CIT Group Inc. announced unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company's total interest income was $357.0 million compared to $491.3 million for the same period in 2011. Net interest revenue, after credit provision was $9.7 million compared to $214.9 million for the same period in 2011. Income before provision for income taxes was $251.8 million compared to $71.3 million for the same period in 2011. Net income was $206.8 million or $1.03 per basic and diluted share compared to $36.3 million or $0.18 per basic and diluted share for the same period in 2011.

For the year, the company's total interest income was $1,569.1 million compared to $2,228.7 million for the same period in 2011. Net interest revenue, after credit provision was $1,379.9 million compared to $835.4 million for the same period in 2011. Loss before provision for income taxes was $454.8 million compared to income before provision for income taxes of $178.4 million for the same period in 2011. Net loss was $592.3 million or $2.95 per basic and diluted share compared to net income of $14.8 million or $0.07 per basic and diluted share for the same period in 2011.

The company reported net charge offs for the fourth quarter ended December 31, 2012. For the quarter, the company reported net charge-offs were $17 million or 0.34% as a percentage of average finance receivables, versus $24 million, decreased 0.45% in the year-ago quarter and $18 million decreased 0.36% in the prior quarter.