GE reported that revenues for its GE Money unit soared 23% in the third quarter to $6.2 billion. Profits grew by 13% to $942 million, compared to one-year ago, despite the impact in the quarter due to market volatility. During the quarter, GE Money signed San Diego State University for an alumni affinity credit card; signed a credit card renewal and expansion agreement with Gap Inc.; announced a multi-year agreement with Lord & Taylor to offer the “Lord & Taylor Credit Card” through the company’s 47 stores and on its Web site; renewed its consumer finance agreement with TN-based American Residential Services for the “ARS HomeCard”; and launched a new rewards MasterCard that contributes up to one percent of card purchases to buy greenhouse gas emissions offsets. Internationally during the quarter, GE Money and American Express teamed to offer a “Gold” and “Standard in Japan; signed an alliance agreement in Spain for the creation of a consumer finance organization to offer financial products such as loans and credit cards; signed a 7 year, NOK 160 million contract with EDB in Denmark; and introduced the “Ryanair Card” MasterCard” to be implemented across different European markets. For complete details on GE’s third quarter performance, visit CardData ([www.carddata.com]).
GE CONSUMER FINANCIAL TRACK RECORD
3Q/06: $830 million $5064 million
4Q/06: $875 million $5811 million
1Q/07: $851 million $5807 million
2Q/07: $952 million $6145 million
3Q/07: $942 million $6207 million
Source: CardData (www.carddata.com)