Compared with the same quarter last year, the second-quarter profits increased b

General Electric reported second-quarter profits of $ 5.4 billion Friday and said it was getting out of the U.S. mortgage business. Profits for the quarter ending June 30 were up by more than 10 percent from $ 4.9 billion in the same quarter last year, led by its oil and gas, aviation, energy and commercial finance businesses. Earnings per share of 52 cents were in line with what analysts expected, according to a survey by Thomson Financial.
      Immelt said GE will quit its U.S. mortgage business and sell off its existing loans. GE Money had strong growth in revenues and assets and increased its profit by 8 percent, despite losses in its WMC mortgage business, he said. GE will use the proceeds from a previously announced $11.6 billion sale of its plastics division to a Saudi firm primarily to accelerate its planned 2007 stock buyback program.