GE Capital saw year-on-year profit fall by 87 percent in the
third quarter, the lessor reported. Q3 profit was $263 million
(€175 million), down from $2 billion in the same period last
year.
Revenues also fell, 30 percent year-on-year, to $12.2 billion in
the third quarter. The lessor was mainly pulled down by its Real
Estate segment, which made a loss of $538 million – all other
segments were profitable.
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Delinquencies in GE Capital’s equipment segment grew in the
third quarter by 0.23 percentage points to 3.01 percent. This was
an all-time high for the company, but again this was driven by the
company’s Americas portfolio, rather than Europe and Asia, which
partially offset delinquencies.
“We continue to execute our plan of creating a more focused
financial services company,” said Jeff Immelt, GE’s chairman and
CEO.
“While it remains a tough environment for GE Capital, we are
seeing signs of stabilisation. We have successfully navigated
through the financial crisis and are preparing GE Capital to be a
smaller, more focused franchise.”
Jason T Hesse
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