CIT Group reported a fourth quarter net loss to common shareholders of $98 million or $0.74 per diluted common share, compared to a net loss to common shareholders of $1.1 billion or $5.65 per diluted common share for the year-ago quarter.  Loss from continuing operations to common shareholders for the fourth quarter was $93 million or $0.70 per diluted common share, compared to a loss to common shareholders of $426 million or $2.11 per diluted common share in the year-ago quarter.

Income from continuing operations available to common shareholders excluding noteworthy items for the fourth quarter was $130 million or $0.99 per diluted common share, compared to $125 million or $0.62 per diluted common share in the year-ago quarter, as lower operating expenses, higher other non-interest income and a decline in the provision for credit losses was partially offset by a decline in net finance revenue. The increase in income from continuing operations excluding noteworthy items per diluted common share also reflects a decline in the average number of diluted common shares outstanding due to significant share repurchases in 2017.

Net income available to common shareholders for the full year was $458 million or $2.80 per diluted common share, compared to a loss to common shareholders of $848 million or $4.20 per diluted common share for the prior year. Income from continuing operations available to common shareholders for the full year was $250 million or $1.52 per diluted common share, compared to a loss to common shareholders of $183 million or $0.90 per diluted common share in the prior year.

Income from continuing operations available to common shareholders excluding noteworthy items for the full year was $504 million or $3.07 per diluted common share, compared to $384 million or $1.90 per diluted common share in the prior year, as lower operating expenses, higher other non-interest income and a decline in the provision for credit losses was partially offset by a decline in net finance revenue. The increase in income from continuing operations excluding noteworthy items per diluted common share also reflects a decline in the average number of diluted common shares outstanding due to significant share repurchases in 2017.

"We achieved a number of milestones in 2017 and entered this year as a simpler and stronger company that is positioned for growth," said Chairwoman and Chief Executive Officer Ellen R. Alemany. "We addressed non-core assets and legacy issues, reduced operating expenses, strengthened our funding profile, and expanded our business footprint in key markets. We also continued to build the consumer deposit franchise with the direct bank, adding 31,000 customers and 76,000 accounts this year."

Alemany continued, "Core results in the fourth quarter were strong. We grew commercial loans and leases and posted the highest origination volume in over eight quarters. This was offset by a number of noteworthy items."

"Looking to 2018, we are positioned to advance our strategic plan, further build on our strengths in the middle market, small business and consumer deposits, and deliver value for shareholders."

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