CIT Group Inc. said yesterday that its profit jumped 31 per cent in the fourth quarter, as improvements at its capital finance and commercial finance units drove results.
Net income rose to US$203.8 million, or 95 cents a share, from the previous year's US$155.2 million, or 72 cents a share, the New York-based company said.
The latest results came in above the average earnings projection of 90 cents a share in a Thomson First Call survey of analysts.
CIT Group said the fourth-quarter figures included pre-tax losses of US$15.7 million for accelerated liquidation of manufactured housing assets and US$14 million for a loss on accelerated liquidation of venture capital fund investments.
The results also included a US$43.3 million gain from a reduction in the company's specific telecommunications credit loss reserve.
At commercial finance, profitability improved in business credit and factoring.
