Livingston-based commercial and consumer-finance company CIT Group Inc. posted a 10 per cent jump in third-quarter earnings, citing gains in most segments.
The only CIT unit to experience a decline was commercial finance, where the operating margin declined slightly due to lower fee income in asset-based lending activities.
The company, which was spun off last year from Tyco International Ltd., had net income of $147.8 million, up from $136.9 million in the same quarter a year earlier.
Among CIT's units, equipment finance added new business volume, primarily in the United States. Capital finance had increased gains on sales of aerospace and rail equipment and a modest increase in net rentals.
CIT's return on tangible equity increased to 12.2 per cent from 11.6 per cent in the second quarter, while total return on average earning assets grew to 1.64 per cent from 1.53 per cent.
Source: The Atlanta Journal-Constitution
