NEW YORK — Commercial lender CIT Group Inc. said Monday in a regulatory filing it lost $1.68 billion in the second quarter and again warned it might have to file for bankruptcy protection if it fails to restructure its business.
Losses mounted in the quarter for the embattled New York-based lender as borrowing costs exceeded income from lending to customers and as it set aside more money to protect against future loan losses.
CIT lost $4.30 per share during the quarter ended June 30.
During the same quarter last year, CIT lost $2.08 billion, or $7.88 per share, because of a $2.55 billion charge from discontinued operations.
CIT’s loss from continuing operations during the second quarter was $1.62 billion, versus earnings from continuing operations during the year-ago period of $47.9 million. Analysts polled by Thomson Reuters forecast a loss of $1.95 a share for the latest quarter.
In its quarterly report to the Securities and Exchange Commission, CIT said there is still “substantial doubt” about its ability to continue operating.
