CIT Group (CIT) Records Loss in Q2, Provisions & Costs Rise

CIT Group Inc. CIT recorded adjusted loss per share of 62 cents in second-quarter 2020. The Zacks Consensus Estimate was pegged at a loss of 63 cents. The reported figure excluded noteworthy items such as merger and integration-related costs in connection with the acquisition of Mutual of Omaha Bank, and other restructuring charges.

Results were hurt because of a significant increase in provisions, higher expenses and a decline in revenues. Nevertheless, the balance sheet position remained strong in the quarter.

Net loss available to common shareholders (GAAP basis) was $97.6 million or 99 cents per share compared with net income