NEW YORK (AP) — Ally Financial Inc. is reporting net income of $565 million for the second quarter, driven by improvements in its home mortgage business and higher demand for auto loans.
The consumer lender, which is majority owned by the U.S. government, says the results compare with a loss of $3.9 billion in the second quarter of last year.
Ally, formerly known as GMAC Financial Services, says its mortgage operations were profitable in the second quarter, reversing a loss of $1.34 billion last year. Its automotive financing and insurance operations posted higher income.
Ally is the main lender for customers and dealers at General Motors Co. and Chrysler Group LLC.
Net revenue rose 67 percent to $2.1 billion.
To add a comment, please register or login.