CIT Group reported a net loss for the quarter ended September 30, 2011 of $16 million, $0.08 per diluted share, down from net income of $116 million, $0.58 per diluted share a year ago, on reduced fresh start accounting benefits and higher costs associated with the prepayments of first and second lien debt. Net income for the nine months ended September 30, 2011 was $1 million, $0.01 per diluted share, down from $442 million, $2.20 per diluted share for 2010.

“Our franchises remain strong and continue to provide much needed financing to the small business and middle market sectors despite the continued uncertainties around the U.S. and global economies,” said John A. Thain, chairman and chief executive officer. “We advanced our 2011 priorities by growing business volumes, accessing diverse funding markets, and further reducing high cost debt. In October, we successfully launched CIT Bank online and eliminated most of the restrictive covenants in our Series A Second Lien Notes. We will continue to capitalize on market opportunities and make progress on our strategic objectives.”

To read CIT’s full earnings news release click here.