Ally Q3 2023 Earnings Report
Key Takeaways
Ally Financial reported a net income attributable to common shareholders of $269 million, with GAAP earnings per share of $0.88. The results were affected by the high interest rate environment, but the company saw strength in auto finance and insurance. The company focused on managing expenses and navigating the dynamic market backdrop.
Proactive expense management driving $80M annual benefit through lower headcount ($30M restructuring cost | $0.08 EPS)
Valuation allowance release and state law change drove significant tax benefits within the quarter ($94M tax benefit | $0.31 EPS)
A record 3.7 million consumer auto applications driving $10.6 billion of origination volume
Insurance earned premiums of $324 million; highest since 2009
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Ally Revenue by Segment
Forward Guidance
Ally did not provide specific forward guidance in this earnings report.
Revenue & Expenses
Visualization of income flow from segment revenue to net income