GE Capital’s CLL Unit Profit Up 42%
General Electric reported that GE Capital Q1/14 revenue and profit was $10.52 billion and $1.93 billion, respectively was down from $11.47 billion or 8% and about flat for the same quarter in 2013.
GE Capital’s Commercial Lending and Leasing (CLL) unit revenues and profit in Q1/14 was $3.58 billion and $564 million, respectively, up 2% and 42% from $3.51 billion and $398 million in Q1/13.
GE Capital’s estimated Tier 1 common ratio (Basel I) rose 32 basis points to 11.4%, and net interest margin was strong at 4.9%. During the quarter, GECC paid $500 million in dividends to the parent.
Also during the quarter, GE filed a registration statement with the SEC for the IPO of its North American Retail Finance business, the first step in a planned, staged exit from that business.
To read the entire General Electric news release, click here.