GE Capital, the finance arm of US industrial
conglomerate GE, has posted a $6.5bn (€4.9bn) profit for 2011 – up
some 107% from 2010.
GE Capital Commercial Lending and Leasing
(CLL), the segment which includes global equipment finance
operations, posted $2.7bn in profits for the 12 months to 31
December 2011, representing a 75% increase on the figure for
2010.
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GE Capital’s profit for the fourth quarter was
$1.6bn, an 11% increase from the previous three months. GE Capital
CLL increased profit 13% in the fourth quarter, recording $777m in
earnings compared to $688bn in the three months to 30 September
2011.
GE as a whole posted profits of $14.8bn, up
20% from $12.3bn in 2010.
Jeff Immelt, chairman and chief executive of
GE said: “GE Capital, like our industrial businesses, is stronger
and competitively positioned to win.”
He said he expects GE Capital to experience
double digit profit growth in 2012 while continuing to shrink its
balance sheet and strengthen its capital and liquidity
positions.
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By GlobalData“We expect continued volatility in 2012 and
have prepared for it by investing in new products and technology,
expanding our growth market footprint and taking important steps to
strengthen risk management. GE Capital is safe and secure and
rebounding sharply. We are restructuring our businesses in Europe
to reflect market conditions,” he said.
