$ALLY (+2.31%) Financial Q3'24 Earnings Highlights

🔹 Adjusted EPS: $0.95 (Est. $0.53) 🟢

🔹 Revenue: $2.1B (Est. $2.03B) 🟢

🔹 Return on Equity (ROE): 11.0% (vs. 9.9% YoY)

🔹 Net Interest Margin (NIM) ex-OID: 3.25%

🔹 Net Income: $330M (up from $269M YoY)

Credit Performance:

🔹 Provision for Credit Losses: $645M (vs. $508M YoY) 

🔹 Net Write-off Rate: 1.9% (vs. 1.8% YoY)

Segment Performance:

Auto Finance:

🔹 Originations: $9.4B from 3.6M processed applications

🔹 Dealer Network: 22,000 dealers

🔹 Auto Loan Yield: 10.54%

Banking & Deposits:

🔹 Retail Deposits: $141B (92% FDIC insured)

🔹 Customer Base: 3.3M, 62 consecutive quarters of growth

Corporate Finance:

🔹 Pre-tax Income: $95M

🔹 ROE: 33%

Credit Cards:

🔹 Active Cardholders: 1.3M

🔹 Receivables Growth: NCO rate 9.9%

Insurance:

🔹 Written Premiums: $384M (highest since IPO) 

🔹 Pre-tax Income: $102M (down from $118M YoY) 

CEO Commentary – Michael Rhodes:

🔸 "We continue to deliver compelling risk-adjusted returns and maintain disciplined capital deployment."

🔸 "Our strong dealer network powered $9.4B in auto originations with solid yields."

🔸 "At Ally Bank, we’ve grown to 3.3M customers and $141B in retail deposits."