GE Card Services reported a 2% decline in profits for the second quarter to $172 million, compared to $175 million one year ago. The decline was significantly better than the 13% drop in first quarter profits and helped in part by GE’s recent acquisition of Conseco’s private label credit card portfolio. Year-to-date, GE’s card profits are off 8%, $353 million compared to $384 million for the first half of 2002. However, GE’s global consumer finance business more than offset the decline in the credit card business. GE’s Consumer Finance division had total revenues of $3.0 billion and profits of $514 million for the second quarter. Revenues were up 24% and profits increased 10% over last year. During the second quarter GE added $2.4 billion in receivables from Conseco’s retail sales finance business. The company also added $8.2 billion in U.K. assets by completing the acquisition of First National, and agreed to acquire the personal loan and auto loan businesses of Allbank from Bankgesellschaft Berlin AG, which will add over $2 billion in assets in Germany. GE also renewed an agreement to service the Lowe’s private-label credit card program in the U.S. through 2009, and signed card agreements with Carrefour in Mexico and Indonesia. GE said this morning it expects third quarter revenues for its Consumer Finance division to be up 20-25% and third quarter profits to be up around 20%. For complete details on GE’s second quarter performance visit CardData ([www.carddata.com]).