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News release: IMMEDIATE RELEASE
Ally Financial Reports Second Quarter 2017 Financial Results
Net Income of $252 million, $0.55 EPS, $0.58 Adjusted EPS1
|Second Quarter Results|
|PRE-TAX INCOME||RETURN ON EQUITY||COMMON SHAREHOLDER EQUITY|
|CORE PRE-TAX INCOME1||CORE ROTCE1||ADJUSTED TANGIBLE BOOK VALUE1|
Net financing revenue of $1,067 million, including $17 million in Original Issue Discount (OID) expense
EPS: $0.55; Adjusted EPS1: $0.58, up 7% YoY
Net interest margin (NIM) of 2.76%, up 8 bps YoY; Ex. OID, NIM of 2.80%, up 8 bps YoY and 16 bps QoQ
Consolidated annualized net charge-offs of 66 bps
Efficiency Ratio: 56%; Adj. Efficiency Ratio1: 44%
Executed $204 million of share repurchases and paid $0.08 per share quarterly dividend
Ally Chief Executive Officer Jeffrey Brown commented on the financial results:
Were very pleased with our second quarter results and the performance of our businesses. We delivered the highest revenue and Adjusted EPS1 since becoming a public company with both NIM expansion and balance sheet growth. We also continued to advance our consumer product offerings with the launch of Ally Invest, further building upon our leading digital banking franchise.
Net financing revenue improved $88 million from the first quarter, demonstrating the power of our self-help earnings growth path and the successful repositioning of the business over the past few years. We continue to see a long runway to deliver improved results given the positioning of the franchise and ability to grow customers and deposits. This will allow us to continue to diversify our product mix and further optimize our liability structure to drive higher returns.
In auto finance, we remain cautious but constructive. Used vehicle price declines and loss performance were well within our expectations, and were seeing improved profitability in both our consumer and commercial auto portfolios.
Strategically, we remain focused on the ingredients of driving strong long-term shareholder returns. Alignment with digital banking trends, earnings growth, improving ROE, diversifying our customer product suite and optimizing capital deployment are all key components as we continue down our path of delivering strong shareholder returns.
Retail deposits of $71.1 billion, up 16% YoY
Average retail deposit rate up 1 bp YoY and 3 bps QoQ
Retail deposit customer base up 49k QoQ; up 15% YoY
Pre-tax income of $347 million
Consumer auto originations of $8.6 billion with estimated retail auto originated yield1 of 6.50%, up 68 bps YoY
Retail auto net charge-off rate of 1.20%
Pre-tax loss of $21 million, down $61 million QoQ, largely due to seasonally high weather losses
Pre-tax income of $35 million, up $21 million YoY
Loans increased by 19% YoY to $3.6 billion
Pre-tax income of $7 million, down $2 million YoY
Total assets increased to $8.9 billion, up 11% YoY
Received CCAR non-objection to Allys capital plan through second quarter 2018, enabling a meaningful increase in capital returns to common shareholders
○ Share repurchase program growing 9% to $760 million
○ Quarterly common dividend increasing from $0.08 per share to $0.12 per share, beginning with the third quarter dividend payment, which has been approved by the Board
Introduced Ally Invest to our customers in May 2017
Seasonally strong lease yields (net of depreciation) up 92 bps QoQ to 6.63% as used car price declines moderated in the second quarter
Increased retail auto loan coverage ratio 7 bps QoQ to 1.50%
|1||The following are non-GAAP financial measures which Ally believes are important to the reader of the Consolidated Financial Statements, but which are supplemental to and not a substitute for U.S. GAAP measures: Adjusted Earnings per Share (Adjusted EPS), Core Pre-Tax Income, Core Net Income Available to Common, Core Return on Tangible Common Equity (Core ROTCE), Estimated Retail Auto Originated Yield, Adjusted Efficiency Ratio, and Adjusted Tangible Book Value per Share (Adjusted TBVPS). These measures are used by management and we believe are useful to investors in assessing the companys operating performance and capital measures. Refer to the Definitions of Non-GAAP Financial Measures and Other Key Terms, and Reconciliation to GAAP later in this document.|
The following information was filed by Ally Financial Inc. (ALLY) on Thursday, July 27, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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