CIT swings to profit as it continues transition to traditional bank | American Banker

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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.

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