CIT Group (CIT +2.2%) Q4 easily beats estimates, despite a 59% Y/Y drop in profit as the...

|About: CIT Group Inc. (CIT)|By:, SA News Editor

CIT Group (CIT +2.2%) Q4 easily beats estimates, despite a 59% Y/Y drop in profit as the commercial lender saw reduced benefits from fresh-start accounting. However, a decline in problem loans and borrowing costs helped to beat analysts' expectations, as loan volume increased across all business segments, and it  redeemed about $860M of high-cost debt during the quarter.