CIT Group Inc the commercial and consumer finance group reported net income of US$210.4m for the first quarter 2005, an increase from US$189.3m in Q1 2004. Diluted earnings per share were US$0.98 for the quarter, up from US$0.88 last year. Return on average tangible equity (ROTE) for the quarter was 15.3% compared to 15.1% last year. The prior year earnings included a US$25.5m after tax gain on early debt redemption.
The current quarter results were marked by lower charge-offs, strong non- spread revenues and a lower effective tax rate.
Commercial Finance Group
Commercial Finance - Business Credit (asset-based lending) and Commercial Services (factoring)
