Small-business lender CIT Group reported a quarterly profit that edged past analysts' estimates as debt-servicing costs fell and its banking unit posted strong loan growth.
The company, one of the biggest financial sector victims of the credit crisis, said interest payments on its long-term debt fell 60 percent to $236.6 million for the second-quarter, while total interest expenses were down 56 percent to $281.4 million.
CIT filed for bankruptcy in 2009 after a debt exchange offer and bailout talks failed. It emerged from Chapter 11 bankruptcy protection later that year.
The company, led by former Merrill Lynch Chief Executive John Thain, reported net income was $183.6 million, or 91 cents per share, for the quarter ended June 30, compared with a loss of $72.9 million, or 36 cents per share, a year earlier.