CIT Group Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended Dec. 31, 2017. For the quarter, the company reported net loss applicable to common shareholders of $97.8 million, $0.74 per diluted share, compared to net income of $1,142.5 million, $5.65 per diluted share for the year-ago quarter. Loss from continuing operations was $92.6 million, $0.70 per diluted share compared to $425.8 million, $2.11 per diluted share in the year-ago quarter. Total interest income was $447.7 million against $474.1 million a year ago. Net interest revenue was $279.0 million against $295.8 million a year ago. Loss from continuing operations before provision for income taxes was $55.1 million against $432.4 million a year ago. Return on average common equity was negative 4.73% against negative 41.61% a year ago. Return on tangible common equity was 8.42% against negative 4.68% a year ago. Loss from continuing operations was $82.8 million against $425.8 million a year ago. Return on tangible common equity (continuing operations), excluding noteworthy items was 8.47% against 8.37% a year ago.

For the full year, net income applicable to common shareholders was $458.4 million or $2.80 per diluted share, compared to loss of $848.0 million, $4.20 per diluted share, for the last year. Income from continuing operations applicable to common shareholders was $249.6 million or $1.52 per diluted share, compared to $182.6 million, $0.90 per diluted share for the last year. Total interest income was $1,835.6 million against $1,911.5 million a year ago. Net interest revenue was $1,117.9 million against $1,158.3 million a year ago. Income from continuing operations before provision for income taxes was $191.6 million against $20.9 million a year ago. Income from continuing operations was $259.4 million against loss of $182.6 million a year ago. Return on average common equity was 5.48% against negative 7.65% a year ago. Return on tangible common equity (continuing operations) was 7.72% against 3.17% a year ago. Return on tangible common equity (continuing operations), excluding noteworthy items was 8.24% against 6.71% a year ago. Tangible book value per common share at Dec. 31, 2017 was $49.58 against $45.41 a year ago. 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 charge-offs were $18 million (0.26% of average loans), compared to $42 million (0.58% of average loans) in the prior quarter and $24 million (0.32% of average loans) in the year-ago quarter. The prior quarter included charge-offs related to the transfer of the reverse mortgage portfolio to assets held for sale. Excluding a $15 million charge-off related to the Financial Freedom Transaction, net charge-offs in the prior quarter was $26 million (0.36% of average loans).