RTTNews | Jan 22, 2021 07:52AM EST

07:51 Friday, January 22, 2021 (RTTNews.com) - Ally Financial Inc. (ALLY), a bank holding company, on Friday reported an increase in fourth-quarter net income attributable to shareholders to $687 million or $1.82 per share from $378 million or $0.99 per share in the year-ago period.

The increase in net income reflects lower provision for credit losses, higher other revenue and higher net financing revenue that more than offset higher noninterest expense.

Adjusted earnings for the quarter were $1.60 per share, compared to $0.95 per share in the prior-year quarter. On average, 15 analysts polled by Thomson Reuters expected the company to report earnings of $1.05 per share for the quarter. Analysts' estimates typically exclude special items.

Total net revenue grew 21 percent to $1.98 billion from $1.64 billion in the year-ago quarter. Adjusted total net revenue increased 16 percent from last year to $1.88 billion. Analysts expected revenue of $1.67 billion for the quarter.

Ally Financial said its board of directors authorized up to $1.6 billion in common share repurchases for 2021 and also approved a $0.19 per share common dividend for the first quarter of 2021.

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