Ally Financial’s second quarter earnings beat analysts’ estimates, on the back of strong lending business.
The auto lender reported earnings per share of 97 cents (excluding certain tax benefits), which surpassed analysts’ expectations of 89 cents a share.
According to the company, its retail auto loans increased to $72.3 billion from $69.9 billion in the year-ago quarter. The average yield on the retail auto loans increased to 6.58% from 6.08%, the lender said.
Furthermore, retail deposits increased by $3.2 billion, the most for a second quarter in Ally’s history.