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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
07/28/201510:20:09CIT Group Profit Slides on Revenue Decline
07/28/201506:49:43Current Report Filing (8-k)
07/28/201506:30:00CIT Reports Second Quarter 2015 Net Income of $115 Million ($0.66...
07/21/201519:38:00CIT Receives Regulatory Approval to Acquire OneWest Bank
07/21/201518:36:00CORRECTING and REPLACING CIT Declares Quarterly Dividend
07/21/201517:19:00CIT Declares Quarterly Dividend
07/21/201516:30:55CIT Wins a Federal Approval for OneWest Deal
07/08/201508:30:00CIT Provides $44.7 Million in Financing for Garrison Investment...
07/02/201516:00:00CIT to Announce Second Quarter 2015 Financial Results on Tuesday...
07/02/201509:27:50Statement of Changes in Beneficial Ownership (4)
06/25/201508:30:00CIT Provides $75 Million Financing to AES Distributed Energy
06/18/201508:30:00CIT Provides Financing to Bridge Development Partners
06/15/201502:00:00CIT Selects the V2500® Engine for A321ceo Order
06/03/201508:30:00CIT Provides $29.5 Million Financing to Real Properties Health...
06/02/201515:00:05Midsize Banks Approach Stress Test Deadline
06/02/201514:46:47Statement of Changes in Beneficial Ownership (4)
05/31/201522:19:58GE Launches Bidding for Some Commercial-Lending Operations
05/31/201515:13:10GE Launches Bidding Process for $40 Billion in Commercial-Lending...
05/20/201508:30:00CIT Provides $40 Million Financing to Towerbrook Capital Partners...
05/19/201508:30:00Are Middle Market Companies Doing Enough to Hedge Their Interest...

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