Ally Financial Inc
For the period ended Dec 31, 2024. Filed Feb 19, 2025.
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FY2024 · Filed Feb 19, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statement of Income
| Year ended December 31, ($ in millions) | 2024 | 2023 | 2022 |
|---|---|---|---|
| Financing revenue and other interest income | |||
| Interest and fees on finance receivables and loans | $11,394 | $11,020 | $8,099 |
| Interest on loans held-for-sale | 50 | 34 | 31 |
| Interest and dividends on investment securities and other earning assets | 1,037 | 1,022 | 841 |
| Interest on cash and cash equivalents | 386 | 332 | 54 |
| Operating leases | 1,355 | 1,550 | 1,596 |
| Total financing revenue and other interest income | 14,222 | 13,958 | 10,621 |
| Interest expense | |||
| Interest on deposits | 6,388 | 5,819 | 1,987 |
| Interest on short-term borrowings | 66 | 73 | 107 |
| Interest on long-term debt | 1,017 | 1,001 | 763 |
| Interest on other | 1 | 4 | — |
| Total interest expense | 7,472 | 6,897 | 2,857 |
| Net depreciation expense on operating lease assets | 736 | 840 | 914 |
| Net financing revenue and other interest income | 6,014 | 6,221 | 6,850 |
| Other revenue | |||
| Insurance premiums and service revenue earned | 1,413 | 1,271 | 1,151 |
| Gain on mortgage and automotive loans, net | 24 | 16 | 52 |
| Other gain (loss) on investments, net | 72 | 144 | (120) |
| Other income, net of losses | 658 | 582 | 495 |
| Total other revenue | 2,167 | 2,013 | 1,578 |
| Total net revenue | 8,181 | 8,234 | 8,428 |
| Provision for credit losses | 2,166 | 1,968 | 1,399 |
| Noninterest expense | |||
| Compensation and benefits expense | 1,842 | 1,901 | 1,900 |
| Insurance losses and loss adjustment expenses | 544 | 422 | 280 |
| Goodwill impairment | 118 | 149 | — |
| Other operating expenses | 2,675 | 2,691 | 2,507 |
| Total noninterest expense | 5,179 | 5,163 | 4,687 |
| Income from continuing operations before income tax expense | 836 | 1,103 | 2,342 |
| Income tax expense from continuing operations | 167 | 144 | 627 |
| Net income from continuing operations | 669 | 959 | 1,715 |
| Loss from discontinued operations, net of tax | (1) | (2) | (1) |
| Net income | $668 | $957 | $1,714 |
Statement continues on the next page.
| Year ended December 31, ($ in millions, except per share data; shares in thousands) (a) | 2024 | 2023 | 2022 |
|---|---|---|---|
| Net income from continuing operations attributable to common shareholders | $559 | $849 | $1,605 |
| Loss from discontinued operations, net of tax | (1) | (2) | (1) |
| Net income attributable to common shareholders | $558 | $847 | $1,604 |
| Basic weighted-average common shares outstanding (b) | 306,913 | 303,751 | 316,690 |
| Diluted weighted-average common shares outstanding (b) | 310,160 | 305,135 | 318,629 |
| Basic earnings per common share | |||
| Net income from continuing operations | $1.82 | $2.79 | $5.07 |
| Loss from discontinued operations, net of tax | — | (0.01) | — |
| Net income | $1.82 | $2.79 | $5.06 |
| Diluted earnings per common share | |||
| Net income from continuing operations | $1.80 | $2.78 | $5.04 |
| Loss from discontinued operations, net of tax | — | (0.01) | — |
| Net income | $1.80 | $2.77 | $5.03 |
| Cash dividends declared per common share | $1.20 | $1.20 | $1.20 |
(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 19 for additional earnings per share information. The Notes to the Consolidated Financial Statements are an integral part of these statements.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.