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CIT 2Q Swings To 2Q Loss Amid Steep Debt-Related Costs

DOW JONES NEWSWIRES CIT Group Inc.'s (CIT) swung to a second-quarter loss as the lender to small and mid-sized businesses struggled under heavy debt-related costs and a declining asset base. "While our recent efforts to advance our liability restructuring initiatives further reduce our cost of capital and position CIT for long-term success and profitability, they negatively impacted our second-quarter results," said CIT Chief Executive John Thain. CIT has said it hopes to move its vendor business platform to CIT Bank later this year, a move that would allow CIT to use its bank's deposits to fund vendor loans and help it reverse shrinkage of its asset base. On Tuesday, CIT said total assets were $48.01 billion as of June 30, down from $55.45 billion a year earlier and $50.68 billion in the prior quarter. CIT, which emerged from bankrupty protection in December 2009 after struggles during the credit crisis, has recently seen its name floated as a potential acquistion target. In May, one of CIT's largest shareholders cited Wells Fargo & Co. (WFC) as just one of a handful of cash-flush banks that could show interest in the company. CIT reported a loss of $48 million, or 24 cents a share, down from a year-earlier profit of $181.6 million, or 91 cents a share, a year earlier. The current period includes $163 million in debt-related costs, among other items. Analysts polled by Thomson Reuters most recently forecast a per-share loss of 32 cents. Total interest income slid 41% to $602.1 million. So-called "other" income fell 13% from the previous year to $657.8 million. Credit-loss provisions fell to $85 million, down from $247 million a year earlier and $123 million a quarter earlier. Shares of CIT closed Monday at $39.65 and were inactive in recent premarket trade. As of the close, the stock has fallen 16% in the past year. -By Mia Lamar, Dow Jones Newswires; 212-416-3207; mia.lamar@dowjones.com

Stock News for Cit Group (CIT)
DateTimeHeadline
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