$ALLY (+2,31ย %) Financial Q3'24 Earnings Highlights
๐น Adjusted EPS: $0.95 (Est. $0.53) ๐ข
๐น Revenue: $2.1B (Est. $2.03B) ๐ข
๐น Return on Equity (ROE): 11.0% (vs. 9.9% YoY)
๐น Net Interest Margin (NIM) ex-OID: 3.25%
๐น Net Income: $330M (up from $269M YoY)
Credit Performance:
๐น Provision for Credit Losses: $645M (vs. $508M YoY)ย
๐น Net Write-off Rate: 1.9% (vs. 1.8% YoY)
Segment Performance:
Auto Finance:
๐น Originations: $9.4B from 3.6M processed applications
๐น Dealer Network: 22,000 dealers
๐น Auto Loan Yield: 10.54%
Banking & Deposits:
๐น Retail Deposits: $141B (92% FDIC insured)
๐น Customer Base: 3.3M, 62 consecutive quarters of growth
Corporate Finance:
๐น Pre-tax Income: $95M
๐น ROE: 33%
Credit Cards:
๐น Active Cardholders: 1.3M
๐น Receivables Growth: NCO rate 9.9%
Insurance:
๐น Written Premiums: $384M (highest since IPO)ย
๐น Pre-tax Income: $102M (down from $118M YoY)ย
CEO Commentary โ Michael Rhodes:
๐ธ "We continue to deliver compelling risk-adjusted returns and maintain disciplined capital deployment."
๐ธ "Our strong dealer network powered $9.4B in auto originations with solid yields."
๐ธ "At Ally Bank, weโve grown to 3.3M customers and $141B in retail deposits."