ACQUISITION LIFTS CIT'S NET INCOME.(CIT Group Inc., Receivables Capital Management)
HFN: The Weekly Newspaper for the Home Furnishing Network, April, 2005 by Rudnick, Michael
Byline: Michael Rudnick
NEW YORK-CIT Group's net income for the most recent quarter was partly boosted by a recent factoring business acquisition.
CIT's net income for the first quarter ended March 31 was $210.5 million, compared with $189.3 million for the same period last year.
Managed assets at the commercial and consumer finance firm were $58.8 billion at the end of the quarter, up 10 percent from the last quarter and 17.4 percent from the same period last year. The increase for the quarter was partly attributed to the acquisition of more than $850 million of factoring receivables, according to the company.
On April 1, as earlier reported in HFN, CIT announced the acquisition of all of the factoring assets of Receivables...
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