GE Capital's business in New Zealand is back on a growth path similar to that of its counterpart in Australia, with profits rising and asset quality improving.GE released an overview of its financials in New Zealand, for the 2011 calendar year, yesterday, following a template used for the Australian business (which was reported on earlier this week)Headline profit increased 29 per cent, to NZ$149 million, over the year. Net lending assets only increased by one per cent, to NZ$2.33 billion, reflecting the run-off in the wholesale vehicle finance book and the sale of remaining home loan assets.GE said business volumes increased by 15 per cent in commercial finance (which is mainly in vehicles) and by 18 per cent in consumer, so the growth is more balanced in New Zealand than in Australia.Loans 30 days or more past due were 5.7 per cent at the end of 2011, only 10 basis points down on 2010, but much lower than at the height of the global financial crisis.Aaron Baxter, chief executive of GE in New Zealand, said: "I feel very positive about the pipeline of growth."Baxter said firms had few options outside of the Australian-owned banks and he was unaware of any plans by other foreign-owned financiers to step up their investment in New Zealand. (A handful of established foreign banks are active, such as Rabo and HSBC).GE bought Face Finance from the receiver of South Canterbury Finance last year, which added around NZ$100 million in receivables.