GE Capital, the finance arm of US industrial conglomerate GE, has posted a $6.5bn (€4.9bn) profit for 2011 – up some 107% from 2010.

GE Capital Commercial Lending and Leasing (CLL), the segment which includes global equipment finance operations, posted $2.7bn in profits for the 12 months to 31 December 2011, representing a 75% increase on the figure for 2010.

GE Capital’s profit for the fourth quarter was $1.6bn, an 11% increase from the previous three months. GE Capital CLL increased profit 13% in the fourth quarter, recording $777m in earnings compared to $688bn in the three months to 30 September 2011.

GE as a whole posted profits of $14.8bn, up 20% from $12.3bn in 2010.

Jeff Immelt, chairman and chief executive of GE said: “GE Capital, like our industrial businesses, is stronger and competitively positioned to win.”

He said he expects GE Capital to experience double digit profit growth in 2012 while continuing to shrink its balance sheet and strengthen its capital and liquidity positions.

“We expect continued volatility in 2012 and have prepared for it by investing in new products and technology, expanding our growth market footprint and taking important steps to strengthen risk management. GE Capital is safe and secure and rebounding sharply. We are restructuring our businesses in Europe to reflect market conditions,” he said.

Article contributed by: Leasing Life