Ally Financial Inc
For the period ended Sep 30, 2024. Filed Nov 5, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 5, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. Financial Statements
Condensed Consolidated Statement of Comprehensive Income (Loss) (unaudited)
| Three months ended September 30, | Nine months ended September 30, | |||
|---|---|---|---|---|
| ($ in millions) | 2024 | 2023 | 2024 | 2023 |
| Financing revenue and other interest income | ||||
| Interest and fees on finance receivables and loans | $2,889 | $2,837 | $8,561 | $8,133 |
| Interest on loans held-for-sale | 5 | 7 | 48 | 29 |
| Interest and dividends on investment securities and other earning assets | 262 | 267 | 793 | 752 |
| Interest on cash and cash equivalents | 102 | 99 | 287 | 242 |
| Operating leases | 316 | 385 | 1,005 | 1,179 |
| Total financing revenue and other interest income | 3,574 | 3,595 | 10,694 | 10,335 |
| Interest expense | ||||
| Interest on deposits | 1,616 | 1,563 | 4,861 | 4,198 |
| Interest on short-term borrowings | 13 | 13 | 63 | 36 |
| Interest on long-term debt | 256 | 274 | 748 | 753 |
| Interest on other | — | — | 1 | 2 |
| Total interest expense | 1,885 | 1,850 | 5,673 | 4,989 |
| Net depreciation expense on operating lease assets | 201 | 212 | 582 | 638 |
| Net financing revenue and other interest income | 1,488 | 1,533 | 4,439 | 4,708 |
| Other revenue | ||||
| Insurance premiums and service revenue earned | 359 | 320 | 1,045 | 936 |
| Gain on mortgage and automotive loans, net | 6 | 4 | 18 | 13 |
| Other gain (loss) on investments, net | 74 | (41) | 96 | 59 |
| Other income, net of losses | 176 | 152 | 491 | 431 |
| Total other revenue | 615 | 435 | 1,650 | 1,439 |
| Total net revenue | 2,103 | 1,968 | 6,089 | 6,147 |
| Provision for credit losses | 645 | 508 | 1,609 | 1,381 |
| Noninterest expense | ||||
| Compensation and benefits expense | 435 | 463 | 1,396 | 1,448 |
| Insurance losses and loss adjustment expenses | 135 | 107 | 428 | 329 |
| Other operating expenses | 655 | 662 | 1,995 | 1,970 |
| Total noninterest expense | 1,225 | 1,232 | 3,819 | 3,747 |
| Income from continuing operations before income tax (benefit) expense | 233 | 228 | 661 | 1,019 |
| Income tax (benefit) expense from continuing operations | (124) | (68) | (147) | 74 |
| Net income from continuing operations | 357 | 296 | 808 | 945 |
| Loss from discontinued operations, net of tax | — | — | — | (1) |
| Net income | 357 | 296 | 808 | 944 |
| Other comprehensive income (loss), net of tax | 616 | (902) | 423 | (706) |
| Comprehensive income (loss) | $973 | $(606) | $1,231 | $238 |
Statement continues on the next page.
Condensed Consolidated Statement of Comprehensive Income (Loss) (unaudited)
| Three months ended September 30, | Nine months ended September 30, | |||
|---|---|---|---|---|
| ($ in millions, except per share data; shares in thousands) (a) | 2024 | 2023 | 2024 | 2023 |
| Net income from continuing operations attributable to common stockholders | $330 | $269 | $725 | $862 |
| Loss from discontinued operations, net of tax | — | — | — | (1) |
| Net income attributable to common stockholders | $330 | $269 | $725 | $861 |
| Basic weighted-average common shares outstanding (b) | 307,312 | 304,134 | 306,699 | 303,497 |
| Diluted weighted-average common shares outstanding (b) | 311,044 | 305,693 | 309,786 | 304,601 |
| Basic earnings per common share | ||||
| Net income from continuing operations | $1.07 | $0.88 | $2.37 | $2.84 |
| Loss from discontinued operations, net of tax | — | — | — | (0.01) |
| Net income | $1.07 | $0.88 | $2.37 | $2.84 |
| Diluted earnings per common share | ||||
| Net income from continuing operations | $1.06 | $0.88 | $2.34 | $2.83 |
| Loss from discontinued operations, net of tax | — | — | — | (0.01) |
| Net income | $1.06 | $0.88 | $2.34 | $2.83 |
| Cash dividends declared per common share | $0.30 | $0.30 | $0.90 | $0.90 |
(a)Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers.
(b)Includes shares related to share-based compensation that vested but were not yet issued.
Refer to Note 17 for additional earnings per share information. The Notes to the Condensed Consolidated Financial Statements (unaudited) are an integral part of these statements.
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