Ally Financial (ALLY) Tops Q2 EPS by 1c

Ally Financial (NYSE: ALLY) reported Q2 EPS of $0.46, $0.01 better than the analyst estimate of $0.45.

"In the second quarter, Ally made notable and continued progress in its efforts to diversify and expand its business, while also driving shareholder value," said Ally Chief Executive Officer Jeffrey Brown. "Auto originations were strong totaling $10.8 billion, which was on par with year-ago levels, despite the reduction in leasing. This was driven by steady increases in Growth channel originations, as well as Chrysler originations which were up 37 percent year-over-year. These are clear proof-points that our business model and value proposition are winning across nameplates and throughout the marketplace."

He continued, "Retail deposits continued to grow at a steady clip, increasing 13 percent year-over-year, with the business adding nearly 35,000 new deposit customers in the quarter. Combined with Ally's ongoing efforts to eliminate costly, legacy debt and streamline its capital structure, the company made noteworthy progress in further lowering its cost of funds."

"Looking to the second half of the year, Ally remains on track to achieve its financial targets, and we will continue our efforts to explore additional products and services that would drive growth for the company and add value to our customers. Ally has a distinctive approach in the marketplace, and we believe there is opportunity to build upon our approximately 5.5 million customer relationships," Brown concluded.

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

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