CIT Group (CIT) reported a solid quarterly profit, benefiting from lower interest payments on its long-term debt. 

Interest payments on the lender's long-term debt fell 70% to $233.8 million in the third quarter, Reuters reported. 

The New York-based lender has been refinancing its long-term debt, helping the company reduce its interest burden and improve its earnings. The company has $21.39 billion in long-term debt.

CIT reported net income of $199.6 million, or 99 cents per share, for the quarter ended Sept. 30, compared with a loss of $299.2 million, or $1.49 per share, a year earlier.