CIT Posts $1 Billion Quarterly Loss
CIT reported a fourth-quarter pretax loss of $1 billion, excluding accounting and reorganization costs, on high borrowing and credit costs.
NEW YORK (
) --
CIT Group
(CIT) - Get Report
reported a fourth-quarter pretax loss of $1 billion, excluding accounting and reorganization costs, on high borrowing and credit costs.
CIT released its fourth-quarter report after the market closed Tuesday. The stock rose 91 cents, or 2.5%, to $37.20, in after-hours trading.
CIT, which emerged from bankruptcy in December, said it earned $3.2 billion in the fourth quarter including a reorganization-related benefit of pretax $10.3 billion.
The commercial lender said its loss for 2009 was $4 million.
-- Reported by Joseph Woelfel in New York.
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