CIT Group Inc. today reported net income of US$189.3 million for the quarter ended March 31, 2004. The results for the quarter include a pre-tax gain of US$41.8 million (US$25.5 million after-tax) related to the redemption of US$512 million in term debt. Net income, excluding the gain on the debt call was US$163.8 million, up 27% from (US$127.0 million) for the prior year quarter.
"We started the year on a very positive note," commented Albert R. Gamper, Jr., chairman and CEO. "Our credit quality measurements and margins improved further and returns were better in our Equipment Finance and Capital Finance businesses. Earnings growth was strong from a year ago and our return on tangible equity increased to over 13%," concluded Gamper.
