Detroit (Bloomberg) -- Ally Financial Inc.'s first-quarter profit fell 9.9 percent as results faltered at two core units. Net profit dropped to $146 million from $162 million in the same period a year earlier, Detroit-based Ally said Tuesday. The company is 74 percent owned by the U.S. government after at least three taxpayer-funded bailouts valued at $17.2 billion, and has filed with securities regulators to sell shares to the public.
CEO Michael Carpenter, 64, returned the company to profitability last year by refocusing on autos and reducing risk in mortgages. Formerly GMAC, Ally remains the primary lender to GM dealers.