GE Capital Reports 9% Q1 Earnings Growth
GE announced first-quarter 2013 operating earnings of $4.1 billion, or $0.39 per share, up 14% and 15% respectively from the first quarter of 2012. Analysts polled by Thomson Financial had expected EPS of $0.35.
GE noted that GE Capital continued its strategy to reduce the overall size of its portfolio while focusing on core growth. GE Capital earnings grew 9% in the quarter and ENI (excluding cash and equivalents) was $402 billion at quarter end. The company said GECC’s tier 1 common ratio under Basel 1 rose 65 basis points to 11.1%, and net interest margin was strong at 5%. During the quarter, GECC finalized the acquisition of MetLife’s $6.4 billion deposit base and online deposits business.
GE Capital revenues and segment profit in Q1/13 were $11.54 billion and $1.93 billion, respectively up from $11.34 billion and $1.77 billion in the same year-ago period.
GE Capital’s Commercial Lending and Leasing unit Q1/13 revenues and profit were $3.5 billion and $398 million, respectively down from $4.3 billion and $664 million in the same 2012 quarter.
GE Capital’s Real Estate unit Q1/13 revenue and profit were $1.66 billion and $690 million, respectively compared to $836 million and $56 million for the same quarter in 2012.
To read the entire GE Capital news release, click here.