Ally Financial (NYSE: ALLY) just released earnings and beat on the top and bottom line. Shares are up about 6.11% shortly after their earnings release.
We’ll be following along Wall Street’s reaction and offering analysis of the company’s Q2 earnings in this live blog.
What Did Ally Financial Report?
Ally Financial reported total net revenue of $2.08 billion in the second quarter, marking a 3% increase year-over-year. The company achieved a GAAP earnings per share (EPS) of $1.04 and an adjusted EPS of $0.99, beating Wall Street expectations of $0.78 per share, representing increases of 68% and 36% respectively from the prior year, excluding certain items like fair value changes in equity securities.
Net income attributable to common shareholders rose to $324 million, up 70% from $191 million in Q2 2024, driven by lower provisions for credit losses ($384 million, down $73 million YoY) and reduced noninterest expenses ($1.26 billion, down $24 million YoY). Net interest margin expanded to 3.41%, up 9 basis points YoY, while consumer auto originations hit a record $11.0 billion. The company highlighted momentum in diversified revenue streams, including insurance and SmartAuction, offsetting impacts from the sale of its credit card business and wind-down of consumer mortgages.
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The post Live Coverage: Strong 2Q Earnings For Ally Financial (ALLY) appeared first on 24/7 Wall St..
