General Electric Co.'s financial arm reported a fall of 87 per cent in profits, which dragged group’s overall earnings in the third quarter down by 44 per cent $4.4 billion. Group’s profit plunged to $2.4 billion during the third quarter of the year as compared with $4.3 billion a year earlier.

GE said that its overall revenue fell by 20 per cent to settle at $37.8 billion.

However, industrial businesses of the GE registered a slight improvement by reporting 4 per cent rise in profits.

The company also witnessed the whole value of equipment orders jumping by $741 million from the previous quarter. 

Jeff Immelt, Chief executive of GE, said, “The global environment is improving, but we are expecting a gradual recovery.”

It should be noted here that the company has been rolling back consumer and real estate lending in order to focus on other fields such as energy and healthcare.

Shares in GE dropped about 4.3 per cent to close at $16.06-a-share in the recent trading.