Ally Financial Inc. (GJM) Wednesday reported preliminary higher net income for the first quarter, driven by an approximately $900 million gain on sale in discontinued operations related to the Canadian operations.
For the quarter the firm posted net income of $1.093 billion, up from $310 million for the corresponding period last year.
Income from discontinued operations for the period was $1.033 billion versus $308 million a year earlier.
The firm reported Core pre-tax loss of $6 million versus income of $111 million last year.
Core pre-tax income, excluding items related to sale of Ally Bank's mortgage servicing rights, was $207 million versus $111 million for the year- before period.
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