Exhibit 99.1

NEW YORK – April 23, 2019 – CIT Group Inc. (NYSE: CIT) today reported first quarter 2019 results.

Financial Results

•First quarter net income available to common shareholders and income from continuing operations available to common shareholders were each $119 million or $1.18 per diluted common share

Chairwoman and CEO Commentary

“We posted solid first quarter financial results,” said CIT Chairwoman and Chief Executive Officer Ellen R. Alemany. “We continued to execute on our strategic plan and delivered strong growth in deposits and core loans and leases. In addition, we returned more than $200 million of capital to common shareholders and increased tangible book value per share by 2.5%. Going forward, we remain focused on further unlocking the full potential of CIT.”

Strategic Pillars

Grow Core Businesses

•Average loans and leases growth of 1% from the prior quarter. Average core loans and leases¹ growth of 2% from the prior quarter

•Funded volume of $2.7 billion. Commercial Banking volume up 5% from the year-ago quarter

Optimize Balance Sheet

•Grew average consumer deposits by 8%. Added more than 48,000 Direct Bank customers

•Repurchased 3.7 million common shares at an average price of $49.16

Enhance Operating Efficiency

•Continued disciplined expense management

•Using technology and digitization to drive greater operating efficiency, enhance customer experience and support growth

Maintain Strong Risk Management

•Maintained strong credit quality and disciplined underwriting standards

•Credit reserves remain strong at 1.56% of the total portfolio and 1.87% of Commercial Banking

¹ 

Average core loans and leases is a non-GAAP measure. Core portfolios is total loans and leases net of credit balances of factoring clients, Legacy Consumer Mortgages (LCM) and Non-Strategic Portfolios (NSP). See “Non-GAAP Measurements” at the end of this press release and starting on page 17 for a reconciliation of non-GAAP to GAAP financial information.

1

Select Financial Highlights*

1Q19 change from

($ in millions)

1Q19

4Q18

1Q18

4Q18

1Q18

Net finance revenue⁽¹⁾

$

369

$

374

$

391

$

(5

)

-1

%

$

(21

)

-5

%

Non-interest income

97

48

105

49

NM

(8

)

-8

%

Total net revenue⁽¹⁾

466

421

495

45

11

%

(29

)

-6

%

Operating expenses and loss on debt extinguishment

276

274

281

3

1

%

(5

)

-2

%

Income from continuing operations before credit provision

190

148

214

42

29

%

(24

)

-11

%

Provision for credit losses

33

31

69

2

6

%

(36

)

-52

%

Income from continuing operations before provision for income taxes

157

117

145

40

35

%

12

8

%

Provision for income taxes

38

25

41

13

52

%

(4

)

-8

%

Income from continuing operations

119

92

104

28

30

%

16

15

%

Loss from discontinued operations, net of taxes

(0

)

0

(7

)

(0

)

NM

6

96

%

Net income

119

92

97

27

30

%

22

23

%

Preferred stock dividends

-

10

-

(10

)

NM

-

NM

Net income available to common shareholders

$

119

$

82

$

97

$

37

44

%

$

22

23

%

Income from continuing operations available to common shareholders

$

119

$

82

$

104

$

37

45

%

$

16

15

%

Noteworthy items⁽²⁾

-

45

(7

)

(45

)

7

Income from continuing operations available to common shareholders, excluding noteworthy items⁽¹⁾⁽²⁾

$

119

$

127

$

97

$

(8

)

-6

%

$

22

23

%

Per common share

Diluted income per common share

$

1.18

$

0.78

$

0.74

$

0.39

$

0.44

Diluted income per common share, excluding noteworthy items

$

1.18

$

1.21

$

0.69

$

(0.03

)

$

0.49

Average diluted common shares outstanding (in thousands)

101,096

105,149

131,588

(4,053

)

(30,492

)

Tangible book value per common share (TBVPS)⁽¹⁾

$

52.42

$

51.15

$

49.25

$

1.27

$

3.16

Balance Sheet

Average loans and leases (includes HFS and net of credit balances)

$

36,360

$

35,878

$

36,688

$

483

$

(328

)

Core average loans and leases (includes HFS and net of credit balances)

33,602

33,002

31,269

600

2,333

Average earning assets (AEA)⁽¹⁾

46,169

44,113

45,265

2,056

904

Volume

2,684

3,575

2,656

(891

)

28

Key performance metrics, continuing operations

Net finance margin⁽¹⁾

3.20

%

3.39

%

3.45

%

-19bps

-25bps

Net efficiency ratio⁽¹⁾

58.0

%

59.8

%

55.6

%

NM

NM

Net charge-offs

0.43

%

0.32

%

0.68

%

12bps

-25bps

Return on AEA (ROAEA)⁽¹⁾

1.03

%

0.75

%

0.92

%

29bps

12bps

Return on tangible common equity (ROTCE)⁽¹⁾

9.67

%

6.67

%

6.83

%

NM

NM

Key performance metrics, continuing operations excluding Noteworthy Items

Net finance margin⁽¹⁾⁽²⁾

3.20

%

3.39

%

3.37

%

-19bps

-17bps

Net efficiency ratio⁽¹⁾⁽²⁾

58.0

%

54.1

%

56.7

%

NM

NM

ROAEA⁽¹⁾⁽²⁾

1.03

%

1.15

%

0.86

%

-12bps

18bps

ROTCE⁽¹⁾⁽²⁾

9.67

%

10.12

%

6.40

%

-46bps

NM

⁽¹⁾These balances and metrics are non-GAAP measures. See "Non-GAAP Measurements" at the end of this press release and beginning on page 17 for a reconciliation of non-GAAP to GAAP financial information and noteworthy items. TBVPS is detailed on page 15.

⁽²⁾We exclude noteworthy items due to their episodic nature and size. See "Non-GAAP Measurements" at the end of this press release and beginning on page 17 for a reconciliation of non-GAAP to GAAP financial information and noteworthy items.

*Certain balances may not sum due to rounding.

2

First Quarter Financial Highlights:

•

Net finance margin² of 3.20% was down 19 bps from the prior quarter, primarily reflecting higher average deposit rates, lower net yields on operating leases and a higher level of cash and investment securities.

•

Other non-interest income² increased $5 million from the prior quarter to $97 million and included an approximately $6 million benefit from the lease accounting standard change.

•

Operating expenses increased $18 million from the prior quarter to $276 million, which includes $14 million from seasonal annual benefit restarts and the acceleration of expenses related to retirement-eligible employees as well as approximately $9 million due to the adoption of the new lease accounting standard.

•

Net efficiency ratio² of 58% was up from 54% in the prior quarter, reflecting seasonal elevated operating expenses and the impact of the new lease accounting standard.

•

Provision for credit losses was $33 million, up modestly from the prior quarter.

•

Net charge-offs of $34 million (0.43% of average loans) included $33 million (0.54% of average loans) in the Commercial Banking segment.

•

Effective tax rate was 24%, including net discrete benefits of $2 million.

•

Loans and leases to deposit ratio was 92% at CIT Bank and 110% at CIT Group, both reflecting deposit growth in the current quarter.

•

Book value per share of $57.05 increased 2.4% from the prior quarter. Tangible book value per share of $52.42 increased 2.5% from the prior quarter.

•

CET1 ratio of 12.0% included the impact of lower risk weightings on high volatility commercial real estate (HVCRE) assets.

•

ROTCE from continuing operations was 9.7%. ROTCE from continuing operations, normalized for the preferred dividend³, was 9.3%.

•

There were no noteworthy items in the current quarter.

² 

There were noteworthy items in the prior and year-ago quarters. Please see page 19 for a listing of noteworthy items in those periods. Net efficiency ratio excludes intangible amortization.

³ 

ROTCE from continuing operations, normalized for the preferred dividend, is a non-GAAP measure. See “Non-GAAP Measurements” at the end of this press release and starting on page 17 for a reconciliation of non-GAAP to GAAP financial information.

3

Income Statement Highlights:

Net Finance Revenue

Net Finance Revenue*

1Q19 change from

($ in millions)

1Q19

4Q18

1Q18

4Q18

1Q18

Interest income

$

517

$

492

$

451

$

24

5

%

$

65

14

%

Rental income on operating leases

218

230

254

(12

)

-5

%

(36

)

-14

%

Depreciation on operating lease equipment

79

80

76

(0

)

0

%

3

4

%

Maintenance and other operating lease expenses

50

53

57

(3

)

-6

%

(8

)

-13

%

Net rental income on operating leases ⁽¹⁾

89

97

120

(9

)

-9

%

(31

)

-26

%

Interest expense

236

216

181

20

9

%

55

31

%

Net finance revenue ⁽²⁾

$

369

$

374

$

391

$

(5

)

-1

%

$

(21

)

-5

%

Noteworthy items⁽³⁾

-

-

(9

)

-

9

Net finance revenue, excluding noteworthy items⁽²⁾

$

369

$

374

$

381

$

(4

)

-1

%

$

(12

)

-3

%

Average earning assets

$

46,169

$

44,113

$

45,265

$

2,056

5

%

$

904

2

%

Net finance margin⁽²⁾

3.20

%

3.39

%

3.45

%

-19bps

-25bps

Net finance margin, excluding noteworthy items⁽²⁾

3.20

%

3.39

%

3.37

%

-19bps

-17bps

⁽¹⁾Net rental income on operating leases is a non-GAAP measure, and is reconciled in the table as the combination of GAAP balances, rental income on operating leases less depreciation on operating lease equipment and maintenance and other operating lease expenses. Net rental income on operating leases is used by management to monitor portfolio performance and returns on purchased equipment.

⁽²⁾These balances and metrics are non-GAAP measures used to measure the profitability of our earning assets. See "Non-GAAP Measurements" at the end of this press release and beginning on page 17 for a reconciliation of non-GAAP to GAAP financial information and noteworthy items.

⁽³⁾See "Non-GAAP measurements" for a listing of Noteworthy items.

*Certain balances may not sum due to rounding.

•

Net finance revenue was $369 million, down from $374 million in the prior quarter.

o

The decline was driven by an increase in deposit costs and lower net rental income, partially offset by higher interest income from commercial loans, interest bearing cash and investment securities.

•

Net finance revenue as a percentage of average earning assets (“net finance margin”) was 3.20%, a 19 bps decrease from 3.39% in the prior quarter.

o

Drivers were higher deposit rates, lower net yields on operating leases and the impact from a higher percentage of interest-bearing cash and investment securities.

•

Compared to the year-ago quarter, net finance revenue excluding noteworthy items decreased $12 million.

o

Income in the year-ago quarter from NACCO and the reverse mortgage portfolio, which were both later sold, and higher deposit costs in the current quarter were partially offset by higher interest income from commercial loans, interest-bearing cash and investment securities.

•

Compared to the year-ago quarter, net finance margin excluding noteworthy items decreased 17 bps.

o

Primary drivers were higher deposit rates and a greater portion of earning assets in cash and investment securities, which were partially offset by increases in yields on loans and cash and investment securities from rising interest rates.

4

Other Non-Interest Income

Other Non-Interest Income*

1Q19 change from

($ in millions)

1Q19

4Q18

1Q18

4Q18

1Q18

Fee revenues

$

31

$

22

$

27

$

9

42

%

$

4

13

%

Factoring commissions

24

26

26

(2

)

-8

%

(2

)

-6

%

Gains on leasing equipment, net of impairments

17

18

14

(1

)

-8

%

3

23

%

BOLI income

6

6

7

1

8

%

(0

)

-2

%

Gains on investment securities, net of impairments

2

5

3

(3

)

-66

%

(2

)

-52

%

Property tax income

6

-

-

6

NM

6

NM

Other revenues

11

(29

)

29

40

NM

(17

)

-60

%

Total other non-interest income

97

48

105

49

NM

(8

)

-8

%

Noteworthy items⁽²⁾

-

44

-

(44

)

-

Total other non-interest income, excluding noteworthy items⁽¹⁾

$

97

$

92

$

105

$

5

5

%

$

(8

)

-8

%

⁽¹⁾Total other non-interest income, excluding noteworthy items is a non-GAAP measure and is reconciled to the GAAP balance, total other non-interest income, in the table above. Total other non-interest income, excluding noteworthy items is used by management to monitor the underlying level of income.

⁽²⁾See "Non-GAAP measurements" for a listing of Noteworthy items.

*Certain balances may not sum due to rounding.

•

Excluding noteworthy items, which impacted other revenues in the prior quarter, other non-interest income was $97 million, compared to $92 million in the prior quarter.

o

Increase in property tax income of $6 million from the adoption of the lease accounting standard, which had an offsetting charge in operating expenses.

o

Higher fee revenues from an increase in capital markets activities.

o

Lower gains on investment securities, as the sale of the private label MBS portfolio acquired in the OneWest transaction was completed in the prior quarter.

•

Other non-interest income decreased by $8 million from the year-ago quarter.

o

Lower other revenues from reduced gains on derivatives and gains in the year-ago quarter related to the reverse mortgage portfolio that was sold in the second quarter 2018.

o

Increase in property tax income from the adoption of the lease accounting standard.

o

Increases in capital market fee revenues and gains on sales of rail equipment.

5

Operating Expenses

Operating Expenses*

1Q19 change from

($ in millions)

1Q19

4Q18

1Q18

4Q18

1Q18

Compensation and benefits

$

146

$

130

$

148

$

16

12

%

$

(2

)

-1

%

Technology

33

34

32

(2

)

-5

%

0

0

%

Professional fees

19

20

26

(1

)

-5

%

(7

)

-28

%

Insurance

14

14

20

0

3

%

(6

)

-28

%

Net occupancy expense

16

17

16

(1

)

-8

%

(0

)

-2

%

Advertising and marketing

13

11

13

3

25

%

0

2

%

Intangible asset amortization

6

6

6

(0

)

-2

%

(0

)

-3

%

Property tax expense

6

-

-

6

NM

6

NM

Other expenses

23

26

20

(3

)

-12

%

3

15

%

Total operating expenses

276

258

281

18

7

%

(5

)

-2

%

Intangible asset amortization

6

6

6

(0

)

-2

%

(0

)

-3

%

Operating expenses, excluding intangible asset amortization⁽¹⁾

$

270

$

252

$

275

$

18

7

%

$

(5

)

-2

%

Net efficiency ratio⁽²⁾

58.0

%

59.8

%

55.6

%

NM

NM

Net efficiency ratio, excluding noteworthy items and intangible asset amortization⁽²⁾

58.0

%

54.1

%

56.7

%

NM

NM

⁽¹⁾Operating expenses excluding intangible asset amortization is used by management to compare period over period expenses, absent the strategic nature of the adjustments. Due to their exclusion, these are considered non-GAAP measures, as reconciled to total operating expenses in the table.

⁽²⁾These metrics are non-GAAP measures. See "Non-GAAP Measurements" at the end of this press release and beginning on page 17 for details on the calculation and description of the use of the metric. See non-GAAP disclosures for reconciliation of total net revenues.

*Certain balances may not sum due to rounding.

•

Operating expenses excluding intangible asset amortization was $270 million, an increase from $252 million in the prior quarter.

o

The increase was driven by higher employee costs related to annual benefit restarts and the acceleration of expenses related to retirement-eligible employees of $14 million, along with the gross-up of property taxes of $6 million and the expensing of an estimated $3 million in lease origination costs that were previously capitalized due to the adoption of the new lease accounting standard.

•

Operating expenses excluding intangible asset amortization compared to the year-ago quarter decreased $5 million or 2%.

o

The decrease was driven by lower professional fees and insurance costs, partially offset by the gross-up of property taxes and the expensing of lease origination costs that were previously capitalized due to the adoption of the new lease accounting standard.

•

The net efficiency ratio excluding intangible asset amortization decreased to 58% compared to 60% in the prior quarter.

•

The net efficiency ratio excluding noteworthy items and intangible asset amortization was 58%, up from 54% in the prior quarter and 57% in the year-ago quarter.

o

The increase from the prior quarter was driven by the aforementioned increase in operating expenses.

o

The increase from the year-ago quarter was driven by a decline in total net revenue.

6

Balance Sheet Highlights:

Average Earning Assets

Average Earning Assets*

1Q19 change from

($ in millions)

1Q19

4Q18

1Q18

4Q18

1Q18

Interest-bearing cash

$

2,623

$

1,791

$

2,101

$

832

46

%

$

522

25

%

Investment securities and securities purchased under agreement to resell

7,178

6,426

6,346

752

12

%

833

13

%

Loans and loans held for sale (net of credit balances of factoring clients)

29,378

28,954

28,754

423

1

%

624

2

%

Operating lease equipment, net (including held for sale)

6,983

6,924

7,935

59

1

%

(952

)

-12

%

Indemnification assets

8

18

131

(10

)

-56

%

(123

)

-94

%

Average earning assets (AEA)

$

46,169

$

44,113

$

45,265

$

2,056

5

%

$

904

2

%

*All balances above are averages. Certain balances may not sum due to rounding.

•

Average earning assets increased 5% from the prior quarter, primarily due to an increase in interest-bearing cash and investment securities and growth in commercial loans.

o

Average interest-bearing cash and investment securities (including securities purchased under agreements to resell), nearly all of which are high quality liquid assets, increased to $9.8 billion as a result of deposit growth during the quarter.

o

Average loans and leases increased 1% in the quarter reflecting 2% growth in the core portfolios, primarily from the Commercial Finance and Business Capital divisions of Commercial Banking and the Other Consumer Banking division of Consumer Banking, partially offset by run-off of the Legacy Consumer Mortgages (LCM) portfolio.

o

Strong growth in funded volume in Commercial Finance and Business Capital, along with a decline in prepayments in Commercial Finance, contributed to growth in average core loans and leases.

•

Average earning assets compared to the year-ago quarter increased 2%, as growth in the core portfolios, interest-bearing cash and the investment portfolio was partially offset by a reduction in Rail operating leases from the NACCO sale, a decline in LCM due to run-off and the sale of the reverse mortgage portfolio.

o

Average loans and leases in the core portfolio grew 7% compared to the year-ago quarter, primarily driven by growth in the Commercial Finance and Business Capital divisions of Commercial Banking and the Other Consumer Banking division of Consumer Banking.

7

Deposits and Borrowings

Average Deposits and Borrowings*

1Q19 change from

($ in millions)

1Q19

4Q18

1Q18

4Q18

1Q18

Interest-bearing checking

$

1,462

$

1,650

$

2,659

$

(188

)

-11

%

$

(1,197

)

-45

%

Savings and money market

16,290

13,477

11,796

2,813

21

%

4,494

38

%

Time deposits

13,914

14,173

14,140

(259

)

-2

%

(226

)

-2

%

Non-interest bearing checking

1,611

1,564

1,456

48

3

%

155

11

%

Total deposits

$

33,278

$

30,864

$

30,051

$

2,413

8

%

$

3,226

11

%

Online

$

16,928

$

14,540

$

12,445

$

2,388

16

%

$

4,483

36

%

Branch

11,338

11,472

11,658

(134

)

-1

%

(320

)

-3

%

Commercial

1,911

1,918

2,422

(7

)

0

%

(511

)

-21

%

Brokered

3,100

2,933

3,526

167

6

%

(426

)

-12

%

Total deposits

$

33,278

$

30,864

$

30,051

$

2,413

8

%

$

3,226

11

%

Secured borrowings

$

3,994

$

4,049

$

4,953

$

(55

)

-1

%

$

(959

)

-19

%

Unsecured borrowings

3,809

4,083

4,092

(274

)

-7

%

(283

)

-7

%

Total borrowings

$

7,803

$

8,132

$

9,045

$

(329

)

-4

%

$

(1,243

)

-14

%

*All balances above are averages. Certain balances may not sum due to rounding.

•

Average deposits represented approximately 81% of CIT’s funding, up from 79% in the prior quarter.

o

Growth in average deposits of $2.4 billion was driven by an increase in online savings deposits.

•

The weighted average rate on average outstanding deposits increased 17 bps to 1.85% from 1.68% in the prior quarter and 56 bps from 1.29% in the year-ago quarter, primarily from rate increases, customer migration from lower rate deposit products and new customer growth in online savings deposits.

•

The loans and leases-to-deposits ratio at CIT Bank was 92% at March 31, 2019, down from 101% at Dec. 31, 2018 and 98% at March 31, 2018, primarily driven by deposit growth in the current quarter.

•

For CIT Group, the loans and leases-to-deposits ratio was 110% at March 31, 2019, down from 121% at Dec. 31, 2018 and 126% at March 31, 2018, primarily driven by deposit growth in the current quarter.

•

Average unsecured borrowings comprised 9% of the funding mix, down from 11% in the prior quarter, and secured borrowings was down slightly from the prior quarter and comprised 10% of the funding mix.

o

The decline in average unsecured borrowings was due to the redemption of unsecured debt in the prior quarter.

o

The weighted average coupon on our unsecured senior and subordinated debt was 5.02% at March 31, 2019, with a weighted average maturity of approximately 4.7 years, compared to 5.02% at Dec. 31, 2018, with a weighted average maturity of approximately 5.0 years.

8

Capital

Capital*

1Q19 change from

($ in millions)

1Q19

4Q18

1Q18

4Q18

1Q18

Preferred stock

$

325

$

325

$

325

$

-

0

%

$

-

0

%

Common stockholders' equity

$

5,584

$

5,622

$

6,802

$

(37

)

-1

%

$

(1,217

)

-18

%

Book value per common share (BVPS)

$

57.05

$

55.70

$

52.97

$

1.35

2

%

$

4.08

8

%

Tangible common equity⁽¹⁾

$

5,131

$

5,163

$

6,325

$

(31

)

-1

%

$

(1,194

)

-19

%

Tangible book value per common share (TBVPS)⁽²⁾

$

52.42

$

51.15

$

49.25

$

1.27

2

%

$

3.16

6

%

Common shares outstanding

97,895

100,920

128,418

(3,025

)

-3

%

(30,523

)

-24

%

Total risk-based capital⁽³⁾

$

6,458

$

6,519

$

7,528

$

(61

)

-1

%

$

(1,070

)

-14

%

Risk-weighted assets⁽³⁾

$

43,600

$

44,052

$

44,778

$

(452

)

-1

%

$

(1,178

)

-3

%

Total capital ratio⁽³⁾

14.8

%

14.8

%

16.8

%

0bps

NM

CET1 ratio⁽³⁾

12.0

%

12.0