RTTNews | Oct 16, 2020 08:14AM EDT

08:13 Friday, October 16, 2020 (RTTNews.com) - Ally Financial Inc. (ALLY) reported third quarter adjusted earnings per share of $1.25, up 24% from prior year. On average, 14 analysts polled by Thomson Reuters expected the company to report profit per share of $0.68, for the quarter. Analysts' estimates typically exclude special items.

Third quarter total net revenue was $1.68 billion, up 5% from prior year. Adjusted total net revenue was $1.68 billion, up 4%. Analysts expected revenue of $1.55 billion, for the quarter. Net financing revenue was $1.2 billion, up $12 million year-over-year, driven by higher gains on off-lease vehicles, higher retail auto revenue and lower funding costs.

"Our results reflect ongoing strength in credit performance, focused execution from our leading auto finance and deposits businesses, as well as ongoing momentum from our expanded consumer offerings," said CEO Jeffrey Brown.

Total deposits were $134.9 billion, up 13% from last year. Retail deposits were $120.8 billion, up 19%.

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