Jan 29 CIT Group Inc's fourth-quarter
profit beat Wall Street estimates by a wide margin as the
small-business lender halved the money it spent to cover
interest payments on long-term debt.
For the quarter ended Dec. 31, CIT earned $206.8 million, or
$1.03 per share, far higher than the $36.3 million, or 18 cents
a share, it earned a year ago.
Analysts on average expected the lender to earn 61 cents a
share, excluding items, according to Thomson Reuters I/B/E/S.
The company's interest payments on its long-term debt halved
to $324.1 million.
CIT, led by former Merrill Lynch Chief Executive John Thain,
has been redeeming its high-cost debt and taking charges as it
looks to reduce its costs. It reported losses for first three
quarters of 2012 on the charges.