Ally Financial (ALLY) Tops Q1 EPS by 10c

Ally Financial (NYSE: ALLY) reported Q1 EPS of $0.52, $0.10 better than the analyst estimate of $0.42.

"First quarter results demonstrate that our efforts to diversify and expand our leading franchises, while improving shareholder returns, are already making significant inroads," said Ally Chief Executive Officer Jeffrey J. Brown. "Ally continued to post strong originations totaling $9.8 billion for the quarter, with Growth channel originations increasing nearly 55 percent in the past year. Moreover, when excluding GM leasing, originations are up 27 percent, which is a testament to the strength of our business model and our reach in the marketplace."

"The company also surpassed $50 billion in retail deposits during the quarter, with balances increasing 12 percent year-over-year and 45,000 new deposit customers joining the Ally family during the first quarter."

Brown concluded, "Looking ahead, we are intensely focused on thoughtfully expanding our portfolio of products and services to drive revenue and returns. The auto finance business remains at the heart of what we do, and we will continue to grow that business. Meanwhile, Ally is uniquely positioned – with its incredibly powerful brand, a strong culture of innovation and customer focus, and a nimble and flexible business model – to capitalize on the future of retail banking."

For earnings history and earnings-related data on Ally Financial (ALLY) click here.

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