Growth in bank deposits and demand for auto loans helped lift Ally Financial back to a profit in the second quarter.
The company on Tuesday reported net income of $323 million, or 54 cents per share, compared with a loss of $927 million, or $2.73 per share, in the April-June quarter a year ago.
Excluding one-time charges, Ally's earnings amounted to 42 cents per share. That's above the 33 cents per share that analysts on average expected, according to FactSet.
Ally said earnings from auto loans rose 20.7 percent to $461 million, while deposits to Ally Bank rose 15 percent to $45.9 billion.
Detroit-based Ally was the finance arm of automaker General Motors. It now operates as a standalone auto finance company and bank after being bailed out by the government. The company had an initial public offering of shares in April.
Total returns through July 28
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