UPDATE: CIT Group Posts Lower Q4 Profit

CIT Group

reported a 37% fall in its fourth-quarter profit. CIT's quarterly earnings declined to $129.9 million, or $0.65 per share, from $206.8 million, or $1.03 per share, in the year-ago period. However, analysts were projecting earnings of $0.81 per share. Its outstanding loan portfolio dropped to $18.6 billion, while net finance margin widened to 3.95% from 3.86%. CIT shares closed at $47.22 yesterday.