CIT Group Holdings Inc. said its earnings rose 10.6% in the third quarter, to $42.1 million.
The asset-based-finance company, 60% owned by Dai-Ichi Kangyo Bank Ltd. and 40% by Chemical Banking Corp., said net interest revenue of $157.4 million rose 10.2% over the year-earlier level.
But the sluggish economy slowed the pace of asset growth and contributed to higher chargeoff levels, CIT added.
Receivables and operating leases grew by just $300 million during the quarter, to $12.1 billion.
Chargeoffs rose to $26.6 million, or 0.91% of average finance receivables, from $21.6 million or $.775%