Ally Financial, (ALLY) - Get Report a big U.S. auto lender, reported second-quarter profit jumped 67%, beating Wall Street estimates with record applications and sending the shares for their biggest gain since January.
Net income surged to $582 million from $349 million a year earlier, the Detroit company said Thursday. Earnings per share were $1.46, or 97 cents excluding certain tax benefits.
On that basis, the results exceeded Wall Street analysts' average estimate of 89 cents a share.
The stock jumped 6.5% in New York Stock Exchange trading to close at $33.49, placing the shares up some 47% year to date.
Retail auto loans climbed to $72.3 billion from $69.9 billion in the year-earlier period, the lender said.
And the average yield on the retail auto loans increased to 6.58% from 6.08%.
Retail deposits increased by $3.2 billion, the best for a second quarter in Ally Bank's history.
(This article has been updated.)