CIT Net Jumps 46 Percent in Second Quarter
July 27, 2010,
NEW YORK-Net income for CIT Group rose a dramatic 46 percent in the second quarter, to a total of $142.1 million.
The increase occurred in spite of a 5.3 percent drop in interest income, which was $993.5 million in the second quarter. According to a CIT statement, this decline was offset by a 36 percent increase in other income, which totaled $750.3 million and which included rental income on operating leases; and a 2.9 percent drop in total interest expense. These factors also offset a 5.8 percent gain in operating expenses.
John Thain, who became chairman and chief executive officer of CIT earlier this year, said the company "continued to advance our key corporate initiatives" in the second quarter. These measures included increasing the company's funding flexibility, the repayment of higher-cost debt and the streamlining of its portfolio, Thain said.
Other Articles By Author
HFN Launches Interactive Idea Book
HFN's DIGITAL EDITION
COVER STORY: HFN Turns 90
We commemorate HFN's 90th anniversary by paying tribute to the iconic retailer and supplier brands--and the people--that have helped the industry flourish, then and now.
ALSO IN THIS ISSUE:
- Up & Coming Leaders - The home industry is in capable and visionary hands as this year’s 40 Under 40 list attests. Today’s young leaders span all disciplines and varied levels of operation.
- Omnichannel Retailing - In the Mobile App World, Time is Money