GMAC posts 1Q profit, launches rebranding effort

By DAN STRUMPF AP Auto Writer

NEW YORK (AP) - Home and auto lender GMAC Financial Services says it made $162 million in the first quarter, its first quarterly profit in more than a year, as restructuring efforts in its mortgage unit began paying off.

The company also announced a rebranding effort. It plans to rename itself Ally Financial Inc. later this month, reflecting the recent strength of its Ally Bank consumer banking unit.

The Detroit-based company says its quarterly profit compares with a loss of $675 million in the same quarter last year. Revenue rose 7 percent to $1.86 billion.