Ally Financial sell-off reaps rewards as it reveals strong results

ALLY Financial, the government controlled car lender, saw its first quarter net income more than triple after it benefited from a $900m (£577.6m) gain on the sale of its Canadian operations.

For the three months to the end of March the firm, 74 per cent owned by the US government after receiving $17.2bn in funds at the height of the financial crisis, posted net income of $1.09bn, up from $310m for the same period a year ago.

Chief executive Michael A. Carpenter said the majority of Ally’s international businesses have been sold and the company received more than 70 per cent of the total expected proceeds.