Ally Financial (ALLY) Tops Q3 EPS by 27c

Ally Financial (NYSE: ALLY) reported Q3 EPS of $2.16, $0.27 better than the analyst estimate of $1.89.

• Consumer auto originations of $12.3 billion, from a third quarter record 3.3 million decisioned applications
• Insurance written premiums of $295 million, durable investment income sourced from $6.4B portfolio
• Retail deposit customers of 2.45 million grew for the 50th consecutive quarter | Retail balances of $131.6 billion, up 9% YoY and $2.4 billion QoQ

"Ally delivered another strong quarter of financial and operational results, building on momentum generated across our leading businesses. Our customercentric platforms are well positioned to capture market opportunities as they arise, which is reflected in our long-term performance," said Ally Chief Executive Officer Jeffrey J. Brown. "Our teammates relentlessly focus on delivering for customers, as demonstrated in the company we’ve built over several years positioned for ongoing, profitable growth.

"Our announcement to acquire Fair Square Financial – a digital-first credit card company – aligns with our long-term strategy to be the leading full-service digital-bank. The transaction enhances our ability to provide Ally’s growing customer base with the ability to save, spend, invest and borrow with differentiated-products. The addition of credit card complements our existing offerings, adding a growing, customer-focused product with attractive riskadjusted returns.

"I remain particularly proud of the ‘Do It Right’ values we live out as a company. During the quarter, Ally Bank became BankOn certified by Cities for Financial Empowerment following the elimination of overdraft fees, and we launched a RefiNow product increasing mortgage availability to underserved populations. For our teammates, we increased minimum wage by 18%, to $20 per hour, and announced the third annual grant of Ally common stock for all eligible employees. In September, we hosted our annual Moguls in the Making student-led competition, where 10 HBCU’s were represented, culminating in scholarship awards and internship offers. Additionally, Ally was recently named a 2021 top-50 place to work by Diversity Inc., and several of our leaders received industry recognition for their influence and leadership in banking. The combined impact of these actions drives enhanced value for all of our stakeholders.”

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

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