UPDATE: CIT Swings To Loss In Second Quarter

CIT Group Inc CIT swung to a second-quarter net loss on Tuesday. CIT posted a quarterly net loss of $48 million, or $0.24 per share, versus a profit of $181.6 million, or $0.91 per share, in the year-earlier period. CIT's total interest income dropped to $602.1 million from $1.024 billion. However, its provision for credit losses dropped to $85 million, from $247 million. Analysts were expecting t a net loss of $0.29 per share. CIT shares fell 0.75% to close at $39.65 yesterday.