CIT Group Inc., the commercial lender run by John A. Thain, posted a surprise profit for its first full quarter since emerging from bankruptcy.

Thain told investors during a conference call Tuesday that credit losses are easing and that CIT Group is pushing ahead with plans to cut funding costs and use its banking unit to make more loans. The New York company reported a first-quarter profit of $97 million, or 49 cents a share.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.