CIT Group Inc. reported net income of $176.6 million for the second quarter, an increase from $136.9 million. Diluted earnings per share were $0.82 for the quarter, up 26% over last year. Net income for the six months ended June 30, 2004 totalled $365.9 million (diluted EPS $1.70), up from $263.9 million (diluted EPS $1.24) last year. Return on tangible equity increased to 13.7% for the second quarter from 11.6% last year.
"Our second quarter results reflect the power and potential of CIT's diverse business franchises," said Albert R. Gamper Jr., chairman. "The underlying business dynamics were strong as we enjoyed higher volume in many businesses, good credit quality across the board and improving returns."
