UPDATE: CIT Group Reports 59% Decline In Q4 Profit

CIT Group Inc (NYSE: CIT) reported a 59% drop in its fourth-quarter profit.

CIT Group's quarterly net income fell to $33.9 million, or $0.17 per share, from $83.2 million, or $0.41 per share, in the year-ago period. CIT Group's total interest income dropped 35% y/y to $492.4 million.

CIT Group shares closed at $38.00 yesterday.