CIT Profit Up 38%

The commercial lender says revenue rises 18%.
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Commercial finance firm

CIT Group

(CIT) - Get Report

said third-quarter profit climbed 38% due to a combination of higher loan issuance and fees.

In the quarter, net income tallied $290.1 million, or $1.44 a share, up from $211 million, or $1.02 a share, a year ago. On an operating basis, which excluded a number of items, CIT earned $1.25 a share.

Net revenue rose 18% to $771 million.

Analysts, as surveyed by Thomson Financial, were looking for earnings of $1.21 a share on revenue of $751 million.