GE Capital CLL Business Q2 Profit up 31%
GE announced second-quarter 2013 operating earnings of $3.7 billion were down 8% from the second quarter of 2012. Revenues were $35.1 billion for the quarter, down 4% from the year-ago period.
GE said its GE Capital business progressed with its strategy to decrease the size of its portfolio and focus on its core businesses. GE Capital earnings fell 9%, in line with planned asset reductions. ENI (excluding cash and equivalents) was $391 billion at quarter-end. Volume was up 5% for the quarter, with good returns.
GE Capital revenues and profit in Q2/13 of $10.98 billion and $1.92 billion, respectively was down from $11.35 billion and $2.12 billion or 3% and 9% in the same quarter 2012.
Commercial Lending and Leasing revenues and profit in Q2/13 were $3.91 billion and $825 million, respectively down 3% and up 31% compared to the same quarter in 2012.
GE Capital Real Estate revenue and profit in Q2/13 was $872 million and $435 million, respectively compared to $876 million and $221 million for the same period a year earlier.
To read the General Electric news release: click here.