Tue Oct 22, 2013 6:45am EDT
Oct 22 (Reuters) - Small-business lender CIT Group Inc reported its third straight quarterly profit due to lower interest payments on its long-term debt.
Net income was $199.6 million, or 99 cents per share, for the third quarter ended Sept. 30 compared with a loss of $299.2 million, or $1.49 per share, a year earlier.
The New York-based lender's interest expense on long-term debt fell 70 percent to $233.8 million.
CIT is led by former Merrill Lynch Chief Executive John Thain, who became CEO in 2010 following its bankruptcy the previous year due to losses on subprime mortgage assets.
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