CIT Group reported a 12% fall in net income to $104 million for the first quarter of 2015. CIT said first quarter results were impacted by a higher tax provision resulting from the recognition of federal income tax expense due to the prior year partial reversal of the valuation allowance against our net deferred tax asset. “Our results reflected lower profitability in our North American Commercial Finance business as well as lower utilization rates in our transportation business,” said John Thain, chairman and chief executive officer. “Looking ahead, we will continue to execute on our 2015 priorities while positioning CIT

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