UPDATE: CIT Posts Wider Q2 Loss

CIT Group

reported a wider second-quarter loss. CIT posted a quarterly loss of $70.7 million, or $0.35 per share, versus a year-ago loss of $49.7 million, or $0.25 per share. However, analysts were expecting a loss of $0.57 per share. Its total interest income dropped 32% to $409.3 million. However, its total noninterest income declined 9.8% to $589.5 million. CIT shares closed at $34.79 on Friday.