CIT Group Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Announces Net Charge-Offs for the Fourth Quarter Ended December 31, 2016
For the nine months, the company's net interest revenue was $1,153.2 million against $705.5 million a year ago. Loss from continuing operations before provision for income taxes was $2.5 million against income of $212.2 million a year ago. Loss from continuing operations was $195.5 million or $0.97 per basic and diluted share against income of $746.6 million or $4.01 per diluted share a year ago. Net loss was $860.9 million or $4.27 per basic and diluted share against income of $1,056.6 million or $5.67 per diluted share a year ago. Book value per share (BVPS) was $49.60 against $54.61 a year ago. Tangible book value per share was $49.72 against $48.50 a year ago.
For the quarter, net charge-offs were $23 million (0.41% of average finance receivables), compared to $22 million (0.38% of average finance receivables) in the prior quarter and $32 million (0.54% of average finance receivables) in the year-ago quarter.