Ally Financial reported 1Q net income of $576mn, more than doubling the $227mn reported a year ago due to an after-tax gain of about $400mn from the sale of its JV in China. Jeffery Brown, its CEO said that one of the ways Ally is making up for lost GM lease business is to pursue more subprime loans which accounts for 12% of all Ally originations in 1Q vs 9% a year ago. The firm has highlighted that cross-selling is a top priority as it looks for new revenue streams. In terms of sales, Ford Motor Co ( F - news - people ) and General Motors have been reporting strong sales growth since last year.
Ally Financial reported 1Q net income of $576mn, more than doubling the $227mn reported a year ago due to an after-tax gain of about $400mn from the sale of its JV in China.Jeffery Brown, its CEO said that one of the ways Ally is making up for lost GM lease business is to pursue more subprime loans which accounts for 12% of all Ally originations in 1Q vs 9% a year ago. The firm has highlighted that cross-selling is a top priority as it looks for new revenue streams.Automotive News 28-Apr-15American Banker 28-Apr-15