CIT Group swung to a profit in the second quarter as the Livingston, N.J., company continued its transition from a specialty lender to a more traditional commercial bank.
The $50 billion-asset CIT posted net income of $157 million in the quarter, compared with a $23 million loss in the year-earlier period. Its earnings per share of 85 cents were 20 cents better than the mean of analysts’ estimates compiled by FactSet Research Systems.
Access to authoritative analysis and perspective and our data-driven report series.
14-Day Free Trial
No credit card required. Complete access to articles, breaking news and industry data.