GE reported that profit for its Consumer Finance unit climbed 21% in the fourth quarter to $770 million as GECF produced revenues of $4.9 billion, a 13.5% increase over 4Q/04. During the quarter, GECF acquired a majority interest in Keppel Bank, the oldest savings bank in the Philippines; made a strategic investment in Shenzhen Development Bank, China’s first publicly traded bank; reached an agreement to acquire Pacific Retail Finance, a $350 million consumer finance company in New Zealand, and one of the country’s largest direct-to-consumer finance operations; agreed to purchase the credit card assets of Belk, Inc., the United States’ largest privately owned department store company; and closed the acquisition of a stake in Garanti bank. For complete details on GE’s fourth quarter performance, visit CardData (www.carddata.com).
GE CONSUMER FINANCIAL TRACK RECORD
4Q/04: $637 million $4304 million
1Q/05: $735 million $4689 million
2Q/05: $735 million $4928 million
3Q/05: $810 million $4913 million
4Q/05: $770 million $4886 million
Source: CardData (www.carddata.com)