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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
09/26/201617:26:58Current Report Filing (8-k)
09/26/201606:00:00New-Technology Aircraft Create Revenue Opportunities and Reduce...
09/22/201608:30:00CIT Provides $35 Million Financing for Mesa Airlines
09/21/201608:30:00CIT Franchise Finance Expands Mid-Cap Restaurant Sales Team
09/15/201608:30:00CIT Serves as Lead Arranger and Administrative Agent for $242...
09/13/201608:30:00CIT Appoints Stuart Alderoty as Executive Vice President, General...
09/08/201608:30:00CIT Appoints Michael Jones Managing Director of CIT Equipment...
09/07/201608:30:00CIT Serves as Co-Lead Arranger for $138.5 Million Financing for...
09/01/201616:15:59Statement of Changes in Beneficial Ownership (4)
09/01/201616:14:37Initial Statement of Beneficial Ownership (3)
08/30/201608:30:00CIT Appoints James J. Duffy as Executive Vice President and Chief...
08/29/201608:30:00CIT Serves as Sole Lead Arranger for $61.8 Million Acquisition...
08/22/201608:30:00CIT Aerospace Signs 39 Agreements Related to the Lease of Commercial...
08/15/201607:36:56Quarterly Report (10-q)
08/11/201608:30:00CIT Commercial Services Appoints Darrin Beer as Western Regional...
08/09/201617:08:31Notification That Quarterly Report Will Be Submitted Late (nt...
08/08/201608:30:00CIT Provides $100,000 to Los Angeles Latino Chamber of Commerce...
08/05/201610:37:49Statement of Changes in Beneficial Ownership (4)
08/03/201608:30:00CIT Provides $23 Million Financing to Lighthouse eDiscovery
08/02/201616:09:31Statement of Changes in Beneficial Ownership (4)

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