Summary Box: Ally Financial returns to black in 2nd quarter, sees public offering in 2011
By APTuesday, August 3, 2010
Summary Box: Ally Financial posts 2Q profit
IN THE BLACK: Ally Financial Inc., the consumer lender 56 percent owned by the federal government, posted net income of $565 million in the second quarter, thanks to improvements in its home mortgage business and demand for auto loans.
DEPOSITS UP: The company, formerly called GMAC Financial Services and the primary lender for GM and Chrysler, has been trying to diversify its business. A key component has been Ally Bank, an online banking service, where deposits rose to $34.3 billion from $32 billion in the prior three-month period.
IPO IN SIGHT: CEO Michael Carpenter said he expects the company to hold an initial public offering of stock some time next year.
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