UPDATE: CIT Group Posts Lower Q4 Profit
CIT Group (NYSE: CIT) 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.
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