Reginal Thomas
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GE profit rises 13 percent, as it prepares for retail finance IPO at the end of July

General Electric experienced a 13% rise in quarterly net income in its recent financial report released today. The jump was caused by improves sales on its jet engines and oil and gas equipment, the company announced it was targeting and IPO of its private label credit card business for the end of the month. The company said it was planning a partial IPO for the North American retail finance business, to be called Synchrony Financial, as it plans to leave the business and trim its overall GE Capital unit. GE is expecting a 15% offer that would be valued at $3.1 billion at the midpoint on the IPO.