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CIT in profit despite bankruptcy

CIT Group yesterday posted an unexpected profit in its first full quarter after emerging from one of the largest US bankruptcies, as the small- and mid-market commercial lender wrote off fewer bad loans. First-quarter net income was $97.3m (£63.8m), or 49 cents per share. A year earlier,before bankruptcy and financial restructuring, CIT lost $403.2m, or $1.04 per share.