CIT Vendor Finance, the leasing division of CIT Group, has recorded $5m (€3.79m) in pre-tax profit for the second quarter of 2013.

The figure is down slightly from $5.3m in the previous quarter, however, financing and leasing assets grew to $5.7bn, representing an increase of 11% from Q2 2012 and 2% from Q1 2013.

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CIT Group reported net Q2 income of $184m, compared to a net loss of $73m in the same quarter of 2012.

CIT Group year-to-date net income ending 30 June 2013 was $346m, compared to a net loss of $500m for the prior year which included significant debt deleveraging charges.

John Thain, chairman and chief executive of CIT, said: "We grew CIT Bank assets and deposits and advanced our expense reduction initiatives as we continued to provide financing to our small business, middle market and transportation clients."

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