CIT Group has announced Q1 results for 2010 with
reported net income for the three months ending March 31 standing
at $97million (€73million).
Its total assets declined by almost $2billion
from year-end 2009, dropping to $58.1bn, caused by a reduction in
finance and leasing assets.
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Excluding factoring, new loan and lease volumes
declined from the previous quarter to $900m.
Vendor finance programmes began to expand, with
volume totalling $500m, and the delivery of four aeroplanes valued
at $200m.
New vendor relationships were signed and the
vendor finance arm of the group successfully returned to the
capital markets by executing term and conduit asset-backed
financings.
All new aircraft deliveries were placed and all
aircraft were re-leased on lease expiration, while rail fleet
utilisation remained more or less unchanged at 90%.
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By GlobalDataClaire Hack
