The leasing and lending arm of GE Capital reported a 52% drop in fourth quarter profits and an 18% drop in profits for the year.
GE Capital Commercial Lending and Leasing (CLL) recorded $263m (195m) profit for the three months to 31 December 2013, compared with $546m for the same period in 2012, and $1.97bn profit for the full year, down from $2.4bn in the previous year.
Outstandings for the division as of 31 December were $116.47bn of which $37.96bn was attributed to the European business.
The profit for GE Capital as a whole was up 38% year-on-year for the fourth quarter to $2.49bn, and up 12% year-on-year for the whole of 2013 to $8.26bn.
Revenue for the division, the financial services unit of industrial conglomerate GE, was $11.07bn for the quarter, down from $11.6bn in 2012, and $44.07bn for the year, down from $45.37bn the year before.
2013 saw the start of a plan by GE to reduce the size of GE Capital to create a "smaller, more focused financial services business" and Jeff Immelt, chairman and chief executive of GE, said he was pleased with the progress made over the year.
GE’s profit was up 19% year-on-year to $7.97bn for quarter four and up 7% to $24.48bn for the year.