CIT Reports First Quarter 2013 Net Income of $163 Million ($0.81 Per Diluted Share)

  CIT Reports First Quarter 2013 Net Income of $163 Million ($0.81 Per Diluted
  Share)

                      First Quarter Financial Highlights

  *Commercial Asset Growth – Increased 11% from a year ago; sixth consecutive
    quarter of sequential growth;
  *Solid Net Finance Margin – Net Finance Margin of 4.43%; funding costs
    further declined as deposits rose to 33% of total funding;
  *Credit Metrics Remain At Cyclical Lows – Non-Accrual Loans and Net
    Charge-offs declined;
  *Growth at CIT Bank – Assets surpassed $13 billion; online deposits
    increased to over $5.5 billion and now represent over half of total
    deposits;
  *Strong Capital –  Tier 1 Capital Ratio of 16.3% and Total Capital Ratio of
    17.1%
  *Increased Tangible Book Value – Tangible book value per share increased to
    $40.35

Business Wire

NEW YORK -- April 23, 2013

CIT Group Inc. (NYSE: CIT), a leading provider of financing and advisory
services to small businesses and middle market companies, today reported net
income of $163 million, $0.81 per diluted share, for the first quarter of
2013, compared to a net loss of $427 million, ($2.13) per diluted share, for
the first quarter of 2012. The loss in the year-ago quarter was primarily due
to $620 million of debt redemption charges, compared to $18 million of debt
redemption charges in the current quarter.

“Our results this quarter reflect our continued progress growing assets and
improving profitability,” said John Thain, Chairman and Chief Executive
Officer. “CIT Bank experienced solid asset growth and deposits now play a
larger role in our diversified funding mix, accounting for a third of our
total funding. We continue to maintain a strong balance sheet and capital
ratios, and remain focused on improving our operating efficiencies and meeting
our profitability targets.”

Summary of First Quarter Financial Results

First quarter results reflect growth in earning assets, lower funding costs,
and continued positive portfolio performance. The $590 million improvement in
net income from the year-ago quarter was primarily due to a decrease of
approximately $600 million in debt redemption charges and lower funding costs,
offset by reduced gains on asset sales and lower net FSA interest accretion.

Total assets at March 31, 2013 were $44.6 billion, up $0.6 billion from
December 31, 2012, and up $0.4 billion from March 31, 2012. Commercial
financing and leasing assets increased from prior periods to $31.5 billion.
Consumer assets declined by approximately $100 million from December 31, 2012,
reflecting the continued run off of student loans, and by over $2.0 billion
from a year ago, primarily due to the sale of student loans throughout 2012.
Total loans of $22.1 billion increased $1.6 billion from a year ago, and $1.3
billion sequentially including the previously announced purchase of
approximately $700 million of loans in Corporate Finance and the purchase of
approximately $150 million of Vendor Finance receivables. Operating lease
equipment increased $0.4 billion from a year ago to $12.3 billion and declined
modestly from December 31, 2012, primarily due to the sale of aircraft. Cash
and short-term investments declined to $6.9 billion from $7.6 billion at
December 31, 2012.

Net finance revenue^1 of $366 million reflected further improvement in funding
costs that resulted from both the reduction of high cost debt and a higher
proportion of deposit funding. Net finance revenue in the quarter ended March
31, 2012 was $(351) million and included approximately $600 million of debt
redemption costs. Average earning assets were $33.0 billion in the quarter, up
from $32.3 billion in the prior quarter and essentially unchanged from the
year-ago quarter. Net finance revenue as a percentage of average earning
assets (“finance margin”) was 4.43%, improved from (4.25)% in the year-ago
quarter and 3.86% in the prior quarter. Excluding the impact of debt
redemptions^2, net finance margin was 4.64%, improved from 2.97% in the
year-ago quarter, primarily reflecting lower funding costs, and down from
4.88% in the prior quarter as the benefit of lower funding costs was offset by
lower FSA loan accretion and net operating lease revenue.

Other income of $70 million declined from $255 million in the year-ago quarter
and from $172 million in the prior quarter. Three components of other income –
factoring commissions, gains on sales of leasing equipment, and fee revenues –
were essentially unchanged compared to the year-ago quarter and declined $23
million sequentially. Most of the remaining components of other income
declined from comparable periods. Lower gains on loan and portfolio sales was
the primary reason for the decline from the year-ago quarter, while the
sequential quarter decline is attributable to several items, most notably
lower counterparty receivable accretion.

Operating expenses were $235 million and included $6 million of restructuring
costs. Excluding restructuring costs, operating expenses were $229 million,
compared to $220 million in both the year-ago quarter and in the prior
quarter. The prior quarter included a benefit of approximately $10 million
related to a loan workout-related settlement. Headcount at March 31, 2013 was
approximately 3,490, down from 3,530 a year ago and 3,560 at December 31,
2012.

The provision for income taxes in the first quarter was $15 million, lower
than both the year-ago and prior quarters, primarily reflecting a decrease in
income tax expense on earnings from international operations and changes in
discrete items.

Creditand Allowance for Loan Losses

Portfolio credit quality trends remained stable at cyclical lows, as
non-accrual loans and net-charge-offs declined both sequentially and from the
year-ago quarter.

Net charge-offs were $10 million, or 0.18% as a percentage of average finance
receivables, versus $22 million (0.44%) in the year-ago quarter and $17
million (0.34%) in the prior quarter. Net charge-offs in the commercial
segments were 0.22% of average finance receivables, compared to 0.56% in the
year-ago quarter and 0.41% in the prior quarter. Net charge-off comparisons to
both prior periods primarily reflected improvements in Corporate Finance,
partially offset by modest increases in Vendor Finance.

Net charge-offs do not reflect recoveries of loans charged off pre-emergence
and loans charged off prior to transfer to held for sale. Recoveries on these
loans are recorded in other income and totaled $4 million, $10 million and $17
million for the current quarter, the year-ago quarter and the prior quarter,
respectively.

The provision for credit losses was $20 million in the current quarter, down
from $43 million in the year-ago quarter, and reflects lower net-charge-offs
and a $10 million increase in reserves related to portfolio growth. The
increase from the fourth quarter of 2012, during which no provision was
required, corresponded to receivable growth.

Non-accrual loans declined to $294 million, or 1.33% of finance receivables,
at March 31, 2013 from $482 million (2.35%) at March 31, 2012 and $332 million
(1.59%) at December 31, 2012. Non-accrual loans as a percentage of finance
receivables in the commercial segments were 1.59% at March 31, 2013, improved
from 3.02% at March 31, 2012 and 1.93% at December 31, 2012. Non-accrual loans
improved in all segments except Vendor Finance, both sequentially and from the
prior year in both amount and as a percent of finance receivables.

The allowance for loan losses, which relates entirely to the commercial
portfolio, was $386 million at March 31, 2013, or 1.74% of total finance
receivables, compared to $420 million (2.05%) at March 31, 2012 and $379
million (1.82%) at December 31, 2012. As a percentage of the commercial
portfolio, the allowance for loan losses was 2.08% at March 31, 2013, compared
to 2.64% at March 31, 2012 and 2.21% at December 31, 2012. While there was a
modest increase in the size of the allowance from year-end due to asset
growth, the decline in the allowance as a percentage of finance receivables
reflects improved portfolio credit quality. Specific reserves were $42 million
at March 31, 2013, down from $45 million both a year ago and at December 31,
2012.

Capital and Funding

Preliminary Tier 1 and Total Capital ratios at March 31, 2013 were 16.3% and
17.1%, respectively, unchanged from December 31, 2012. Preliminary
risk-weighted assets totaled $49.4 billion at March 31, 2013, compared to
$48.6 billion at December 31, 2012 and $45.5 billion at March 31, 2012. Book
value per share at March 31, 2013 was $42.21, compared to $41.49 at December
31, 2012 and $42.17 at March 31, 2012. Tangible book value per share at March
31, 2013 was $40.35, improved from $39.61 at December 31, 2012 and $40.19 at
March 31, 2012.

Cash and short-term investment securities totaled $6.9 billion at March 31,
2013, comprised of $5.5 billion of cash and $1.4 billion of short-term
investments, down $0.6 billion from December 31, 2012 and down $0.4 billion
from March 31, 2012. Cash and short-term investment securities at March 31,
2013 consisted of $2.3 billion related to the bank holding company and $2.8
billion at CIT Bank with the remainder comprised of cash at operating
subsidiaries and restricted balances. We had approximately $1.9 billion of
unused and committed liquidity under a $2 billion revolving credit facility at
March 31, 2013.

During the first quarter, we continued to diversify our funding sources.
Deposits grew by approximately $1 billion, and deposits originated through
online channels now represent more than half of total deposits. In addition,
we closed a CAD250 million committed multi-year conduit facility that allows
the Canadian Vendor Finance business to fund both existing assets and new
originations at attractive terms. We also redeemed at par approximately $41
million in principal amount of senior unsecured notes issued under CIT’s
pre-reorganization InterNotes retail note program that resulted in the
acceleration of $18 million of FSA interest expense, and provided notice to
the trustee that we will redeem the remaining $20 million of outstanding
InterNotes on May 15, 2013, which will increase second quarter interest
expense by approximately $8 million. The weighted average coupon on the $61
million of InterNotes is approximately 6.1%.

At March 31, 2013, deposits represented 33% of our funding, with secured and
unsecured borrowings comprising 30% and 37% of the funding mix, respectively.
The weighted average coupon rate on outstanding deposits and long-term
borrowings was 3.13% at March 31, 2013, improved from 3.18% at December 31,
2012 and 4.21% at March 31, 2012.

Segment Highlights

Corporate Finance

Pre-tax earnings for the quarter were $25 million. Excluding the impact of
debt redemptions, pre-tax earnings were $28 million, down significantly from
$180 million in the year-ago quarter, as lower gains on asset and investment
sales more than offset lower funding and credit costs, and down $78 million
sequentially reflecting lower benefits from net FSA accretion, lower gains on
asset and investment sales, fewer recoveries of loans charged off
pre-emergence and a higher provision for credit losses. Gains on asset and
investment sales totaled $8 million in the current quarter, down from $167
million in the prior-year quarter and $23 million in the prior quarter. The
provision for credit losses was $13 million in the current quarter, compared
to $23 million in the year-ago quarter and a benefit of $1 million in the
prior quarter.

Financing and leasing assets grew to $9.2 billion, up $945 million from
December 31, 2012 and $1.8 billion from March 31, 2012, and included the
addition of approximately $700 million of loans in the current quarter related
to a previously announced portfolio purchase. New funded loan volume totaled
$960 million, compared to approximately $1 billion in the year-ago quarter and
$1.5 billion in the prior quarter.

Credit performance remained strong. Non-accrual loans declined to $185 million
from $212 million at December 31, 2012 and $329 million a year ago. Net
charge-offs were under $2 million (0.07% of average finance receivables),
improved from $7 million in the year-ago quarter and $14 million in the prior
quarter.

Transportation Finance

Pre-tax earnings for the quarter were $142 million. Excluding the impact of
debt redemptions, pre-tax earnings were $152 million, up significantly from
the year-ago quarter, reflecting lower funding and credit costs, but down $19
million sequentially reflecting a decline in the finance margin, as a result
of lower rental income and increased depreciation. Equipment utilization
remained strong with 100% of commercial air and 97% of rail equipment on lease
or under a commitment at quarter-end.

Financing and leasing assets at March 31, 2013 of $14.2 billion increased $0.6
billion, or 5%, from a year ago and were essentially unchanged from December
31, 2012. New business volume of $0.3 billion reflects the delivery of one
aircraft and over 1,000 railcars, and approximately $200 million of loans,
largely related to the new maritime initiative. Essentially all of the current
quarter’s loan and rail volume was originated by CIT Bank. All but one
aircraft scheduled for delivery in the next twelve months and all of the
railcars on order have lease commitments.

Trade Finance

Pre-tax earnings for the quarter were $9 million. Excluding the impact of debt
redemptions in prior periods, pre-tax earnings improved from $4 million in the
year-ago quarter primarily due to lower funding costs, and declined from $22
million in the prior quarter primarily due to a provision for credit losses of
$1 million in the current quarter compared to a benefit of $7 million in the
prior quarter. Factoring volume was $6.4 billion, up 6% from the year-ago
quarter, and down 7% sequentially due to seasonal trends. Factoring
commissions of $30 million were down from $32 million in both the year-ago and
prior quarters.

Credit metrics remained favorable. Non-accrual balances of $4 million were
well below the year ago balance of $44 million, and modestly lower than at
December 31, 2012, primarily due to accounts returning to accrual status and
reductions in exposures. There was a modest net recovery in the current
quarter, similar to the prior quarter, compared to a small net charge-off in
the year-ago quarter.

Vendor Finance

Pre-tax earnings for the quarter were $5 million. Excluding the impact of debt
redemptions, pre-tax earnings of $8 million increased from $4 million in the
year-ago quarter primarily due to improved funding costs, which were partially
offset by higher operating costs, the impact of business and regional mix on
finance revenue, and reduced net FSA accretion. The $40 million sequential
quarter decrease primarily reflected lower other income and higher operating
costs; the prior quarter included a gain of approximately $14 million related
to a platform sale.

Financing and leasing assets grew to $5.6 billion, representing increases of
2% from December 31, 2012 and 9% from a year ago. We funded $650 million of
new business volume for the first quarter, a decrease of 3% from the year-ago
quarter, and down sequentially, reflecting seasonal trends. Asset growth this
quarter also benefitted from a portfolio purchase of approximately $150
million.

Credit metrics remained relatively stable. Non-accrual loans were $86 million
(1.75% of finance receivables) compared to $83 million (1.85%) a year ago and
$72 million (1.49%) at December 31, 2012. Net charge-offs of $7 million were
essentially unchanged from the prior-year quarter and increased modestly from
prior quarter due to lower recoveries.

Consumer

Pre-tax earnings for the quarter were $10 million. Excluding the impact of
debt redemptions in prior periods, pre-tax earnings improved from a loss of $8
million in the year-ago quarter, but declined from $25 million in the prior
quarter, which included gains on asset sales.

At March 31, 2013, the student loan portfolio totaled approximately $3.6
billion, down slightly from December 31, 2012 and from $5.7 billion at March
31, 2012, and was funded through securitizations. The decline from a year ago
is primarily due to loan sales.

Corporate and Other

Certain items are not allocated to operating segments and are included in
Corporate and Other, including unallocated interest expense, primarily related
to corporate liquidity costs, accelerated FSA discount accretion, prepayment
penalties and restructuring charges. Unallocated accelerated debt FSA discount
accretion totaled $1 million in the current quarter, $75 million in the
year-ago quarter, and $1 million in the prior quarter. The year-ago quarter
also included $23 million in costs associated with debt extinguishments. The
loss on debt extinguishments reflects repayments of Series A Notes in the
first quarter of 2012. Operating expenses included restructuring charges of $6
million in the current quarter, compared to $4 million in the year-ago quarter
and $12 million in the prior quarter.

CIT Bank

Lending and leasing assets grew during the quarter reflecting new business
volume from all commercial segments and the Corporate Finance portfolio
purchase. The Bank funded $1.5 billion of new business volume, which
represented nearly all of the new U.S. volumes for Corporate Finance,
Transportation Finance and Vendor Finance. Funded volumes were up 30% from the
year-ago quarter and down 25% sequentially.

Total assets were $13.3 billion at March 31, 2013, up $1.1 billion from
December 31, 2012 and $3.7 billion from a year ago. Commercial loans totaled
$9.6 billion, up from $8.0 billion at December 31, 2012 and $5.0 billion at
March 31, 2012. Operating lease equipment of $0.8 billion, comprised primarily
of railcars, increased from $0.7 billion at December 31, 2012 and less than
$100 million at March 31, 2012. Cash was $2.8 billion at March 31, 2013, down
from $3.4 billion at December 31, 2012, reflecting amounts used for the
previously announced purchase of a commercial loan portfolio, and up slightly
from $2.6 billion at March 31, 2012. CIT Bank’s preliminary Total Capital and
Tier 1 Leverage ratios were 21.2% and 19.4%, respectively, at March 31, 2013.

Total deposits at quarter-end were $10.6 billion, up from $9.6 billion at
December 31, 2012 and $6.7 billion at March 31, 2012. The weighted average
rate on outstanding deposits was 1.65% at quarter-end. Deposits originated
through our online bank surpassed $5.5 billion and represent more than half of
total deposits. CIT Bank expanded its online deposit product offerings to
include Individual Retirement Accounts.

See attached tables for financial statements and supplemental financial
information.

Conference Call and Webcast

Chairman and Chief Executive Officer John A. Thain and Chief Financial Officer
Scott T. Parker will discuss these results on a conference call and audio
webcast today, April 23, 2013, at 8:00 a.m. (ET). Interested parties may
access the conference call live by dialing 888-317-6003 for U.S., 866-284-3684
for Canadian callers or 412-317-6061 for international callers and reference
access code “3987898” or access the audio webcast at cit.com/investor. An
audio replay of the call will be available until 11:59 p.m. (EST) on May 7,
2013, by dialing 877-344-7529 for U.S. callers or 412-317-0088 for
international callers with the access code 10026155, or at cit.com/investor.

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About CIT

Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $35
billion in financing and leasing assets. A member of the Fortune 500, it
provides financing and leasing capital and advisory services to its clients
and their customers across more than 30 industries. CIT maintains leadership
positions in small business and middle market lending, factoring, retail
finance, aerospace, equipment and rail leasing, and vendor finance. CIT also
operates CIT Bank (Member FDIC), its primary bank subsidiary, which, through
its online bank BankOnCIT.com, offers a suite of savings options designed to
help customers achieve a range of financial goals. cit.com

Forward-Looking Statements

Thispress release contains forward-looking statements within the meaning of
applicable federal securities laws that are based upon our current
expectations and assumptions concerning future events, which are subject to a
number of risks and uncertainties that could cause actual results to differ
materially from those anticipated. The words “expect,” “anticipate,”
“estimate,” “forecast,” “initiative,” “objective,” “plan,” “goal,” “project,”
“outlook,” “priorities,” “target,” “intend,” “evaluate,” “pursue,” “commence,”
“seek,” “may,” “would,” “could,” “should,” “believe,” “potential,” “continue,”
or the negative of any of those words or similar expressions is intended to
identify forward-looking statements. All statements contained in this press
release, other than statements of historical fact, including without
limitation, statements about our plans, strategies, prospects and expectations
regarding future events and our financial performance, are forward-looking
statements that involve certain risks and uncertainties. While these
statements represent our current judgment on what the future may hold, and we
believe these judgments are reasonable, these statements are not guarantees of
any events or financial results, and our actual results may differ materially.
Important factors that could cause our actual results to be materially
different from our expectations include, among others, the risk that CIT is
unsuccessful in implementing its strategy and business plan, the risk that CIT
is unable to react to and address key business and regulatory issues, the risk
that CIT is unable to achieve the projected revenue growth from its new
business initiatives or the projected expense reductions from efficiency
improvements, the risk that CIT is delayed in implementing its branch
strategy, and the risk that CIT becomes subject to liquidity constraints and
higher funding costs.Further, there is a risk that the valuations resulting
from our fresh start accounting analysis, which are inherentlyuncertain,will
differ significantly from the actual values realized, due to the complexity of
the valuation process, the degree of judgment required, and changes in market
conditions and economic environment. We describe these and other risks that
could affect our results in Item 1A, “Risk Factors,” of our latest Annual
Report on Form 10-K for the year ended December 31, 2012, which was filed with
the Securities and Exchange Commission. Accordingly, you should not place
undue reliance on the forward-looking statements contained in this press
release. These forward-looking statements speak only as of the date on which
the statements were made. CIT undertakes no obligation to update publicly or
otherwise revise any forward-looking statements, except where expressly
required by law.

Non-GAAP Measurements

Net finance revenue, net operating lease revenue, and adjusted net finance
revenue are non-GAAP measurements used by management to gauge portfolio
performance. Pre-tax income excluding debt redemption charges is a non-GAAP
measurement used by management to compare period over period operating
results. Tangible book value and tangible book value per share are non-GAAP
metrics to analyze banks.

^1 Net finance revenue, finance margin and net operating lease revenue are
non-GAAP measures. See “Non-GAAP Measurements” at the end of this press
release and page 15 for reconciliation of non-GAAP to GAAP financial
information.

^2 Debt redemption impacts include accelerated FSA net discount/(premium)
accretion and accelerated original issue discount related to the GSI facility.
See “Non-GAAP Measurements” at the end of this press release and page 15 for
reconciliation of non-GAAP to GAAP financial information.

                                                      
CIT GROUP INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(dollars in millions, except per share data)
                                                                  
                                 Quarters Ended
                                 March 31,       December 31,     March 31,
                                 2013            2012             2012
                                                                  
Interest income
Interest and fees                $ 349.4         $  348.5         $ 418.5
on loans
Interest and
dividends on
interest bearing                  6.4            8.5           7.8      
deposits

and investments
Total interest                    355.8          357.0         426.3    
income
Interest expense
Interest on
long-term                          (249.6  )        (324.1  )       (1,044.3 )
borrowings
Interest on                       (42.3   )       (42.5   )      (36.3    )
deposits
Total interest                    (291.9  )       (366.6  )      (1,080.6 )
expense
Net interest                       63.9             (9.6    )       (654.3   )
revenue
Provision for                     (19.5   )       (0.1    )      (42.6    )
credit losses
Net interest
revenue, after                    44.4           (9.7    )      (696.9   )
credit provision
Non-interest
income
Rental income on                   444.9            452.0           440.6
operating leases
Other income                      70.1           171.7         255.3    
Total non-interest                515.0          623.7         695.9    
income
Other expenses
Depreciation on
operating lease                    (143.3  )        (130.3  )       (137.6   )
equipment
Operating expenses                 (235.3  )        (231.9  )       (224.3   )
Loss on debt                      -              -             (22.9    )
extinguishments
Total other                       (378.6  )       (362.2  )      (384.8   )
expenses
Income (loss)
before provision                   180.8            251.8           (385.8   )
for income taxes
Provision for                     (15.2   )       (44.2   )      (40.3    )
income taxes
Net income (loss)
before attribution                 165.6            207.6           (426.1   )
of noncontrolling
interests
Net income
attributable to
noncontrolling                    (3.0    )       (0.8    )      (0.9     )
interests, after
tax
Net income (loss)                $ 162.6        $  206.8        $ (427.0   )
                                                                  
Basic income
(loss) per common                $ 0.81          $  1.03          $ (2.13    )
share
Diluted income
(loss) per common                $ 0.81          $  1.03          $ (2.13    )
share
Average number of
common shares -                    201,149          200,916         200,812
basic (thousands)
Average number of
common shares -                    201,779          201,142         200,812
diluted
(thousands)
                                                                  

                                                      
CIT GROUP INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEETS
(dollars in millions, except per share data)
                                                                  
                                March 31,        December 31,     March 31,
                                2013*            2012             2012
                                                                  
Assets
Total cash and                  $ 5,540.8        $ 6,821.3        $ 6,337.2
deposits
Investment                        1,724.1          1,065.5          1,343.0
securities
Trading assets at
fair value -                      21.2             8.4              20.9
derivatives
Assets held for                   646.8            646.4            1,701.9
sale
                                                                  
Loans                             22,120.4         20,847.6         20,511.5
Allowance for                    (386.0   )      (379.3   )      (420.0   )
loan losses
Loans, net of
allowance for                     21,734.4         20,468.3         20,091.5
loan losses
                                                                  
Operating lease                   12,290.6         12,411.7         11,918.9
equipment, net
Goodwill                          345.9            345.9            345.9
Intangible                        27.7             31.9             50.0
assets, net
Unsecured
counterparty                      630.8            649.1            697.4
receivable
Other assets                     1,601.1        1,563.5        1,674.9  
Total assets                    $ 44,563.4      $ 44,012.0      $ 44,181.6 
                                                                  
Liabilities
Deposits                        $ 10,701.9       $ 9,684.5        $ 6,814.7
Trading
liabilities at                    52.1             81.9             86.7
fair value -
derivatives
Credit balances
of factoring                      1,237.7          1,256.5          1,109.8
clients
Other liabilities                 2,492.6          2,687.8          2,579.1
Long-term
borrowings
Unsecured                         11,801.7         11,824.0         14,831.5
borrowings
Secured                          9,775.3        10,137.8       10,289.1 
borrowings
Total long-term                  21,577.0       21,961.8       25,120.6 
borrowings
Total liabilities                36,061.3       35,672.5       35,710.9 
Equity
Stockholders'
equity
Common stock                      2.0              2.0              2.0
Paid-in capital                   8,514.4          8,501.8          8,471.7
Retained earnings
(accumulated                      88.0             (74.6    )       90.7
deficit)
Accumulated other
comprehensive                     (83.3    )       (77.7    )       (80.3    )
loss
Treasury stock,                  (26.7    )      (16.7    )      (16.5    )
at cost
Total common
stockholders'                     8,494.4          8,334.8          8,467.6
equity
Noncontrolling                   7.7            4.7            3.1      
interests
Total equity                     8,502.1        8,339.5        8,470.7  
Total liabilities               $ 44,563.4      $ 44,012.0      $ 44,181.6 
and equity
                                                                  
Book Value Per
Common Share
Book value per                  $ 42.21          $ 41.49          $ 42.17
common share
Tangible book
value per common                $ 40.35          $ 39.61          $ 40.19
share
Outstanding
common shares (in                 201,247          200,869          200,817
thousands)
                                                                  
* Preliminary
                                                                  

                                                         
CIT GROUP INC. AND SUBSIDIARIES
(dollars in millions)
                                                                     
                                      Quarters Ended
INCOME STATEMENT ITEMS                March 31,     December 31,     March 31,
                                      2013          2012             2012
Other Income
Factoring commissions                 $ 30.0        $  32.2          $ 32.3
Gains on sales of                       22.3           40.5            19.4
leasing equipment
Fee revenues                            20.4           22.7            22.2
                                                                     
Gains on loan and                       5.3            19.8            142.9
portfolio sales
Counterparty receivable                 3.1            43.6            10.2
accretion
Recoveries of loans
charged off
pre-emergence
and loans charged off
prior to transfer to                    4.2            17.4            10.4
held for sale
Gain on investments                     2.4            11.9            19.0
Losses on derivatives
and foreign currency                    (0.6  )        (0.7   )        (2.2  )
exchange
Impairment on assets                    (22.6 )        (37.4  )        (21.6 )
held for sale
Other revenues                         5.6          21.7          22.7  
Total other income                    $ 70.1       $  171.7        $ 255.3 
                                                                     
Operating Expenses
Compensation and                      $ 137.0       $  129.9         $ 133.6
benefits
Technology                              19.8           25.6            18.8
Professional fees                       18.7           13.4            20.0
Advertising and                         7.7            9.2             5.9
marketing
Net occupancy expense                   9.4            8.1             9.1
Provision for severance
and facilities exiting                  5.7            11.7            4.5
activities
Other expenses                         37.0         34.0          32.4  
Operating expenses                    $ 235.3      $  231.9        $ 224.3 
                                                                     

                                                                                  
CIT GROUP INC. AND SUBSIDIARIES
(dollars in millions)
                                                                                               
                       March 31,     December 31,     March 31,
                       2013          2012             2012
FINANCING AND
LEASING ASSETS
Corporate
Finance
Loans                  $ 9,114.3     $ 8,173.0        $ 7,324.0
Operating lease          61.5          23.9             21.5
equipment, net
Assets held for         23.0         56.8           64.4
sale
Financing and           9,198.8      8,253.7        7,409.9
leasing assets
Transportation
Finance
Loans                    1,938.1       1,853.2          1,703.4
Operating lease          12,015.1      12,173.6         11,684.5
equipment, net
Assets held for         214.1        173.6          161.6
sale
Financing and           14,167.3     14,200.4       13,549.5
leasing assets
Trade Finance
Loans -
factoring               2,525.2      2,305.3        2,388.2
receivables
Vendor Finance
Loans                    4,942.1       4,818.7          4,507.0
Operating lease          214.0         214.2            212.9
equipment, net
Assets held for         409.7        414.5          386.0
sale
Financing and           5,565.8      5,447.4        5,105.9
leasing assets
Total commercial
financing and           31,457.1     30,206.8       28,453.5
leasing assets
Consumer
Loans - student          3,594.7       3,694.5          4,586.3
lending
Loans -                  6.0           2.9              2.6
other^(1)
Assets held for         -            1.5            1,089.9
sale
Financing and           3,600.7      3,698.9        5,678.8
leasing assets
Total financing
and leasing            $ 35,057.8    $ 33,905.7      $ 34,132.3
assets
^(1) Reflects
certain
non-consumer
loans at CIT
Bank.
                                                                                               
INVESTMENT
SECURITIES
Short-term
investments,           $ 1,400.5     $ 750.3          $ 1,000.0
predominantly
U.S. Treasuries
Other debt and
equity                  323.6        315.2          343.0
investments
Total investment       $ 1,724.1     $ 1,065.5       $ 1,343.0
securities
                                                                                               
OTHER ASSETS
Deposits on
commercial             $ 685.2       $ 615.3          $ 495.9
aerospace
equipment
Deferred costs,
including debt           164.4         172.2            138.1
related costs
Executive
retirement plan          104.1         109.7            114.7
and deferred
compensation
Accrued interest         96.1          93.9             130.8
and dividends
Tax receivables,
other than               84.1          81.7             54.5
income taxes
Furniture and            77.7          75.4             78.1
fixtures
Prepaid expenses         75.9          73.8             74.2
Other
counterparty             57.4          115.7            170.0
receivables
Other                   256.2        225.8          418.6
Total other            $ 1,601.1     $ 1,563.5       $ 1,674.9
assets
                                                                                               
AVERAGE BALANCES
AND RATES
                       Quarters Ended
                       March 31, 2013                 December 31, 2012         March 31, 2012
                      Average                        Average                   Average
Assets                 Balance       Rate             Balance        Rate     Balance        Rate
Deposits with          $ 5,773.7     0.2%             $ 6,250.3      0.4%       $ 6,293.5      0.3%
banks
Investments              1,536.2     0.8%               1,063.0      0.9%         1,715.4      0.7%
Loans (including
held for sale           21,617.9    6.8%              21,098.6     7.0%        21,843.4     8.1%
assets)
Total interest           28,927.8    5.1%               28,411.9     5.3%         29,852.3     5.9%
earning assets
Operating lease
equipment, net           12,734.6    9.5%               12,619.4     10.2%        12,220.3     9.9%
(including held
for sale assets)
Other                   2,628.4                       2,611.1                  2,841.8
Total average          $ 44,290.8                     $ 43,642.4                $ 44,914.4
assets
Liabilities
Deposits               $ 10,199.7    1.7%             $ 9,270.1      1.8%       $ 6,552.5      2.2%
Long-term               21,794.9    4.6%              22,193.1     5.8%        25,739.2     16.2%
borrowings
Total
interest-bearing         31,994.6    3.6%               31,463.2     4.7%         32,291.7     13.4%
liabilities
Credit balances
of factoring             1,187.3                        1,261.9                   1,143.4
clients
Other
liabilities and         11,108.9                      10,917.3                 11,479.3
equity
Total average
liabilities and        $ 44,290.8                     $ 43,642.4                $ 44,914.4
equity
                                                                                               

                                                                         
CIT GROUP INC. AND SUBSIDIARIES
(dollars in millions)
                                                                                 
CREDIT METRICS
                        Quarters Ended
Gross
Charge-offs To          March 31, 2013         December 31, 2012      March 31, 2012
Average Finance
Receivables
Corporate               $ 4.2         0.19  %  $ 16.2        0.82  %  $  18.0      1.02  %
Finance
Transportation            3.3         0.71  %    -           -           7.9       1.97  %
Finance
Trade Finance             0.8         0.14  %    2.0         0.33  %     1.5       0.26  %
Vendor Finance           16.0      1.33  %   15.9       1.36  %    16.2      1.46  %
Commercial                24.3        0.55  %    34.1        0.81  %     43.6      1.13  %
Segments
Consumer                 -          -         -          -          0.6       0.05  %
Total                   $ 24.3       0.46  %  $ 34.1       0.67  %  $  44.2      0.88  %
                                                                                 
Net Charge-offs
To Average
Finance
Receivables^(1)
Corporate               $ 1.5         0.07  %  $ 14.2        0.72  %  $  6.7       0.38  %
Finance
Transportation            3.3         0.71  %    -           -           7.9       1.97  %
Finance
Trade Finance             (1.8  )     (0.31 %)   (1.8  )     (0.31 %)    1.1       0.19  %
Vendor Finance           6.5        0.54  %   5.0        0.43  %    6.0       0.54  %
Commercial                9.5         0.22  %    17.4        0.41  %     21.7      0.56  %
Segments
Consumer                 -          -         -          -          0.3       0.03  %
Total                   $ 9.5        0.18  %  $ 17.4       0.34  %  $  22.0      0.44  %
                                                                                 
Non-accruing
Loans To                March 31, 2013         December 31, 2012      March 31, 2012
Finance
Receivables^(2)
Corporate               $ 184.9       2.03  %  $ 211.9       2.59  %  $  328.9     4.49  %
Finance
Transportation            18.9        0.97  %    40.5        2.18  %     25.3      1.49  %
Finance
Trade Finance             3.9         0.15  %    6.0         0.26  %     43.8      1.83  %
Vendor Finance           86.4       1.75  %   71.8       1.49  %    83.4      1.85  %
Commercial                294.1       1.59  %    330.2       1.93  %     481.4     3.02  %
Segments
Consumer                 -          -         1.6        0.04  %    0.5       0.01  %
Total                   $ 294.1      1.33  %  $ 331.8      1.59  %  $  481.9     2.35  %
                                                                                 
PROVISION AND
ALLOWANCE
COMPONENTS
                        Provision for Credit Losses        Allowance for Loan Losses
                        Quarters Ended
                        March 31,   December   March 31,   March 31,  December   March 31,
                                    31,                               31,
                        2013        2012       2012        2013       2012       2012
Specific
reserves -              $ (3.6  )   $ (10.3 )  $ (10.0 )   $ 41.6     $  45.2    $ 44.6
commercial
impaired loans
Non-specific
reserves -                13.6        (7.0  )    30.6        344.4       334.1     375.4
commercial
Net charge-offs
-                         9.5         17.4       21.7        -           -         -
commercial^(1)
Net charge-offs          -         -        0.3       -         -        -     
- consumer^(1)
Totals                  $ 19.5     $ 0.1     $ 42.6     $ 386.0   $  379.3   $ 420.0 

(1) Net charge-offs do not include recoveries of loans charged off
pre-emergence and loans charged off prior to transfer to held for sale
recorded in Other Income.
(2) Non-accrual loans include loans held for sale.

                                                                                                                
CIT GROUP INC. AND SUBSIDIARIES
SEGMENT RESULTS
(dollars in millions)
                                                                                                                           
                      Corporate     Transportation   Trade         Vendor        Commercial                   Corporate
                      Finance      Finance         Finance      Finance      Segments      Consumer     and Other   Consolidated
Quarter Ended
March 31, 2013
Total interest        $ 138.9       $  33.9          $ 14.6        $ 130.8       $ 318.2        $ 34.2        $ 3.4        $ 355.8
income
Total interest          (65.8   )      (128.3    )     (7.5    )     (58.1   )     (259.7   )     (17.8   )     (14.4  )     (291.9   )
expense
Provision for           (12.7   )      4.0             (1.3    )     (9.5    )     (19.5    )     -             -            (19.5    )
credit losses
Rental income
on operating            4.0            383.3           -             57.6          444.9          -             -            444.9
leases
Other income            24.1           15.1            32.9          (1.4    )     70.7           0.1           (0.7   )     70.1
Depreciation on
operating lease         (2.2    )      (115.8    )     -             (25.3   )     (143.3   )     -             -            (143.3   )
equipment
Operating              (61.2   )    (49.7     )   (30.0   )   (88.8   )   (229.7   )   (6.7    )   1.1       (235.3   )
expenses
Income (loss)
before                $ 25.1      $  142.5       $ 8.7       $ 5.3       $ 181.6      $ 9.8       $ (10.6  )  $ 180.8    
provision for
income taxes
Funded new            $ 959.7       $  331.8         $ -           $ 649.9       $ 1,941.4      $ -           $ -          $ 1,941.4
business volume
Average Earning       $ 8,680.0     $  14,187.8      $ 1,065.8     $ 5,438.1     $ 29,371.7     $ 3,651.1     $ -          $ 33,022.8
Assets
Average Finance       $ 8,591.5     $  1,874.5       $ 2,395.3     $ 4,811.0     $ 17,672.3     $ 3,650.0     $ -          $ 21,322.3
Receivables
Quarter Ended
December 31,
2012
Total interest        $ 136.6       $  31.6          $ 14.0        $ 133.2       $ 315.4        $ 36.0        $ 5.6        $ 357.0
income
Total interest          (68.6   )      (111.8    )     (5.8    )     (54.2   )     (240.4   )     (96.8   )     (29.4  )     (366.6   )
expense
Provision for           1.1            (1.4      )     6.8           (6.4    )     0.1            (0.2    )     -            (0.1     )
credit losses
Rental income
on operating            2.1            390.6           -             59.3          452.0          -             -            452.0
leases
Other income            84.7           10.9            35.4          20.2          151.2          19.2          1.3          171.7
Depreciation on
operating lease         (1.0    )      (103.4    )     -             (25.9   )     (130.3   )     -             -            (130.3   )
equipment
Operating              (50.1   )    (47.6     )   (29.2   )   (79.4   )   (206.3   )   (9.1    )   (16.5  )   (231.9   )
expenses
Income (loss)
before                $ 104.8     $  168.9       $ 21.2      $ 46.8      $ 341.7      $ (50.9   )  $ (39.0  )  $ 251.8    
provision for
income taxes
Funded new            $ 1,466.1     $  723.8         $ -           $ 867.5       $ 3,057.4      $ -           $ -          $ 3,057.4
business volume
Average Earning       $ 8,033.2     $  14,028.7      $ 996.0       $ 5,292.3     $ 28,350.2     $ 3,994.1     $ -          $ 32,344.3
Assets
Average Finance       $ 7,937.8     $  1,796.2       $ 2,375.2     $ 4,679.3     $ 16,788.5     $ 3,721.0     $ -          $ 20,509.5
Receivables
Quarter Ended
March 31, 2012
Total interest        $ 175.8       $  34.0          $ 14.5        $ 147.2       $ 371.5        $ 50.2        $ 4.6        $ 426.3
income
Total interest          (218.2  )      (460.0    )     (32.4   )     (186.0  )     (896.6   )     (65.5   )     (118.5 )     (1,080.6 )
expense
Provision for           (22.7   )      (7.6      )     (3.8    )     (8.2    )     (42.3    )     (0.3    )     -            (42.6    )
credit losses
Rental income
on operating            2.8            375.4           -             62.4          440.6          -             -            440.6
leases
Other income            203.5          13.5            36.3          (1.2    )     252.1          2.4           0.8          255.3
Depreciation on
operating lease         (1.1    )      (108.0    )     -             (28.5   )     (137.6   )     -             -            (137.6   )
equipment
Operating
expenses / loss        (67.3   )    (45.8     )   (31.6   )   (81.0   )   (225.7   )   (10.9   )   (10.6  )   (247.2   )
on debt
extinguishments
Income (loss)
before                $ 72.8      $  (198.5    )  $ (17.0   )  $ (95.3   )  $ (238.0   )  $ (24.1   )  $ (123.7 )  $ (385.8   )
provision for
income taxes
Funded new            $ 1,038.1     $  289.7         $ -           $ 672.6       $ 2,000.4      $ -           $ -          $ 2,000.4
business volume
Average Earning       $ 7,222.8     $  13,422.2      $ 1,196.8     $ 5,049.5     $ 26,891.3     $ 6,205.0     $ -          $ 33,096.3
Assets
Average Finance       $ 7,082.2     $  1,596.6       $ 2,360.7     $ 4,456.3     $ 15,495.8     $ 4,639.8     $ -          $ 20,135.6
Receivables
                                                                                                                           

                                                                                                  
CIT GROUP INC. AND SUBSIDIARIES
NON-GAAP DISCLOSURES
(dollars in millions)
                                                                                                         
Non-GAAP financial measures disclosed by management are meant to provide additional information and insight
relative to business trends 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.

                     Quarters Ended
                    March 31,      December 31,     March 31,
Total Net            2013           2012             2012
Revenues^(1)
Interest income      $ 355.8        $  357.0         $ 426.3
Rental income on      444.9         452.0         440.6    
operating leases
Finance revenue        800.7           809.0           866.9
Interest expense       (291.9   )      (366.6    )     (1,080.6 )
Depreciation on
operating lease       (143.3   )     (130.3    )    (137.6   )
equipment
Net finance            365.5           312.1           (351.3   )
revenue
Other income          70.1          171.7         255.3    
Total net revenues   $ 435.6       $  483.8        $ (96.0    )
                                                                                                         
Net Operating
Lease Revenues^(2)
Rental income on     $ 444.9        $  452.0         $ 440.6
operating leases
Depreciation on
operating lease       (143.3   )     (130.3    )    (137.6   )
equipment
Net operating        $ 301.6       $  321.7        $ 303.0    
lease revenue
                                                                                                         
                     Quarters Ended
Net Finance
Revenue as a % of    March 31, 2013                  December 31, 2012         March 31, 2012
Average Earning
Assets^(3)
Net finance          $ 365.5           4.43      %   $ 312.1          3.86  %  $ (351.3 )     -4.25  %
revenue
Accelerated FSA
net
discount/(premium)     17.8            0.21      %     135.2          1.67  %    596.9        7.22   %
on debt
extinguishments
and repurchases
Accelerated
original issue
discount on debt      -             -             (52.6    )    (0.65 %)  -          -      
extinguishments
related to the GSI
facility
Adjusted net         $ 383.3         4.64      %   $ 394.7        4.88  %  $ 245.6      2.97   %
finance revenue
                                                                                                         
                                                                                                         
Impacts of FSA
Accretion and        Corporate      Transportation   Trade          Vendor                  Corporate
Debt-related
Transaction Costs
on Pre-tax Income    Finance        Finance          Finance        Finance    Consumer     & Other      Total
(Loss)
Quarter Ended
March 31, 2013
Pre-tax
income/(loss) –      $ 25.1         $  142.5         $ 8.7          $ 5.3      $ 9.8        $ (10.6  )   $ 180.8
reported
Accelerated FSA
net
discount/(premium)    2.9           9.9           0.8          2.8      0.7        0.7        17.8   
on debt
extinguishments
and repurchases
Pre-tax income
(loss) – excluding   $ 28.0        $  152.4        $ 9.5         $ 8.1     $ 10.5      $ (9.9   )   $ 198.6  
debt redemptions
Quarter Ended
December 31, 2012
Pre-tax
income/(loss) –      $ 104.8        $  168.9         $ 21.2         $ 46.8     $ (50.9  )   $ (39.0  )   $ 251.8
reported
Accelerated FSA
net
discount/(premium)     1.3             9.7             0.3            1.1        121.5        1.3          135.2
on debt
extinguishments
and repurchases
Accelerated
original issue
discount (OID) on
debt                  -             (6.9      )    -            -        (45.7  )    -          (52.6  )
extinguishments
related to the GSI
facility
Pre-tax income
(loss) – excluding   $ 106.1       $  171.7        $ 21.5        $ 47.9    $ 24.9      $ (37.7  )   $ 334.4  
debt redemptions
Quarter Ended
March 31, 2012
Pre-tax
income/(loss) –      $ 72.8         $  (198.5    )   $ (17.0    )   $ (95.3 )  $ (24.1  )   $ (123.7 )   $ (385.8 )
reported
Accelerated FSA
net
discount/(premium)     107.1           278.8           21.2           99.1       15.9         74.8         596.9
on debt
extinguishments
and repurchases
Debt related –
loss on debt          -             -             -            -        -          22.9       22.9   
extinguishments
Pre-tax income
(loss) – excluding   $ 179.9       $  80.3         $ 4.2         $ 3.8     $ (8.2   )   $ (26.0  )   $ 234.0  
debt redemptions
                                                                                                         
                                                                                                         
                     March 31,      December 31,     March 31,
Earning Assets^(3)   2013           2012             2012
Loans                $ 22,120.4     $  20,847.6      $ 20,511.5
Operating lease        12,290.6        12,411.7        11,918.9
equipment, net
Assets held for        646.8           646.4           1,701.9
sale
Credit balances of    (1,237.7 )     (1,256.5  )    (1,109.8 )
factoring clients
Total earning        $ 33,820.1    $  32,649.2     $ 33,022.5 
assets
Commercial earning   $ 30,219.4    $  28,950.3     $ 27,343.7 
assets
                                                                                                         
Tangible Book
Value
Total common
stockholders'        $ 8,494.4      $  8,334.8       $ 8,467.6
equity
Less: Goodwill         (345.9   )      (345.9    )     (345.9   )
Intangible assets     (27.7    )     (31.9     )    (50.0    )
Tangible book        $ 8,120.8     $  7,957.0      $ 8,071.7  
value
                                                                                                         
(1) Total net revenues are the combination of net finance revenue and other income and is an aggregation of all
sources of revenue for the Company. Total net revenues are used by management to monitor business performance.
(2) Total net operating lease revenues are the combination of rental income on operating leases less depreciation
on operating lease equipment. Total net operating lease revenues are used by management to monitor portfolio
performance.
(3) Earning assets are utilized in certain revenue and earnings ratios. Earning assets are net of credit balances
of factoring clients. This net amount represents the amounts we fund.
                                                                                                         

Contact:

CIT MEDIA RELATIONS:
C. Curtis Ritter
Director of Corporate Communications
(973) 740-5390
Curt.Ritter@cit.com
or
Matt Klein
Vice President, Media Relations
(973) 597-2020
Matt.Klein@cit.com
or
CIT INVESTOR RELATIONS:
Ken Brause
Executive Vice President
(212) 771-9650
Ken.Brause@cit.com