RTTNews | Apr 16, 2021 08:04AM EDT

08:03 Friday, April 16, 2021 (RTTNews.com) - Ally Financial Inc. (ALLY), a bank holding company, on Friday reported an increase in first-quarter net income attributable to shareholders to $796 million or $2.11 per share, compared to a net loss of $319 million or $0.85 per share in the year-ago quarter.

The increase in net income reflects a $13 million provision benefit in the quarter compared to a $903 million provision expense for credit losses in the prior year period, as well as higher other revenue and higher net financing revenue.

Excluding items, adjusted earnings for the quarter were $2.09 per share, compared to adjusted loss per share of $0.44 per share in the prior-year quarter. On average, 17 analysts polled by Thomson Reuters expected the company to report earnings of $1.15 per share for the quarter. Analysts' estimates typically exclude special items.

Total net revenue grew 37 percent to $1.94 billion from $1.41 billion in the year-ago quarter. Adjusted total net revenue increased 20 percent from last year to $1.93 billion. Analysts expected revenue of $1.74 billion for the quarter.

Noninterest expense increased $23 million year-over-year, driven primarily by increased staffing and investments to support the growth of Ally's businesses.

Ally Financial said its board of directors approved a $0.19 per share common dividend for the second quarter of 2021.

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