CIT Group Inc. (CIT) reported first-quarter net income of $162.6 million, compared to a net loss of $427.0 million in the first quarter of 2012. The loss in the year-ago quarter was primarily due to $620 million of debt redemption charges, compared to $18 million of debt redemption charges in the current quarter. On a per share basis, net income for the quarter was $0.81 per share, compared to a loss of $2.13 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.89 per share for the quarter. Analysts' estimates typically exclude special items.
The first quarter results reflected growth in earning assets, lower funding costs, and continued positive portfolio performance. The $590 million improvement in net income from the year-ago quarter was primarily due to a decrease of approximately $600 million in debt redemption charges and lower funding costs, offset by reduced gains on asset sales and lower net FSA interest accretion.
Net interest revenue for the quarter was $63.9 million, compared to negative net interest revenue of $654.3 million in the prior year quarter. Total non-interest income for the quarter was $515.0 million, down from $695.9 million in the year ago quarter.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.