JSM Financial: CIT Group Inc. bucks expectations and posts first quarter profit after bankruptcy.

April 27, 2010 - PRLog -- CIT Group Inc, in its first full quarter since emerging from bankruptcy, has posted net income of $97.3 million or 49 cents per share compared to a loss of $403.2 million a year ago before its bankruptcy filing and a financial restructuring JSM Financial sources report.

Market analysts had predicted that CIT would post a loss of in the region of 25 cents per share.

On a recent conference call the lender’s Chief Executive John Thain said that the firm was seeing encouraging signs on credit. "We're seeing clients returning to us," JSM Financial understands he added.

CIT Group also said that its Tier 1 ratio increased to 15.5% and its Total Capital ratio climbed to15.8% from last year’s 14.2% as a result of boosted common equity and a reduction in higher risk assets.

The New York based firm said its total assets dropped almost $2 billion from the end of 2009 to $58.1 billion as the company made fewer loans JSM Financial was informed.

On 1 November 2009 CIT Group Inc. filed one of the largest bankruptcies in U.S. history causing the government to lose $2.3 billion in federal bailout money pumped into the firm in December 2008. CIT emerged from bankruptcy on December 10 2009.

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