Financial Services
In Thain's First Quarter, Profit for CIT Group
Stock quotes in this article:CIT
CIT Group said it intends to prepay $1.5 billion of loans that cut into profitability.
On the same call, CIT Group's CFO, Joseph Leone, said that the almost $7 billion of first lien debt outstanding before the prepayment is equal to approximately $600 million in pretax earnings.
CIT Group's total assets declined by $2 billion as of March 31, to $58.1 billion, a decline of 23% versus the first quarter 2009 and down 3.2% compared to the end of 2009.
CIT Group's net charge-offs were $42 million, as most loans had been written down to fair value at the end of last year.
Total deposits were $4.9 billion, down from the 2009 year-end level.
-- Reported by Eric Rosenbaum in New York.
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