NEW YORK - CIT Group Holding Inc. reported a 10% gain in first quarter earnings due to growth in assets, increased factoring commissions, and sharply lower new credit losses.

CIT, owned by Chemical Banking Corp. and Dai-Ichi Kangyo Bank, earned $52.8 million for the quarter, up from $48 million in 1994.

Gains on asset sales and securitizations slipped to $6.5 million from $7.6 million in the same period last year.

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