GE announced first-quarter 2011 operating earnings of $3.6 billion, up 58% compared to the same quarter in 2010. GE said it was the fourth-consecutive quarter of double-digit earnings growth.

GE said its consolidated tax rate 53% reflected tax on the NBCU transaction and improved GE Capital earnings.

Reporting on its GE Capital finance unit, GE said revenues and segment profit for the first quarter were $12.3 billion and $1.8 billion, respectively up from $11.9 billion and $583 million a year earlier.

GE Capital’s commercial lending and leasing business unit revenues and profit for the first quarter was $4.6 billion and $554 million, respectively compared to $4.6 billion and $232 million for the three months ended March 31, 2010.

“GE Capital had a strong first quarter, earning $1.8 billion after tax”, GE chairman and CEO Jeff Immelt said. “With losses having peaked, we are originating new business at attractive margins and our funding costs continue to be favorable. Reserve coverage decreased slightly in the quarter, driven by improving portfolio quality. Since the first quarter of 2010, we’ve improved our GECC Tier 1 common ratio to 9.8% from 7.8% and reduced GECC leverage to 4.5:1 from 5.5:1. We have strengthened the GE Capital franchise and are on track for solid earnings growth,” Immelt added.

To read the full text of the General Electric news release:
click here.