CORRECTED-Ally Financial profit hurt by settlement charge
(Corrects first paragraph Ally being majority owned by the U.S. government to partially owned)
Feb 6 (Reuters) - Ally Financial Inc, the auto lender owned in part by the U.S. government, posted a lower quarterly profit, hurt by a $98 million charge related to a settlement with federal regulators.
The Detroit-based company, once the auto lending arm of General Motors Co, said net earnings fell to $104 million in the fourth quarter, from $1.44 billion a year earlier.
Last year's results got a boost from an $856 million tax benefit.
Ally had agreed to pay $98 million in December to settle allegations by regulators that it discriminated in auto lending against black, Hispanic and Asian/Pacific Islander borrowers. (Reporting by Tanya Agrawal in Bangalore; Editing by Maju Samuel)
- Israel rejects ceasefire plan, source says, as death toll nears 850 |
- Obama tells Central American leaders most children will go home
- First Ebola victim in Sierra Leone capital on the run
- Bad weather seen as probable cause of Air Algerie crash
- EU edges to economic sanctions on Russia but narrows scope |