The car finance arm of Ally Financial reported a pre-tax income of $382m (£246m) in the second quarter of 2013, up from $343m in the first quarter of this year, but down from $440m in the second-quarter of last year.
Ally, the Detroit-based lender, highlighted $9.8 billion of U.S. consumer originations as making a key contribution to earning asset growth.
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Ally Financial group as a whole reported a second-quarter 2013 net loss of $927m, compared to a loss of $898m for the same period last year, which includes a $1.6bn settlement charge for its bankrupt mortgage unit, Residential Capital.
Ally’s automotive arm continues to post profits from a profitable 2012, although it recently announced an initial public offering to raise up to $4bn and aid repaying the US Treasury Department, which owns $5.9bn in mandatory convertible preferred stock in the company.
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