CIT posts first-quarter profit as debt charges fall

April 23 | Tue Apr 23, 2013 6:37am EDT

April 23 (Reuters) - CIT Group Inc reported a quarterly profit compared with a loss from the year earlier as the small-business lender cut its spending on the servicing of long-term debt.

Net income was $162.6 million, or 81 cents per share, in the first quarter, compared with a loss of $427 million, or $2.13 per share, a year earlier.

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