Ally Financial Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2016
January 31, 2017 at 07:01 pm IST
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Ally Financial Inc. reported consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the year, the company reported total other revenue of $1,530 million against $1,142 million a year ago. Pre-tax income from continuing operations was $1,581 million against $1,393 million a year ago. Net income was $1,067 million against $1,289 million a year ago. Net income available to common was $1,037 million against loss of $1,282 million a year ago. GAAP diluted EPS was $2.15 against loss of $2.66 a year ago. Adjusted EPS was $2.16 against $2.00 a year ago. Return on equity was 8.0% against 8.9% a year ago. Pre-tax income from continuing operations was due to continued strong contributions from lending businesses which were supported by strong deposit growth. Core net income available to the common was $1,043 million against $967 million a year ago.
For the quarter, the company reported total other revenue of $392 million against $356 million a year ago. Pre-tax income from continuing operations was $380 million against $431 million a year ago. Net income was $248 million against $263 million a year ago. Net income available to common was $248 million against loss of $953 million a year ago. GAAP diluted EPS was $0.52 against loss of $1.97 a year ago. Adjusted EPS was $0.54 against $0.52 a year ago. Return on equity was 7.4% against 7.4% a year ago. Adjusted tangible book value per share was $26.2 against $24.6 a year ago.
For the quarter, the company reported net charge-offs of $257 million against $198 million a year ago.
Ally Financial Inc. is a financial services company. The Company's segments include Automotive Finance operations, Insurance operations, Mortgage Finance operations, and Corporate Finance operations. The Automotive Finance operations segment is engaged in providing services, such as retail installment sales contracts, loans and operating leases, offering term loans to dealers, financing dealer floorplans and other lines of credit to dealers, and other services. Insurance operations is a complementary automotive-focused business offering both consumer finance protection and insurance products sold primarily through the automotive dealer channel, and commercial insurance products sold directly to dealers. The Mortgage Finance operations segment includes its direct-to-consumer Ally Home mortgage offering and bulk purchases of jumbo and LMI mortgage loans originated by third parties. The Corporate Finance operations segment provides senior secured asset-based and leveraged cash flow loans.
Ally Financial Inc. Reports Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2016