Near-record auto loans drive Ally profit higher

NEW YORK, July 29 Tue Jul 29, 2014 8:25am EDT

NEW YORK, July 29 (Reuters) - Ally Financial Inc reported a greater-than-expected increase in quarterly profit on Tuesday as auto lending jumped 11 percent to the second-highest level in the company's history.

The auto lender made a profit of $323 million, or $0.54 per diluted share, in the second quarter, compared to a loss of $927 million, or $2.73 per diluted share, in the same period of 2013. The company's year-ago results included a $1.6 billion charge related to a bankruptcy settlement involving its legacy mortgage unit. (Editing by Bernadette Baum)