Ally Financial stock drops slightly despite stronger than expected first quarter results (NYSE:ALLY)


deepblue4you/E+ via Getty Images

Allied Financial (NYSE: ALLY) Thursday’s first-quarter results beat the Wall Street average estimate, highlighted by robust net financing income and tangible return on equity.

Still, ALLY shares slip 2.1% in pre-market commerce.

The core tangible common equity return was 23.6% in the first quarter, compared to 22.1% in Q4 2021 and 24.1% in Q1 2021.

Net financing income of $1.70B in Q1, compared to $1.66B in Q4 2021 and $1.38B in Q1 last year.

Q1 Adjusted EPS of $2.03 beat consensus of $1.93 and was up from $2.02 in Q4 2021, but down from $2.09 in Q1 2021 one year old.

Adjusted net income before basic provisioning fell slightly to $1.08 billion in the first quarter, from $1.10 billion in the prior quarter, but up from $987 million in the first quarter of 2021.

Tangible non-GAAP book value was $35.04 per share compared to $38.73 in Q4 2021 and $36.16 in Q1 2021.

The adjusted efficiency ratio of 45.6% increased from 44.4% in the prior quarter.

Further, “While the operating environment continues to be dynamic, I remain confident in the businesses we have built and our ability to navigate and add value in a variety of market contexts,” said the CEO Jeffery J. Brown.

On Wednesday, Ally Financial declared a quarterly dividend of $0.30 per share.


Comments are closed.