NEW YORK ( TheStreet) -- Commercial lender, CIT ( CIT), which emerged from bankruptcy in December 2009, reported a profit of $142.1 million or 71 cents a share, significantly higher than analyst estimates of 33 cents a share. The company reported a loss of $2.53 a share in the second quarter of 2009. That is prior to the bankruptcy and therefore, not comparable. Profits were, however, up 46% from the March quarter on the back of gains from asset sales and recoveries on receivables charged off prior to the bankruptcy. Net interest revenue declined 14.6% from the March quarter to $179.9 million. However, total revenues increased in the March quarter as a higher provision for credit losses of $260.7 million were offset by the 36% increase in non-operating income. Credit quality is still suffering, with net charge-offs rising to $106 million from $42 million in the March quarter. Non-accrual loans, or loans on which interest and principal have not been paid for 90 days, was at $2.05 billion up from $1.93 billion. The company was able to pay down $3 billion of high-cost debts through asset sales and new financing during the quarter. The company has an additional $4 billion of first lien debt outstanding, which it said it intends to further repay or refinance subject to market conditions. CIT, which lends to medium- and small-sized businesses, was a victim of the financial crisis in 2009, when it became harder to raise money cheaply, even as its clients struggled to repay loans. It filed for bankruptcy in November 2009, after the government refused to bail it out a second time, having already invested $2.3 billion under the financial rescue package. It emerged out of bankruptcy a month later and went on to appoint John A. Thain, former head honcho of Merill Lynch as its Chairman and CEO. The stock is down 1.3% at $38.45 on Tuesday morning. -- Reported by Shanthi Venkataraman in New York. Follow TheStreet.com on Twitter and become a fan on Facebook.