CIT Group: Tough Rates Environment To Undermine Merger Benefits [Seeking Alpha]
CIT Group Inc (DEL) (CIT)
Last cit group inc (del) earnings: 4/21 06:00 am
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US:NYSE Investor Relations:
ir.cit.com
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Source: Seeking Alpha
Summary Earnings are likely to decline due to margin compression following monetary easing. Margin will receive some support from the acquisition of Omaha Bank. COVID-19 may drive up net charge-offs and hurt rental income from operating leases. CIT is currently trading at a sharp discount to its book value per share. Risks are at a high level due to the pandemic. Consequently, a neutral rating is appropriate. CIT Group's ( Monetary Easing to Undermine Acquisition Benefits The 150bps Fed funds rate cut in March will squeeze CIT's net interest margin, NIM, this year, which in turn will pressurize net income. Some relief for NIM is likely to come from the acquisition of Mutual of Omaha Bank at the beginning of this year. As Omaha Bank was a Homeowners Association banking business, it had a cheaper deposit mix than CIT's legacy funds. As mentioned in the third-quarter investor presentation conference call The negative impact of NIM compression on net interest income is likely to be partly
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