EX-99.3

EX-99.3 4 d906372dex993.htm EX-99.3 EX-99.3

Exhibit 99.3

LOGO

FIRST QUARTER 2025

FINANCIAL SUPPLEMENT

ALLY FINANCIAL INC.

FORWARD-LOOKING STATEMENTS AND ADDITIONAL INFORMATION

This document and related communications should be read in conjunction with the financial statements, notes, and other information contained in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. This information is preliminary and based on company and third-party data available at the time of the presentation or related communication.

This document and related communications contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by the fact that they do not relate strictly to historical or current facts—such as statements about the outlook for financial and operating metrics and performance and future capital allocation and actions. Forward-looking statements often use words such as “believe,” “expect,” “anticipate,” “intend,” “pursue,” “seek,” “continue,” “estimate,” “project,” “outlook,” “forecast,” “potential,” “target,” “objective,” “trend,” “plan,” “goal,” “initiative,” “priorities,” or other words of comparable meaning or future-tense or conditional verbs such as “may,” “will,” “should,” “would,” or “could.” Forward-looking statements convey our expectations, intentions, or forecasts about future events, circumstances, or results. All forward-looking statements, by their nature, are subject to assumptions, risks, and uncertainties, which may change over time and many of which are beyond our control. In particular, forward-looking statements about Ally’s outlook, including expectations regarding net interest margin, adjusted other revenue, net-charge offs, non-interest expenses and average earning assets, and other forward-looking statements are based on our current expectations and are subject to various important factors that could cause actual results to differ materially, including general economic conditions, expectations regarding interest rates and inflation, monetary and fiscal policies in the United States and other jurisdictions, the composition of our balance sheet, including with respect to our loan and securities portfolios, the impact of our strategic initiatives, including recent transactions involving our Credit Card and Mortgage businesses, demand for new and used vehicles, demand for auto loans and leases and the impact of escalating tariffs and other trade policies on us, our customers and our strategic partners, and the economic impacts, volatility and uncertainty resulting therefrom.

You should not rely on any forward-looking statement as a prediction or guarantee about the future. Actual future objectives, strategies, plans, prospects, performance, conditions, or results may differ materially from those set forth in any forward-looking statement. Some of the factors that may cause actual results or other future events or circumstances to differ from those in forward-looking statements are described above and in our Annual Report on Form 10-K for the year ended December 31, 2024, our subsequent Quarterly Reports on Form 10- Q or Current Reports on Form 8-K, or other applicable documents that are filed or furnished with the U.S. Securities and Exchange Commission (collectively, our “SEC filings”).

Any forward-looking statement made by us or on our behalf speaks only as of the date that it was made. We do not undertake to update any forward-looking statement to reflect the impact of events, circumstances, or results that arise after the date that the statement was made, except as required by applicable securities laws. You, however, should consult further disclosures (including disclosures of a forward-looking nature) that we may make in any subsequent SEC filings.

This document and related communications contain specifically identified non-GAAP financial measures, which supplement the results that are reported according to U.S. generally accepted accounting principles (“GAAP”). These non-GAAP financial measures may be useful to investors but should not be viewed in isolation from, or as a substitute for, GAAP results. Differences between non-GAAP financial measures and comparable GAAP financial measures are reconciled in the document.

Unless the context otherwise requires, the following definitions apply. The term “loans” means the following consumer and commercial products associated with our direct and indirect financing activities: loans, retail installment sales contracts, lines of credit, and other financing products excluding operating leases. The term “operating leases” means consumer- and commercial-vehicle lease agreements where Ally is the lessor and the lessee is generally not obligated to acquire ownership of the vehicle at lease-end or compensate Ally for the vehicle’s residual value. The terms “lend,” “finance,” and “originate” mean our direct extension or origination of loans, our purchase or acquisition of loans, or our purchase of operating leases, as applicable. The term “consumer” means all consumer products associated with our loan and operating-lease activities and all commercial retail installment sales contracts. The term “commercial” means all commercial products associated with our loan activities, other than commercial retail installment sales contracts. The term “partnerships” means business arrangements rather than partnerships as defined by law.

ALLY FINANCIAL INC.

TABLE OF CONTENTS


	Page(s)
Consolidated Results
Consolidated Financial Highlights		4
Consolidated Income Statement		5
Consolidated Period-End Balance Sheet		6
Consolidated Average Balance Sheet		7

Segment Detail
Segment Highlights		8
Automotive Finance		9-10
Insurance		11
Corporate Finance		12
Corporate and Other		13

Credit Related Information		14-15

Supplemental Detail
Capital		16
Liquidity and Deposits		17
Net Interest Margin		18
Earnings Per Share Related Information		19
Adjusted Tangible Book Per Share Related Information		20
Core ROTCE Related Information		21
Adjusted Efficiency Ratio Related Information		22

ALLY FINANCIAL INC.

CONSOLIDATED FINANCIAL HIGHLIGHTS


($ in millions, shares in thousands)	QUARTERLY TRENDS															CHANGE VS.
	1Q 25			4Q 24			3Q 24			2Q 24			1Q 24			4Q 24			1Q 24
Selected Income Statement Data
Net financing revenue	$	1,478		$	1,509		$	1,520		$	1,517		$	1,468		$	(31	)	$	10
Core OID ⁽¹⁾		16			15			14			14			13			1			2
Net financing revenue (excluding Core OID) ⁽¹⁾		1,494			1,524			1,534			1,531			1,481			(30	)		12
Other revenue		63			517			615			505			530			(454	)		(467	)
Change in fair value of equity securities ⁽²⁾		13			47			(59	)		28			(11	)		(34	)		23
Repositioning ⁽²⁾		495			—			—			—			—			495			495
Adjusted other revenue ⁽¹⁾		571			564			556			533			519			8			52
Provision for credit losses		191			557			645			457			507			(366	)		(316	)
Repositioning ⁽²⁾		306			—			—			—			—			306			306
Adjusted provision for credit losses ⁽¹⁾		497			557			645			457			507			(60	)		(10	)
Total noninterest expense ⁽³⁾		1,634			1,360			1,225			1,286			1,308			274			326
Repositioning ⁽²⁾		(314	)		(140	)		—			—			(10	)		(174	)		(304	)
Noninterest expense (ex. repositioning) ⁽¹⁾		1,320			1,220			1,225			1,286			1,298			100			22

Pre-tax income (loss) from continuing operations		(284	)		109			265			279			183			(393	)		(467	)
Income tax expense (benefit)		(59	)		—			67			60			40			(59	)		(99	)
(Loss) from discontinued operations, net of tax		—			(1	)		—			—			—			1			—

Net Income (Loss)		(225	)		108			198			219			143			(333	)		(368	)
Preferred Dividends		28			27			27			28			28			1			—

Net income (loss) attributable to common shareholders	$	(253	)	$	81		$	171		$	191		$	115		$	(334	)	$	(368	)

Selected Balance Sheet Data (Period-End)
Total assets	$	193,331		$	191,836		$	192,670		$	192,379		$	192,800		$	1,495		$	531
Consumer loans		100,831			103,285			103,095			103,585			103,809			(2,454	)		(2,978	)
Commercial loans		32,654			32,745			34,406			35,198			34,151			(91	)		(1,497	)
Allowance for loan losses		(3,398	)		(3,714	)		(3,700	)		(3,572	)		(3,550	)		316			152
Deposits		151,428			151,574			151,950			152,154			155,084			(146	)		(3,656	)
Total equity		14,232			13,903			14,414			13,699			13,580			329			652
Common Share Count
Weighted average basic⁽⁴⁾		309,006			307,553			307,312			306,774			306,003			1,453			3,004
Weighted average diluted⁽⁴⁾		309,006			311,277			311,044			309,886			308,421			(2,270	)		585
Issued shares outstanding (period-end)		307,152			305,388			304,715			304,656			303,978			1,765			3,174
Per Common Share Data
Earnings per share (basic)⁽⁴⁾	$	(0.82	)	$	0.26		$	0.55		$	0.63		$	0.38		$	(1.08	)	$	(1.19	)
Earnings per share (diluted)⁽⁴⁾		(0.82	)		0.26			0.55			0.62			0.37			(1.07	)		(1.19	)
Adjusted earnings per share ⁽¹⁾		0.58			0.78			0.43			0.73			0.41			(0.20	)		0.18
Book value per share		38.77			37.92			39.68			37.34			37.03			0.85			1.74
Tangible book value per share		37.81			35.94			37.36			35.00			34.66			1.87			3.15
Adjusted tangible book value per share ⁽¹⁾		35.95			34.04			35.41			33.01			32.63			1.92			3.32
Select Financial Ratios
Net interest margin		3.31	%		3.30	%		3.29	%		3.32	%		3.16	%
Net interest margin (ex. Core OID) ⁽¹⁾		3.35	%		3.33	%		3.32	%		3.36	%		3.19	%
Cost of funds		4.05	%		4.25	%		4.42	%		4.39	%		4.44	%
Cost of funds (ex. Core OID) ⁽¹⁾		3.99	%		4.19	%		4.36	%		4.34	%		4.38	%
Efficiency Ratio		106.0	%		67.1	%		57.4	%		63.6	%		65.5	%
Adjusted efficiency ratio ⁽¹⁾		56.0	%		52.8	%		51.1	%		52.7	%		59.8	%
Return on average assets		(0.5	)%		0.2	%		0.4	%		0.4	%		0.2	%
Return on average total equity		(7.2	)%		2.3	%		4.9	%		5.6	%		3.4	%
Return on average tangible common equity		(9.0	)%		2.9	%		6.2	%		7.2	%		4.3	%
Core ROTCE ⁽¹⁾		8.3	%		11.3	%		6.2	%		10.7	%		5.9	%
Capital Ratios ⁽⁵⁾
Common Equity Tier 1 (CET1) capital ratio		9.5	%		9.8	%		9.8	%		9.6	%		9.4	%
Tier 1 capital ratio		11.0	%		11.3	%		11.2	%		11.0	%		10.8	%
Total capital ratio		12.8	%		13.2	%		12.9	%		12.7	%		12.5	%
Tier 1 leverage ratio		8.7	%		8.9	%		9.0	%		8.8	%		8.6	%

(1)

Represents a non-GAAP financial measure. For more details refer to pages 19-25.

(2)

For more details refer to pages 23-25.

(3)

Including but not limited to employee related expenses, commissions and provision for losses and loss adjustment expense related to the insurance business, information technology expenses, servicing expenses, facilities expenses, marketing expenses, and other professional and legal expenses.

(4)

Due to the antidilutive effect of the net loss attributable to common shareholders for the first quarter 2025, basic weighted average common shares outstanding were used to calculate diluted earnings per share.

(5)

For more details on the final rules to address the impact of CECL on regulatory capital by allowing BHCs and banks, including Ally, to delay and subsequently phase-in its impact, see page 24.

Note: Numbers may not foot due to rounding

ALLY FINANCIAL INC.

CONSOLIDATED INCOME STATEMENT


	QUARTERLY TRENDS															CHANGE VS.
($ in millions)	1Q 25			4Q 24			3Q 24			2Q 24			1Q 24			4Q 24			1Q 24
Financing revenue and other interest income
Interest and fees on finance receivables and loans	$	2,709		$	2,833		$	2,889		$	2,845		$	2,827		$	(124	)	$	(118	)
Interest on loans held-for-sale		5			2			5			7			36			3			(31	)
Total interest and dividends on investment securities		221			233			253			255			255			(12	)		(34	)
Interest-bearing cash		98			99			102			88			97			(1	)		1
Other earning assets		9			11			9			10			11			(2	)		(2	)
Operating leases		351			350			316			333			356			1			(5	)

Total financing revenue and other interest income		3,393			3,528			3,574			3,538			3,582			(135	)		(189	)
Interest expense
Interest on deposits		1,403			1,527			1,616			1,594			1,651			(124	)		(248	)
Interest on short-term borrowings		1			3			13			27			23			(2	)		(22	)
Interest on long-term debt		271			269			256			244			248			2			23
Interest on other		—			—			—			1			—			—			—

Total interest expense		1,675			1,799			1,885			1,866			1,922			(124	)		(247	)
Depreciation expense on operating lease assets		240			220			169			155			192			20			48

Net financing revenue	$	1,478		$	1,509		$	1,520		$	1,517		$	1,468		$	(31	)	$	10
Other revenue
Insurance premiums and service revenue earned		364			368			359			341			345			(4	)		19
Gain on mortgage and automotive loans, net		1			6			6			6			6			(5	)		(5	)
Other gain / (loss) on investments, net		(499	)		(24	)		74			(7	)		29			(475	)		(528	)
Other income, net of losses		197			167			176			165			150			30			47

Total other revenue		63			517			615			505			530			(454	)		(467	)
Total net revenue		1,541			2,026			2,135			2,022			1,998			(485	)		(457	)
Provision for loan losses		191			557			645			457			507			(366	)		(316	)
Noninterest expense
Compensation and benefits expense		505			446			435			442			519			59			(14	)
Insurance losses and loss adjustment expenses		161			116			135			181			112			45			49
Goodwill impairment		305			118			—			—			—			187			305
Other operating expenses		663			680			655			663			677			(17	)		(14	)

Total noninterest expense		1,634			1,360			1,225			1,286			1,308			274			326
Pre-tax income (loss) from continuing operations	$	(284	)	$	109		$	265		$	279		$	183		$	(393	)	$	(467	)
Income tax (benefit) / expense from continuing operations		(59	)		—			67			60			40			(59	)		(99	)

Net income (loss) from continuing operations		(225	)		109			198			219			143			(334	)		(368	)
Loss from discontinued operations, net of tax		—			(1	)		—			—			—			1			—

Net income (loss)	$	(225	)	$	108		$	198		$	219		$	143		$	(333	)	$	(368	)
Preferred Dividends		28			27			27			28			28			1			—

Net income (loss) available to common shareholders	$	(253	)	$	81		$	171		$	191		$	115		$	(334	)	$	(368	)

Core pre-tax Income walk
Net financing revenue	$	1,478		$	1,509		$	1,520		$	1,517		$	1,468		$	(31	)	$	10
Other revenue		63			517			615			505			530			(454	)		(467	)
Provision for credit losses		191			557			645			457			507			(366	)		(316	)
Total noninterest expense		1,634			1,360			1,225			1,286			1,308			274			326

Pre-tax income (loss) from continuing operations	$	(284	)	$	109		$	265		$	279		$	183		$	(393	)	$	(467	)
Core OID ⁽¹⁾		16			15			14			14			13			1			2
Change in the fair value of equity securities ⁽²⁾		13			47			(59	)		28			(11	)		(34	)		23
Repositioning ⁽²⁾		503			140			—			—			10			363			493

Core pre-tax income ⁽¹⁾	$	247		$	310		$	220		$	321		$	195		$	(63	)	$	52

(1)

Represents a non-GAAP financial measure. For more details refer to pages 19-25.

(2)

For more details refer to pages 23-25.

Note: Numbers may not foot due to rounding

ALLY FINANCIAL INC.

CONSOLIDATED PERIOD-END BALANCE SHEET


($ in millions)	QUARTERLY TRENDS															CHANGE VS.
	1Q 25			4Q 24			3Q 24			2Q 24			1Q 24			4Q 24			1Q 24
Assets
Cash and cash equivalents
Noninterest-bearing	$	543		$	522		$	544		$	536		$	589		$	21		$	(46	)
Interest-bearing		9,866			9,770			8,072			6,833			7,564			96			2,302

Total cash and cash equivalents		10,409			10,292			8,616			7,369			8,153			117			2,256
Investment securities ⁽¹⁾		27,956			27,627			29,223			28,602			29,127			329			(1,171	)
Loans held-for-sale, net		209			160			306			316			358			49			(149	)
Finance receivables and loans, net		133,485			136,030			137,501			138,783			137,960			(2,545	)		(4,475	)
Allowance for loan losses		(3,398	)		(3,714	)		(3,700	)		(3,572	)		(3,550	)		316			152

Total finance receivables and loans, net		130,087			132,316			133,801			135,211			134,410			(2,229	)		(4,323	)
Investment in operating leases, net		7,879			7,991			7,967			8,126			8,582			(112	)		(703	)
Premiums receivable and other insurance assets		2,806			2,790			2,810			2,806			2,750			16			56
Other assets		11,545			10,660			9,947			9,949			9,420			885			2,125
Assets of operations held-for-sale ⁽²⁾		2,440			—			—			—			—			2,440			2,440

Total assets	$	193,331		$	191,836		$	192,670		$	192,379		$	192,800		$	1,495		$	531

Liabilities
Deposit liabilities
Noninterest-bearing	$	133		$	131		$	174		$	156		$	137		$	2		$	(4	)
Interest-bearing		151,295			151,443			151,776			151,998			154,947			(148	)		(3,652	)

Total deposit liabilities		151,428			151,574			151,950			152,154			155,084			(146	)		(3,656	)
Short-term borrowings		3,339			1,625			1,771			3,122			—			1,714			3,339
Long-term debt		16,465			17,495			16,807			15,979			17,011			(1,030	)		(546	)
Interest payable		954			890			1,425			1,148			1,118			64			(164	)
Unearned insurance premiums and service revenue		3,563			3,535			3,534			3,496			3,480			28			83
Accrued expense and other liabilities		3,315			2,814			2,769			2,781			2,527			501			788
Liabilities of operations held-for-sale		35			—			—			—			—			35			35

Total liabilities	$	179,099		$	177,933		$	178,256		$	178,680		$	179,220		$	1,166		$	(121	)
Equity
Common stock and paid-in capital ⁽³⁾	$	15,248		$	15,233		$	15,199		$	15,176		$	15,134		$	15		$	114
Preferred stock		2,324			2,324			2,324			2,324			2,324			—			—
Retained earnings (accumulated deficit)		(78	)		270			284			208			111			(348	)		(189	)
Accumulated other comprehensive loss		(3,262	)		(3,924	)		(3,393	)		(4,009	)		(3,989	)		662			727

Total equity		14,232			13,903			14,414			13,699			13,580			329			652

Total liabilities and equity	$	193,331		$	191,836		$	192,670		$	192,379		$	192,800		$	1,495		$	531

(1)

Includes Held-to-maturity securities.

(2)

Credit Card moved to Assets of Operations Held-For-Sale (HFS) on 03/31/25. Sale of Credit Card closed on 04/01/25.

(3)

Includes Treasury stock.

Note: Numbers may not foot due to rounding

ALLY FINANCIAL INC.

CONSOLIDATED AVERAGE BALANCE SHEET (1)


($ in millions)
	QUARTERLY TRENDS															CHANGE VS.
	1Q 25			4Q 24			3Q 24			2Q 24			1Q 24			4Q 24			1Q 24
Assets
Interest-bearing cash and cash equivalents	$	9,345		$	8,721		$	7,867		$	7,276		$	7,709		$	624		$	1,636
Investment securities and other earning assets		28,435			28,894			29,695			29,233			29,939			(459	)		(1,504	)
Loans held-for-sale, net		166			123			267			220			382			43			(216	)
Total finance receivables and loans, net ⁽²⁾⁽⁵⁾		135,178			136,636			137,625			138,322			139,945			(1,458	)		(4,767	)
Investment in operating leases, net		7,955			7,794			8,038			8,417			8,848			161			(893	)

Total interest earning assets		181,079			182,168			183,492			183,468			186,823			(1,089	)		(5,744	)
Noninterest-bearing cash and cash equivalents		279			278			266			360			309			1			(30	)
Other assets		12,078			11,772			11,711			11,720			11,484			306			594
Allowance for loan losses		(3,708	)		(3,714	)		(3,584	)		(3,557	)		(3,589	)		6			(119	)

Total assets	$	189,728		$	190,504		$	191,885		$	191,991		$	195,027		$	(776)		$	(5,299	)

Liabilities
Interest-bearing deposit liabilities
Retail deposit liabilities	$	143,914		$	141,868		$	141,286		$	142,949		$	143,491		$	2,046		$	423
Other interest-bearing deposit liabilities ⁽³⁾		6,581			9,476			10,789			9,316			11,712			(2,895	)		(5,131	)

Total Interest-bearing deposit liabilities		150,495			151,344			152,075			152,265			155,203			(849	)		(4,708	)
Short-term borrowings		124			239			994			2,254			1,726			(115	)		(1,602	)
Long-term debt ⁽⁴⁾		17,245			16,954			16,597			16,367			17,309			291			(64	)

Total interest-bearing liabilities ⁽⁴⁾		167,864			168,537			169,666			170,886			174,238			(673	)		(6,374	)
Noninterest-bearing deposit liabilities		145			158			166			147			149			(13	)		(4	)
Other liabilities		7,529			7,757			7,619			7,231			7,021			(228	)		508

Total liabilities	$	175,538		$	176,452		$	177,451		$	178,264		$	181,408		$	(914	)	$	(5,870	)
Equity
Total equity	$	14,190		$	14,052		$	14,434		$	13,727		$	13,619		$	138		$	571

Total liabilities and equity	$	189,728		$	190,504		$	191,885		$	191,991		$	195,027		$	(776)		$	(5,299	)

(1)

Average balances are calculated using a combination of monthly and daily average methodologies.

(2)

Nonperforming finance receivables and loans are included in the average balances net of unearned income, unamortized premiums and discounts, and deferred fees and costs.

(3)

Includes brokered (inclusive of sweep deposits) and other deposits.

(4)

Includes average Core OID balance of $729 million in 1Q25, $744 million in 4Q24, $759 million in 3Q24, $773 million in 2Q24, and $786 million in 1Q24.

(5)

Includes the effects of finance receivables and loans, net that were transferred to loans held-for-sale, net and subsequently transferred to assets of operations held-for-sale as of March 31, 2025.

Note: Numbers may not foot due to rounding

ALLY FINANCIAL INC.

SEGMENT HIGHLIGHTS

($ in millions)


	QUARTERLY TRENDS															CHANGE VS.
Pre-tax Income / (Loss)	1Q 25			4Q 24			3Q 24			2Q 24			1Q 24			4Q 24			1Q 24
Automotive Finance	$	375		$	397		$	355		$	584		$	480		$	(22	)	$	(105	)
Insurance		2			36			102			(40	)		70			(34	)		(68	)

Dealer Financial Services		377			433			457			544			550			(56	)		(173	)
Corporate Finance		76			120			105			109			100			(44	)		(24	)
Corporate and Other ⁽¹⁾		(737	)		(444	)		(297	)		(374	)		(467	)		(293	)		(270	)

Pre-tax income (loss) from continuing operations	$	(284	)	$	109		$	265		$	279		$	183		$	(393	)	$	(467	)
Core OID ⁽²⁾⁽⁴⁾		16			15			14			14			13			1			2
Change in the fair value of equity securities ⁽³⁾		13			47			(59	)		28			(11	)		(34	)		23
Repositioning and other ⁽³⁾		503			140			—			—			10			363			493

Core pre-tax income ⁽⁴⁾	$	247		$	310		$	220		$	321		$	195		$	(63	)	$	52

(1)

Corporate and Other includes the impact of centralized asset and liability management, corporate overhead allocation activities, consumer mortgage portfolio, Ally Invest activity, Ally Lending activity and the Credit Card portfolio. The sale of Ally Lending closed on 03/01/24. Additionally, Credit Card moved to Assets of Operations Held-For-Sale (HFS) on 03/31/25.

(2)

Core OID for all periods shown are applied to the pre-tax income of the Corporate and Other segment.

(3)

For more details refer to pages 23-25.

(4)

Represents a non-GAAP measure. For more details refer to pages 19-25.

Note: Numbers may not foot due to rounding

ALLY FINANCIAL INC.

AUTOMOTIVE FINANCE - CONDENSED FINANCIAL STATEMENTS

($ in millions)


	QUARTERLY TRENDS															CHANGE VS.
	1Q 25			4Q 24			3Q 24			2Q 24			1Q 24			4Q 24			1Q 24
Income Statement
Net financing revenue
Consumer	$	1,878		$	1,907		$	1,889		$	1,837		$	1,808		$	(29	)	$	70
Commercial		341			396			432			435			411			(55	)		(70	)
Loans held-for-sale		1			1			—			1			1			—			—
Operating leases		351			350			316			333			356			1			(5	)

Total financing revenue and other interest income		2,571			2,654			2,637			2,606			2,576			(83	)		(5	)
Interest expense		1,065			1,090			1,101			1,065			1,010			(25	)		55
Depreciation expense on operating lease assets:
Depreciation expense on operating lease assets (ex. remarketing)		221			224			193			214			238			(4	)		(17	)
Remarketing (gains) loss, net of repo valuation		19			(3	)		(24	)		(59	)		(46	)		22			65

Total depreciation expense on operating lease assets		240			220			169			155			192			20			48

Net financing revenue		1,266			1,344			1,367			1,386			1,374			(78	)		(108	)
Other revenue
Total other revenue		97			88			85			93			97			9			—

Total net revenue		1,363			1,432			1,452			1,479			1,471			(69	)		(108	)
Provision for credit losses		434			495			579			383			448			(61	)		(14	)
Noninterest expense
Compensation and benefits		183			165			165			160			178			18			5
Other operating expenses		371			375			353			352			365			(4	)		6

Total noninterest expense		554			540			518			512			543			14			11

Pre-tax Income	$	375		$	397		$	355		$	584		$	480		$	(22	)	$	(105	)

Memo: Net lease revenue
Operating lease revenue	$	351		$	350		$	316		$	333		$	356		$	1		$	(5	)
Depreciation expense on operating lease assets (ex. remarketing)		221			224			193			214			238			(4	)		(17	)
Remarketing (gains) loss, net of repo valuation		19			(3	)		(24	)		(59	)		(46	)		22			65

Total depreciation expense on operating lease assets		240			220			169			155			192			20			48

Net lease revenue	$	111		$	130		$	147		$	178		$	164		$	(19	)	$	(53	)

Balance Sheet (Period-End)
Loans held-for-sale, net	$	13		$	5		$	3		$	6		$	5		$	8		$	8
Consumer loans		83,887			83,808			83,396			83,694			83,587			79			300
Commercial loans		21,547			22,898			23,842			25,220			23,765			(1,351	)		(2,218	)
Allowance for loan losses		(3,200	)		(3,211	)		(3,204	)		(3,092	)		(3,083	)		11			(117	)

Total finance receivables and loans, net		102,234			103,495			104,034			105,822			104,269			(1,261	)		(2,035	)
Investment in operating leases, net		7,879			7,991			7,967			8,126			8,582			(112	)		(703	)
Other assets		1,546			1,566			1,579			1,570			1,608			(20	)		(62	)

Total assets	$	111,672		$	113,057		$	113,583		$	115,524		$	114,464		$	(1,385	)	$	(2,792	)

Note: Numbers may not foot due to rounding

ALLY FINANCIAL INC.

AUTOMOTIVE FINANCE - KEY STATISTICS


	QUARTERLY TRENDS											CHANGE VS.
	1Q 25			4Q 24		3Q 24		2Q 24		1Q 24		4Q 24			1Q 24
U.S. Consumer Originations ⁽¹⁾($ in billions)
Retail standard - new vehicle GM	$	1.1		$	1.1	$	0.9	$	1.1	$	1.0	$	0.0		$	0.1
Retail standard - new vehicle Stellantis		0.6			0.7		0.6		0.7		0.6		(0.1	)		0.0
Retail standard - new vehicle Other		1.2			1.5		1.0		1.0		0.9		(0.3	)		0.3
Used vehicle		6.4			6.0		5.9		6.1		6.6		0.4			(0.2	)
Lease		0.9			1.0		1.0		0.9		0.7		(0.1	)		0.1

Total originations	$	10.2		$	10.3	$	9.4	$	9.8	$	9.8	$	(0.1	)	$	0.4
U.S. Consumer Originations - FICO Score
Super prime (760-999)	$	3.0		$	3.5	$	2.6	$	2.7	$	2.4	$	(0.4	)	$	0.6
High prime (720-759)		1.5			1.5		1.4		1.4		1.4		—			0.1
Prime (660-719)		2.7			2.5		2.6		2.8		2.8		0.2			(0.1	)
Prime/Near (620-659)		1.6			1.5		1.5		1.6		1.7		0.1			—
Non-Prime (540-619)		0.7			0.6		0.6		0.6		0.7		—			—
Sub-Prime (0-539)		0.1			0.1		0.1		0.1		0.2		(0.0	)		(0.1	)
No FICO (Primarily CSG)		0.6			0.6		0.5		0.6		0.7		0.0			(0.1	)

Total originations	$	10.2		$	10.3	$	9.4	$	9.8	$	9.8	$	(0.1	)	$	0.4
U.S. Consumer Retail Originations - Average FICO
New vehicle		728			738		716		714		712		(11	)		16
Used vehicle		708			711		707		710		702		(3	)		7
Total retail originations		714			720		710		712		704		(6	)		10
U.S. Market
New light vehicle sales (SAAR - units in millions)		16.4			16.5		15.6		15.6		15.5		(0.1	)		1.0
New light vehicle sales (quarterly - units in millions)		3.9			4.2		3.9		4.1		3.7		(0.3	)		0.2
Dealer Engagement
Total Active DFS Dealers ⁽²⁾		21,665			21,368		21,656		21,825		21,787		297			(122	)
Total Application Volume (000s)		3,793			3,478		3,632		3,733		3,764		315			29
Ally U.S. Commercial Outstandings EOP ($ in billions)
Floorplan outstandings	$	15.1		$	16.4	$	17.5	$	18.7	$	17.3	$	(1.3	)	$	(2.2	)
Dealer loans and other		6.4			6.5		6.3		6.6		6.4		(0.1	)		0.0

Total Commercial outstandings	$	21.5		$	22.9	$	23.8	$	25.2	$	23.8	$	(1.4	)	$	(2.2	)
U.S. Off-Lease Remarketing
Off-lease vehicles terminated - on-balance sheet (# in units)		21,943			23,301		31,033		41,601		31,926		(1,358	)		(9,983	)
Average gain (loss) per vehicle	$	(863	)	$	145	$	771	$	1,420	$	1,431	$	(1,008	)	$	(2,294	)
Total gain (loss) ($ in millions)	$	(19	)	$	3	$	24	$	59	$	46	$	(22	)	$	(65	)

(1)

Some standard rate loan originations contain manufacturer sponsored cash back rebate incentives. Some lease originations contain rate subvention. While Ally may jointly develop marketing programs for these originations, Ally does not have exclusive rights to such originations under operating agreements with manufacturers.

(2)

A dealer is considered to have an active relationship with us if we provided automotive financing, remarketing, or insurance services during the three months ended March 31, 2025. Note: Numbers may not foot due to rounding

ALLY FINANCIAL INC.

INSURANCE - CONDENSED FINANCIAL STATEMENTS AND KEY STATISTICS


($ in millions)	QUARTERLY TRENDS															CHANGE VS.
	1Q 25			4Q 24			3Q 24			2Q 24			1Q 24			4Q 24			1Q 24
Income Statement *(GAAP View)*
Net financing revenue
Total interest and fees on finance receivables and loans⁽¹⁾	$	5		$	5		$	4		$	4		$	3		$	—		$	2
Interest and dividends on investment securities		34			34			31			32			31			—			3
Interest bearing cash		5			6			8			5			5			(1	)		—

Total financing revenue and other interest revenue		44			45			43			41			39			(1	)		5
Interest expense		14			14			13			14			13			—			1

Net financing revenue		30			31			30			27			26			(1	)		4
Other revenue
Insurance premiums and service revenue earned		364			368			359			341			345			(4	)		19
Other gain / (loss) on investments, net		(4	)		(24	)		75			(6	)		35			20			(39	)
Other income, net of losses		4			4			3			3			4			—			—

Total other revenue		364			348			437			338			384			16			(20	)

Total net revenue		394			379			467			365			410			15			(16	)
Noninterest expense
Compensation and benefits expense		30			27			27			26			28			3			2
Insurance losses and loss adjustment expenses		161			116			135			181			112			45			49
Other operating expenses		201			200			203			198			200			1			1

Total noninterest expense		392			343			365			405			340			49			52

Pre-tax income (loss)	$	2		$	36		$	102		$	(40	)	$	70		$	(34	)	$	(68	)

Memo: Income Statement (Managerial View)
Insurance premiums and other income
Insurance premiums and service revenue earned	$	364		$	368		$	359		$	341		$	345		$	(4	)	$	19
Investment income and other (adjusted) ⁽²⁾		41			55			49			49			44			(14	)		(3	)
Other income		4			4			3			3			4			—			—

Total insurance premiums and other income		409			427			411			393			393			(18	)		16
Expense
Insurance losses and loss adjustment expenses		161			116			135			181			112			45			49
Acquisition and underwriting expenses
Compensation and benefit expense		30			27			27			26			28			3			2
Insurance commission expense		162			162			164			162			161			—			1
Other expense		39			38			39			36			39			1			—

Total acquistion and underwriting expense		231			227			230			224			228			4			3

Total expense		392			343			365			405			340			49			52

Core pre-tax (loss) / income ⁽²⁾		17			84			46			(12	)		53			(67	)		(36	)
Change in the fair value of equity securities ⁽³⁾		(15	)		(48	)		56			(28	)		17			33			(32	)

Income (loss) before income tax expense	$	2		$	36		$	102		$	(40	)	$	70		$	(34	)	$	(68	)

Balance Sheet (Period-End)
Cash and investment securities	$	5,527		$	5,317		$	5,461		$	5,285		$	5,285		$	210		$	242
Intercompany loans⁽¹⁾		804			864			826			727			719			(60	)		85
Premiums receivable and other insurance assets		2,824			2,809			2,829			2,824			2,768			15			56
Other assets		334			335			339			338			328			(1	)		6

Total assets	$	9,489		$	9,325		$	9,455		$	9,174		$	9,100		$	164		$	389

Key Statistics
Total written premiums and revenue ⁽⁴⁾	$	385		$	390		$	384		$	344		$	354		$	(5	)	$	31
Loss ratio ⁽⁵⁾		43.7	%		31.3	%		37.1	%		52.5	%		32.2	%
Underwriting expense ratio ⁽⁶⁾		62.8	%		61.2	%		63.5	%		65.1	%		65.4	%

Combined ratio		106.5	%		92.5	%		100.6	%		117.6	%		97.6	%

(1)

Intercompany activity represents excess liquidity placed with corporate segment.

(2)

Represents a non-GAAP financial measure. For more details refer to pages 19-25.

(3)

For more details refer to pages 23-25.

(4)

Written premiums are net of ceded premium for reinsurance.

(5)

Loss ratio is calculated as Insurance losses and loss adjustment expenses divided by Insurance premiums and service revenue earned and Other Income, net of losses.

(6)

Underwriting expense ratio is calculated as Compensation and benefits expense and Other operating expenses divided by Insurance premiums and service revenue earned and Other income, net of losses.

Note: Numbers may not foot due to rounding

ALLY FINANCIAL INC.

CORPORATE FINANCE - CONDENSED FINANCIAL STATEMENTS


($ in millions)	QUARTERLY TRENDS															CHANGE VS.
	1Q 25			4Q 24			3Q 24			2Q 24			1Q 24			4Q 24			1Q 24
Income Statement
Net financing revenue
Total financing revenue and other interest income	$	221		$	237		$	248		$	252		$	269		$	(16	)	$	(48	)
Interest expense		117			122			139			140			149			(5	)		(32	)

Net financing revenue		104			115			109			112			120			(11	)		(16	)
Total other revenue		29			33			37			30			23			(4	)		6

Total net revenue		133			148			146			142			143			(15	)		(10	)
Provision for loan losses		14			(5	)		11			3			(1	)		19			15
Noninterest expense
Compensation and benefits expense		25			19			17			17			27			6			(2	)
Other operating expense		18			14			13			13			17			4			1

Total noninterest expense		43			33			30			30			44			10			(1	)

Pre-tax income	$	76		$	120		$	105		$	109		$	100		$	(44	)	$	(24	)

Change in the fair value of equity securities ⁽¹⁾		0			0			(1	)		(0	)		0			(0	)		(0	)

Core pre-tax income ⁽²⁾	$	76		$	120		$	104		$	109		$	100		$	(44	)	$	(24	)

Balance Sheet (Period-End)
Equity securities	$	1		$	3		$	3		$	2		$	5		$	(2	)	$	(4	)
Loans held for sale, net		144			105			65			101			213			39			(69	)
Commercial loans		10,857			9,593			10,300			9,737			10,144			1,264			713
Allowance for loan losses		(177	)		(162	)		(167	)		(156	)		(152	)		(15	)		(25	)

Total finance receivables and loans, net		10,680			9,431			10,133			9,581			9,992			1,249			688
Other assets		177			165			197			185			200			12			(23	)

Total assets	$	11,002		$	9,704		$	10,398		$	9,869		$	10,410		$	1,298		$	592

(1)

For more details refer to pages 23-25.

(2)

Represents a non-GAAP financial measure. For more details refer to pages 19-25.

Note: Numbers may not foot due to rounding

ALLY FINANCIAL INC.

CORPORATE AND OTHER - CONDENSED FINANCIAL STATEMENTS


($ in millions)	QUARTERLY TRENDS															CHANGE VS.
	1Q 25			4Q 24			3Q 24			2Q 24			1Q 24			4Q 24			1Q 24
Income Statement
Net financing revenue
Total financing revenue and other interest income	$	557		$	592		$	646		$	639		$	698		$	(35	)	$	(141	)
Interest expense		479			573			632			647			750			(94	)		(271	)

Net financing revenue		78			19			14			(8	)		(52	)		59			130
Other revenue
Other gain/(loss) on investments, net		(495	)		—			(2	)		(1	)		(6	)		(495	)		(489	)
Gain/(loss) on mortgage and automotive loans, net		1			4			6			5			6			(3	)		(5	)
Other income, net of losses ⁽¹⁾		67			44			52			40			26			23			41

Total other revenue		(427	)		48			56			44			26			(475	)		(453	)

Total net revenue		(349	)		67			70			36			(26	)		(416	)		(323	)
Provision for loan losses		(257	)		67			55			71			60			(324	)		(317	)
Noninterest expense
Compensation and benefits expense		267			235			226			239			286			32			(19	)
Goodwill impairment		305			118			—			—			—			187			305
Other operating expense ⁽²⁾		73			91			86			100			95			(18	)		(22	)

Total noninterest expense		645			444			312			339			381			201			264

Pre-tax income (loss)	$	(737	)	$	(444	)	$	(297	)	$	(374	)	$	(467	)	$	(293	)	$	(270	)

Change in the fair value of equity securities ⁽³⁾		(2	)		(2	)		(2	)		1			6			(1	)		(9	)
Core OID ⁽⁴⁾		16			15			14			14			13			1			2
Repositioning ⁽³⁾		503			140			—			—			10			363			493

Core pre-tax income (loss) ⁽⁴⁾	$	(221	)	$	(291	)	$	(285	)	$	(359	)	$	(438	)	$	70		$	217

Balance Sheet (Period-End)
Cash, trading and investment securities	$	32,837		$	32,599		$	32,375		$	30,684		$	31,990		$	238		$	847
Loans held-for-sale, net		52			50			238			209			140			2			(88	)
Consumer loans		16,944			19,477			19,699			19,891			20,222			(2,533	)		(3,278	)
Commercial loans		237			239			252			241			242			(2	)		(5	)
Intercompany loans⁽⁵⁾		(804	)		(864	)		(826	)		(727	)		(719	)		60			(85	)
Allowance for loan losses		(21	)		(341	)		(329	)		(324	)		(315	)		320			294

Total finance receivables and loans, net		16,356			18,511			18,796			19,081			19,430			(2,155	)		(3,074	)
Other assets		9,483			8,590			7,825			7,838			7,266			893			2,217
Assets of operations held-for-sale ⁽⁶⁾		2,440			—			—			—			—			2,440			2,440

Total assets	$	61,168		$	59,750		$	59,234		$	57,812		$	58,826		$	1,418		$	2,342

Core OID Amortization Schedule ⁽⁴⁾		2025			2026			2027			2028			2029 & After

Remaining Core OID amortization expense	$	50		$	77		$	89		$	104			Avg = $133/yr

(1)

Includes the impact of centralized asset and liability management, corporate overhead allocation activities, consumer mortgage portfolio, Ally Invest activity, Ally Lending activity, and Credit Card. Sale of Ally Lending closed 03/01/2024.

(2)

Other operating expenses includes corporate overhead allocated to the other business segments. Amounts of corporate overhead allocated were $302 million for 1Q25, $296 million for 4Q24, $286 million for 3Q24, $280 million for 2Q24, and $310 million for 1Q24. The receiving business segment records the allocation of corporate overhead expense within other operating expenses.

(3)

For more details refer to pages 23-25.

(4)

Represents a non-GAAP financial measure. For more details refer to pages 23-25.

(5)

Intercompany loans related to activity between Insurance and Corporate and Other for liquidity purposes.

(6)

Credit Card moved to Assets of Operations Held-For-Sale (HFS) on 03/31/25. Sale of Credit Card closed on 04/01/25.

Note: Numbers may not foot due to rounding

ALLY FINANCIAL INC.

CREDIT RELATED INFORMATION


($ in millions)	QUARTERLY TRENDS															CHANGE VS.
	1Q 25			4Q 24			3Q 24			2Q 24			1Q 24			4Q 24			1Q 24
Asset Quality - Consolidated ⁽¹⁾
Ending loan balance	$	133,485		$	136,030		$	137,501		$	138,783		$	137,960		$	(2,545	)	$	(4,475	)
30+ Accruing DPD	$	3,224		$	3,800		$	3,645		$	3,737		$	3,347		$	(576	)	$	(123	)
30+ Accruing DPD %		2.42	%		2.79	%		2.65	%		2.69	%		2.43	%
60+ Accruing DPD	$	869		$	1,026		$	987		$	1,087		$	948		$	(157	)	$	(79	)
60+ Accruing DPD %		0.65	%		0.75	%		0.72	%		0.78	%		0.69	%
Non-performing loans (NPLs)	$	1,417		$	1,486		$	1,490		$	1,215		$	1,252		$	(69	)	$	165
Net charge-offs (NCOs)	$	507		$	543		$	517		$	435		$	539		$	(36	)	$	(32	)
Net charge-off rate ⁽²⁾		1.50	%		1.59	%		1.50	%		1.26	%		1.55	%
Provision for loan losses	$	191		$	557		$	645		$	457		$	507		$	(366	)	$	(316	)
Allowance for loan losses (ALLL)	$	3,398		$	3,714		$	3,700		$	3,572		$	3,550		$	(316	)	$	(152	)
ALLL as % of Loans ⁽³⁾⁽⁴⁾		2.55	%		2.73	%		2.69	%		2.57	%		2.57	%
ALLL as % of NPLs ⁽³⁾		240	%		250	%		248	%		294	%		284	%
ALLL as % of NCOs ⁽³⁾		168	%		171	%		179	%		205	%		165	%
U.S. Auto Delinquencies - HFI Retail Contract $‘s ⁽⁵⁾
30+ Delinquent contract $	$	3,181		$	3,681		$	3,534		$	3,620		$	3,239		$	(500	)	$	(58	)
% of retail contract $ outstanding		3.79	%		4.39	%		4.24	%		4.33	%		3.88	%
60+ Delinquent contract $	$	852		$	984		$	951		$	1,049		$	915		$	(132	)	$	(63	)
% of retail contract $ outstanding		1.02	%		1.18	%		1.14	%		1.26	%		1.10	%
U.S. Auto Annualized Net Charge-Offs - HFI Retail Contract $‘s
Net charge-offs	$	445		$	488		$	467		$	378		$	477		$	(43	)	$	(32	)
% of avg. HFI assets ⁽²⁾		2.12	%		2.34	%		2.24	%		1.81	%		2.27	%
U.S. Auto Annualized Net Charge-Offs - HFI Commercial Contract $‘s ⁽⁶⁾
Net charge-offs	$	0		$	0		$	(0	)	$	(4	)	$	1		$	0		$	(1	)
% of avg. HFI assets ⁽²⁾		—	%		—	%		(0.01	)%		(0.07	)%		0.02	%

(1)

Loans within this table are classified as held-for-investment recorded at amortized cost as these loans are included in our allowance for loan losses.

(2)

Net charge-off ratios are calculated as annualized net charge-offs divided by average outstanding finance recievables and loans excluding loans measured at fair value, conditional repurchase loans and loans held-for-sale during the year for each loan category.

(3)

Excludes provision for credit losses related to our reserve for unfunded commitments.

(4)

ALLL coverage ratios are based on the allowance for loan losses related to loans held-for-investment excluding those loans held at fair value as a percentage of the unpaid principal balance, net of premiums and discounts.

(5)

Auto delinquency metrics include accruing contracts only.

(6)

Commercial Auto data includes Insurance advances

Note: Numbers may not foot due to rounding

ALLY FINANCIAL INC.

CREDIT RELATED INFORMATION, CONTINUED


($ in millions)
	QUARTERLY TRENDS															CHANGE VS.
	1Q 25			4Q 24			3Q 24			2Q 24			1Q 24			4Q 24			1Q 24
Automotive Finance ⁽¹⁾
Consumer
Net Charge-offs	$	445		$	488		$	467		$	378		$	477		$	(43	)	$	(32	)
Allowance for loan losses	$	3,144		$	3,170		$	3,166		$	3,055		$	3,050		$	(26	)	$	94
Total consumer loans ⁽²⁾	$	83,868		$	83,757		$	83,424		$	83,528		$	83,406		$	111		$	462
Coverage ratio ⁽³⁾		3.75	%		3.78	%		3.80	%		3.65	%		3.65	%
Commercial ⁽⁴⁾
Net Charge-offs	$	—		$	—		$	—		$	(4	)	$	1		$	—		$	(1	)
Allowance for loan losses	$	56		$	41		$	38		$	37		$	33		$	15		$	23
Total commercial loans	$	21,560		$	22,913		$	23,854		$	25,220		$	23,765		$	(1,353	)	$	(2,205	)
Coverage ratio		0.26	%		0.18	%		0.16	%		0.15	%		0.14	%
Consumer Mortgage ⁽¹⁾
Net Charge-offs	$	(1	)	$	(1	)	$	(1	)	$	(1	)	$	—		$	—		$	(1	)
Allowance for loan losses	$	18		$	19		$	19		$	19		$	21		$	(1	)	$	(3	)
Total consumer loans	$	16,963		$	17,234		$	17,501		$	18,008		$	18,441		$	(271	)	$	(1,478	)
Coverage ratio		0.11	%		0.10	%		0.11	%		0.11	%		0.11	%
Consumer Other - Ally Credit Card ⁽¹⁾
Net Charge-offs	$	63		$	56		$	52		$	62			62		$	7		$	1
Allowance for loan losses	$	—		$	319		$	307		$	302			291		$	(319	)	$	(291	)
Total consumer loans	$	—		$	2,294		$	2,170		$	2,049			1,962		$	(2,294	)	$	(1,962	)
Coverage ratio		—	%		13.92	%		14.14	%		14.73	%		14.85	%
Corporate Finance ⁽¹⁾
Net Charge-offs	$	—		$	—		$	(1	)	$	—		$	(1	)	$	—		$	1
Allowance for loan losses	$	177		$	162		$	167		$	156		$	152		$	15		$	25
Total commercial loans	$	10,857		$	9,593		$	10,300		$	9,737		$	10,144		$	1,264		$	713
Coverage ratio		1.63	%		1.69	%		1.62	%		1.60	%		1.50	%
Corporate and Other ⁽¹⁾
Net Charge-offs	$	—		$	—		$	—		$	—		$	—		$	—		$	—
Allowance for loan losses	$	3		$	3		$	3		$	3		$	3		$	—		$	—
Total commercial loans	$	237		$	239		$	252		$	241		$	242		$	(2	)	$	(5	)
Coverage ratio		1.36	%		1.36	%		1.36	%		1.36	%		1.36	%

Note: Numbers may not foot due to rounding.

(1)

ALLL coverage ratios are based on the domestic allowance as a percentage of finance receivables and loans reported at their gross carrying value, which includes the principal amount outstanding, net of unearned income, unamortized deferred fees reduced by costs on originated loans, unamortized premiums and discounts on purchased loans, unamortized basis adjustments arising from the designation of finance receivables and loans as the hedged item in qualifying fair value hedge relationships, and cumulative principal charge-offs. Excludes loans held at fair value.

(2)

Includes ($19M) of fair value adjustment for loans in hedge accounting relationships in 1Q25, ($51M) in 4Q24, $28M in 3Q24, ($166M) in 2Q24 and ($181M) in 1Q24.

(3)

Excludes ($19M) of fair value adjustment for loans in hedge accounting relationships in 1Q25, ($51M) in 4Q24, $28M in 3Q24, ($166M) in 2Q24 and ($181M) in 1Q24.

(4)

Commercial Auto data includes Insurance advances.

ALLY FINANCIAL INC.

CAPITAL


($ in billions)	QUARTERLY TRENDS															CHANGE VS.
	1Q 25			4Q 24			3Q 24			2Q 24			1Q 24			4Q 24			1Q 24
Capital
Risk-weighted assets	$	153.6		$	153.3		$	156.3		$	157.5		$	158.3		$	0.3		$	(4.7	)
Common Equity Tier 1 (CET1) capital ratio		9.5	%		9.8	%		9.8	%		9.6	%		9.4	%
Tier 1 capital ratio		11.0	%		11.3	%		11.2	%		11.0	%		10.8	%
Total capital ratio		12.8	%		13.2	%		12.9	%		12.7	%		12.5	%
Tangible common equity / Tangible assets ⁽¹⁾⁽²⁾		6.0	%		5.7	%		5.9	%		5.6	%		5.5	%
Tangible common equity / Risk-weighted assets ⁽¹⁾		7.6	%		7.2	%		7.3	%		6.8	%		6.7	%
Shareholders’ equity	$	14.2		$	13.9		$	14.4		$	13.7		$	13.6		$	0.3		$	0.6
add: CECL phase-in adjustment		—			0.3			0.3			0.3			0.3			(0.3	)		(0.3	)
less: Certain AOCI items and other adjustments		2.7			3.2			2.6			3.3			3.3			(0.5	)		(0.6	)
less: Adjustments related to deferral method accounting ⁽³⁾		—			—			0.3			0.2			0.1			—			(0.1	)
Preferred equity		(2.3	)		(2.3	)		(2.3	)		(2.3	)		(2.3	)		—			—

Common Equity Tier 1 capital	$	14.6		$	15.1		$	15.3		$	15.1		$	14.9		$	(0.5	)	$	(0.3	)

Common Equity Tier 1 capital	$	14.6		$	15.1		$	15.3		$	15.1		$	14.9		$	(0.5	)	$	(0.3	)
add: Preferred equity		2.3			2.3			2.3			2.3			2.3			—			—
less: Other adjustments		(0.1	)		(0.1	)		(0.1	)		(0.1	)		(0.1	)		—			—

Tier 1 capital	$	16.9		$	17.3		$	17.6		$	17.4		$	17.2		$	(0.4	)	$	(0.3	)

Tier 1 capital	$	16.9		$	17.3		$	17.6		$	17.4		$	17.2		$	(0.4	)	$	(0.3	)
add: Qualifying subordinated debt		1.0			1.0			0.7			0.7			0.7			—			0.3
Allowance for loan and lease losses includible in Tier 2 capital and other adjustments		1.9			1.9			1.9			1.9			1.9			—			—

Total capital	$	19.7		$	20.2		$	20.2		$	20.0		$	19.8		$	(0.5	)	$	(0.1	)

Total shareholders’ equity	$	14.2		$	13.9		$	14.4		$	13.7		$	13.6		$	0.3		$	0.6
less: Preferred equity		(2.3	)		(2.3	)		(2.3	)		(2.3	)		(2.3	)		—			—
Goodwill and intangible assets, net of deferred tax liabilities		(0.3	)		(0.6	)		(0.7	)		(0.7	)		(0.7	)		0.3			0.4

Tangible common equity ⁽¹⁾	$	11.6		$	11.0		$	11.4		$	10.7		$	10.5		$	0.6		$	1.1

Total assets	$	193.3		$	191.8		$	192.7		$	192.4		$	192.8		$	1.5		$	0.5
less: Goodwill and intangible assets, net of deferred tax liabilities		(0.3	)		(0.6	)		(0.7	)		(0.7	)		(0.7	)		0.3			0.4

Tangible assets ⁽²⁾	$	193.0		$	191.2		$	192.0		$	191.7		$	192.1		$	1.8		$	0.9

Note: Numbers may not foot due to rounding

(1)

Represents a non-GAAP financial measure. For more details refer to pages 23-25.

(2)

Ally defines tangible assets as total assets less goodwill and intangible assets, net of deferred tax liabilities.

(3)

Historical regulatory capital, ratios and RWA have not been recast in relation to the accounting method change for EV tax credits as of 12/31/2024.

For more details on the final rules to address the impact of CECL on regulatory capital by allowing BHCs and banks, including Ally, to delay and subsequently phase-in its impact, see page 24.

ALLY FINANCIAL INC.

LIQUIDITY AND DEPOSITS


	QUARTERLY TRENDS															CHANGE VS.
	1Q 25			4Q 24			3Q 24			2Q 24			1Q 24			4Q 24			1Q 24
Consolidated Available Liquidity ($ in billions)
Liquid cash and cash equivalents ⁽¹⁾	$	9.5		$	9.6		$	7.9		$	6.7		$	7.4		$	(0.1	)	$	2.1
Highly liquid securities ⁽²⁾		20.3			19.9			20.8			18.9			20.9			0.4			(0.6	)

Subtotal	$	29.8		$	29.5		$	28.8		$	25.6		$	28.3		$	0.3		$	1.5

FHLB Unused Pledged Borrowing Capacity		11.3			12.2			12.5			12.2			13.8			(0.9	)		(2.5	)
FRB Discount Window Unused Pledged Capacity		26.9			26.7			26.7			26.5			26.3			0.3			0.6

Total unused pledged capacity	$	38.2		$	38.9		$	39.2		$	38.8		$	40.0		$	(0.7	)	$	(1.8	)

Total current available liquidity	$	68.0		$	68.5		$	67.9		$	64.3		$	68.3		$	(0.6	)	$	(0.3	)


Unsecured Long-Term Debt Maturity Profile	2025			2026			2027			2028			2029			2030 & After
Consolidated remaining maturities ⁽³⁾	$	1.8		$	—		$	1.5		$	0.8		$	0.9		$	5.4
Ally Bank Deposits
Key Deposit Statistics
Average retail CD duration (months)		17.3			17.6			18.4			18.7			18.6			(0.3	)		(1.3	)
Average retail deposit rate		3.75	%		3.97	%		4.18	%		4.18	%		4.25	%
End of Period Deposit Levels ($ in millions)
Retail	$	146,069		$	143,430		$	141,449		$	142,075		$	145,147		$	2,639		$	922
Brokered & other		5,359			8,144			10,501			10,079			9,937			(2,785	)		(4,578	)

Total deposits	$	151,428		$	151,574		$	151,950		$	152,154		$	155,084		$	(146	)	$	(3,656	)

Deposit Mix
Retail CD		25	%		27	%		27	%		26	%		27	%
MMA/OSA/Checking		71	%		68	%		66	%		67	%		67	%
Brokered & other		4	%		5	%		7	%		7	%		6	%

Note: Numbers may not foot due to rounding

(1)

May include the restricted cash accumulation for retained notes maturing within the following 30 days and returned to Ally on the distribution date

(2)

Includes unencumbered UST, Agency MBS, and highly liquid Corporates

(3)

Excludes retail notes; as of 3/31/2025. Reflects notional value of outstanding bond. Excludes total GAAP OID and capitalized transaction costs.

ALLY FINANCIAL INC.

NET INTEREST MARGIN


($in millions)	QUARTERLY TRENDS															CHANGE VS.
	1Q 25			4Q 24			3Q 24			2Q 24			1Q 24			4Q 24			1Q 24
Average Balance Details
Retail Auto Loans	$	83,701		$	83,554		$	83,574		$	83,427		$	84,056		$	147		$	(355	)
Auto Lease (net of dep)		7,955			7,794			8,038			8,417			8,848			161			(893	)
Dealer Floorplan		15,324			17,074			17,535			18,003			16,833			(1,750	)		(1,509	)
Other Dealer Loans		6,339			6,374			6,348			6,421			6,339			(35	)		—
Corporate Finance		10,304			9,824			10,101			10,079			10,937			480			(633	)
Mortgage⁽¹⁾		17,104			17,438			17,922			18,302			18,578			(334	)		(1,474	)
Consumer Other - Ally Lending ⁽²⁾		—			—			—			—			1,274			—			(1,274	)
Consumer Other - Ally Credit Card ⁽³⁾		2,274			2,220			2,125			2,001			1,975			54			299
Cash and Cash Equivalents		9,345			8,721			7,867			7,276			7,709			624			1,636
Investment Securities and Other		28,733			29,169			29,982			29,542			30,274			(436	)		(1,541	)

Total Earning Assets	$	181,079		$	182,168		$	183,492		$	183,468		$	186,823		$	(1,089	)	$	(5,744	)
Interest Revenue		3,153			3,308			3,405			3,383			3,390			(155	)		(237	)
Unsecured Debt (ex. Core OID balance) ⁽⁴⁾	$	11,797		$	11,083		$	11,243		$	11,053		$	11,290		$	714		$	507
Secured Debt		2,096			2,155			1,364			1,227			1,409			(59	)		687
Deposits ⁽⁵⁾		150,640			151,502			152,241			152,412			155,352			(862	)		(4,712	)
Other Borrowings		4,204			4,699			5,743			7,114			7,122			(495	)		(2,918	)

Total Funding Sources (ex. Core OID balance) ⁽⁴⁾	$	168,738		$	169,439		$	170,591		$	171,806		$	175,173		$	(701	)	$	(6,435	)
Interest Expense (ex. Core OID) ⁽⁴⁾		1,659			1,784			1,871			1,852			1,909			(125	)		(250	)
Net Financing Revenue (ex. Core OID) ⁽⁴⁾	$	1,494		$	1,524		$	1,534		$	1,531		$	1,481		$	(30	)	$	13
Net Interest Margin (yield details)
Retail Auto Loan		9.21	%		9.27	%		9.29	%		9.19	%		9.07	%		(0.06	)%		0.14	%
Retail Auto Loan (excl. hedge impact)		9.11	%		9.09	%		8.99	%		8.86	%		8.65	%		0.02	%		0.46	%
Auto Lease (net of dep)		5.69	%		6.60	%		7.22	%		8.49	%		7.46	%		(0.91	)%		(1.77	)%
Dealer Floorplan		6.50	%		7.01	%		7.68	%		7.64	%		7.69	%		(0.51	)%		(1.19	)%
Other Dealer Loans		5.66	%		5.60	%		5.65	%		5.67	%		5.61	%		0.06	%		0.05	%
Corporate Finance		8.78	%		9.68	%		9.82	%		10.06	%		9.88	%		(0.90	)%		(1.10	)%
Mortgage		3.23	%		3.17	%		3.21	%		3.26	%		3.25	%		0.06	%		(0.02	)%
Consumer Other - Ally Lending		—	%		—	%		—	%		—	%		8.77	%		—	%		(8.77	)%
Consumer Other - Ally Credit Card ⁽³⁾		21.16	%		21.48	%		22.13	%		21.59	%		21.61	%		(0.32	)%		(0.45	)%
Cash and Cash Equivalents ⁽⁶⁾		4.23	%		4.52	%		5.14	%		4.90	%		5.04	%		(0.29	)%		(0.81	)%
Investment Securities and Other		3.26	%		3.34	%		3.51	%		3.66	%		3.60	%		(0.08	)%		(0.34	)%

Total Earning Assets		7.06	%		7.22	%		7.38	%		7.41	%		7.30	%		(0.16	)%		(0.24	)%
Unsecured Debt (ex. Core OID & Core OID balance) ⁽⁴⁾		6.40	%		6.37	%		6.27	%		6.22	%		6.19	%		0.03	%		0.21	%
Secured Debt		5.55	%		6.29	%		6.39	%		6.08	%		5.74	%		(0.74	)%		(0.19	)%
Deposits ⁽⁵⁾		3.78	%		4.01	%		4.23	%		4.21	%		4.28	%		(0.23	)%		(0.50	)%
Other Borrowings ⁽⁷⁾		4.03	%		3.88	%		3.83	%		3.86	%		3.63	%		0.15	%		0.40	%

Total Funding Sources (ex. Core OID & Core OID balance) ⁽⁴⁾		3.99	%		4.19	%		4.36	%		4.34	%		4.38	%		(0.20	)%		(0.39	)%
NIM (as reported)		3.31	%		3.30	%		3.29	%		3.32	%		3.16	%		0.01	%		0.15	%
NIM (ex. Core OID & Core OID balance) ⁽⁴⁾		3.35	%		3.33	%		3.32	%		3.36	%		3.19	%		0.02	%		0.16	%

(1)

Mortgage loans in run-off at the Corporate and Other segment.

(2)

Unsecured lending from point-of-sale financing. Sale of Ally Lending closed on 03/01/24.

(3)

Credit card assets moved to Assets of Operations Held-for-Sale (HFS) on 3/31/25. Sale of Credit Card closed on 04/01/25.

(4)

Represents a non-GAAP financial measure. Excludes Core OID from interest expense and Core OID balance from Unsecured Debt. For more details refer to pages 23-25.

(5)

Includes retail, brokered, and other deposits. Other includes sweep deposits and other deposits.

(6)

Includes interest expense related to margin received on derivative contracts. Excluding this expense, annualized yields were 4.37% for 1Q25, 4.68% for 4Q24, 5.29% for 3Q24, 5.28% for 2Q24, and 5.35% for 1Q24. (7) Includes FHLB Borrowings, Repurchase Agreements and other.

Note: Numbers may not foot due to rounding

ALLY FINANCIAL INC.

EARNINGS PER SHARE RELATED INFORMATION


($ in millions, shares in thousands)	QUARTERLY TRENDS															CHANGE VS.
	1Q 25			4Q 24			3Q 24			2Q 24			1Q 24			4Q 24			1Q 24
Earnings Per Share Data
GAAP net income (loss) attributable to common shareholders	$	(253	)	$	81		$	171		$	191		$	115		$	(334	)	$	(368	)
Weighted-average common shares outstanding - basic ⁽¹⁾		309,006			307,553			307,312			306,774			306,003			1,453			3,004
Weighted-average common shares outstanding - diluted ⁽¹⁾		309,006			311,277			311,044			309,886			308,421			(2,270	)		585
Issued shares outstanding (period-end)		307,152			305,388			304,715			304,656			303,978			1,765			3,174

Net income (loss) per share - basic ⁽¹⁾	$	(0.82	)	$	0.26		$	0.55		$	0.63		$	0.38		$	(1.08	)	$	(1.19	)

Net income (loss) per share - diluted ⁽¹⁾	$	(0.82	)	$	0.26		$	0.55		$	0.62		$	0.37		$	(1.07	)	$	(1.19	)

Adjusted Earnings per Share (“Adjusted EPS”) ⁽²⁾
Numerator
GAAP net income (loss) attributable to common shareholders	$	(253	)	$	81		$	171		$	191		$	115		$	(334	)	$	(368	)
Discontinued operations, net of tax		—			1			—			—			—			(1	)		—
Core OID ⁽³⁾		16			15			14			14			13			1			2
Change in the fair value of equity securities ⁽⁴⁾		13			47			(59	)		28			(11	)		(34	)		23
Core OID, repositioning & change in the fair value of equity securities tax (tax rate 21%)		(99	)		(38	)		9			(9	)		(3	)		(62	)		(97	)
Repositioning ⁽⁴⁾		503			140			—			—			10			363			493

Core net income attributable to common shareholders ⁽³⁾	$	179		$	246		$	136		$	224		$	125		$	(67	)	$	54
Denominator
Weighted-average common shares outstanding - basic or diluted as applicable		309,006			311,277			311,044			309,886			308,421			(2,270	)		585
Adjusted EPS ⁽²⁾	$	0.58		$	0.78		$	0.43		$	0.73		$	0.41		$	(0.20	)	$	0.18
GAAP original issue discount amortization expense	$	18		$	17		$	17		$	17		$	17		$	1		$	2
Other OID		(3	)		(3	)		(3	)		(3	)		(3	)		(0	)		1

Core original issue discount (Core OID) amortization expense ⁽³⁾	$	16		$	15		$	14		$	14		$	13		$	1		$	2

GAAP outstanding original issue discount balance	$	(745	)	$	(763	)	$	(780	)	$	(797	)	$	(815	)	$	18		$	70
Other outstanding OID balance		24			27			29			31			35			(3	)		(11	)

Core outstanding original issue discount balance (Core OID balance) ⁽³⁾	$	(721	)	$	(736	)	$	(751	)	$	(766	)	$	(779	)	$	16		$	59

GAAP Net Financing Revenue	$	1,478		$	1,509		$	1,520		$	1,517		$	1,468		$	(31	)	$	10
Core OID ⁽³⁾		16			15			14			14			13			1			2

Net Financing Revenue (ex. Core OID) ⁽³⁾	$	1,494		$	1,524		$	1,534		$	1,531		$	1,481		$	(30	)	$	12

GAAP Other Revenue	$	63		$	517		$	615		$	505		$	530		$	(454	)	$	(467	)
Repositioning ⁽⁴⁾		495			—			—			—			—			495			495
Change in the fair value of equity securities ⁽⁴⁾		13			47			(59	)		28			(11	)		(34	)		23

Adjusted Other Revenue ⁽³⁾	$	571		$	564		$	556		$	533		$	519		$	8		$	52

GAAP Provision Expense	$	191		$	557		$	645		$	457		$	507		$	(366	)	$	(316	)
Repositioning ⁽⁴⁾		306			—			—			—			—			306			306

Adjusted Provision (ex. Repositioning) ⁽³⁾	$	497		$	557		$	645		$	457		$	507		$	(60	)	$	(10	)

GAAP Noninterest Expense	$	1,634		$	1,360		$	1,225		$	1,286		$	1,308		$	274		$	326
Repositioning and other⁽⁴⁾		(314	)		(140	)		—			—			(10	)		(174	)		(304	)

Adjusted Noninterest Expense ⁽³⁾	$	1,320		$	1,220		$	1,225		$	1,286		$	1,298		$	100		$	22

(1)

(2)

Adjusted earnings per share (Adjusted EPS) is a non-GAAP financial measure that adjusts GAAP EPS for revenue and expense items that are typically strategic in nature or that management otherwise does not view as reflecting the operating performance of the company. Management believes Adjusted EPS can help the reader better understand the operating performance of the core businesses and their ability to generate earnings. In the numerator of Adjusted EPS, GAAP net income attributable to common shareholders is adjusted for the following items: (1) excludes discontinued operations, net of tax, as Ally is primarily a domestic company and sales of international businesses and other discontinued operations in the past have significantly impacted GAAP EPS, (2) adds back the tax-effected non-cash Core OID, (3) adjusts for tax-effected repositioning and other which are primarily related to the extinguishment of high cost legacy debt, strategic activities and significant other one-time items, (4) change in fair value of equity securities, (5) excludes significant discrete tax items that do not relate to the operating performance of the core businesses, and adjusts for preferred stock capital actions that have been taken by the company to normalize its capital structure, as applicable for respective periods. See pages 23-25 for details.

(3)

Represents a non-GAAP financial measure. For more details refer to pages 23-25. (4) For more details refer to pages 23-25.

Note:

Numbers may not foot due to rounding

ALLY FINANCIAL INC.

ADJUSTED TANGIBLE BOOK PER SHARE RELATED INFORMATION


($ in millions, shares in thousands)	QUARTERLY TRENDS															CHANGE VS.
	1Q 25			4Q 24			3Q 24			2Q 24			1Q 24			4Q 24		1Q 24
Adjusted Tangible Book Value Per Share (“Adjusted TBVPS”) Information
Numerator
GAAP shareholder’s equity	$	14,232		$	13,903		$	14,414		$	13,699		$	13,580		$	329	$	652
Preferred equity		(2,324	)		(2,324	)		(2,324	)		(2,324	)		(2,324	)		—		—

GAAP common shareholder’s equity	$	11,908		$	11,579		$	12,090		$	11,375		$	11,256		$	329	$	652
Goodwill and identifiable intangibles, net of DTLs		(295	)		(603	)		(707	)		(713	)		(720	)		308		425

Tangible common equity ⁽¹⁾		11,613			10,976			11,383			10,662			10,536			637		1,077
Tax-effected Core OID balance (21% tax rate) ⁽¹⁾		(570	)		(582	)		(594	)		(605	)		(616	)		12		46

Adjusted tangible book value ⁽²⁾	$	11,044		$	10,395		$	10,790		$	10,057		$	9,920		$	649	$	1,123

Denominator
Issued shares outstanding (period-end, thousands)		307,152			305,388			304,715			304,656			303,978			1,765		3,174
GAAP shareholder’s equity per share	$	46.34		$	45.53		$	47.30		$	44.97		$	44.67		$	0.81	$	1.66
Preferred equity per share		(7.57	)		(7.61	)		(7.63	)		(7.63	)		(7.65	)		0.04		0.08
GAAP common shareholder’s equity per share	$	38.77		$	37.92		$	39.68		$	37.34		$	37.03		$	0.85	$	1.74
Goodwill and identifiable intangibles, net of DTLs per share		(0.96	)		(1.97	)		(2.32	)		(2.34	)		(2.37	)		1.01		1.41

Tangible common equity per share ⁽¹⁾		37.81			35.94			37.36			35.00			34.66			1.87		3.15
Tax-effected Core OID balance (21% tax rate) per share ⁽¹⁾		(1.85	)		(1.90	)		(1.95	)		(1.99	)		(2.03	)		0.05		0.17

Adjusted tangible book value per share ⁽²⁾	$	35.95		$	34.04		$	35.41		$	33.01		$	32.63		$	1.92	$	3.32

(1)

Represents a non-GAAP financial measure. For more details refer to pages 23-25.

(2)

Adjusted tangible book value per share (Adjusted TBVPS) is a non-GAAP financial measure that reflects the book value of equity attributable to shareholders even if Core OID balance were accelerated immediately through the financial statements. As a result, management believes Adjusted TBVPS provides the reader with an assessment of value that is more conservative than GAAP common shareholder’s equity per share. Adjusted TBVPS generally adjusts common equity for (1) goodwill and identifiable intangibles, net of DTLs, and (2) tax-effected Core OID balance to reduce tangible common equity in the event the corresponding discounted bonds are redeemed/tendered and (3) Series G discount which reduces tangible common equity as the company has normalized its capital structure, as applicable for respective periods.

Note: Numbers may not foot due to rounding

ALLY FINANCIAL INC.

CORE ROTCE RELATED INFORMATION


($ in millions) unless noted otherwise	QUARTERLY TRENDS															CHANGE VS.
	1Q 25			4Q 24			3Q 24			2Q 24			1Q 24			4Q 24			1Q 24
Core Return on Tangible Common Equity (“Core ROTCE”)
Numerator
GAAP net income (loss) attributable to common shareholders	$	(253	)	$	81		$	171		$	191		$	115		$	(334	)	$	(368	)
Discontinued operations, net of tax		—			1			—			—			—			(1	)		—
Core OID ⁽²⁾		16			15			14			14			13			1			2
Change in the fair value of equity securities ⁽²⁾		13			47			(59	)		28			(11	)		(34	)		23
Core OID, repositioning & change in the fair value of equity securities tax (tax rate 21%)		(99	)		(38	)		9			(9	)		(3	)		(62	)		(97	)
Repositioning ⁽²⁾		503			140			—			—			10			363			493

Core net income attributable to common shareholders ⁽¹⁾	$	179		$	246		$	136		$	224		$	125		$	(67	)	$	54
Denominator (average, $ millions)
GAAP shareholder’s equity	$	14,068		$	14,159		$	14,057		$	13,640		$	13,642		$	(91	)	$	426
Preferred equity		(2,324	)		(2,324	)		(2,324	)		(2,324	)		(2,324	)		—			—
Goodwill & identifiable intangibles, net of deferred tax liabilities (“DTLs”)		(449	)		(655	)		(710	)		(717	)		(723	)		206			275

Tangible common equity ⁽¹⁾	$	11,295		$	11,180		$	11,023		$	10,599		$	10,594		$	115		$	701
Core OID balance		(729	)		(744	)		(759	)		(773	)		(786	)		15			57
Net deferred tax asset (“DTA”)		(1,923	)		(1,713	)		(1,531	)		(1,472	)		(1,325	)		(209	)		(597	)

Normalized common equity	$	8,644		$	8,723		$	8,733		$	8,354		$	8,482		$	(79	)	$	161
Core Return on Tangible Common Equity ⁽³⁾		8.3	%		11.3	%		6.2	%		10.7	%		5.9	%

(1)

Represents a non-GAAP measure. See pages 23-25 for methodology and detail.

(2)

For more details see pages 23-25.

(3)

Core return on tangible common equity (Core ROTCE) is a non-GAAP financial measure that management believes is helpful for readers to better understand the ongoing ability of the company to generate returns on its equity base that supports core operations. For purposes of this calculation, tangible common equity is adjusted for Core OID balance and net DTA. Ally’s Core net income attributable to common shareholders for purposes of calculating Core ROTCE is based on the actual effective tax rate for the period adjusted for significant discrete tax items including tax reserve releases, which aligns with the methodology used in calculating adjusted earnings per share.

(1)

In the numerator of Core ROTCE, GAAP net income attributable to common shareholders is adjusted for discontinued operations net of tax, tax-effected Core OID, tax-effected repositioning and other which are primarily related to the extinguishment of high-cost legacy debt, strategic activities and significant other one-time items, change in fair value of equity securities, significant discrete tax items, and preferred stock capital actions, as applicable for respective periods.

(2)

In the denominator, GAAP shareholder’s equity is adjusted for goodwill and identifiable intangibles net of DTL, Core OID balance, and net DTA.

Note: Numbers may not foot due to rounding

ALLY FINANCIAL INC.

ADJUSTED EFFICIENCY RATIO RELATED INFORMATION


($ in millions)	QUARTERLY TREND															CHANGE VS.
	1Q 25			4Q 24			3Q 24			2Q 24			1Q 24			4Q 24			1Q 24
Adjusted Efficiency Ratio Calculation
Numerator
GAAP Noninterest Expense	$	1,634		$	1,360		$	1,225		$	1,286		$	1,308		$	274		$	326
Insurance expense		(392	)		(343	)		(365	)		(405	)		(340	)		(49	)		(52	)
Repositioning ⁽²⁾		(314	)		(140	)		—			—			(10	)		(174	)		(304	)

Adjusted noninterest expense for the efficiency ratio	$	928		$	877		$	860		$	881		$	958		$	51		$	(30	)
Denominator
Total net revenue	$	1,541		$	2,026		$	2,135		$	2,022		$	1,998		$	(485	)	$	(457	)
Core OID ⁽²⁾		16			15			14			14			13			1			2
Insurance revenue		(394	)		(379	)		(467	)		(365	)		(410	)		(15	)		16
Repositioning ⁽²⁾		495			—			—			—			—			495			495

Adjusted net revenue for the efficiency ratio	$	1,658		$	1,662		$	1,682		$	1,671		$	1,601		$	(4	)	$	57
Adjusted Efficiency Ratio ⁽¹⁾		56.0	%		52.8	%		51.1	%		52.7	%		59.8	%

(1)

Adjusted efficiency ratio is a non-GAAP financial measure that management believes is helpful to readers in comparing the efficiency of its core banking and lending businesses with those of its peers. In the numerator of Adjusted efficiency ratio, total noninterest expense is adjusted for Insurance segment expense, Rep and warrant expense, and repositioning and other which is primarily related to the extinguishment of high cost legacy debt, strategic activities and significant one-time items, as applicable for respective periods. In the denominator, total net revenue is adjusted for Insurance segment revenue, Core OID, and repositioning items. See page 11 for the combined ratio for the Insurance segment which management uses as a primary measure of underwriting profitability for the Insurance business.

(2)

For more details see pages 23-25.

Note: Numbers may not foot due to rounding


ALLY FINANCIAL INC.

The following are non-GAAP financial measures which Ally believes are important to the reader of the Consolidated Financial Statements, but which are supplemental to and not a substitute for GAAP measures: Accelerated issuance expense (Accelerated OID), Adjusted earnings per share (Adjusted EPS), Adjusted efficiency ratio, Adjusted noninterest expense, Adjusted other revenue, Adjusted tangible book value per share (Adjusted TBVPS), Adjusted total net revenue, Core net income attributable to common shareholders, Core original issue discount (Core OID) amortization expense, Core outstanding original issue discount balance (Core OID balance), Core pre-tax income, Core return on tangible common equity (Core ROTCE), Investment income and other (adjusted), Net financing revenue (excluding Core OID), Net interest margin (excluding Core OID), and Tangible Common Equity. These measures are used by management and we believe are useful to investors in assessing the company’s operating performance and capital.

1) Accelerated issuance expense (Accelerated OID) is the recognition of issuance expenses related to calls of redeemable debt.

2) Adjusted earnings per share (Adjusted EPS) is a non-GAAP financial measure that adjusts GAAP EPS for revenue and expense items that are typically strategic in nature or that management otherwise does not view as reflecting the operating performance of the company. Management believes Adjusted EPS can help the reader better understand the operating performance of the core businesses and their ability to generate earnings. In the numerator of Adjusted EPS, GAAP net income attributable to common shareholders is adjusted for the following items: (1) excludes discontinued operations, net of tax, as Ally is primarily a domestic company and sales of international businesses and other discontinued operations in the past have significantly impacted GAAP EPS, (2) adds back the tax-effected non-cash Core OID, (3) adjusts for tax-effected repositioning and other which are primarily related to the extinguishment of high cost legacy debt, strategic activities and significant other one-time items, (4) excludes change in fair value of equity securities, (5) excludes significant discrete tax items that do not relate to the operating performance of the core businesses, and adjusts for preferred stock capital actions that have been taken by the company to normalize its capital structure, as applicable for respective periods.

3) Adjusted efficiency ratio is a non-GAAP financial measure that management believes is helpful to readers in comparing the efficiency of its core banking and lending businesses with those of its peers.

(1) In the numerator of Adjusted efficiency ratio, total noninterest expense is adjusted for Rep and warrant expense, Insurance segment expense, and repositioning and other which are primarily related to the extinguishment of high-cost legacy debt, strategic activities and significant other one-time items, as applicable for respective periods.

(2) In the denominator, total net revenue is adjusted for Core OID and Insurance segment revenue.

4) Adjusted noninterest expense is a non-GAAP financial measure that adjusts GAAP noninterest expense for repositioning items. Management believes adjusted noninterest expense is a helpful financial metric because it enables the reader better understand the business’ expenses excluding nonrecurring items.

5) Adjusted other revenue is a non-GAAP financial measure that adjusts GAAP other revenue for OID expenses, repositioning, and change in fair value of equity securities.

Management believes adjusted other revenue is a helpful financial metric because it enables the reader to better understand the business’ ability to generate other revenue.

6) Adjusted Provision for Credit Losses is a non-GAAP financial measure that adjusts GAAP provision for credit losses for repositioning items. Management believes adjusted provision for credit losses is a helpful financial metric because it enables the reader better understand the business’s expenses excluding nonrecurring items.

7) Adjusted tangible book value per share (Adjusted TBVPS) is a non-GAAP financial measure that reflects the book value of equity attributable to shareholders even if Core OID balance were accelerated immediately through the financial statements. As a result, management believes Adjusted TBVPS provides the reader with an assessment of value that is more conservative than GAAP common shareholder’s equity per share. Adjusted TBVPS generally adjusts common equity for: (1) goodwill and identifiable intangibles, net of DTLs, (2) tax-effected Core OID balance to reduce tangible common equity in the event the corresponding discounted bonds are redeemed/tendered, and (3) Series G discount which reduces tangible common equity as the company has normalized its capital structure, as applicable for respective periods. Note: In December 2017, tax-effected Core OID balance was adjusted from a statutory U.S. Federal tax rate of 35% to 21% (“rate”) as a result of changes to U.S. tax law. The adjustment conservatively increased the tax-effected Core OID balance and consequently reduced Adjusted TBVPS as any acceleration of the non-cash charge in future periods would flow through the financial statements at a 21% rate versus a previously modeled 35% rate.

8) Adjusted total net revenue is a non-GAAP financial measure that management believes is helpful for readers to understand the ongoing ability of the company to generate revenue. For purposes of this calculation, GAAP net financing revenue is adjusted by excluding Core OID to calculate net financing revenue ex. core OID. GAAP other revenue is adjusted for OID expenses, repositioning, and change in fair value of equity securities to calculate adjusted other revenue. Adjusted total net revenue is calculated by adding net financing revenue ex. core OID to adjusted other revenue.

9) Change in fair value of equity securities impacts the Insurance, Corporate Finance and Corporate and Other segments. The change reflects fair value adjustments to equity securities that are reported at fair value. Management believes the change in fair value of equity securities should be removed from select financial measures because it enables the reader to better understand the business’ ongoing ability to generate revenue and income.


ALLY FINANCIAL INC.

The following are non-GAAP financial measures which Ally believes are important to the reader of the Consolidated Financial Statements, but which are supplemental to and not a substitute for GAAP measures: Accelerated issuance expense (Accelerated OID), Adjusted earnings per share (Adjusted EPS), Adjusted efficiency ratio, Adjusted noninterest expense, Adjusted other revenue, Adjusted tangible book value per share (Adjusted TBVPS), Adjusted total net revenue, Core net income attributable to common shareholders, Core original issue discount (Core OID) amortization expense, Core outstanding original issue discount balance (Core OID balance), Core pre-tax income, Core return on tangible common equity (Core ROTCE), Investment income and other (adjusted), Net financing revenue (excluding Core OID), Net interest margin (excluding Core OID), and Tangible Common Equity. These measures are used by management and we believe are useful to investors in assessing the company’s operating performance and capital.

10) Core net income attributable to common shareholders is a non-GAAP financial measure that serves as the numerator in the calculations of Adjusted EPS and Core ROTCE and that, like those measures, is believed by management to help the reader better understand the operating performance of the core businesses and their ability to generate earnings. Core net income attributable to common shareholders adjusts GAAP net income attributable to common shareholders for discontinued operations net of tax, tax-effected Core OID expense, tax-effected repositioning and other primarily related to the extinguishment of high-cost legacy debt and strategic activities and significant other, preferred stock capital actions, significant discrete tax items and tax-effected changes in equity investments measured at fair value, as applicable for respective periods.

11) Core original issue discount (Core OID) amortization expense is a non-GAAP financial measure for OID and is believed by management to help the reader better understand the activity removed from: Core pre-tax income (loss), Core net income (loss) attributable to common shareholders, Adjusted EPS, Core ROTCE, Adjusted efficiency ratio, Adjusted total net revenue, and Net financing revenue (excluding Core OID). Core OID is primarily related to bond exchange OID which excludes international operations and future issuances. Core OID for all periods shown is applied to the pre-tax income of the Corporate and Other segment.

12) Core outstanding original issue discount balance (Core OID balance) is a non-GAAP financial measure for outstanding OID and is believed by management to help the reader better understand the balance removed from Core ROTCE and Adjusted TBVPS. Core OID balance is primarily related to bond exchange OID which excludes international operations and future issuances.

13) Core pre-tax income is a non-GAAP financial measure that adjusts pre-tax income from continuing operations by excluding (1) Core OID, and (2) change in fair value of equity securities (change in fair value of equity securities impacts the Insurance and Corporate Finance segments), and (3) Repositioning and other which are primarily related to the extinguishment of high cost legacy debt, strategic activities and significant other one-time items, as applicable for respective periods or businesses. Management believes core pre-tax income can help the reader better understand the operating performance of the core businesses and their ability to generate earnings.

14) Core return on tangible common equity (Core ROTCE) is a non-GAAP financial measure that management believes is helpful for readers to better understand the ongoing ability of the company to generate returns on its equity base that supports core operations. For purposes of this calculation, tangible common equity is adjusted for Core OID balance and net DTA. Ally’s Core net income attributable to common shareholders for purposes of calculating Core ROTCE is based on the actual effective tax rate for the period adjusted for significant discrete tax items including tax reserve releases, which aligns with the methodology used in calculating adjusted earnings per share.

(1) In the numerator of Core ROTCE, GAAP net income attributable to common shareholders is adjusted for discontinued operations net of tax, tax-effected Core OID, tax-effected repositioning and other which are primarily related to the extinguishment of high-cost legacy debt, strategic activities and significant other one-time items, change in fair value of equity securities, significant discrete tax items, and preferred stock capital actions, as applicable for respective periods.

(2) In the denominator, GAAP shareholder’s equity is adjusted for goodwill and identifiable intangibles net of DTL, Core OID balance, and net DTA.

15) Estimated impact of CECL on regulatory capital per final rule issued by U.S. banking agencies - In December 2018, the FRB and other U.S. banking agencies approved a final rule to address the impact of CECL on regulatory capital by allowing BHCs and banks, including Ally, the option to phase in the day-one impact of CECL over a three-year period. In March 2020, the FRB and other U.S. banking agencies issued an interim final rule that became effective on March 31, 2020 and provided an alternative option for banks to temporarily delay the impacts of CECL, relative to the incurred loss methodology for estimating the allowance for loan losses, on regulatory capital. A final rule that was largely unchanged from the March 2020 interim final rule was issued by the FRB and other U.S. banking agencies in August 2020, and became effective in September 2020. For regulatory capital purposes, these rules permitted us to delay recognizing the estimated impact of CECL on regulatory capital until after a two-year deferral period, which for us extended through December 31, 2021. Beginning on January 1, 2022, we are required to phase in 25% of the previously deferred estimated capital impact of CECL, with an additional 25% to be phased in at the beginning of each subsequent year until fully phased in by the first quarter of 2025. Under these rules, firms that adopt CECL and elect the five-year transition will calculate the estimated impact of CECL on regulatory capital as the day-one impact of adoption plus 25% of the subsequent change in allowance during the two-year deferral period, which according to the final rule approximates the impact of CECL relative to an incurred loss model. We adopted this transition option during the first quarter of 2020, and phased in the regulatory capital impacts of CECL from January 1, 2022, to January 1, 2025, in accordance with the five-year transition period.

16) Investment income and other (adjusted) is a non-GAAP financial measure that adjusts GAAP investment income and other for repositioning, and the change in fair value of equity securities. Management believes investment income and other (adjusted) is a helpful financial metric because it enables the reader to better understand the business' ability to generate investment income.


ALLY FINANCIAL INC.

17) Net financing revenue excluding core OID is calculated using a non-GAAP measure that adjusts net financing revenue by excluding Core OID. The Core OID balance is primarily related to bond exchange OID which excludes international operations and future issuances. Management believes net financing revenue ex. Core OID is a helpful financial metric because it enables the reader to better understand the business' ability to generate revenue.

18) Net interest margin excluding core OID is calculated using a non-GAAP measure that adjusts net interest margin by excluding Core OID. The Core OID balance is primarily related to bond exchange OID which excludes international operations and future issuances. Management believes net interest margin ex. Core OID is a helpful financial metric because it enables the reader to better understand the business' profitability and margins.

19) Repositioning is primarily related to the extinguishment of high-cost legacy debt, strategic activities, restructuring, amounts related to nonrecurring business transactions or pending transactions, and significant other one-time items.

20) Tangible Common Equity is a non-GAAP financial measure that is defined as common stockholders’ equity less goodwill and identifiable intangible assets, net of deferred tax liabilities. Ally considers various measures when evaluating capital adequacy, including tangible common equity. Ally believes that tangible common equity is important because we believe readers may assess our capital adequacy using this measure. Additionally, presentation of this measure allows readers to compare certain aspects of our capital adequacy on the same basis to other companies in the industry. For purposes of calculating Core return on tangible common equity (Core ROTCE), tangible common equity is further adjusted for Core OID balance and net deferred tax asset.