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Mar 31, 2024
Ally Q1 2024 Earnings Report
Ally's financial results for Q1 2024 reflected the strength and scale of its market-leading franchises.
Key Takeaways
Ally Financial reported a net income attributable to common shareholders of $129 million for Q1 2024, compared to $291 million in Q1 2023. The decrease was driven by lower net financing revenue, higher provision for credit losses, and higher noninterest expenses, partially offset by higher other revenue. The company saw record consumer auto applications and continued momentum in insurance earned premiums.
Michael Rhodes was announced as CEO starting April 29.
The sale of Ally Lending was successfully closed, resulting in a CET1 benefit.
A record 3.8 million consumer auto applications were received, driving $9.8 billion of origination volume.
Insurance earned premiums reached a record $349 million, with continued momentum from new P&C OEM relationships.
Revenue by Segment
Forward Guidance
No specific forward guidance was provided in the earnings report.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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