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Ally Financial Posts Quarterly Profit - Ally Bank Grew Retail Deposits By $1 Billion

Tuesday, August 3, 2010 - 12:30 PM
From AP via Yahoo Finance:
Ally Financial Inc. on Tuesday said it expects to hold an initial public offering next year after posting a second-quarter profit of $565 million, driven by improvements in its home mortgage business and more demand for auto loans.

The article mentioned a little about Ally Bank. More was mentioned in Ally's financial report. One of the financial report's highlights was interesting:
Net bank deposits grew by approximately $2.3 billion during the second quarter, which was supported by an 82 percent CD retention rate.

I'm sure that extra 50 bps they were offering on CD renewals helped the CD retention rate. Here are some more bank-related excerpts from Ally's report:
Retail deposits at Ally Bank were $18.7 billion at June 30, 2010, compared to $17.7 billion at March 31, 2010.  Retail deposits accounted for approximately 60 percent of Ally Bank's total deposits as the company remains focused on growing its retail deposit base. Brokered deposits at Ally Bank totaled approximately $9.9 billion at quarter-end, compared to $9.8 billion at the end of the first quarter of 2010.

Ken TuminKen Tumin5,472 posts since
Nov 29, 2009
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