CIT Group Holdings Inc. reported net income of $93.7 million for the quarter, 29.4% more than a year earlier.

The net income included a $58 million one-time gain on sale of an equity interest in a loan workout.

Net income for the first six months of 1997 increased 23.9%, to $163.8 million.

Net credit losses for the quarter were $29.9 million, $6.2 million more thana year earlier. The company increased reserves to $221.9 million, or 1.32% of finance receivables, from 1.30% six months earlier.

CIT Group makes consumer and commercial loans and leases, including home and manufactured housing loans.

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