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Ally Financial Inc declined 1.2% to $25.31 after the automobile loans provider reported weaker-than-expected revenue growth.

Revenue in the third quarter declined 2% to $1.96 billion from $2.06 billion and net income dropped 1% to $269 million from $272 million and earnings per share was unchanged at 88 cents.

In the vehicle financing business, the core driver of the company's revenue, net interest margin declined 57 basis points from a year ago to 3.24% and loan loss provision increased by $70 million to $508 million from a year ago.

In the quarter, the company originated $10.6 billion of auto loans, including $6.9 billion of used retail volume, or 66% of total originations, $2.9 billion of new retail volume, and $0.7 billion of leases.

Estimated retail auto loans are estimated to yield 10.7% in the quarter, an increase of 193 basis points from a year ago.

In the quarter the company added 95,000 new retail bank customers, increasing the total to 3 million with a total deposit of $140 billion and 92% of balances are FDIC insured.

19 Oct, 2023

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