Ally Financial 2Q net income nearly doubles

Associated Press

Auto finance company Ally Financial said Tuesday its net income nearly doubled in the second quarter, and its stock rose in morning trading.

The Detroit-based company said its net income grew to $360 million, or 71 cents per share. Excluding one-time costs and gains Ally said it earned 54 cents per share. Its revenue grew to $1.36 billion.

Analysts expected net income of 52 cents per share and $1.33 billion in revenue, according to Zacks Investment Research.

Ally Financial stock gained 19 cents to $17.82 in morning trading. The stock is down about 4 percent in 2016 and has fallen 18 percent over the last 12 months.