoring, declined from last quarter and last year as
we have limited new origination volumes to balance our liquidity goals with franchise
value considerations. Origination volume in our commercial businesses for the quarter
was $4.9 billion, down from $5.1 billion last quarter.
• Excluding the home lending sale, managed assets were down 4.6% from last quarter to
$71.7 billion as the Company controlled balance sheet growth. The largest declines were
in the Corporate Finance segment, reflecting asset sales, and lower Trade Finance levels
due to seasonal trends and general economic conditions.
• Sales and syndication activity for the current quarter totaled $2.0 billion (40% of
commercial origination volume) excluding the asset-based lending receivable sales
previously announced, up from $0.5 billion (10%) in the prior quarter.
• Financing and leasing assets held for sale were $1.0 billion at June 30, 2008, down from
$2.6 billion from last quarter due to the completed sales of $1.2 billion of revolving asset-
based commercial loans, $0.5 billion of other loans and $300 million in commercial
aircraft.
5
6. Convertible Preferred / Earnings per Share
• Outstanding common shares increased to 285.2 million from 191.6 million at the end of
March 2008 due to the previously mentioned issuance of 91 million common shares as
part of a capital raise in April.
• The April issuance of a $575 million convertible preferred has the potential to convert
into an additional 45.5 million common shares at a conversion price of approximately
$12.65.
• Given our current income levels and stock price, the earnings per share and other per
share calculations do not include either the full effect of the common shares issued in
April or the dilutive effect of the potential preferred conversion and other potentially
dilutive securities.
Segment Results:
Corporate Finance
• Total net revenues (the sum of net finance revenue and other income) decreased from last
quarter, reflecting the sale of finance receivables. Other income was up from last quarter
and included a recovery of approximately $10 million gain on sale of a foreclosed energy
plant asset.
• Net finance revenue as a percentage of average earning assets declined from last quarter.
Volume was down 18% from last quarter, impacted by weak market conditions and
management’s decision to limit new origination volumes. The current quarter includes
approximately $650 million of loans originated by CIT Bank.
• Net charge-offs were below the prior quarter, which included the previously mentioned
charge-off for an energy company that filed for bankruptcy. Delinquencies and non-
performing assets increased from last quarter, primarily in consumer-related sectors such
as media and gaming, and commercial real estate. The increase in delinquencies also
includes the energy loan that was put on nonperforming status last quarter.
• Net income of $59 million and return on risk-adjusted capital of 9% improved from prior
quarter results.
Transportation Finance
• Total net revenues were up over last quarter due to growth and strong gains on equipment
sales, in both aerospace and rail. Our commercial aircraft portfolio continued to be fully
utilized. Rail utilization remained solid at 96% including customer commitments to
lease, and returns were strong due in part to increased gains on railcars sold.
• Net finance revenue as a percentage of average earning assets after depreciation was up
from last quarter on strength in non-operating lease margins. Operating lease margins
were down slightly, driven by softer aerospace rates.
• Volume was up slightly from last quarter. All aircraft scheduled for delivery in our
aerospace order book through early 2010 have been placed.
6
7. • Credit quality continued strong with no net charge-offs, and modestly lower
delinquencies and non-performing asset levels.
• Return on risk-adjusted capital increased to 21% from 20% last quarter.
Trade Finance
• Total net revenues were down from last quarter due to seasonally lower volume coupled
with the effects of a weaker US economy and retail sales in the United States.
• Net finance revenue as a percentage of average earning assets decreased on lower market
interest rates and higher funding costs.
• Credit metrics weakened as net charge-offs, delinquencies and non-performing assets
were up over last quarter and last year reflecting economic softness, particularly among
retailers.
• Return on risk-adjusted capital declined to 13% from 16% last quarter.
Vendor Finance
• Total net revenues were down from last quarter reflecting the sale of our equity interest in
the U.S. Dell vendor relationship in late 2007, lower securitization gains, impairment
charges and reduced receivable sale and syndication fees.
• Other income includes pre-tax impairment charges of $20 million and $33 million in the
second and first quarters, respectively, primarily reflecting the repricing of debt costs
underlying a securitization conduit vehicle.
• Net finance revenue as a percentage of average earning assets after depreciation was
down from last quarter due to higher funding costs.
• Credit losses were up slightly over last quarter, but delinquencies and non-performing
asset levels declined.
• Total new business volume was up over the prior quarter, as declines in Dell volumes
were offset by new vendor relationships.
• Net income of $11 million and return on risk-adjusted capital of 3% improved from prior
quarter results. Excluding the impairment charges on retained interests, return on risk-
adjusted capital was down from last quarter.
Consumer
• Total net revenues were up from last quarter due to improved funding costs.
• Net charge-offs decreased from last quarter in unsecured consumer loan portfolios.
Delinquencies were flat with last quarter, while non-performing assets were up reflecting
the private student loans affected by the first quarter bankruptcy of a pilot training school.
• Reserves for credit losses were increased by $23 million for the private loan portfolio.
• Early in the quarter we ceased the origination of new government guaranteed student
loans and recorded a pre-tax restructuring charge of approximately $13 million. We are
no longer originating any student loans, but we will continue to service the $11.7 billion
government guaranteed portfolio.
7
8. • Return on risk-adjusted capital increased from last quarter, which included a large
provision for credit losses.
Corporate and Other
• The current quarter includes charges of approximately $49 million that reflect interest
and indirect costs associated with discontinued operations and a provision for credit loss
reserves totaling $61 million to increase both specific impaired loan reserves for
Corporate Finance and Trade Finance exposures and to increase overall reserves.
• During the quarter, approximately $15 million of net interest costs were incurred as a
result of maintaining higher than average cash balances and investing those balances in
low risk, low return assets.
• Other charges in the quarter include $16.7 million of preferred stock dividends. The 2008
year to date period also contains a charge for interest rate swaps related to the
commercial paper program that were terminated, as well as the severance and real estate
costs associated with streamlining efforts.
Discontinued Operations (Home Lending)
• On July 1, we announced the sale of the home lending business and manufactured
housing portfolio. The sale of assets and assumption of debt were completed in early
July and we received over $1.7 billion of the total $1.8 billion cash consideration. Final
payment will be received upon closing the servicing operation sale, which is expected in
the first quarter of 2009. We have no residual risk on this transaction outside of normal
representations and warranties which have been reserved for as part of the net loss
recorded.
• Consolidated results for the quarter included $435 million of tax benefits related to the
reported loss from discontinued operations. The year-to-date results included $633
million of tax benefits related to the discontinued home lending business.
• In connection with discontinued operations accounting, certain interest expense and
operating expenses that would have been allocated to the Home Lending segment, absent
the sale, have instead been allocated to Corporate & Other as part of continuing
operations, as presented in the following table, which reflects amounts for the quarter
ended June 30, 2008. Therefore, interest expense within discontinued operations
corresponds to debt of $6.1 billion, representing the secured financing assumed by the
buyer and the debt that we expect to repay with the proceeds.
8
9. Quarter ended June 30, 2008 Prior Presentation Current Presentation
Home Lending Corporate and Discontinued
Segment Other Operations
Net finance revenue $ (6.1) $ (43.5) $ 37.4
Other income 5.4 5.4
Provision for credit losses (390.8) (390.8)
Salaries & general operating expenses (12.6) (5.1) (7.5)
Pretax loss (404.1) (48.6) (355.5)
Benefit for taxes 121.6 18.3 103.3
Net (loss) $ (282.5) $ (30.3) $ (252.2)
Loss on discontinued operations $ (355.5)
Loss on sale of discontinued operations (2,195.6)
Income tax benefit on sale 435.3
Net loss from discontinued operations $ (2,115.8)
• Assets and liabilities relating to the home lending business are aggregated and presented
as assets of / liabilities of discontinued operations on the balance sheet.
Conference Call and Webcast:
We will discuss this quarter’s results, as well as ongoing strategy, on a conference call
and audio webcast today at 9:00 am (EDT). Interested parties may access the conference call live
today by dialing 866-831-6272 for U.S. and Canadian callers or 617-213-8859 for international
callers, and reference access code “CIT Group” or access the audio webcast at the following
website: http://ir.cit.com. An audio replay of the call will be available beginning shortly after the
conclusion of the call until 11:59 pm (EDT) July 24, 2008, by dialing 888-286-8010 for U.S. and
Canadian callers or 617-801-6888 for international callers with the access code 51688000, or at
the following website: http://ir.cit.com.
About CIT:
CIT (NYSE: CIT) is a global commercial finance company that provides financial
products and advisory services to more than one million customers in over 50 countries across 30
industries. A leader in middle market financing, CIT has more than $70 billion in managed assets
and provides financial solutions for more than half of the Fortune 1000. A member of the S&P
500 and Fortune 500, it maintains leading positions in asset-based, cash flow and Small Business
Administration lending, equipment leasing, vendor financing and factoring. The CIT brand
platform, Capital Redefined, articulates its value proposition of providing its customers with the
relationship, intellectual and financial capital to yield infinite possibilities. Founded in 1908, CIT
is celebrating its Centennial throughout 2008. www.cit.com.
9
10. 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,” “target,” and similar
expressions are generally intended to identify forward-looking statements. The transactions,
plans and arrangements related to the Company’s liquidity plan and described in this release are
subject to a number of uncertainties, and there can be no assurances that any or all such
transactions, plans or arrangements will be undertaken, or, if undertaken, completed, or if
completed, will be completed on the agreed terms. 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, 2007 and its Quarterly Report on Form 10-Q for the quarter ended
March 31, 2008. 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 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.
###
Contact:
Investor Relations Kenneth A. Executive Vice President, (212) 771-9650
Brause Investor Relations Investor.Relations@cit.com
Media Relations C. Curtis Ritter Director of External (212) 461-7711
Communications and curt.ritter@cit.com
Media Relations
Individuals interested in receiving future updates on CIT via e-mail can register at
http://newsalerts.cit.com
10
11. CIT GROUP INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED INCOME STATEMENTS
(dollars in millions, except per share data)
Quarters Ended Six Months Ended
June 30, March 31, June 30, June 30, June 30,
2008 2008 2007 2008 2007
Finance revenue $ 1,409.2 $ 1,496.2 $ 1,561.7 $ 2,905.4 $ 2,997.7
Interest expense 747.1 832.1 847.7 1,579.2 1,637.8
Depreciation on operating lease equipment 280.1 294.6 292.3 574.7 555.9
Net finance revenue 382.0 369.5 421.7 751.5 804.0
Provision for credit losses 152.2 246.7 12.6 398.9 48.5
Net finance revenue after credit provision 229.8 122.8 409.1 352.6 755.5
Valuation allowance for assets held for sale (13.6) 117.5 22.5 103.9 22.5
Net revenue, after credit provision and valuation allowance 243.4 5.3 386.6 248.7 733.0
Other income 155.3 178.5 500.8 333.8 817.8
Total net revenue after valuation allowance 398.7 183.8 887.4 582.5 1,550.8
Salaries and general operating expenses 318.1 303.7 351.7 621.8 683.0
Provision for severance and real estate exiting activities 17.0 69.1 34.9 86.1 34.9
Loss (gain) on debt and debt-related derivative extinquishments (5.5) 148.1 - 142.6 139.3
Income (Loss) from continuing operations before provision for
income taxes and minority interest 69.1 (337.1) 500.8 (268.0) 693.6
Benefit (provision) for income taxes (21.2) 96.4 (148.5) 75.2 (164.9)
Minority interest, after tax 0.2 (11.0) (0.2) (10.8) (0.3)
Net income (loss) from continuing operations, before preferred
stock dividends 48.1 (251.7) 352.1 (203.6) 528.4
(Loss) from discontinued operations before income taxes (355.5) (195.8) (742.2) (551.3) (692.8)
(Loss) on disposition of discontinued operations (2,195.6) - - (2,195.6) -
Benefit for income taxes 435.3 197.8 263.1 633.1 245.5
(Loss) income from discontinued operations (2,115.8) 2.0 (479.1) (2,113.8) (447.3)
Net (loss) income before preferred stock dividends (2,067.7) (249.7) (127.0) (2,317.4) 81.1
Preferred stock dividends (16.7) (7.5) (7.5) (24.2) (15.0)
Net (loss) income (attributable) available to common
stockholders $ (2,084.4) $ (257.2) $ (134.5) $ (2,341.6) $ 66.1
Basic Earnings Per Common Share
Income (loss) from continuing operations $ 0.12 $ (1.36) $ 1.80 $ (1.00) $ 2.66
(Loss) income from discontinued operations (8.00) 0.01 (2.50) (9.28) (2.32)
Net (loss) income $ (7.88) $ (1.35) $ (0.70) $ (10.28) $ 0.34
Diluted Earnings Per Common Share
Income (loss) from continuing operations $ 0.12 $ (1.36) $ 1.76 $ (1.00) $ 2.61
(Loss) income from discontinued operations (8.00) 0.01 (2.45) (9.28) (2.27)
Net (loss) income $ (7.88) $ (1.35) $ (0.69) $ (10.28) $ 0.34
Number of shares - basic (thousands) 264,381 191,091 191,808 227,704 192,953
Number of shares - diluted (thousands) 264,381 191,091 195,349 227,704 196,635
Other Income
Fees and other income(1) $ 66.9 $ 72.7 $ 130.5 $ 139.6 $ 304.4
Factoring commissions 46.9 49.2 52.5 96.1 104.9
Gains (losses) on receivable sales and syndication fees (3.3) 4.7 45.8 1.4 99.4
Gains on sales of leasing equipment 56.0 47.8 33.6 103.8 63.1
(Losses) gains on securitizations (11.2) 4.1 7.8 (7.1) 15.4
Gain on loan portfolio dispositions - - 230.6 - 230.6
Total other income $ 155.3 $ 178.5 $ 500.8 $ 333.8 $ 817.8
(1) Fees and other income is comprised of asset management and service fees, including securitization-related servicing fees and accretion net of impairment charge, advisory and
agent fees, as well as income from joint ventures.
11
12. CIT GROUP INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEETS
(dollars in millions)
June 30, December 31,
2008 2007
ASSETS
Financing and leasing assets held for investment:
Finance receivables $ 53,223.7 $ 53,760.9
Reserve for credit losses (780.8) (574.3)
Net finance receivables 52,442.9 53,186.6
Operating lease equipment, net 12,342.4 12,610.5
Financing and leasing assets held for sale 1,016.7 1,260.2
Cash and cash equivalents 9,187.0 6,752.5
Retained interests in securitizations and other investments 1,216.3 1,208.0
Goodwill and intangible assets, net 1,165.6 1,152.5
Other assets 4,880.3 5,172.5
Assets of discontinued operations 5,568.2 9,270.6
Total Assets $ 87,819.4 $ 90,613.4
LIABILITIES AND STOCKHOLDERS' EQUITY
Debt:
Commercial paper $ 62.0 $ 2,822.3
Variable-rate bank credit facilities 7,300.0 -
Variable-rate non-recourse, secured borrowings 14,289.5 12,644.4
Variable-rate senior unsecured notes 14,919.4 19,888.2
Fixed-rate non-recourse, secured borrowings 423.6 -
Fixed-rate senior unsecured notes 29,476.9 29,477.6
Junior subordinated notes and convertible debt 1,440.0 1,440.0
Total debt 67,911.4 66,272.5
Deposits 2,002.1 2,745.8
Credit balances of factoring clients 3,189.7 4,542.2
Accrued liabilities and payables 4,031.0 5,196.6
Liabilities of discontinued operations 4,476.8 4,838.2
Total Liabilities 81,611.0 83,595.3
Minority interest 53.7 57.5
Stockholders' Equity:
Preferred stock 1,075.0 500.0
Common stock 3.1 2.1
Paid-in capital 11,537.9 10,453.9
Accumulated deficit (5,531.6) (2,949.8)
Accumulated other comprehensive income 240.8 194.8
Less: treasury stock, at cost (1,170.5) (1,240.4)
Total Common Stockholders' Equity 5,079.7 6,460.6
Total Stockholders' Equity 6,154.7 6,960.6
Total Liabilities and Stockholders' Equity $ 87,819.4 $ 90,613.4
Other Assets
Receivables from derivative counterparties $ 1,380.8 $ 1,462.4
Deposits on commercial aerospace flight equipment 710.1 821.7
Accrued interest and dividends 676.3 703.5
Investments in and receivables from non-consolidated subsidiaries 239.1 233.8
Repossessed assets and off-lease equipment 216.5 226.6
Equity and debt investments 449.9 376.2
Furniture and fixtures 180.8 190.8
Prepaid expenses 116.4 131.4
Miscellaneous receivables and other assets 910.4 1,026.1
$ 4,880.3 $ 5,172.5
12
13. CIT GROUP INC. AND SUBSIDIARIES
OWNED AND MANAGED ASSET COMPOSITION
(dollars in millions)
June 30, March 31, June 30,
2008 2008 2007
Corporate Finance
Finance receivables $ 20,841.4 $ 21,222.0 $ 19,041.9
Operating lease equipment, net 323.0 364.6 160.9
Financing and leasing assets held for sale 396.6 1,840.0 901.7
Owned assets 21,561.0 23,426.6 20,104.5
Finance receivables securitized and managed by CIT 1,210.5 1,347.7 1,090.7
Managed assets 22,771.5 24,774.3 21,195.2
Transportation Finance
Finance receivables 2,554.4 2,620.1 2,163.8
Operating lease equipment, net 10,931.8 10,740.8 10,513.6
Financing and leasing assets held for sale 448.6 500.5 4.6
Owned assets 13,934.8 13,861.4 12,682.0
Trade Finance
Finance receivables 6,237.4 7,003.9 6,900.5
Financing and leasing assets held for sale 88.0 - -
Owned assets 6,325.4 7,003.9 6,900.5
Vendor Finance
Finance receivables 10,699.8 10,824.8 10,481.5
Operating lease equipment, net 1,087.6 1,098.3 1,258.0
Financing and leasing assets held for sale 6.7 198.7 777.3
Owned assets 11,794.1 12,121.8 12,516.8
Finance receivables securitized and managed by CIT 3,642.2 3,954.0 4,085.8
Managed assets 15,436.3 16,075.8 16,602.6
Consumer
Finance receivables - student lending 12,435.2 12,561.9 9,695.5
Finance receivables - other 455.5 557.0 785.6
Financing and leasing assets held for sale 76.8 76.5 645.9
Owned assets 12,967.5 13,195.4 11,127.0
Other
Equity Investments 258.9 233.6 151.9
Consolidated Totals
Finance receivables $ 53,223.7 $ 54,789.6 $ 49,068.8
Operating lease equipment, net 12,342.4 12,203.7 11,932.5
Other financing and leasing assets held for sale 1,016.7 2,615.7 2,329.5
Financing and leasing assets excl. equity
investments 66,582.8 69,609.0 63,330.8
Equity investments 258.9 233.6 151.9
Owned assets 66,841.7 69,842.6 63,482.7
Finance receivables securitized and managed by
CIT 4,852.7 5,301.7 5,176.5
Managed assets $ 71,694.4 $ 75,144.3 $ 68,659.2
13
14. CIT GROUP INC. AND SUBSIDIARIES
SEGMENT DATA
(dollars in millions)
Quarters Ended Six Months Ended
June 30, March 31, June 30, June 30, June 30,
2008 2008 2007 2008 2007
Corporate Finance
Net finance revenue, before depreciation $ 157.3 $ 184.4 $ 185.8 $ 341.7 $ 353.3
Other income* 50.3 63.8 328.5 114.1 431.0
Depreciation on operating lease equipment 8.2 9.2 10.6 17.4 20.4
Provision for credit losses 24.5 36.6 11.4 61.1 31.8
Salaries & general operating expenses 96.7 114.2 117.5 210.9 231.8
Other pre-tax items (13.6) 117.5 22.5 103.9 22.5
Income from continuing operations before taxes & other items 91.8 (29.3) 352.3 62.5 477.8
(Provision) benefit for income taxes & other after-tax items (33.1) 9.1 (133.0) (24.0) (178.4)
Net income (loss) from continuing operations $ 58.7 $ (20.2) $ 219.3 $ 38.5 $ 299.4
Return on risk-adjusted capital 9.0% -3.1% 36.2% 2.9% 25.2%
New business volume $ 1,776.5 $ 2,161.2 $ 4,622.6 $ 3,937.7 $ 8,210.8
Transportation Finance
Net finance revenue, before depreciation $ 246.7 $ 243.5 $ 226.9 $ 490.2 $ 437.8
Other income 34.4 39.7 19.4 74.1 37.1
Depreciation on operating lease equipment 142.2 149.5 137.0 291.7 270.6
Provision for credit losses (0.1) (0.4) 0.3 (0.5) (22.1)
Salaries & general operating expenses 34.2 40.6 35.4 74.8 68.7
Income from continuing operations before taxes & other items 104.8 93.5 73.6 198.3 157.7
(Provision) benefit for income taxes & other after-tax items (13.3) (9.0) (10.7) (22.3) (18.5)
Net income from continuing operations $ 91.5 $ 84.5 $ 62.9 $ 176.0 $ 139.2
Return on risk-adjusted capital 21.2% 19.8% 15.4% 20.5% 17.3%
New business volume $ 727.0 $ 710.1 $ 696.3 $ 1,437.1 $ 1,382.5
Trade Finance
Net finance revenue $ 30.8 $ 36.2 $ 42.0 $ 67.0 $ 83.4
Other income 54.1 65.9 66.5 120.0 134.2
Provision for credit losses 10.9 9.5 10.3 20.4 18.2
Salaries & general operating expenses 33.3 39.2 40.4 72.5 81.7
Income from continuing operations before taxes & other items 40.7 53.4 57.8 94.1 117.7
(Provision) benefit for income taxes & other after-tax items (14.5) (20.2) (21.7) (34.7) (45.0)
Net income from continuing operations $ 26.2 $ 33.2 $ 36.1 $ 59.4 $ 72.7
Return on risk-adjusted capital 12.9% 15.8% 16.5% 14.4% 16.7%
Vendor Finance
Net finance revenue, before depreciation $ 252.3 $ 266.3 $ 291.9 $ 518.6 $ 543.4
Other income** 16.0 11.8 79.7 27.8 190.6
Depreciation on operating lease equipment 129.8 136.1 144.8 265.9 265.2
Provision for credit losses 22.6 28.2 5.8 50.8 16.2
Salaries & general operating expenses 101.6 104.0 120.2 205.6 235.4
Income from continuing operations before taxes & other items 14.3 9.8 100.8 24.1 217.2
(Provision) benefit for income taxes & other after-tax items (3.5) (3.0) (30.7) (6.5) (70.7)
Net income from continuing operations $ 10.8 $ 6.8 $ 70.1 $ 17.6 $ 146.5
Return on risk-adjusted capital 2.7% 1.6% 17.1% 2.1% 19.3%
New business volume $ 2,366.0 $ 2,240.8 $ 2,462.6 $ 4,606.8 $ 4,772.5
Consumer
Net finance revenue $ 39.0 $ 27.2 $ 35.5 $ 66.2 $ 67.4
Other income 0.9 (8.4) 17.4 (7.5) 35.2
Provision for credit losses 33.1 149.6 7.8 182.7 15.7
Salaries & general operating expenses 15.6 21.3 27.1 36.9 52.6
Income from continuing operations before taxes & other items (8.8) (152.1) 18.0 (160.9) 34.3
(Provision) benefit for income taxes & other after-tax items 9.0 56.9 (2.9) 65.9 (7.8)
Net income (loss) from continuing operations $ 0.2 $ (95.2) $ 15.1 $ (95.0) $ 26.5
Return on risk-adjusted capital 0.3% -143.7% 11.6% -72.8% 10.4%
New business volume $ 126.7 $ 1,210.0 $ 1,667.3 $ 1,336.7 $ 3,669.1
Corporate and Other
Net finance revenue, before depreciation $ (64.3) $ (93.3) $ (68.0) $ (157.6) $ (125.4)
Other income (0.4) 5.6 (10.7) 5.2 (10.3)
Depreciation on operating lease equipment (0.2) (0.2) (0.2) (0.4) (0.4)
Provision for credit losses 61.2 23.2 (23.1) 84.4 (11.4)
Salaries & general operating expenses 36.7 (15.6) 11.5 21.1 12.8
Other pre-tax items*** 11.5 217.2 34.9 228.7 174.2
Income from continuing operations before taxes & other items (173.9) (312.3) (101.8) (486.2) (310.9)
(Provision) benefit for income taxes & other after-tax items 34.5 51.5 50.5 86.0 155.1
Net (loss) from continuing operations $ (139.4) $ (260.8) $ (51.3) $ (400.2) $ (155.8)
Return on risk-adjusted capital -9.7% -16.5% -3.4% -13.1% -5.0%
* The June 2007 amounts include a gain on portfolio disposition (Construction Sale) of $230.6 million.
** The June and March 2008 amounts includes pre-tax impairment charges on retained interests of approximately $20 million and $33 million, respectively.
*** The March 2008 and YTD June 2008 amounts include $148.1 million charge related to debt extinquishment and $69.1 million charge for severance
14
15. CIT GROUP INC. AND SUBSIDIARIES
CREDIT METRICS
(dollars in millions)
Quarters Ended Six Months Ended
June 30, 2008 March 31, 2008 June 30, 2007 June 30, 2008 June 30, 2007
Net Credit Losses - Owned as a Percentage of Average
Finance Receivables
Corporate Finance $ 25.2 0.47% $ 39.6 0.71% $ 9.7 0.18% $ 64.8 0.58% $ 30.5 0.29%
Transportation Finance - - (0.6) (0.09)% 0.4 0.08% (0.6) (0.04)% (22.1) (2.02)%
Trade Finance 12.1 0.74% 8.9 0.51% 10.0 0.59% 21.0 0.62% 17.0 0.51%
Vendor Finance 21.2 0.79% 19.4 0.73% 12.4 0.48% 40.6 0.76% 22.4 0.45%
Commercial Segments 58.5 0.56% 67.3 0.63% 32.5 0.32% 125.8 0.60% 47.8 0.24%
Consumer 28.2 0.87% 30.8 0.97% 7.8 0.30% 59.0 0.92% 15.2 0.30%
Total $ 86.7 0.64% $ 98.1 0.71% $ 40.3 0.32% $ 184.8 0.67% $ 63.0 0.25%
Net Credit Losses - Managed as a Percentage of Average
Managed Finance Receivables
Corporate Finance $ 28.8 0.50% $ 42.2 0.71% $ 12.8 0.22% $ 71.1 0.60% $ 35.6 0.32%
Transportation Finance - - (0.6) (0.09)% 0.4 0.08% (0.6) (0.04)% (22.1) (2.02)%
Trade Finance 12.1 0.74% 8.9 0.51% 10.0 0.59% 21.0 0.62% 17.0 0.51%
Vendor Finance 33.3 0.97% 29.4 0.80% 18.5 0.51% 62.6 0.85% 31.9 0.46%
Commercial Segments 74.2 0.65% 79.9 0.66% 41.7 0.36% 154.1 0.65% 62.4 0.28%
Consumer 28.2 0.87% 30.8 0.97% 7.8 0.30% 59.0 0.92% 15.2 0.30%
Total $ 102.4 0.70% $ 110.7 0.73% $ 49.5 0.35% $ 213.1 0.71% $ 77.6 0.28%
Finance Receivables Past Due 60 days or more - Owned as a
Percentage of Finance Receivables June 30, 2008 March 31, 2008 June 30, 2007
Corporate Finance $ 535.2 2.57% $ 266.6 1.26% $ 137.2 0.72%
Transportation Finance 6.2 0.24% 14.6 0.56% 12.5 0.58%
Trade Finance 125.9 2.02% 86.1 1.23% 87.2 1.26%
Vendor Finance 311.7 2.91% 339.6 3.14% 209.5 2.00%
Commercial Segments 979.0 2.43% 706.9 1.70% 446.4 1.16%
Consumer 642.5 4.98% 642.8 4.90% 497.5 4.75%
Total $ 1,621.5 3.05% $ 1,349.7 2.46% $ 943.9 1.92%
Non-performing Assets - Owned as a Percentage of Finance
Receivables June 30, 2008 March 31, 2008 June 30, 2007
Corporate Finance $ 540.2 2.59% $ 442.4 2.08% $ 147.3 0.77%
Transportation Finance - - 7.9 0.30% 5.0 0.23%
Trade Finance 83.3 1.34% 44.4 0.63% 53.2 0.77%
Vendor Finance 195.7 1.83% 205.5 1.90% 117.5 1.12%
Commercial Segments 819.2 2.03% 700.2 1.68% 323.0 0.84%
Consumer 166.7 1.29% 87.7 0.67% 3.7 0.03%
Total $ 985.9 1.85% $ 787.9 1.44% $ 326.7 0.67%
Finance Receivables Past Due 60 days or more - Managed as
a Percentage of Managed Financial Assets June 30, 2008 March 31, 2008 June 30, 2007
Corporate Finance $ 561.2 2.46% $ 291.0 1.19% $ 142.7 0.68%
Transportation Finance 6.2 0.21% 14.6 0.47% 12.5 0.58%
Trade Finance 125.9 1.99% 86.1 1.23% 87.2 1.26%
Vendor Finance 470.1 3.28% 510.5 3.41% 357.0 2.33%
Commercial Segments 1,163.4 2.52% 902.2 1.82% 599.4 1.32%
Consumer 642.5 4.95% 642.8 4.87% 497.5 4.47%
Total $ 1,805.9 3.06% $ 1,545.0 2.46% $ 1,096.9 1.94%
15
16. CIT GROUP INC. AND SUBSIDIARIES
RATIOS AND OTHER DATA
(dollars in millions, except per share data)
Quarters Ended Six Months Ended
June 30, March 31, June 30, June 30, June 30,
Continuing Operations 2008 2008 2007 2008 2007
Profitability
Net finance revenue as a percentage of AEA 2.34% 2.28% 2.78% 2.31% 2.72%
Net finance revenue after provision as a percentage of AEA 1.41% 0.76% 2.69% 1.08% 2.55%
Salaries and general operating expenses as a percentage of AMA(1) 1.83% 1.73% 2.12% 1.77% 2.12%
Efficiency ratio(2) 59.2% 55.4% 38.1% 57.3% 42.1%
Return on average common stockholders' equity 2.0% -15.9% 20.0% -7.0% 14.9%
Return on AEA 0.19% -1.60% 2.27% -0.70% 1.74%
Return on AMA 0.18% -1.47% 2.08% -0.65% 1.59%
See quot;Non-GAAP Disclosuresquot; for additional information regarding profitability ratio and metric comparisons.
(1) The salaries and general operating expenses do not include the provision for severance and real estate exiting activities.
(2) The efficiency ratio is the ratio of salaries and general operating expenses (excluding the provision for severance and real estate exiting activities) to
total net revenues (before provision for credit losses and valuation allowance).
Average Balances
Average Finance Receivables (AFR) $ 54,524.6 $ 55,441.4 $ 50,995.6 $ 54,989.3 $ 49,745.2
Average Earning Assets (AEA) 65,184.2 64,918.6 60,759.4 64,996.4 59,151.0
Average Managed Assets (AMA) 69,519.5 70,378.4 66,275.1 70,410.7 64,537.8
Average Operating Leases (AOL) 12,610.6 12,541.4 11,695.6 12,584.1 11,450.5
Average Common Stockholders' Equity 6,411.6 6,507.3 6,889.1 6,487.7 6,871.0
June 30, March 31, June 30,
Consolidated 2008 2008 2007
Capital and Leverage
Total tangible stockholders' equity to managed assets 9.02% 8.33% 8.27%
Tangible book value per common share $13.86 $26.63 $28.13
Book value per common share $17.94 $32.68 $35.37
Outstanding common shares (in millions) 285.2 191.6 190.7
Reserve for Credit Losses (Continuing Operations)
Reserve for credit losses (excluding reserves related to impaired loans) as a
percentage of finance receivables, excluding student loans 1.25% 1.23% 1.22%
Reserve for credit losses (excluding reserves related to impaired loans) as a
percentage of finance receivables, excluding guaranteed student loans 1.62% 1.53% 1.21%
Reserve for credit losses as a percentage of finance receivables 1.47% 1.32% 1.03%
Reserve for credit losses as a percentage of non-performing assets, excluding
student lending 73.5% 82.0% 155.4%
Reserve for credit losses as a percentage of non-performing assets, excluding
guaranteed student loans 92.9% 101.7% 155.4%
Reserve for credit losses as a percentage of finance receivables past due 60
days or more, excluding student lending 61.6% 81.2% 111.4%
16
17. CIT GROUP INC. AND SUBSIDIARIES
Select Concentration Data
(dollars in millions unless specified)
Commercial Aerospace Portfolio:
June 30, 2008 March 31, 2008 June 30, 2007
Net Investment Number Net Investment Number Net Investment Number
By Region:
Europe $ 2,867.5 92 $ 2,788.8 90 $ 2,893.7 88
U.S. and Canada 1,145.5 67 1,237.4 62 1,237.8 59
Asia Pacific 2,468.8 83 2,465.1 84 1,822.0 57
Latin America 1,291.8 42 1,236.9 40 985.4 31
Africa / Middle East 513.3 11 553.5 13 497.2 13
Total $ 8,286.9 295 $ 8,281.7 289 $ 7,436.1 248
By Manufacturer:
Boeing $ 3,594.1 161 $ 3,574.6 153 $ 3,204.7 126
Airbus 4,684.1 133 4,698.5 135 4,222.0 121
Other 8.7 1 8.6 1 9.4 1
Total $ 8,286.9 295 $ 8,281.7 289 $ 7,436.1 248
By Body Type (1):
Narrow body $ 6,221.7 235 $ 6,217.4 230 $ 5,537.4 190
Intermediate 1,773.4 48 1,822.6 48 1,631.8 43
Wide body 283.1 11 233.1 10 257.5 14
Other 8.7 1 8.6 1 9.4 1
Total $ 8,286.9 295 $ 8,281.7 289 $ 7,436.1 248
By Product:
Operating lease $ 7,304.0 219 $ 7,298.8 220 $ 6,645.2 205
Leveraged lease (other) 41.1 2 38.8 2 40.5 2
Leveraged lease (tax optimized) 46.6 1 43.6 1 44.3 1
Capital lease 209.6 8 208.7 9 145.1 5
Loan 685.6 65 691.8 57 561.0 35
Total $ 8,286.9 295 $ 8,281.7 289 $ 7,436.1 248
Number of accounts 114 104 98
Weighted average age of fleet (years) 6 6 6
Largest customer net investment $ 282.8 $ 286.6 $ 282.8
Off-lease aircraft - - -
New Aircraft Delivery Order Book (dollars in billions)
For the Years Ending December 31,
2007 (Remaining 2007) - - 0.7 14
2008 (Remaining 2008) 0.6 10 1.0 16 1.4 24
2009 0.9 14 0.8 14 0.8 13
2010 1.2 21 1.2 21 1.2 21
2011 1.3 25 1.3 25 0.8 18
2012 1.0 14 1.0 14 0.7 11
Thereafter 2.7 30 2.8 30 1.4 10
Total $ 7.7 114 $ 8.1 120 $ 7.0 111
(1) 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.
17
18. CIT GROUP INC. AND SUBSIDIARIES
Non-GAAP Disclosures
(dollars in millions, except per share amounts)
June 30, March 31, June 30,
2008 2008 2007
Managed assets (1):
Finance receivables $ 53,223.7 $ 54,789.6 $ 49,068.8
Operating lease equipment, net 12,342.4 12,203.7 11,932.5
Financing and leasing assets held for sale 1,016.7 2,615.7 2,329.5
Equity and venture capital investments (included in other assets) 258.9 233.6 151.9
Total financing and leasing portfolio assets 66,841.7 69,842.6 63,482.7
Securitized assets 4,852.7 5,301.7 5,176.5
Managed assets $ 71,694.4 $ 75,144.3 $ 68,659.2
Earning assets (2):
Total financing and leasing portfolio assets $ 66,841.7 $ 69,842.6 $ 63,482.7
Credit balances of factoring clients (3,189.7) (3,572.9) (3,911.0)
Earning assets $ 63,652.0 $ 66,269.7 $ 59,571.7
Tangible equity (3):
Total equity $ 5,079.7 $ 6,143.6 $ 6,813.8
Other comprehensive income relating to derivative financial instruments 40.9 122.0 (59.5)
Unrealized gain on securitization investments (3.3) (3.8) (8.2)
Goodwill and intangible assets (1,165.6) (1,159.5) (1,382.1)
Tangible common equity 3,951.7 5,102.3 5,364.0
Junior subordinated notes and convertible debt 1,440.0 1,440.0 750.0
Preferred stock 1,075.0 500.0 500.0
Tangible equity $ 6,466.7 $ 7,042.3 $ 6,614.0
Quarters Ended Six Months Ended
June 30, March 31, June 30, June 30, June 30,
Total net revenues(4) 2008 2008 2007 2008 2007
Net Finance Revenue $ 382.0 $ 369.5 $ 421.7 $ 751.5 $ 804.0
Other Income 155.3 178.5 500.8 333.8 817.8
Total net revenues $ 537.3 $ 548.0 $ 922.5 $ 1,085.3 $ 1,621.8
Quarters Ended
June 30, March 31, June 30,
Earnings from continuing operations, net of preferred dividends(5) 2008 EPS 2008 EPS 2007 EPS
Net income (loss) from continuing operations, before preferred stock dividends $ 48.1 $ 0.18 $ (251.7) $ (1.32) $ 352.1 $ 1.80
Preferred stock dividends(5) (16.7) (0.06) (7.5) (0.04) (7.5) (0.04)
Income (loss) from continuing operations, net of preferred dividends $ 31.4 $ 0.12 $ (259.2) $ (1.36) $ 344.6 $ 1.76
Six Months Ended
June 30, June 30,
2008 EPS 2007 EPS
Net income (loss) from continuing operations, before preferred stock dividends $ (203.6) $ (0.89) $ 528.4 $ 2.69
Preferred stock dividends(5) (24.2) (0.11) (15.0) (0.08)
Income (loss) from continuing operations, net of preferred dividends $ (227.8) $ (1.00) $ 513.4 $ 2.61
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 income 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) Total net revenues are the combination of net finance revenues after depreciation on operating leases and other income.
5) Preferred dividends are presented as a reduction to net income (loss) from continuing operations to reflect the ongoing capital commitment associated with these shares.
18