Detroit, Michigan –

Ally Financial Inc. reported strong first-quarter earnings during their conference call on April 18, 2024. The company’s executives, including Head of Investor Relations Sean Leary, Interim CEO Doug Timmerman, and CFO Russ Hutchinson, provided insights into the financial performance of the company across various sectors.

During the call, Timmerman highlighted the upcoming CEO transition, with Michael Rhodes set to take over the leadership role. Timmerman expressed confidence in Rhodes to lead Ally Financial forward, emphasizing the importance of the company’s culture and values in driving success.

Ally Financial’s focus on its employees and community was evident as they were recognized in the Fortune 100’s Best Companies to Work For List. Timmerman highlighted the positive employee survey results, showcasing high levels of employee satisfaction and pride in being part of Ally.

In terms of financial performance, Ally Financial reported adjusted earnings per share of $0.45 for the first quarter. The company saw solid operational execution, with a revenue of $2 billion driven by a focus on high-priority areas that deliver strong returns.

The sale of Ally Lending and the deconsolidation of retail auto loans from the balance sheet were notable transactions that generated capital and earnings benefits for the company. Strong investor interest in the loans originated by Ally reaffirmed the attractive returns on these assets.

In dealer financial services, Ally decisioned a record number of applications and booked significant originations in the auto sector. Retail auto originations had a high average yield, with a focus on quality credit tiers to manage risk effectively. The company also saw momentum in insurance premiums, driven by partnerships and network expansion.

Ally Bank experienced growth in deposits and customer acquisition, reinforcing its position as a leading direct bank in the US. The bank’s approach to providing best-in-class customer experiences and innovative products has led to strong customer retention and satisfaction rates.

Looking ahead, Ally Financial remains focused on its market-leading franchises and driving profitable growth. The company’s strategic initiatives, coupled with a strong financial performance in the first quarter, position Ally for continued success in the years to come.