GE reported that its Consumer Finance unit posted a record $602 million in first quarter profit, a 10.2% gain over 1Q/03, and a nearly 19% increase over the prior quarter. First quarter revenues were $3.6 billion, a 30% jump over 1Q/03 but only up slightly over the fourth quarter. During the quarter, GE completed the acquisitions of RSGB in France and Orient Consumer Credit in Singapore, adding more than $800 million of assets and expanding Consumer Finance’s presence in growing markets for secured debt consolidation and the financing of used autos. The Company also acquired a 50% interest in IFG Group, a leading Irish specialty finance company, enabling the creation of a debt consolidation business in that market. Acquired Cashworks, a provider of technology solutions for the non-bank financial services industry that adds a strong foundation in the Americas for fee-based Consumer Finance business. GE also launched a private-label credit card and pilot dual card product with ASDA, a 270-store Wal-Mart subsidiary and one of the U.K.’s fastest-growing chains. For complete details on GE’s first quarter performance visit CardData ([www.carddata.com]).
GE CONSUMER FINANCIAL TRACK RECORD
1Q/03: $546 million $2759 million
2Q/03: $514 million $3046 million
3Q/03: $595 million $3499 million
4Q/03: $506 million $3541 million
1Q/04: $602 million $3589 million
Source: CardData (www.carddata.com)