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CIT reports jump in profit after acquisition

CIT Group Inc. said profit soared in its third quarter as the lender closed its acquisition of OneWest Bank NA.

The Livingston, N.J.-based lender reported a profit of $693.1 million, up from $514.9 million a year earlier. On a per-share basis, earnings rose to $3.61 from $2.76. The latest results included $3.37 a share in one-time tax benefits.

Revenue increased 34% to $520.9 million. Analysts expected 71 cents a share in profit on $520.4 million in revenue, according to Thomson Reuters.

Under Chief Executive John Thain, the bank, which mainly offers commercial banking and transportation financing services, has pushed to expand its commercial businesses and recently acquired Los Angeles-based OneWest Bank and its parent company.

"We made significant progress...